Gold continues to rise, fueled by bullish sentiment
Investors believing that the Fed will follow the BoE's example continue to support the short-term gold rally. Their optimism, however, may end soon.With gold, silver, mining stocks, and the S&P 500 continuing their short squeezes on Oct. 4, the Fed pivot narrative still dominates investors' decision-making. Moreover, with JOLTS job openings declining by more than one million month-over-month and missing expectations, a cooler U.S.
Second, while investors focused all their attention on the headline figure, they ignored that quits increased by 100,000 MoM.To explain, the red line above tracks the number of Americans that quit their jobs each month. If you analyze the right side of the chart, you can see that the metric is down from its all-time high but increased in August.
"We've seen enormous volatility in these markets, not just because of monetary policy, but because of the uncertainty around the outlook, global events. Hopefully, the volatility that we've seen in the last few weeks will come down somewhat, and that will help with that situation. But right now, I would say that trades are being made, market liquidity is definitely lower, but it's still functioning.
"Inflation remains elevated, and this is the problem that concerns me most," he said. "Inflation creates economic burdens for households and businesses, and everyone feels its effects.""Restoring price stability may take some time and will likely entail a period of below-trend growth . [But] it is important that we get back to [a stable] kind of economy, and that is what I think the intent of the Fed is.
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