The 10-year yield was steady around 2.75%., the DX improved to 96.05, and gold clawed back to close at $1,292.
For the first time in my life, I bought gold because it is a good hedge. Supply is shrinking and that is going to have a positive impact on the price.
“By incorporating ALL debt, the total U.S. Government debt to GDP figure is more like 166%. Of course, the accountants at the U.S. Treasury and Federal Reserve don’t want to include all of this debt because it makes the financial ratios much worse.”
“This is a far more bullish move than we saw in dollars. And it says that the breakdown in gold last summer may very well be the false move to get everyone on the wrong side of the trade.”
A dramatic and sudden slowdown in the rate at which numerous commodities are being shipped to China suggests slowing demand for raw materials in the world’s second-largest economy, and signals a wider economic slowdown globally looms.
“Recent shipping data has turned negative with charter rates across all sectors notably weaker compared to late November levels,” Morgan Stanley analysts Fotis Giannakoulis, Qianlei Fan, and Max Yaras wrote.
“While such moves are common, the synchronized decline may be a warning for Chinese commodity demand.”
Palladium prices hit record levels on Thursday amid falling supply and growing demand, while gold stood firm on expectations the U.S. Federal Reserve will hold off on further interest rate hikes.