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At the time of this report (5am eastern, as I head into New York City to visit a few clients), we see a slightly stronger dollar ahead of the Fed meeting March 15-16.
Helping support the rally in gold is the nonstop infusion into the gold ETFs. Even silver has joined the party with a big increase yesterday.
Over the years, the word inflation was synonymous with higher gold prices, but in my opinion negative interest rates will have a much more profound effect on the price of gold. As an investor, why would anyone want to pay the bank to hold their money.
This article contains some of the more interesting headlines as of late.
I wanted to share his comments with each one of you so you can hear from other sources on how damaging negative interest rates could be. These comments only add fuel to the momentum that has been created by ETF purchases from the beginning of the year.
On our shores, the Federal Reserve governors continue to send out mixed signals every time they share their opinions. This policy continues to create a smoke screen for the investor on the possibility of future rate decisions.
Let’s briefly explain how the metals get into the depository. I will use as an example our CME and ICE depository, International Depository Services of Delaware (IDS).
So I expect, if the rally in the gold market continues in March and there is no increase in the Fed Fund Rate, a strong interest in the physical metal will be in order.
Well today, another Fed chairman emerges from behind the curtain to add his two cents: Richmond Fed Chairman Jeffery Lacker. I guess he felt left out, or Janet just told him it’s his turn to comment on future Fed rate hikes.
So is it time to give gold a serious look? As I’ve been sharing my opinion and the opinions of many gold traders around the world, as we all watch the action in interest rates, the dollar index, equities and the price of oil.