A Happy Independence Day to all of those who celebrated. On behalf of all at GoldCore, I would like to take a moment to wish you had a wonderful holiday filled with joy and celebration. Of course, US markets were closed on account of it being a federal holiday, making it a short week for some.
But, it has been an interesting week all the same. Recently we saw the release of the FOMC’s June minutes. Unsurprisingly we are seeing an increasingly divided Committee. Whilst members share similar views about the prospects for economic growth and the improvement in inflation, there was a difference of opinion over to what extent these developments would allow for a rate cut. Following the release gold prices were stable.
Of course, for those clients and readers a little closer to home, July 4 was also a key date in the calendar - it is election day for the United Kingdom. Voters had been heading to the polls since 7 am to take part in the country’s general election.
It appears most polls are pointing towards a Labour landslide, nearly 20 years after they last won an election, in 2005. Whatever the complexion of the Houses Of Parliament tomorrow, there is a lot of work to be done by those assuming office. Also this week we saw Tesla release its Q2 results. Sales exceeded Wall Street expectations.
Whilst EV purchases continue to be a little choppy, the market was impressed as the share price climbed 8.5% on the back of the news. Electric Vehicles are made up of many parts, elements, and materials. One of the absolutely crucial items is silver, which is present across so many aspects of the car that you could make nearly two 1 oz Silver Eagles with the amount of metal that is required.
With this in mind, Jan Skoyles this past week asks how much impact Elon Musk and his ideas for the future will have on the price of silver.
Speaking of precious metals prices, my interview with Michael Oliver has been enjoyed by nearly 13,000 if you already. He is an incredibly knowledgeable chap, with a great breadth of information regarding market events. If you haven’t yet seen why he expects gold prices to ‘go parabolic’ then take a look. And even if you have watched it, then share it with a friend.
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