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Metal Market Report August 2022 - Week 4 Edition

August 2022 - Week 4 Edition

Gold is Behaving Like a Seesaw

Gold has been up and down this summer in a mirror image of the U.S. Dollar index (DXY). The dollar index first hit a 20-year high on July 14, then it fell over 3% until August 11. During those four weeks, gold rose from $1,700 to $1,800 per ounce. Since August 11, however, the dollar index has soared by 3.6% to a new 20-year high, pushing gold prices back down about the same amount (-3.5%). 

As usual, the gains or losses in silver compounded faster, up or down, than gold, pushing silver down to $19 per ounce.   The main cause of the dollar’s renewed strength was last week’s lower-than-expected inflation reports, coupled with the U.S. Federal Reserve’s intention of raising interest rates further, while other major central banks offer rates near zero.

I Won Another Book of the Year Award at the “World’s Fair of Money”

For most of last week, I was at the “World’s Fair of Money” in Chicago, where I met the new U.S. Mint Director, Ventris C. Gibson, as well as two fine Benjamin Franklin and Abraham Lincoln impersonators.  I also got stuck in the hotel elevator – but that’s another story altogether. The highlight of the event; however, was being awarded top honors for authoring the Best Investment Book of the Year.

 

… More details to come, on Wednesday. 

 

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