Precious Metals Reach New Record High
The precious metals rally continues, driven by concerns over economic credit quality, expectations of continued Fed easing, and escalating US-China trade tensions.
Gold and silver have hit another record high, with spot prices reaching $4,379.93/oz and $54.4/oz, respectively.
- Concerns over economic credit quality due to alleged fraud and loan issues in regional banks
- Expectations of continued Fed easing, with a possible quarter-point reduction this month
- Escalating US-China trade tensions, boosting safe-haven demand
Fed Chair Powell signalled another quarter-point reduction is likely to happen this month
Traders are increasing their bets on a jumbo US rate cut by year-end, contributing to the rally.
Author's summary: Precious metals hit new record highs amid economic concerns.
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