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Analysts differ on their forecast for tomorrow's jobs report
Unquestionably, tomorrow’s release of the U.S. Labor Department’s jobs report for July will be an important component that will shape and determine adjustments to the current monetary policy of the Federal Reserve. The Fed has underscored that their decisions in terms of when they will begin to taper, as well as normalizing interest rates, are tied directly to the state of the economy.
More so, they have adjusted their dual mandate which was to facilitate full employment and maintain a target inflationary rate of 2% to focus upon full employment while letting inflationary rates run hot. Their rationale is that much of the current upticks in inflationary pressures are transitory and will be alleviated as the country continues to rebound returning to a much more robust economy. Read More
Fed's Waller says he is skeptical a central bank digital currency would improve U.S. payments
U.S. Federal Reserve Governor Christopher Waller said on Thursday that many of the financial challenges that could be tackled by a central bank digital currency are already being addressed by other policies and he is skeptical the approach would improve the U.S. payments system.
In a detailed speech that rebutted many of the reasons provided by supporters of a central bank digital currency, or a CBDC, Waller pointed to private sector innovation and other policies that he said might do a better job when it comes to speeding up payments or lowering banking costs. Read More
Are crypto investors about to pay more taxes? Frank Holmes on gold, metaverse, IRS
Congress may be about to enforce crypto brokers to submit more client information to the Internal Revenue Service.
This comes as the new Senate Infrastructure bill contains language that could affect crypto investors in the U.S., while being vague about what constitutes a “broker.” Read More
Ray Dalio opts for gold versus bitcoin: 'If you put a gun to my head and said I can only have one, I would choose gold'
Even though Bridgewater Associates founder Ray Dalio owns some bitcoin and views it as digital gold, he'd prefer the real yellow metal if forced to choose between the two.
"If you put a gun to my head, and you said, 'I can only have one,' I would choose gold," billionaire hedge-fund manager Dalio told CNBC. Read More
Bitcoin on track towards $100,000, gold price to rise along with crypto – Bloomberg Intelligence
Bitcoin has developed a new floor at around $30,000, and the cryptocurrency looks on track to resume its rally towards $100,000, according to Bloomberg Intelligence, which also sees gold rising alongside crypto.
"Bitcoin appears to have built a base around $30,000 that's akin to $4,000 at the start of 2019, and we see performance parallels that could get the benchmark crypto back on track toward $100,000," said Bloomberg Intelligence senior commodity strategist Mike McGlone. Read More
Gold and silver are mixed heading into the European open
Gold and silver are starting the session mixed on Friday. The yellow metal is trading at $1800/oz while silver has moved 0.10% higher to trade at $25.15/oz. In the rest of the commodities complex, copper trades 0.88% higher and spot WTI 0.61% in the black. Read More
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Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or other advice.
