Ira Epstein discusses the unexpected activity in the metal markets, noting the increased volume despite the lack of economic data and the occurrence of Yom Kippur.
Global gold-backed ETFs recorded $18 billion in August inflows, the second-largest monthly inflow in value terms on record, lifting total holdings by 121 tons to an all-time high.
Gold potentially makes new highs above $5,200 while silver needs to break above $106. Important holds have gold at $4,200 and especially staying above $4,100.
If you have ever taken the time to look at a banknote issued by the Bank of England, you may have noticed that it carries the words “I promise to pay the bearer on demand”… Pay the bearer what, exactly?
After the first rate hike in years, gold proved resilient immediately after then surged the next day. That’s a heck of a show of strength after years of being slaved to traders trying to game future rate trajectories.
Ira Epstein discusses the recent movements in the metal and stock markets, noting a temporary pullback following a period of euphoria despite a 25 basis point interest rate hike.
