GOLDEN TIMES
GOLD SILVER MART CORP.
Issue #23 April 14, 2024
FINANCIAL UPDATES
- US inflation rose 3.5% from the year before, up from 3.2% in February
- Canada to allow first-time buyers 30-year mortgages on new homes
- JPMorgan Chase CEO Jamie Dimon says market expectations are too high that the U.S. economy will see a soft landing
- The White House has announced its canceling an additional $7.4 billion in student debt
GOLD NEWS
Gold reached a record high of over $2,410 per ounce last week, driven by strong safe-haven demand despite concerns about potential delays in Federal Reserve interest rate cuts.
Traders reacted to reports of possible tensions in the Middle East, particularly Iran’s anticipated attack on Israel.
This geopolitical uncertainty, combined with persistent inflationary pressures, boosted gold prices. Meanwhile, the dollar strengthened as investors anticipated a prolonged period of higher interest rates from the Fed. In the oil market, WTI crude futures rose towards $86 per barrel amid fears of supply disruptions due to escalating conflict in the Middle East, particularly between Israel and Iran.
The US and UK have banned the import of Russian-origin aluminum, copper, and nickel into the United States, and limits the use of Russian-origin aluminum, copper, and nickel on global metal exchanges and in over-the-counter derivatives trading, per US Department of The Treasury.
NOTABLE HEADLINES
Biden warns Netanyahu US will not support Israel’s counterattack on Iran amid fears of all-out war.
Donald Trump’s hush money trial set to begin on Monday.
President Donald Trump is leading Biden in six of the seven most competitive states in the 2024 election, a new Wall Street Journal poll has found.
The parents of a Michigan school shooter were sentenced to over 10 years in prison for involuntary manslaughter.
TOP CHARTS
Gold-backed crypto trading 4% higher than Friday’s market close
Israeli market trades as much as 1% higher early Sunday morning
Bitcoin tanks as ‘safe-haven’ stops feeling so safe
THIS PAST WEEK
‘s inflation report brought unwelcome news as Consumer Price Index (CPI) figures remained stubbornly high, exceeding the Federal Reserve’s comfort zone. In March, inflation surged to 3.5% from the previous year, driven by increases in gas prices and housing costs. The core CPI, excluding volatile food and fuel prices, remained elevated at 3.8%, reinforcing concerns about persistent inflationary pressures. These figures dashed hopes for an interest rate cut in June, with analysts now looking towards September or even July for potential rate adjustments.
The looming presidential election adds a layer of complexity to monetary policy decisions. Traders and economists are recalibrating expectations, with many forecasting a delay in rate cuts until closer to the election. This political dimension underscores the broader impact of economic indicators on public sentiment and voter behavior, as demonstrated by a recent survey indicating widespread dissatisfaction with inflation trends. Additionally, consumer sentiment dipped in April, reflecting uncertainties about the economy’s trajectory amid ongoing inflation concerns and anticipation of policy shifts ahead of the election.
Iran Attacks Isreal
Iran initiated a military offensive against Israel on Saturday evening local time in response to an airstrike in Syria that resulted in the death of a senior Iranian general. This marked the first time Iran directly launched an attack from its own territory towards Israel, raising concerns among U.S. officials about a potential escalation in regional tensions.
The offensive involved a substantial deployment of attack drones, cruise missiles, and ballistic missiles, with more than 200 projectiles fired towards Israeli targets. The Islamic Revolutionary Guard Corps (IRGC) claimed responsibility for the wide-ranging drone strike and the firing of cruise missiles at specific locations within Israeli territories. However, the majority of these threats were intercepted before reaching Israeli airspace, with only a small number causing damage to a military base in southern Israel.
In response to the attack, Israel’s security cabinet, including Prime Minister Benjamin Netanyahu and Defense Minister Yoav Gallant, convened to assess the situation and determine an appropriate response. Additionally, the United Nations Security Council is scheduled to convene at Israel’s request to discuss the implications and potential consequences of the attack. The incident has also prompted heightened military readiness in neighboring countries, such as Iraq and Jordan, as well as increased diplomatic engagement among key stakeholders to mitigate further escalation.
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