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BREAKING NEWS
GOLD, SILVER AND BITCOIN PRICES, DAILY MARKET NEWS. NOV 2022. 2 weeks ago
Markets are Highly Reactive to Mixed Messages from Fed and Economic Data 3 weeks
ago GOLD, SILVER AND BITCOIN PRICES, DAILY MARKET NEWS. OCT 2022. 3 weeks ago
Preparing for the Next Great Depression 4 weeks ago US Congressman Proposes Bill
to Reintroduce the Gold Standard 60 mins ago
Home » Daily market review
GOLD, SILVER AND BITCOIN PRICES, DAILY MARKET NEWS. NOV 2022.
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By Bullion Exchanges on November 18, 2022 in Daily market review
HOME SALES DROP IN OCTOBER, AS HIGH MORTGAGE RATES SCARE OFF BUYERS
NOV. 18, 2022
Home sales decreased for nine months straight as of October.
Would-be buyers are postponing the purchase of a new home due to higher interest
and inflation rates.
Between the months of September and October, the sales of previously owned homes
dipped by 5.9%. That’s the lowest pace recorded since 2011.
The seasonally adjusted and annualized pace reading for October was 4.43 million
units, with sales falling 28.4% lower YoY.
Prices are weakening in various locations around the country, but overall demand
is still strong, especially amongst cash buyers. The median price sold in
October was $379,100 for existing homes, which is an increase of 6.6% YoY.
Prices are weakening in various locations around the country.
Today, gold dipped 0.28% to $1,765.80 per ounce. Silver rose 0.53% to $21.32 per
ounce. Platinum decreased by 0.10% to $1,002.40 per ounce, while Palladium fell
by 2.31% to $2,015.00 per ounce. Bitcoin dropped 0.01% to $16,679.80
How high do you expect mortgage rates to reach? Will it have a significant
impact on housing prices?
AMERICAN’S 401(K) AVERAGE BALANCES FELL 23% YEAR-OVER-YEAR IN 2022
NOV. 17, 2022
According to a Fidelity analysis, American retirement accounts dropped once
again in the third quarter.
Due to market swings, retirement accounts have taken a heavy hit.
The average 401(k) balance dipped 23% year-over-year (YoY) to $97,200. For IRAs,
the average balance fell 25% to $101,900 YoY.
Even though accounts are sinking, retirement savers are still contributing. The
average contribution rate for a 401(k) is holding steady at 13.9%.
Some analysts believe that many retirement investors are clueless about how to
avoid further losses. Many savvy retirement savers have preferred to roll over
their retirement accounts into a precious metals IRA as a way to hedge against a
recession.
Today, gold dipped 0.86% to $1,788.16 per ounce. Silver sank 3.08% to $21.88 per
ounce. Platinum decreased by 2.39% to $1,044.08 per ounce, while Palladium fell
by 4.53% to $2,124.50 per ounce. Bitcoin dropped 0.56% to $16,552.50.
Have you thought about reallocating your retirement account fund into a precious
metal IRA? Why or why not?
US HOUSEHOLD DEBT INCREASED AT HIGHEST RATE IN 15 YEARS
NOV. 16, 2022
According to the Federal Reserve, household debt in the US recently rose at the
fastest pace in 15 years.
Americans are using more credit cards to make ends meet as they struggle with
rising inflation and lagging salaries.
Credit card balances grew to more than 15% year-over-year, which is the highest
increase in more than 20 years.
The total amount of debt in American households reached $351 billion for the 3rd
quarter, the largest jump in debt since 2007. The total amount of debt owed
collectively in the US is a record $16.5 trillion.
The major contributors to debt originated from mortgage and credit card balances
which rose to $11.7 trillion and $930 billion, respectively.
Today, gold jumped 0.02% to $1,788.16 per ounce. Silver grew 0.30% to $21.88 per
ounce. Platinum decreased by 0.59% to $1,044.08 per ounce, while Palladium fell
by 1.18% to $2,124.50 per ounce. Bitcoin dropped 2.55% to $16,451.00.
How will Americans afford to pay off this debt if unemployment and inflation
continue to rise?
PRODUCER PRICE INDEX INCREASED BY 0.2% IN OCTOBER, LOWER THAN EXPECTED
NOV. 15, 2022
The Producer Price Index (PPI), which calculates the prices companies pay for
finished goods, came in lower than the Dow Jones estimate of 0.4%
month-over-month (MoM).
