Metals News
- From bankofengland.co.uk|1 hr 16 min ago|2 comments
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From ndtv.com|16 hr agoTwo promoters of the popular Kerala Fashion Jewellery (KFJ) have been arrested in Chennai for allegedly swindling 26 crore deposits made by at least 1,689 customers under various gold purchase schemes between 2016 and 2019. Brothers Sujith Cherian, the MD, and Sunil Cherian, director, were denied bail by the special judge court under Tamil Nadu Protection ...
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From businessinsider.com|38 hr agoTwo-thirds of low-wage workers do not have sick days, even during the ongoing COVID-19 pandemic. Over three-quarters, or about 77%, of private-sector workers in the US have the ability to earn paid sick time at work, but the benefit is mostly available to higher-wage workers, according to Bureau of Labor Statistics data. Only 33% of the lowest-paid workers ...
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From thegoldbullion.co.uk|Sep 24, 2021Gold comes in many shapes and sizes, and its high value relative to the small amounts you can buy on the open markets reflect a generations-old notion that gold is a preserver of wealth. There are many ways to measure gold prices in the UK and beyond, and it can get confusing sometimes, so the Gold Bullion Company is here to break some of the commonly-used ...
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From bankofengland.co.uk|1 hr 16 min ago|2 commentsI am going to speak this evening about the state of the economy and about monetary policy as the recovery from Covid unfolds. The title of this speech, The Hard Yards, is I think a saying that originated in sailing, though I associate it more with forward play in rugby. I remember saying, around a year ago when the recovery looked rapid, that the hard yards were yet to come, and while I don’t want to claim any great prescience, it appears to be turning out that way. Nor do I have any claim to originality – Milton Friedman and Anna Schwartz wrote in their monetary history of the US that the most notable feature of the revival of the US economy after 1933 was not its rapidity but its incompletenessfootnote [1]. I, and other MPC members, have also used the analogy of a bridge to describe the role of economic policy in the age of Covid, the bridge to the other side of Covid. We are still on that bridge. The rate of recovery has slowed over recent months, and that slowing is continuing. Relative to the fourth quarter of 2019, on the latest data to July, the level of GDP was 3.5% lower. That’s around one percentage point below the level consistent with the August Monetary Policy Report. There is a crucial distinction here between growth rates and levels of activity. It is inevitable in a bounce-back that the growth rate will slow as the recovery nears its end-point. It is not though inevitable – or desirable – that the previous level is not regained. Recovery in some consumer-facing services appears to have been delayed. We had seen a recovery in activities such as eating in restaurants, but activity is levelling off, notwithstanding our contribution this evening. Consistent with the impact of supply bottlenecks and disruption, construction output fell in July, and manufacturing output stalled. Surveys and the reports of the Bank’s Agents, suggest the impact of these supply-chain issues is broadening out. Pulling this together, the recovery has slowed and the economy has been buffeted by additional shocks. The switch of demand from goods to services, as Covid has faded in terms of its economic impact, has not taken place to date on the scale expected. Meanwhile, supply bottlene tweet at 11:02am: BOE GOV. BAILEY: THE ECONOMY HAS BEEN BUFFETED BY FURTHER SHOCKS AS THE RECOVERY HAS STALLED. tweet at 11:02am: BOE GOV. BAILEY: PRICE PRESSURES, IN OUR OPINION, WILL BE TRANSITORY. tweet at 11:03am: BOE GOV. BAILEY: IF WE NEED TO RESPOND TO INFLATION, WE SHOULD USE THE BANK RATE RATHER THAN THE QE.BOE's Bailey: We are seeing currently a much greater dispersion of wage settlements Bailey asks "What if this is the beginning of a more far-reaching structural change in the economy which alters relative pay across occupations?" He says that he's not making predictions but the full text of the speech is all about inflation worries. Bullets: • The rate of recovery has slowed over recent months, and that slowing is continuing • Recovery in some consumer-facing services appears to have been delayed • Surveys indicate the impact of supply-chain issues is broadening out
