Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. In this column, JWR also covers hedges, derivatives, and various obscura. This column emphasizes JWR’s “tangibles heavy” investing strategy and contrarian perspective. Today, we examine the recent rally in the gold and silver markets. (See the Precious Metals section.)
Precious Metals:
Gold prices ignore Powell’s hawkish stance as prices surge to session highs above $2,050. JWR’s Comment: Yes, the metals are indeed looking bullish! I noted these figures, from after-hours trading on Friday evening (December 1st, 2023):
I expect to see some profit-taking today, but this could be the beginning of a secular bull market.
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A Dave Kranzler video, at Gold-Eagle.com: Can The Rally In Gold and Silver Continue?
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Nasdaq 100, Gold Price Forecast: Has the Fed Greenlighted a Santa Claus Rally?
A quote:
“For context, the Nasdaq 100 and gold prices have risen sharply in November, with the former surging nearly 11% and the latter rising around 3.80% since the beginning of the month. Their rally has been underpinned by falling U.S. Treasury yields and a dovish repricing of interest rate expectations, on the assumption that the Fed has finished its tightening campaign and will move into an easing cycle in 2024.
While policymakers have attempted to keep the door open to additional hikes and pushed back against rate cut bets earlier this year, recent communication has taken a turn toward a slightly more dovish tone.”
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Reuter’s: Soft China and India may undermine gold’s rally hopes.
Economy & Finance:
At Barron’s: Opinion: The Fed Is Tightening More Than It Says..
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Democrats introduce ‘billionaires tax’ on unrealized capital gains.
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Reader C.B. sent this: Chinese Wealth Giant Crumbles: ZEG’s Insolvency Shakes Shadow Banking.
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JPMorgan Chase to Shut Down Nearly 160 Bank Branches Across the U.S..
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And D.S.V. sent us this: 64 US Bank Branches File To Shut Down In A Single Week; Are You Affected?
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At Zero Hedge: Why Milei Must Shut Down The Argentina Central Bank.
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