Gold prices continue to trade under pressure resulting in another double-digit price decline today. As of 5:23 PM EDT gold futures basis, the most active December 2022 Comex contract is trading down by $13.60 or 0.78% and currently fixed at $1722.70. Just as in yesterday’s trading activity current pricing is just above the daily low of $1720.60. That being said, gold continues to trade to a lower low for three out of the last four trading sessions.
According to the EveningBriefing by Bloomberg Chairman Powell has abandoned his notion that a soft landing is possible and is now aiming for something that will potentially result in much more pain for American corporations and individuals. However, many analysts are convinced that the hawkish monetary policy of the Federal Reserve will not be enough to achieve its intended goal.
The belief that Chairman Powell is attempting to decrease inflation with a “growth recession” to avoid an outright recession is analogous to cutting a painting to fit a frame. The simple truth is that a recession is most likely unavoidable and it is a question of how deep the recession will be and how much pain it will inflict on corporations and Americans in 2023.
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