Member of the LBMA
Independent Authority for precious metals
US senator Elizabeth Warren (Democrat, Massachusetts) today told Federal Reserve chairman Jerome Powell that she would not back a second term as leader of the central bank, with Powell's term ending in February unless re-appointed.
At the Senate Banking Committee, Ms Warren said: “Your record gives me grave concern, and that makes you a dangerous man to head up the Fed”.
Gold slipped yesterday from a peak of $1,795 to a low of $1,746 per ounce, before rallying slightly overnight and this morning back to $1,764.35. Strong bond yields and a stronger dollar have hurt the gold price, but optimism remains long term.
The UK’s CPI figure has posted the largest rise on record today. Prices in August rose by 3.2% according to the Office for National statistics, up from 2% in July.
Despite the base effect of the eat out to help out scheme, price pressures are undoubtedly rising, and analysts warn that UK inflation could climb as high as 4 – 5% by the end of 2021.
British economic recovery almost ground to a halt in July according to the latest data from the Office of National Statistics.
Gross Domestic Product, better known as GDP, rose by a miniscule 0.1%; half a percentage point off the target forecasted and a mere 10% of the growth experienced in June.
As the 'War on Terror' in Afghanistan ends in ignominy, another conflict potentially looms: the war for resources. According to Forbes, Afghanistan reportedly sits atop what could potentially be one of world's largest reserves of precious metals, minerals, and rare earth elements.
Gold is currently $1,808 per ounce after shooting up last Friday following comments by Federal Reserve chairman Jerome Powell at the Fed's annual Jackson Hole conference on Friday.
Gold jumped from $1,789 per ounce to a peak of $1,818 before the markets closed for the weekend, and has stayed trading in a tight bandwidth between $1,808 to $1,823 per ounce since markets reopened on Monday.
