GOLDEN TIMES
GOLD SILVER MART CORP.
Issue #22 April 7, 2024
FINANCIAL UPDATES
- U.S. unemployment rate fell to 3.8% from 3.9% last month
- Unemployment rate in Canada jumped to 6.1% in March, from 5.8% last month
- Markets are now pricing a 64% probability of a June rate cut
- Elon Musk said tesla will debut a Robotaxi on August 8
- Apple explores home robotics as potentially the ‘Next Big Thing’
- Ukrainian drone struck one of Russia’s biggest refineries, shooting up oil prices
GOLD NEWS
Gold surged to a new all-time high as investors sought refuge in the safe-haven asset amid rising tensions in the Middle East on Tuesday. Despite a stronger dollar and diminished expectations for U.S. interest rate cuts, gold attracted considerable interest from investors. The rush towards safety in gold was triggered by reports of Israeli air strikes on an Iranian embassy compound in Damascus, Syria. In response, Iranian President Ebrahim Raisi condemned the attacks as an “inhumane assault in brazen violation of international law” and cautioned that there would be repercussions. For those looking to safeguard their investments, consider buying gold bullion bars to secure your wealth against global uncertainties.
Zimbabwe’s central bank has launched a new currency backed partly by gold, as it seeks to tackle sky-high inflation and stabilize the country’s long-floundering economy.
NOTABLE HEADLINES
Israelis protest as little progress has been made in defeating Hamas. Biden urged an immediate Gaza cease-fire in a call with Netanyahu.
Major earthquake strikes off of Taiwan’s coast, killing at least 9 and injuring hundreds
A Boeing 737 lost engine cover during takeoff.
TOP CHARTS
Gold breaks $2300 (USD), yet another all-time high
Exon Mobile breaks all time highs as oil prices revamp
Donald Trump Media Company is down 50% from highs on low revenue reports
THIS PAST WEEK
The latest report from the Department of Labor brought positive news, revealing that the US added 303,000 jobs last month, surpassing expectations. This robust employment growth was accompanied by a drop in the unemployment rate to 3.8% from the previous 3.9%. Surprisingly, this encouraging data didn’t unsettle investors; instead, it bolstered confidence in the market, leading to an increase in stock prices. The positive report may give Fed Chair Jerome Powell more leeway in not rushing into rate adjustments. However, with more people entering the workforce and wage growth slowing down, there’s a suggestion that the labor market can expand without igniting inflation concerns. Fed member Kashkari hinted at this sentiment, noting that if inflation remains stable, it could call into question the necessity of recent rate cuts.
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