GOLDEN TIMES
GOLD SILVER MART CORP.
Issue #19 November 10, 2023
FINANCIAL UPDATES
- The University of Michigan US consumer sentiment fell to 60.4 in November, lowest in six months
- The average 30-year fixed mortgage rate fell 29bps to 7.5%
- South Korea Bans short selling until June of next year
- Citizens Bank Iowa closes over loan losses, fifth US bank failure this year
- Warren Buffet’s Berkshire continued to expand its huge cash hoard to a record $157.2 billion
GOLD NEWS
Gold had a bit of a tough week, slipping below $1,950 an ounce, marking its second consecutive weekly dip. The culprits? A stronger dollar and Treasury yields, creating a less-than-ideal environment for the shiny metal.
Investors were busy processing signals from US Federal Reserve officials, with Fed Chair Jerome Powell admitting on Thursday that the central bank isn’t entirely sure it’s done enough to tackle inflation. Fed Governor Michelle Bowman hinted at possible rate hikes due to the robust economy. All this comes as concerns about a broader geopolitical clash in the Middle East started to ease, dampening gold’s usual shine as a safe-haven asset.
Oil markets had a bit of a rollercoaster this week. WTI crude futures managed to keep their heads above $75 per barrel on Friday, but the road was tough as they headed for a third consecutive week of decline. Amid fluctuating oil prices, investing in gold coins can offer a more stable alternative. The plot twists? Easing worries about potential supply disruptions in the Middle East and some uncertainties about demand in both the US and China.
The Energy Information Administration (EIA) forecasted a 300,000 barrels per day decrease in total petroleum consumption in the US this year, a U-turn from their previous outlook of a 100,000 bpd increase. Meanwhile, over in China, weaker-than-expected inflation and trade figures played their part in clouding the demand outlook for the world’s leading crude importer.
NOTABLE HEADLINES
Israel has agreed to put in place four-hour daily
humanitarian pauses in its assault on Hamas in northern Gaza to allow civilians to leave.
US Foreign Military Finance (FMF) begins sending Taiwan
money for military
equipment.
EU announces it will increase security measures after a
large spike in antisemitic attacks.
Supreme Court to consider whether the Second
Amendment trumps law
prohibiting gun ownership by those under domestic violence orders.
Elon Musk’s Neuralink is
ready for Its First Brain
Implant Surgery.
India’s New Delhi will restrict use of vehicles next week to curb rising pollution as air quality in the capital remained dangerously unsafe.
Humane, a startup founded by two former Apple designers, launched an AI
lapel pin that costs $699 and is meant to replace your smartphone.
TOP CHARTS
Microsoft reached record highs as the tech giant unveiled plans to expand its AI projects.
Oil sinks through the 200 day on weak demand forecasts
Ethereum rises 10% this week as Blackrock files for an ETF
THIS WEEK
the stock market opened on a positive note on Friday, trying to recover from a jolt caused by a surge in bond yields and a more hawkish tone from Federal Reserve Chair Jerome Powell. This development ended the S&P 500 and Nasdaq’s longest winning streak in two years. Powell, in a speech at the International Monetary Fund, labeled the Fed’s policy as “restrictive” but kept the door open for rate hikes, citing the uncertain inflation outlook.
Looming US Presidential Elections
As we stand one year away from the 2024 elections, the U.S. is stuck in a bit of déjà vu. President Biden, at a dwindling 80, is eyeing another go at the Democratic nomination, but he’s wrestling with concerns about his age, economic management, and the messy business of ongoing conflicts. On the flip side, we have Donald Trump, 77, comfortably leading the Republican charge despite the ongoing drama of his attempts to overturn the 2020 election and a mounting pile of legal troubles.
Biden and Trump are grappling with the big issues of the day – inflation, abortion, and America’s role in the world. Polls are tight, with Quinnipiac University giving Biden a slight edge at 47% against Trump’s 46%. Recent polls from the New York Times and Siena College hint that Trump might have a leg up in crucial swing states.
This potential redo of Biden vs. Trump is more than just an election; it’s a historical event. If it happens, we’re talking about the first major party rematch since the 1950s. If Trump pulls off a win, it would be the first former president to reclaim the White House since Grover Cleveland did it in 1892.
RE Agent Fees Lawsuit
Big changes are afoot in the real estate game after a Missouri federal jury dropped a bomb, declaring the National Association of Realtors and major brokerages guilty of conspiring to keep commissions artificially high resulting in a hefty $1.8 billion in damages. For homebuyers and sellers; this ruling might just trim that colossal $100 billion Americans shell out in real estate commissions each year by around 30%.
So, what’s on the horizon? Well, buyers might enjoy more flexibility, but here’s the twist: if sellers can’t foot the bill for buyers’ agents, those looking for a new abode might need to cough up their agent’s fee. Great for flexibility, maybe not so much for first-time buyers still mastering the art of adulting and savings. Sellers might catch a break, waving goodbye to the obligation of paying the buyer’s agent’s commission just to get their listing on the coveted MLS.
As always there are casualties. Real estate agents might be in for a shakeup, with a potential loss of $30 billion in the industry and around 1.6 million agents facing an uncertain future. On the flip side, startups like Purplebricks and REX, which offered lower or flat fees to sellers and did not promise to pay the buyer’s agent’s commission, might be getting a second lease on life. It’s a legal saga still unfolding, and we’re waiting eagerly to see just how differently we’ll be playing the real estate game in the future.
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