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From @FinancialJuice|6 hr agotweet at 5:32am: ACCORDING TO PBOC, CHINA'S ECONOMIC RECOVERY IS SHAKY AND IMBALANCED. tweet at 5:34am: PBOC: WILL ENSURE THAT LIQUIDITY IS ENOUGH. tweet at 5:37am: PBoC: China's Economic Recovery Not Solid, Unbalanced To Push Real Lending Rates To Further Fall Vows To Ensure 'Healthy' Property Market Development Reiterates Prudent Monetary Policy Be Flexible, TargetedThe Monetary Policy Committee of the People's Bank of China convenes the regular meeting of the third quarter of 2021 The regular meeting of the Monetary Policy Committee of the People's Bank of China for the third quarter of 2021 (the 94th in total) was held in Beijing on September 24. The meeting analyzed the economic and financial situation at home and abroad. The meeting held that since this year, my country has coordinated the promotion of epidemic prevention and control and economic and social development, and has effectively implemented macroeconomic policies, and the overall economy has continued to recover. The prudent monetary policy maintains continuity, stability and sustainability, scientifically manages market expectations, strives to serve the real economy, and effectively prevents and controls financial risks. The dividends of interest rate reform in the loan market quotation continued to be released, the transmission efficiency of monetary policy was enhanced, the loan interest rate was stable with some decline, the RMB exchange rate was expected to be stable, and the two-way floating flexibility was enhanced, which played a role as a macroeconomic stabilizer. The meeting pointed out that the current global epidemic is still evolving, the external environment has become more severe and complex, and the domestic economic recovery is still unstable and uneven. It is necessary to strengthen the research, judgment and analysis of the marginal changes in the domestic and international economic situation, strengthen the coordination of international macroeconomic policies, prevent external shocks, concent
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From @FinancialJuice|33 min agotweet at 11:46am: FED'S EVANS: ONE RATE BOOST IS EXPECTED IN 2023, FOLLOWED BY A MILD SLOPE IN RATES. tweet at 11:45am: EVANS: IF SAW INFLATION THAT WAS 'MORE EXUBERANT' THAN APPROPRIATE FOR 2% AVG TARGET, WOULD HAVE STEEPER RATE HIKE PATH #News #Forex #INFLATION tweet at 11:46am: FED'S EVANS: WE'VE ACHIEVED A TREMENDOUS AMOUNT OF PROGRESS IN TERMS OF EMPLOYMENT, AND WE'D LIKE TO SEE THAT MOMENTUM CONTINUE IN THE UPCOMING JOBS REPORTS. tweet at 11:45am: FED'S EVANS: INFLATION WOULD RISE TO 2.4% IN 2024, ACCORDING TO HIM, WHICH WILL BE A ''VIRTUE'' AND ''USEFUL'' IN REINFORCING EXPECTATIONS.
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From wolfstreet.com|7 hr agoAmid China’s many crackdowns is a crackdown on energy consumption, motivated by a slew of reasons, including most pressingly, spiking prices for coal and natural gas, particularly ...
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From abc.net.au|10 hr ago|1 commentLai Xiaomin's once-glittering career ended not with the popping of champagne corks and glowing testimonials, but at the hands of an executioner. Once known as the God of Wealth, ...
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From chicagofed.org|4 hr ago|7 commentsThank you for the introduction. I’m very happy to be here in person after quite a long year and a half. Before I begin my comments, I should note that these views are my own and do not necessarily represent those of my colleagues on the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. I’ve had the privilege of regularly attending FOMC meetings for nearly 20 years—first as director of research and for the past 14 years as president of the Chicago Fed. During that long span, the economy has faced significant challenges—the dot-com bubble, the uncertainties of 9/11, the Great Financial Crisis, and now the Covid pandemic. Each situation presented unique difficulties that we monetary policymakers grappled with in pursuit of our dual mandate objectives. The challenge I want to discuss today is one I never would have suspected dealing with when I first started going to FOMC meetings—that we have not been able hit our inflation target on a sustained basis and that for the past 15 years those misses have been because inflation has been too low, not because it has been too high. This comment may seem a bit odd to yo tweet at 8:01am: FED'S EVANS: AS THE YEAR PROGRESSES, I ANTICIPATE MOST SUPPLY-SIDE DIFFICULTIES TO BE ESSENTIALLY HANDLED. tweet at 8:02am: FED'S EVANS: I BELIEVE LONG-RUN INFLATION EXPECTATIONS ARE STILL LIKELY SOMEWHAT BELOW THE FED'S TARGET. tweet at 8:02am: FED'S EVANS: I AM MORE CONCERNED ABOUT THE US FAILING TO GENERATE ENOUGH INFLATION IN 2023 AND 2024 THAN I AM ABOUT LIVING WITH TOO MUCH MONEY. tweet at 8:03am: FED'S EVANS: IF INFLATION HAS NOT GOTTEN UNACCEPTABLY HIGH, A LOW UNEMPLOYMENT RATE DOES NOT NECESSITATE A CHANGE IN POLICY RATE.
