28 October 2022Maybe the markets had been expecting the news, but the latest U.S. GDP data from the U.S. Bureau of Economic Analysis (BEA) put Q3 growth at an above-expectation positive 2.6% after negative Q1 and Q2 figures.
24 October 2022The proposal by Rep Alex Mooney that the U.S. should return to a Gold Standard seems doomed to failure, but does re-introduce the debate as to the pros and cons of such a system which was last in place in 1971.
21 October 2022September's Swiss gold import and export figures show a continuation of flows from West to East with China, India and Turkey dominating and confirming recent reports on Bloomberg of resultant high premiums in some Asian markets.
20 October 2022Not a good week for precious metals despite a worrying U.S. Consumer Price Index inflation report from the Bureau of Labor Statistics and the CME's Fedwatch Tool moving almost 100% in favour of a 75 basis point interest rate increase at the November FOMC meeting.
17 October 2022Barrick CEO Mark Bristow has announced good progress towards agreement on the development of the Reko Diq copper-gold project in Balochistan, one of the world's biggest known undeveloped base and precious metals resources
16 October 2022After a succession of months where SGE gold withdrawals this year were higher than a year ago, September saw the reverse and the cumulative total for the year has dropped below that of 2021 despite anecdotal evidence that Chinese gold demand remains strong. We speculate that Russia, though, may be secretively exporting substantial amounts of gold cross-border as traditional western markets are closed by sanctions.
14 October 2022Thursday saw the release of the latest U.S. CPI figures which came in slightly down overall, but a little higher than expected, although core CPI came in significantly higher than the month prior and should have generated some strong warning signals. The CME's Fedwatch Tool moves almost 100% towards predicting a 75 basis point rate increase at the November FOMC meeting yet equities soared and the gold price crashed.
10 October 2022The week opened with precious metals and equities all turning lower in initial Asian and European trade as the new week commenced. Markets are waiting on new U.S. CPI data due out Thursday which could set the tone going forwards, but Fedwatch sentiment still suggests a 75 basis point rate increase at the next FOMC meeting in early November.
07 October 2022Despite a strong advance at the beginning of the current week taking the silver price briefly back above $21, and apparently strong supply/demand fundamentals, the price has since slipped back, and specialist consultancy, Metals Focus, is predicting even lower prices by the year-end due to lack of investment demand.
06 October 2022Despite the CME's Fedwatch Tool predicting a continuation of the Fed's aggressive interest rate raising policy, markets underwent strong upturns, but have looked a little vulnerable since. The next key inflation measure will be the U.S. CPI release on October 13th and this could be a major game-changer for the markets up, or down.
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