Minute on metals: meeting on inflation and the Fed
November 3, 2021
We can tell the expected impact of today’s Federal Open Market Committee (FOMC) meeting by the amount of effort put into crushing the spot price of gold and silver hours before. Fortunately, platinum and palladium don’t tend to get that kind of negative attention. This temporary crash is only helping to increase the demand for physical metal, the supplies of which are starting to tighten around the world.
For the week, gold is down 1.4% to $ 1,777, silver is temporarily down 4% to $ 23.24, while platinum is up 7/10% to 1,034 $ and palladium up 3/10% to $ 2,021.
For the one year period, gold is down 7%, silver is down 4%, platinum is up 18%, and palladium is down 12%.
Various election results indicate that many Americans are seeking change. This is partly due to the conditions of inflation and / or stagflation they feel they are infiltrating, despite previous assurances to the contrary.
Last week, we discussed a new plan to tax latent earnings; it has already been dumped. A new development to watch is an indicator of recession that has been an accurate predictor since its inception in 1973 – it is flashing red.