Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
Toll Free: 888-419-7136
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Over 30 Years Experience
Park Avenue has over 30 years experience buying and selling Rare Coin and Precious Metals. We have the knowledge and ability to provide our customers with the best products and services.
9.20.22 - Cruel Winter for Wall St. as Debts Come Due
Gold last traded at $1,670 an ounce. Silver at $19.35 an ounce.
NEWS SUMMARY: Precious metal prices drifted lower Tuesday as the dollar touched 20-year highs. U.S. stocks slid as the Federal Reserve kicked off its September policy meeting and Wall Street braced for another large rate hike due out Wednesday.
Wall Street Journal--"Investors expected sticky inflation to lift gold prices this year. Instead, the opposite happened....
Gold is prized by investors for its usual stability during times of turmoil. Prices jumped near all-time highs earlier this year, shortly after Russia's invasion of Ukraine upended markets for stocks and commodities. In early March, gold settled at a 2022 high of $2,069.40 a troy ounce. Now, it is down 8.2% so far this year,....
The volatility is another example of how the Federal Reserve's aggressive rate-raising campaign is shaking up all corners of financial markets. Last week's report that inflation remains stubbornly high all but cemented expectations that the interest-rate hikes will continue. The Fed is expected to announce another big rate increase when it meets this week...
'Gold's not as attractive as it was in 2020,' said Ruth Crowell, chief executive at the London Bullion Market Association To be sure, gold remains a better option than stocks, Ms. Crowell added. The S&P 500 is down 18% this year.
Many investors expect the Fed to slow its pace of rate increases next year, which could bring down yields and the dollar, boosting gold prices."