Gold continues to find new bottoms
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Brian hello everyone!
As predicted yesterday, the price of gold continues to plummet into a deep pit.
Public spending in the US is currently at record levels and the budget deficit is also very high. As a result, inflation will be high and interest rates will have to increase. The Federal Reserve (Fed) has signaled that it will continue to raise interest rates and keep them high for a long time. Currently, the federal funds rate (FFR) is at its highest level in 22 years: 5.25%-5.5%. The Fed may raise interest rates one more time in November.
For this reason, market sentiment seems to be pushing traders to sell gold in large quantities, causing the metal to continue its downward trajectory, currently at $1818, the lowest since slipping from the $1900 mark.
As predicted yesterday, the price of gold continues to plummet into a deep pit.
Public spending in the US is currently at record levels and the budget deficit is also very high. As a result, inflation will be high and interest rates will have to increase. The Federal Reserve (Fed) has signaled that it will continue to raise interest rates and keep them high for a long time. Currently, the federal funds rate (FFR) is at its highest level in 22 years: 5.25%-5.5%. The Fed may raise interest rates one more time in November.
For this reason, market sentiment seems to be pushing traders to sell gold in large quantities, causing the metal to continue its downward trajectory, currently at $1818, the lowest since slipping from the $1900 mark.
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