HAWAII SIX O - GARY WAGNER
The Feds quagmire: two steps forward and two steps back as PCE rises in April
Gary Wagner - May 26, 2023 10:47PM(Kitco commentary) - The BLS (Bureau of Labor Statistics) released the latest data on inflation, the personal consumption expenditures price index (PCE price index) for April 2023 today. Inflation rose by 0.4% last month, an increase of 4.7% compared to a year ago.
Gold trades below its 100-day MA as hope of a potential debt-ceiling resolution advances
Gary Wagner - May 25, 2023 07:01PM(Kitco commentary) - Gold futures basis the most active June 2023 Comex contract traded briefly below the 100-day simple moving average at $1939.50. Gold futures traded to a low of $1939 just $0.50 below its 100-day moving average which technical traders use as a benchmark to determine the interim trend of a stock or commodity.
Extreme dollar strength and 1 month T-Bills yielding 5.59% move gold lower
Gary Wagner - May 24, 2023 06:33PM(Kitco commentary) - Market participants are witnessing extreme dollar strength and exceedingly high yields in short-term Treasury Bills as continued uncertainty and angst surrounding negotiations to raise or suspend the debt ceiling are still at a stalemate.
The solution to the raising the U.S. debt ceiling is not going to be a cake walk
Gary Wagner - May 23, 2023 06:52PM(Kitco commentary) - Short-term T-bills maturing between June 6th through 15th are currently yielding 5.997%, an indication of the angst regarding whether a debt ceiling resolution can be reached on time before threatening a government default of its financial obligations.
Debt-ceiling talks between Biden and McCarthy to resume at 5:30 EDT
Gary Wagner - May 22, 2023 06:33PM(Kitco commentary) - The latest round of debt-ceiling talks between the President and House Speaker will begin tonight at 5:30 PM EDT. While both sides have presented optimism on passing legislation that would temporarily suspend, or raise the debt limit ceiling, the Democrats and Republicans are still far apart.
Chairman of the Federal Reserve Jerome Powell signals a time to pause
Gary Wagner - May 19, 2023 08:50PM(Kitco commentary) - In the mid-1990s as a young technical market analyst I was invited to speak at the Dow Jones Financial Symposium, a three-month lecture tour of which I attended one full month speaking at eight cities.
Strong decline in gold as economic data moves the Feds policy more hawkish
Gary Wagner - May 18, 2023 06:48PM(Kitco commentary) - A virtual pivot of market sentiment in gold as the precious yellow metal has a deep price decline this week.
Gold slumps as Fed confirms its resolute stance on lowering inflation
Gary Wagner - May 17, 2023 07:35PM(Kitco commentary) - In the span of just under two weeks, from Thursday, May 4 to Wednesday, May 17 we have seen gold drop substantially and concurrently the dollar gained substantially.
A bipartisan deal and a short-term extension might explain new found optimism
Gary Wagner - May 16, 2023 07:05PM(Kitco commentary) - The Washington standoff over raising the debt ceiling has raised economic concerns on a global basis. Treasury Secretary Janet Yellen again warned on Monday that a U.S. default could come as early as June 1st.
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Debt ceiling negotiations will resume on Tuesday which supports gold prices
Gary Wagner - May 15, 2023 06:06PM(Kitco commentary) - A second debt limit meeting between President Joe Biden and Senate majority leader McCarthy and other top congressional leaders will be held tomorrow, Tuesday, May 16. The divide between both sides was too wide for any progress to result from their first meeting.
Biden and McCarthy locked in disagreement postponing negotiations
Gary Wagner - May 12, 2023 05:58PM(Kitco commentary) - The Washington standoff over raising the debt ceiling has raised economic concerns on a global basis
An unspoken truth, the Fed's goal of inflation at 2% is not easily attainable
Gary Wagner - May 11, 2023 07:45PM(Kitco commentary) - At the center of a contracting GDP which is putting tremendous stress on the American economy is the Federal Reserves mission statement of taking inflation down to 2%.
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