Despite Powell's hawkish remarks, gold is gearing for all time highs once again. Today's GDP numbers came out lower, however. This could likely cause a short term spike in price as it indicates a weaker economy (dollar) with "elevated" inflation, according to the FOMC latest statement. We will see if gold is in a strong enough state to keep notching higher highs in this environment.
-Frank
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-Frank
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The crypto market erupted yesterday as Powell mentioned bigger banks should be able to accept crypto clients. The crypto is able to stay elevated above $100,000 as price attempts another run towards the $110K level. The back and forth price movement has made trading difficult as it seems best to just be an owner in Bitcoin. The current presidential administration is aiming to make Bitcoin more popular in the US.
-Frank
-Frank
Gold continues to run higher with the backing from COT reports who have steadily held the metal at 90% long for two consecutive weeks now. The metal has breached all time highs once again on strong demand with a GDP miss in the US. Investors must not be worried about the Fed indicating higher rates for longer.
-Frank
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The GDP miss seems to be only affecting the stock market negatively. Crypto and gold appear to be taking this in a positive light. This can serve as an indicator that maybe the stock market is the main reactor to Fed and GDP news.
-Frank
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