According to the Bureau of Labor Statistics, wholesale prices rose in October by
0.2% MoM and 8% year-over-year (YoY).
Excluding energy, food, and trade services, PPI grew 0.2 % MoM and 5.4% YoY.
The lower-than-expected PPI rate has caused many investors to perceive that
inflation might have peaked. These numbers should encourage the Fed to pivot
away from increasing rates even further.
On the other hand, other investors believe that the inflation decrease was due
to lower fuel prices achieved through the release of a large amount of oil from
the country’s Strategic Petroleum Reserve (SPR). Since the SPR current levels
are extremely low, it is believed that energy supplies will tighten even further
and increase prices.
Today, gold dropped 0.08% to $1,778.50 per ounce. Silver fell 1.75% to $21.82
per ounce. Platinum decreased by 0.98% to $1,028.20 per ounce, while Palladium
grew by 2.29% to $2,121.00 per ounce. Bitcoin rose 2.37% to $16,984.60.
What do you think will happen to oil prices over the winter?
NY FED SURVEY EXPECTS HIGHER INFLATION RATES DUE TO RISING GAS PRICES
NOV. 14, 2022
In the US, Americans are growing more concerned about higher prices.
According to the New York Fed Survey of Consumer Expectations, inflation
expectations for 2023 grew by 5.9%. That is more than the half a percent
recorded in September.
The three-year and five-year expectations for inflation rose by 3.1% and 2.4%,
respectively.
The concern for many Americans is rooted in the fear of rising gas prices at the
pump. Respondents believe that gas prices will rise by 4.8% next year.
Today, gold jumped 0.05% to $1,780.20 per ounce. Silver grew 1.50% to $22.23 per
ounce. Platinum decreased by 0.78% to $1,039.00 per ounce, while Palladium fell
by 0.71% to $2,077.00 per ounce. Bitcoin rose 1.65% to $16,570.60.
Do you think inflation will continue to rise in 2023? Or will we face a
deflationary period soon?
INFLATION ROSE LESS THAN EXPECTED IN OCTOBER
NOV. 10, 2022
According to a Bureau of Labor Statistics release Thursday, the consumer price
index (CPI) grew by 0.4% month-over-month (MoM) and 7.7% year-over-year (YoY) in
October. That figure is lower than the Dow Jones estimated CPI increase of 0.4%
MoM and 7.9% YoY.
Core CPI, which excludes energy and food costs, jumped 0.3% MoM and 7.9% YoY in
October, lower than the respective Dow Jones estimates of 0.5% and 6.5%.
Major price declines were discovered in the used car market, apparel, and
healthcare sectors, which were significant contributors to October’s slowing
inflation. Prices fell 2.4%, 0.7%, and 0.6% MoM, respectively.
The cost of shelter, a metric that makes up one-third of CPI figures, grew by
0.8% MoM and 6.9% YoY. It is the steepest monthly increase since 1990 and the
highest yearly level since 1982.
The food price index also rose in October, hitting 0.6% MoM and 10.9% YoY.
Markets have reacted positively to the better-than-expected inflation figures,
with the Dow Jones Industrial Average rising 820 points or 2.5%. The S&P 500
surged 4%, while the Nasdaq Composite spiked 5.5%.
Today, gold jumped 2.67% to $1,723.60 per ounce. Silver grew 3.38% to $21.55 per
ounce. Platinum increased by 5.50% to $1,006.30 per ounce, while Palladium rose
by 4.84% to $1,902.00 per ounce. Bitcoin surged 9.72% to $17,450.60.
With slowing MoM inflation, will the Fed pivot or will they continue with their
“hawkish” agenda?
GOLD DEMAND IN VIETNAM TRIPLED IN Q3
NOV. 9, 2022
The demand for gold in Vietnam is growing. In the third quarter of 2022, gold
demand rose to 12 tons compared to last year’s 3.3 tons of the precious metal.
Bullion and jewelry sales increased to 8.5 tons from 2.4 tons and 3.5 tons from
3.3 tons respectively.
Southeast Asian countries’ demand for gold is increasing significantly, but
Vietnam’s year-over-year growth is incredible.
Vietnam’s increased gold purchases have been fueled by stronger economic
recovery from the pandemic, such as full employment, higher salaries, and
positive GDP growth. Also, many customers are flocking to gold as a way to hedge
against inflation.
