Gold

All eyes, or more appropriately all ears of investors, traders, market economists, and analysts will be laser-focused as they listen to the speech from Chairman Powell at the central bank's summer symposium this Friday.

Recorded on Wednesday Aug 16, 2023 

Ivan Bayoukhi and Gary joins the show, and we discuss the current state and future outlook of gold and silver in 2023. Furthermore, we discuss the technical analysis of the US dollar index and its recent performance.

Gold futures had declined for the last nine consecutive days taking prices dramatically lower from just under $1980 per ounce to yesterday’s low of $1914. Today gold futures basis the most active December contract is trading fractionally higher up $3.40 and currently fixed at $1918.60.

The release yesterday of the minutes from the July FOMC meeting sparked a major selloff in US bonds and notes taking yields to their highest levels since 2011. Yields on longer-dated US debt instruments such as the 10-year note and 30-year bonds moved to their highest closing level in years.

The minutes from the July FOMC meeting were released today. The document indicated that most Federal Reserve officials still believe that high levels of inflation are an ongoing threat and merit additional interest rate hikes. However, there was not an overall unison regarding the path forward in what can be best described as mixed messages amongst Federal Reserve members.