Some very nice charts from Kitco.com showing the sudden rise in both metals as of this morning. Europe appears to be in a bind. Great Britain's currency has suffered historic falls after the Bank of England raised rates another 50 basis points and introduced quantitative tightening almost two weeks ago. In less than a week, the bank capitulated and pivoted to bring back Q.E.. This all happened while New Prime Minister Truss's government announced tax cuts for the rich and increasing the debt. Now, Truss's government too has back pedaled, scrapping the proposed the tax cuts. It appears something major is happening as Zero Hedge reports the Bank of England could only sell 22 million GBP in Gilts today. Keep and eye on the Pound???
Add in Nordstream 1 and 2, the annexation of Ukrainian regions by Russia, Turkey and Greece, protests in Iran, $68 Billion damage from Hurricane Ian in Florida, record low Philippine Peso and Indian Rupee, record low Credit Suisse share price, rising interest rates, falling home prices, fertilizer / food shortages, Opec+ to cut oil by 1.5 million barrels a day, the Mississippi River drying up and man, we have a heck of a start to a week.
The U.S. Dollar continues to fly high, presently at 112.173 at time of writing. The dollar is being gobbled up as a safe haven, while other currencies have fallen sharply, many to record lows. I guess it was just a matter of time before some of that attention turned to silver and gold.
Gold jumped about $40 an ounce to climb back above $1,700 while silver had its biggest one day jump in a year and a half, climbing $1.68 since Friday's close.
Other than that, it's a beautiful, sunny day here in Ontario, Canada. Nothing could possibly go wrong...
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Check out some of my other posts...
Canadian dollar steady while Yen, Pound Hammered.
What a week! Central banks continue to raise rates.
Getting ready for the coming cold, cold winter.
Getting ready for the coming food shortage.
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