Today, gold jumped 0.08% to $1,723.60 per ounce. Silver fell 0.09% to $21.55 per
ounce. Platinum decreased by 1.50% to $1,006.30 per ounce, while Palladium
dropped by 3.40% to $1,902.00 per ounce. Bitcoin dipped 7.68% to $17,123.40.
Do you think that Southeast Asians growing gold demand will affect global
prices?
AUTO LOAN DELINQUENCIES SKYROCKET AS OWNERS STRUGGLE WITH INFLATION
NOV. 8, 2022
A growing rate of auto loan borrowers is struggling to make payments on their
vehicles.
TransUnion announced Tuesday morning that 60-day delinquencies rose by 1.65% for
the third quarter of 2022, making it the highest increase in over a decade.
Satyan Merchant, vice president of TransUnion, said that “consumers still want
to stay current as best that they can. It’s just this inflationary environment
is making it challenging,” and “it leaves fewer dollars in their pocket to make
the auto loan payment because they’ve got to pay more for eggs and milk and
other things.”
The most economically impacted segment are subprime borrowers. They have lower
incomes and credit scores which makes borrowing more expensive. Also, subprime
borrowers are most affected by inflationary pressures.
Analysts believe that delinquencies might continue to rise as unemployment and
inflation rates increase over the next couple of months.
Today, gold jumped 2.36% to $1,724.30 per ounce. Silver rose 3.34% to $21.75 per
ounce. Platinum increased by 1.73% to $1,018.40 per ounce, while Palladium grew
by 1.20% to $1,968.50 per ounce. Bitcoin dipped 2.97% to $20,152.80.
What do you think will happen to the automotive market in 2023?
SMALL BUSINESS RENT DELINQUENCIES ROSE IN OCTOBER
NOV. 7, 2022
The ongoing economic downturn is creating challenges for small businesses. Rent
delinquencies in October jumped 7% in one month, making it the fastest increase
this year.
Small businesses across the US are struggling to pay rent due to higher
inflation rates and a drop in customer demand.
About 37% of small businesses cannot make rent payments on time and in full,
leading many economists to speculate that the economy will slow down even
further.
If inflation continues to grow, as hinted by the Fed last week, small business
rent delinquencies can get worse. This will affect landlords who use their rent
revenue to complete their mortgage payments.
Today, gold fell 0.23% to $1,688.40 per ounce. Silver dropped 0.14% to $21.08
per ounce. Platinum increased by 1.46% to $991.60 per ounce, while Palladium
grew by 0.61% to $1,919.50 per ounce. Bitcoin dipped 0.66% to $20,770.20.
Do you expect rent delinquencies to increase in the coming months? If so, by how
much?
PAYROLLS GREW BY 261,000, EXCEEDING EXPECTATIONS
NOV. 4, 2022
Nonfarm payrolls rose by 261,000 in October, surpassing the 205,000 estimated
figure. The job market still remains strong despite the Fed’s “aggressive”
policy strategy.
The unemployment rate did tick up a little more than expected, hitting 3.7%.
Although the current payroll figures are better than expected, it is still
growing at the slowest pace since 2020.
Average hourly wages increased by 4.7% YoY and 0.4% MoM, but still lag behind
inflation.
The industries that gained the most employment were led by health care (53,000
positions), followed by professional and technical services (43,000 positions),
and manufacturing (32,000 positions).
Leisure and hospitality jobs also grew, up by 35,000 jobs. Although this
industry made gains of 78,000 a month in 2022, figures are dismal compared with
the 196,000 from 2021.
The positive job growth is under threat by the Fed’s interest rate hikes and
goal to slow the economy as a way to curb inflation. We can already see this
trend within the tech industry.
Amazon announced Thursday that it will halt the hiring of employees in its
corporate sector. Also, Apple said it would pause hiring for its R&D division.
Lyft, Twitter, Stripe, Robinhood, and Coinbase have announced layoffs of their
workforce.
Today, gold rose 2.71% to $1,685.80 per ounce. Silver jumped 5.76% to $20.85 per
ounce. Platinum increased by 3.26% to $971.00 per ounce, while Palladium grew by
6.15% to $1,954.00 per ounce. Bitcoin climbed 4.73% to $21,163.20.
If unemployment continues on an upward trend, what repercussions will it have on
the US economy?
