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Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
 
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Customer Reviews

Gold Caught In Fed's Taper Talk; Oil Eyes Higher $70s

Tuesday, June 15, 2021

Gold last traded at $1,858 an ounce. Silver at $27.65 an ounce.

NEWS SUMMARY: Precious metal prices steadied Tuesday as the wholesale inflation index hit a new high of .8% in May. U.S. stocks dipped as all eyes focused on the next Fed statement due Wednesday.

Investing--"Will this be the week the Fed faces up to inflationary forces and lays down a timetable for the tapering of its monthly asset buying?....

Most analysts are not expecting the central bank to begin discussing scaling back its asset purchase program before its annual conference in Jackson Hole, Wyoming, in late August.

Even so, investors will be zeroing in on the Fed's statement on Wednesday at the conclusion of its two-day policy meeting for June, held against a backdrop of persistent concerns over inflation spikes and whether these could prompt the central bank to pull back its monthly asset purchases faster than thought....

Since hitting record highs above $2,000 an ounce in August, gold has had spotty returns over the past few months despite creeping price pressures and fears that US inflation in 2021 could be the worst in 35 years....

On the oil front, crude prices ticked higher again, with US benchmark West Texas Intermediate holding above $71 per barrel and global gauge Brent trading above $73, after closing up for a third straight week on speculation of runaway summer demand for fuels."

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