Relatively speaking, it has been a much quieter week for silver and gold following last week’s meteoric rise and fall. Both gold and silver are currently in a consolidation period after nearly a month of gains, which should be considered normal behavior for these metals following such a strong period. Gold is currently hovering around $2000/oz, and silver is at $23/oz.
Investors are now awaiting the November CPI numbers and the results of several major central bank meetings happening this week, including the Fed and the European Central Bank announcements. These meetings will provide fresh clues about the likelihood of interest-rate cuts next year.
Ukrainian President Volodymyr Zelenskiy urged the US to break a deadlock over more funding for his country’s conflict with Russia. During a visit to Washington, he warned that the current funding debate only benefits President Vladimir Putin and risks his country’s ability to push back against Russian forces.
Public support for the war in Gaza appears to be diminishing by the day. President Joe Biden has stated publicly that public opinion in support of Israel in its war against Hamas could be shifting. However, he stated, 'We continue to provide military assistance until they get rid of Hamas.'
There are a lot of red numbers in the commodities space at the moment: Oil is in the midst of a two-month losing streak, prices for key rare earth metals keep falling, and there are strong outflows from gold-backed ETFs. Meanwhile, the price of spud potatoes —the darling of Christmas dinners—is rising sharply amid terrible weather in Europe.
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Mark Yaxley, CEO of Strategic Wealth Preservation (SWP), began his journey in precious metals with Kitco Metals in 2006. Co-founding SWP in 2014, he now guides individual and commercial clients towards their investment goals. Renowned for his 'Inside the Vault' YouTube series, Mark has helped millions gain insights into gold and silver bullion ownership.