MARKETS HAVE FALLEN AFTER SIGNS OF FED PIVOT DISAPPEAR
NOV. 3, 2022
Stocks, precious metals, cryptocurrencies, and major leading FOREX currencies
have fallen Thursday morning after the Federal Reserve raised interest rates by
75 bps.
The value drop for these asset classes was compounded after Fed Chair Jerome
Powell announced that rates need to continue to increase and a rate pause would
be premature.
Also, Powell noted that inflation is on track to increase over the next several
months and the Fed has a lot of work to complete. The Fed’s inflation rate
target is 2%, which is significantly lower than the last CPI reading of 8.2%
year-over-year.
The Fed has indicated that since unemployment is down and GDP slightly rose in
the 3rd quarter, inflation will persist.
As a result, the Dow Jones Industrial Average dropped 100 points, the S&P 500
fell 15 points, and the Nasdaq dipped 55 points.
Gold fell 0.36% to $1,637.50 per ounce. Silver rose 0.96% to $19.63 per ounce.
Platinum decreased by 0.75% to $940.50 per ounce, while Palladium dropped by
2.81% to $1,854.00 per ounce.
Bitcoin tumbled 0.07% to $20,295.40. The US dollar gained significantly against
the euro, pound sterling, and yen.
How much higher do you think interest rates will go in 2023?
GOLD AND SILVER HOLD STRONG AS FED PREPARES RATE HIKE
NOV. 2, 2022
Gold and silver spot prices rose Wednesday as the value of the dollar dropped.
The gold spot price grew 0.05% to $1,658.06. Silver jumped 0.23% to $19.90 per
ounce.
The Fed will announce the interest rate hike at 2 PM Wednesday, and it is
expected to raise the rate by 75 bps. Many investors are betting against that
rate increase, suggesting that the Fed will pivot its monetary policy to a more
“dovish” stance.
The central bank’s comments later today will give investors a better
understanding of the Fed’s next steps toward future rate hikes. A dovish tone
will weaken the dollar and potentially strengthen precious metals, stocks, and
cryptocurrencies. An aggressive policy will have the opposite effect.
Platinum increased by 1.94% to $948.80 per ounce, while Palladium grew by 2.92%
to $1,877.00 per ounce. Bitcoin fell 0.41% to $20,407.10.
What type of stance do you expect the Fed will convey today during its rate hike
announcement?
MANUFACTURING DROPS; ECONOMIC SLOWDOWN IMPEDES PRODUCTION
NOV. 1, 2022
Recently, GDP data was released showing that the US economy improved in the
third quarter. Unfortunately, the US manufacturing sector seems to be shrinking.
Today, the Manufacturing Purchasing Managers Index sunk to 50.2 in October, a
decrease from September’s 50.9 reading. Manufacturing demand is expected to drop
significantly as inflation continues to rise.
In addition, manufacturers believe that the Fed will continue to raise interest
rates. This in turn will make the cost of borrowing more expensive, dropping
investment and further slowing economic growth.
The Fed is set to increase interest rates tomorrow by 75 bps and once more in
December before the year ends. Some market analysts are speculating that the Fed
will pivot from its “hawkish” policy to a more “dovish” one.
Many analysts oppose that view, suggesting that the Fed has not reached its
established goals of lowering inflation, raising unemployment, and slowing the
economy further.
The Fed’s plan for the central bank to successfully lower inflation rates will
be to lower the amount of capital circulating through the financial system. This
will lower demand for goods and services, which in turn, will lower prices.
Today, gold rose 0.77% to $1,647.50 per ounce. Silver jumped 2.51% to $19.38 per
ounce. Platinum increased by 1.94% to $948.80 per ounce, while Palladium grew by
2.92% to $1,877.00 per ounce. Bitcoin fell 0.41% to $20,407.10.
How do you feel about the Fed’s plan of raising the unemployment rate as a tool
to control inflation?
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Open an account
Fill out the information on the form to your left. We will send you a
confirmation email with a link to the custodian or administrator
Click on the link
Click on the link and go directly to the IRA administrator website to fill
out a self-directed IRA application. When you finish, we will be notified of
your account number
Funds get authorized
When the custodian or administrator receives the funds your prior custodian,
we are securely and electronically notified of the authorized funds
Get a quote
We will send you a quote with the metals that you have specified so you can
see how your funds are allocated across metal types
Approve the trade
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