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This month's FOMC meeting at the FED concluded this afternoon, leaving rates untouched at 5.25 to 5.5%. According to an article on Kitco News, not much forward guidance was provided regarding its monetary policy. Consensus is that rates will remain higher for longer but there are those who believe the FED will begin lowering rates sometime later in the new year, just in time for the U.S. federal election. I guess we'll have to wait because we still have to deal with the lag effect of recent rate hikes yet to hit us while another quarter percent rate hike might still come in December or January of 2024.
Gold has come down a bit after closing just above $2,000 at last week's close but otherwise is holding well. There's a lot of talk that gold is headed to new highs soon. The red line in the graph below shows that gold hit $2,000 again yesterday. Poor silver, at just $22.86 per ounce at time of writing is the only thing in the entire world that has remained unaffected by inflation for some reason. It is still the only commodity to not break its 1980 $50 high.
James Lavish, co-managing partner at Bitcoin Opportunity Fund was interviewed a week ago where he posits that the U.S. debt spiral and geopolitical tensions will be 'tremendous' for gold and Bitcoin which again topped $35,000 this afternoon. Doubling in price within the year is quite a feat. As for the U.S. debt, it's about to hit $33.7 trillion.
Oil has gone down a bit so we might see another break at the pumps over the next couple of days. West Texas Intermediate is down to $80.82 while Brent Crud is at $84.93 last I checked. What is surprising is that U.S. oil production hit a new record of just above 13 million barrels per day in August as reported by WorldOil.com. All the while, OPEC's massive production cuts continue. Interesting how everything is playing out...
With oil down a bit, the USD clipped the 107 mark a few times today but has since come down a bit to 106.666 where it's been range bound for the last 5 days or so. A strong dollar and lower oil prices should result in lower gas prices so fill up while you can. Don't let it go below the half point. You never know when the price will suddenly snap back up.
That's about it for today's update.
Stay safe, wherever you may be.
Peace and love to everyone!
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