Money Metals' Weekly Market Wrap Podcast

Welcome to this week's Market Wrap Podcast, I'm Mike Gleason.  Hawkish posturing from Jerome Powell is putting downward pressure on precious metals markets.  The Federal Reserve chairman testified before Congress this week on the subject of U.S. monetary policy. Powell said persistently high inflation remains a top concern. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

As the Federal Reserve begins to back off on tightening, the U.S. dollar is becoming increasingly vulnerable to selling. The Fed left its benchmark interest rate unchanged at just above 5% at this week's policy meeting. It was the first time in over a year that central bankers decided not to hike. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

Precious metals markets are getting a bit of a lift this week as investors anticipate a pause in the Federal Reserve’s rate-hiking campaign. |  Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

Well, after months of political melodrama, Congress finally did what it was always does in the end - and that is to authorize more deficit spending. On Thursday night, the U.S. Senate approved the deal hashed out by Joe Biden and Kevin McCarthy to raise the debt ceiling through 2024. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

As the debt ceiling fight in Washington heads down to the wire with the risk of a technical default looming, investors are growing nervous. Some are fleeing to physical precious metals as a safe haven from risky financial assets. But on the futures exchanges that determine spot prices, a wave of selling took place this week. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

After knocking on the door of new record highs over the past few weeks, the gold market is pulling back. Bulls had faced a lot of overhead resistance in futures trading. It finally proved to be too much to overcome -- at least for the near term. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

Well, it looks like gold bulls will have to wait at least another week for any sort of upside breakout to occur. Gold continues to contend with resistance selling whenever it approaches its former all-time high near $2,080. That was the case again this week. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

As more cracks in the foundation of the banking system appear, gold prices have once again been knocking on the door of new records, although we’re seeing a pullback here on Friday. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

Well, investors seem to be brushing aside headline risks in the banking system, the government’s finances, and the economy. The stock market surged on Thursday despite entering the week on shaky footing amid fears of another major bank failure. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

As gold bulls defend the key $2,000 level, sound money proponents are scoring big wins in state legislatures. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

Excitement is building among precious metals investors as gold prices continue to push up toward record highs. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

As the gold market marches toward new records, it is proving the naysayers wrong and vindicating longtime bulls. Gold posted a record high close on a quarterly basis at the end of March. Now the monetary metal has its sights set on setting a new all-time high here in the coming days. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

As gold prices continue to hold firm near the $2,000 level, bulls are eying big developments ahead for the monetary metal along with the global monetary system. Gold’s potential ascendancy to new record highs is coinciding with a decline in the global status of the U.S. dollar as world’s reserve currency. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

As interest rates show signs of peaking, the gold prices are nearing new all-time highs. The gold market hit the $2,000 level this week and showed resilience following the Federal Reserve’s quarter point rate hike announcement.  | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

Fears of bank runs precipitating a broader financial crisis helped spark a surge in bullion buying this week. The collapse of Silicon Valley Bank represents the second largest bank failure in history. While Treasury Secretary Janet Yellen insisted this week that the banking system is sound, many banks clearly are not in sound financial shape. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

As the Fed signals further rate hikes ahead, precious metals markets are probing for support levels. Metals markets struggled after Federal Reserve chairman Jerome Powell delivered testimony to Congress. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

Precious metals markets are attempting to stage a rally this week off oversold conditions even as investors remain skittish over rate hikes. Multiple Federal Reserve officials came out and suggested they favor additional interest rate hikes while inflation readings continue to come in hot. Some analysts are calling for a return to 50 basis point hikes. But markets continue to anticipate a pause by the summer. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

Gold and silver markets drifted lower again this week as investors braced for additional Fed rate hikes to come. On Wednesday, the Federal Reserve released the minutes from its latest policy meeting. Policymakers agreed on the need for additional increases in interest rates. They settled on just a 0.25% bump up at their last meeting. But some dissenters called for a larger 0.5% hike. |  Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

As investors digest the latest readings on inflation, employment, and consumer spending, precious metals markets are wavering on fears of further rate hikes. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

As official narratives about a strong economy convince some traders to turn bullish on the U.S. dollar, gold and silver markets are struggling to find solid near-term support levels. Gold prices traded essentially flat for the week through Thursday’s close. As of this Friday recording, the monetary metal checks in at $1,865 and is down 0.4% now for the week. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan