Fed’s Powell Expresses Confidence in the US Economy Amid Global Growth Concerns
The Federal Reserve Chairman Jerome Powell has reposed his faith in the strength of the US domestic economy which is based on lower taxes and less regulations. Expressing his satisfaction during a Q-and-A session with Dallas Fed President Robert Kaplan, Powell said, “I am very happy about the state of the economy now.”
Eurozone Q3 GDP Comes in at Just 0.2% Growth Due to German Contraction
Slow quarterly growth has been reported in the Eurozone with a Q3 GDP of just 0.2% and a year-over-year growth reading of 1.7%.
German Q3 GDP Drops 0.2%
Germany’s GDP dropped by 0.2% in Q3 2018, the first contraction since 2015. International trade disputes are likely to blame for the Q3 decline of Europe’s economic powerhouse, raising concerns that the decade-long expansion period may be coming to a close.
Inflation Posts Largest Rise in Nine Months
Prices are officially on the rise. According to marketwatch.com, consumers paid more for gas, rent and used vehicles in the month of October. The rise in prices fueled a climb in the Consumer Price Index of .3% for October, the largest rise since January. The reading was basically in-line with consensus estimates.
Japan's Q3 GDP Declines Following Natural Disasters
Japan’s gross domestic product contracted an annualized 1.2% from July to September with the Finance Minister pointing to natural disasters and poor exports as the main causes.
Economic Expectations in Germany Remain Low
The ZEW Indicator of Economic Sentiment in Germany increased slightly by 0.6 points this month and remains at the negative side of the spectrum with a reading of -24.1, a far cry from the long-term average of 22.7 points.
The Market Week Ahead: November 12 – November 16
The economic calendar picks up a little this week vs. last, and the combinations of last Friday’s commodities rout and this morning’s unexpected bull run for the US Dollar means gold prices remain pinned around $1205/oz.
Gold Hits Four Week Low
Gold is under pressure again today to kick off the new trading week. As of this post, the yellow metal is down $6.80 per ounce at $1202.60. The U.S. Government is closed today in observance of the Veteran’s Day Holiday, and while stocks are open the bond market is closed.
The Market Week Recap: November 5 – November 11
Happy Friday, traders. So, what kind of week has it been? Certainly, a more active week in gold than we anticipated on Monday.
Consumer Sentiment in U.S. Remains High After Modest Pullback
US consumer sentiment continued to hold firm in the face of midterm election uncertainty in October, although the University of Michigan Consumer Sentiment Index showed a mild decline from 98.6 to 98.3.
Gold Drops Over 1% as October PPI Shows Six Year High in Producer Prices
October saw the highest wholesale inflation in six years with higher gas prices and costs for business equipment and machinery seeing significant increases.
U.S. Mint Bullion Sales Figures for the Month of October
The US Mint issues millions of gold and silver bullion coins every year, which are sold through authorized dealers around the country.
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Benjamin Roussey has two master’s degrees and served four years in the US Navy. He writes professionally for several sites that cover one sector of our economy to another, including GoldPrice.org.
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Matthew is an avid reader, student of the markets and sports enthusiast who resides in the greater Chicago area.
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