Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
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Gold Rangebound on Rates and Inflation Tug Of War
6.22.22 - The Crypto Party Is Over
Gold last traded at $1,840 an ounce. Silver at $21.50 an ounce.
NEWS SUMMARY: Precious metal prices rose Wednesday on safe-haven buying and a weaker dollar. U.S. stocks declined, giving up some of the previous session's gains.
FX Daily--"Gold closed Friday witha small weekly loss for the first time in 4-weeks as rising global yields and a surging USD continues to weigh on the precious metal. However, price action remains somewhat choppy, which appears likely to persist between 1800 and 1880.
As I have said previously, I struggle get bullish on gold given the significant rise in real yields.
Although, what I would say is should yields begin to pullback with a return to 3% for the US 10yr (currently at 3.25%), then this will keep gold afloat. Ultimately, going forward price action is likely to remain rangebound in the short-term."
