- Manufacturing activity in the New York region showed continued weakness this month even as inflation pressures eased, according to the latest figures published by the New York Federal Reserve.The regional central bank said on Wednesday that its Empire State manufacturing survey declined to -15.6 in May, after coming in at -14.3 in April. The data was worse than expected, as consensus forecasts called for a -10 reading.
- In the US, legislation is being reshaped by a combination of state and federal efforts aiming to revise the taxation and legal tender status of gold and silver. - This 5-minute bar chart for Comex gold futures can be a valuable analytical and trading tool for the active intra-day gold futures trader/market watcher.
- The gold market has been holding significant gains since the start of the year, but the momentum behind the bullish drive has dried up as investors once again focus on the Federal Reserve’s monetary policy.Cryptocurrencies continue to see choppy post-halving price action with little change in the overall picture while the return of meme stock frenzy has enthralled investors, with GameStop gaining 60% on Tuesday.
- Federal Reserve Chair Jerome Powell attended a Foreign Bankers’ Association event in Amsterdam on Tuesday, which offered him the opportunity to comment on the U.S. economy in general, and inflation in particular, after PPI came in well above expectations in the morning.While Powell pointed to the progress that was made on inflation in 2023, he acknowledged that this year has not continued the positive trend.
- Gold has hit several all-time highs this year, but the metal has further to go, said Simon Marcotte, president and CEO of Northern Superior Resources.'I don't even think this is the first inning' - gold prices to run even higher says Simone Marcotte
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