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From boj.or.jp|10 hr ago|1 commentIt is my great pleasure to have the opportunity today to exchange views with a distinguished gathering of business leaders in the Kansai region. I would like to take this chance ...
- From bankofengland.co.uk|1 hr 16 min ago|2 comments
I am going to speak this evening about the state of the economy and about monetary policy as the recovery from Covid unfolds. The title of this speech, The Hard Yards, is I think a saying that originated in sailing, though I associate it more with forward play in rugby. I remember saying, around a year ago when the recovery looked rapid, that the hard yards were yet to come, and while I don’t want to claim any great prescience, it appears to be turning out that way. Nor do I have any claim to originality – Milton Friedman and Anna Schwartz wrote in their monetary history of the US that the most notable feature of the revival of the US economy after 1933 was not its rapidity but its incompletenessfootnote [1]. I, and other MPC members, have also used the analogy of a bridge to describe the role of economic policy in the age of Covid, the bridge to the other side of Covid. We are still on that bridge. The rate of recovery has slowed over recent months, and that slowing is continuing. Relative to the fourth quarter of 2019, on the latest data to July, the level of GDP was 3.5% lower. That’s around one percentage point below the level consistent with the August Monetary Policy Report. There is a crucial distinction here between growth rates and levels of activity. It is inevitable in a bounce-back that the growth rate will slow as the recovery nears its end-point. It is not though inevitable – or desirable – that the previous level is not regained. Recovery in some consumer-facing services appears to have been delayed. We had seen a recovery in activities such as eating in restaurants, but activity is levelling off, notwithstanding our contribution this evening. Consistent with the impact of supply bottlenecks and disruption, construction output fell in July, and manufacturing output stalled. Surveys and the reports of the Bank’s Agents, suggest the impact of these supply-chain issues is broadening out. Pulling this together, the recovery has slowed and the economy has been buffeted by additional shocks. The switch of demand from goods to services, as Covid has faded in terms of its economic impact, has not taken place to date on the scale expected. Meanwhile, supply bottlene tweet at 11:02am: BOE GOV. BAILEY: THE ECONOMY HAS BEEN BUFFETED BY FURTHER SHOCKS AS THE RECOVERY HAS STALLED. tweet at 11:02am: BOE GOV. BAILEY: PRICE PRESSURES, IN OUR OPINION, WILL BE TRANSITORY. tweet at 11:03am: BOE GOV. BAILEY: IF WE NEED TO RESPOND TO INFLATION, WE SHOULD USE THE BANK RATE RATHER THAN THE QE.BOE's Bailey: We are seeing currently a much greater dispersion of wage settlements Bailey asks "What if this is the beginning of a more far-reaching structural change in the economy which alters relative pay across occupations?" He says that he's not making predictions but the full text of the speech is all about inflation worries. Bullets: • The rate of recovery has slowed over recent months, and that slowing is continuing • Recovery in some consumer-facing services appears to have been delayed • Surveys indicate the impact of supply-chain issues is broadening out
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From dailyfx.com|3 hr agoGold (XAU/USD) is struggling to extend the bounce from Friday as risk sentiment holds a positive tone into the new week. The Evergrande situation seems to be moving out of sight after China’s liquidity injections, but US yields are picking up again after jumping to a two-month high last Thursday post-FOMC meeting. There is a large number of Fed speeches ...
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From xm.com|7 hr agoGold kicked off Monday’s session with a soft positive momentum following last week’s consolidation around 1,740 and along the dashed restrictive line, which has been occasionally acting as support to downside corrections over the past two months. Technically, there is no clear sign that the bulls will take the upper hand in the short term as the RSI is ...
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From stockhead.com.au|12 hr agoThe uranium price is going gangbusters, and the spot price has punched through $50/lb for first time in nine years. The spark for this price rise is the Sprott Physical Uranium Trust, which used a US$300 million at-the-market equity raise to buy up 28.3 million pounds of uranium in recent weeks. That’s more than the amount of nuclear fuel required to power ...