Article

2018-07-19 Economy

[DAWN] Gold hit its lowest in a year on Tuesday as the dollar steadied and most other markets were subdued before Federal Reserve Chair Jerome Powell testifies to the US Congress. Powell will likely reiterate the Fed’s plan for gradual monetary policy tightening as he takes his upbeat view of the US economy to Capitol Hill later this session. Markets will focus on his views on recent trade tensions, however.

A strong dollar tends to weigh on gold by making the dollar-priced metal costlier for non-US investors. Spot gold was down 0.7 per cent at $1,231.89 an ounce at 1329 GMT, having hit its lowest since last July at $1,230.40.

The precious metal is down some 5pc for the year. US gold futures for August delivery were down 0.8pc at $1,231.80 an ounce.

Posted by Fred 2018-07-19 00:00|| || Front Page|| [11134 views ] Top

#1 Chinese and Arab 'Goldbugs' having money problems with their other investments?

Posted by magpie 2018-07-19 00:24|| 2018-07-19 00:24|| Front Page Top

#2 Powell will likely reiterate the Fed’s plan for gradual monetary policy tightening as he takes his upbeat view of the US economy to Capitol Hill later this session.

After over 8 years of allowing banks to borrow at zero interest to make substantive profits, we need to throttle the rise of workers' pay due to inflation. Got it.

Posted by Procopius2k 2018-07-19 07:13|| 2018-07-19 07:13|| Front Page Top

#3 After over 8 years of allowing banks to borrow at zero interest to make substantive profits.

Which essentially DISSOLVED passbook interest for savers (the common man). The banks no longer needed our money to make more money. Anyone remember 6-8 or even 12 percent interest on certificate of deposits (depending upon duration) ?

Posted by Besoeker 2018-07-19 07:18|| 2018-07-19 07:18|| Front Page Top

#4 Ooh, I do Besoeker.

I remember having an actual passbook that you took to the bank and they'd stamp your deposit and interest in it.

Posted by AlanC 2018-07-19 08:35|| 2018-07-19 08:35|| Front Page Top

#5 12% when inflation is 14% ain't a good deal.

Posted by KBK 2018-07-19 20:48|| 2018-07-19 20:48|| Front Page Top

#6 ^^^^This. I remember CDs at 12%, but we were thrilled to get a thirty year mortgage on the dip at 19.5% instead of 21%.

Posted by trailing wife 2018-07-19 22:02|| 2018-07-19 22:02|| Front Page Top

#7 I once had a VA mortgage with an interest rate of 11.5%. My accountant advised me not to pay it off ASAP since I could make more money by investing in the stock market, where I never made even 3% on average. That was really bad advice.

Posted by Anguper Hupomosing9418 2018-07-19 22:06|| 2018-07-19 22:06|| Front Page Top

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