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The View From the Montana Log-Cabin as Gold Plunges on “Hawkish” Fed

By Nigel Somerville | Saturday 19 June 2021


 


Crash! Having had a fair old go at clearing $1900 Gold went into reverse this week to close at $1764 – down a whopping $114 from last week. Apparently Jerome Powell, head of the US Federal Reserve, has suddenly become a hawk……having told us he would ignore inflation data for the rest of this year, that unemployment is his biggest concern and that he wasn’t even thinking about thinking about tapering QE (which, we are told, would come before raising rates), now we are told to expect maybe two rate hikes in 2023. And that was enough to send precious metals into a tail-spin.

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