We can tell the expected impact of today’s FOMC (Federal Open Market Committee) meeting by the amount of effort expended to smash down the spot price of gold and silver hours before. Thankfully, platinum and palladium do not tend to draw this kind of negative attention. This temporary smash is only helping to increase the demand for physical metal, the supplies of which are beginning to tighten worldwide.
For the week, gold is down 1.4% to $1,777, silver was temporarily smashed down 4% to $23.24, while platinum is up 7/10% to $1,034, and palladium up 3/10% to $2,021.
For the 1-yr time frame, gold is down 7%, silver is down 4%, platinum is up 18%, and palladium is down 12%.
Various election results indicate that many Americans are looking for a change. Some of this is due to the conditions of inflation and/or stagflation they feel creeping in, despite earlier assurances to the contrary.
Last week we mentioned a new plan to tax unrealized gains; it has already been discarded. A new development to observe is a recession indicator that has been an accurate predictor since created in 1973 - it is flashing red.
Financial Analyst of 29 years and Gulf War Veteran, Bill has been helping families nationwide keep their money safe and growing since 1993. As a Certified Financial Fiduciary® and a RICP®, Bill specializes in helping protect your assets with growth potential.