Gold turns to the downside in featureless trading
Gold posts record high in Japan, Switzerland exports 524 tonnes to China in 2022
(USAGOLD – 1/25/2023) – Gold turned to the downside this morning in featureless trading ahead of next week’s Fed meeting. It is down $12 at $1928. Silver is down 21¢ at $23.53. Jerry Grantham returned to the fray this morning to predict a bleak future for the stock market – a further 17% decline in 2023.
A few gold notes to start your day…… Australia’s Perth Mint, which enjoys a strong market for its wares in East Asia, reports record bullion product sales in 2022. Switzerland, where the world’s primary precious metals refineries are located, exported 524 tonnes of gold to China last year, the highest level since 2018. Gold prices posted a record high in Japan yesterday amidst inflation and recession concerns. Goldman Sachs says China’s reopening is a gamechanger for gold and oil…and the US dollar. Last, the US national debt is now six times larger than it was at the start of the century and is expected to grow at a rate of $1.3 trillion per year for the next decade. And that is a conservative estimate…
Cartoon courtesy of MichaelPRamirez.com