Gold Blitzes Through the $1375 Maginot Line.
In this report, I cover the early market action from London on Thursday, June 20th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look at the clear message the gold price has given the Federal Reserve chairman Jay Powell. Despite not cutting rates yesterday the Fed has telegraphed that it will revert to an accommodative monetary policy very soon while the stock market is near all-time highs and the U.S. economy is supposedly doing so well according to them.
The gold price has finally blasted through key resistance overnight and is showing that the Central Bankers cannot revert to an orthodox monetary policy and that they will keep inflating without end.
My conclusion is that the Fed's policy will continue to hurt the general public as the fiat dollar will continue to be debased in order to keep Wall Street and speculators happy. Unfortunately, a majority of the public will have no way to protect themselves from the continuing inflation. Gold and silver will act as monetary insurance for those able to stack some of the precious metals.
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That's some price rise for gold, up nearly 3%!
When I checked the price of gold earlier this morning, I had to refresh the gold.org web page as I thought it was not correct.
Silver, though is still lagging behind and has not seen the same percentage gain over the last six months.
Yes, I see there has been an incident in the Middle East too. Iran shot down a U.S. drone. I think silver will catch up soon.
Thanks for your reply.
You've often said the the silver market is small compared to gold and far easier to manipulate down. However, they cannot keep it depressed for ever.
Wishing you all the best with your interview with Lynnete Zang next month.
Thanks, All the best to you as well.
Still a long long way to go
for the metals.