Gold and silver prices have further consolidated this week. Spot stands higher at $4,624 CAD per ounce for gold and $45.25 CAD per ounce for silver. Thursday's announcement of a US/UK Trade deal sparked a 1.7 % drop in XAU.USD though approximately half of that move can be viewed as offset by a strengthening USD Index moved by safe haven currency appreciation. The supposedly risk-on trade news pushed equities higher though markets gave up the morning gains ending the day only marginally higher, with the largest gains up 1% in the tech-heavy Nasdaq. Wednesday's FOMC Policy Meeting left rates unchanged at 4.25-4.50% Though Powell had noted that long term inflation persisted above the 2% target, “The risks of higher unemployment and higher inflation have risen” and “we await further clarity on tariffs.” The Gold/Silver ratio has steadily risen this week above 100 from last week at a current 102. Weekly Jobless claims fell 13,000 to 228,000 seasonally adjusted, roughly inline with expectations. While Powell has indicated no urgency in using interest rates to grow the economy, Trump countered on Truth Social writing it is:
“Too Late” Jerome Powell is a FOOL, who doesn’t have a clue. Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and “eggs”) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF “TOO LATE!” ENJOY!