Precious Metals Weekly Market Update - December 20th 2023

Mark Yaxley | Dec 21st 2023, 1:59:12 am

THIS WEEK’S MARKET UPDATE: STRAIGHT FROM THE VAULT Keep up-to-date with the economic and socioeconomic factors affecting the price of precious metals with this weekly update from industry expert Mark Yaxley, CEO, Strategic Wealth Preservation.


Last week's Federal Reserve meeting minutes have breathed new life into gold and silver, spurred by Fed Chairman Powell's comments on the potential for up to three interest rate cuts in 2024. Despite backpedaling on those remarks this week, both equities and precious metals markets have responded positively. Gold is currently trading at $2037 per ounce, with silver holding firmly above $24 per ounce.

 Attacks on cargo ships in the Red Sea by Houthi rebels have put the US military and its allies on high alert. A task force has been established to counter these attacks, causing disruption among shipping companies and adding complexity to the already tense situation in the Middle East. As expected, this unsettling news is contributing to the positive trend for gold.

In domestic news, Colorado's highest court has ruled that Donald Trump is ineligible to run for president in the upcoming elections due to his involvement in the January 6 Capitol Hill insurgency. The decision will now go to the Supreme Court and could potentially reshape US politics if upheld.

Lastly, the recent gold rally has spurred renewed interest in gold ETFs in North America and Asia. Early indications suggest that funds in both markets are currently experiencing net inflows.

With that, I'd like to wish all our clients and followers here at SWP a wonderful, safe, and joyous holiday season!

 

Follow Mark on Twitter @YaxleyYax

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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.

 

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