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.
In gold futures (the December contract), I have support between 4133-4233. As long as that support holds, I am expecting another rally back up towards to at least the 5100 region next.
Ira Epstein discusses the current state of the metal markets, highlighting a slight stabilization following recent declines, particularly in silver and gold.
