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Latest Views & News

The View From The Montana Log-Cabin As Gold Follows Sterling Downwards

By Nigel Somerville | Sunday 25 September 2022

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Gold closed the week at a sickly looking $1645, down from last week’s $1676. There was to be no bounce at around $1675. But in a week when the Fed again raised interest rates by 0.75% - the third such hike in succession – you could be forgiven for wondering why Gold has not headed even lower. Inflation remains on the rampage in the US, and until that reverses the Fed is likely to continue hiking…..or until something in the economy breaks, as it continues to gaze into the rear view mirror. Over here, however, the big news was the crunching of sterling in the face of Friday’s non-budget budget. Whilst Gold has been struggling against the US dollar, it raced towards of its year high against sterling and is now just £57 off the all-time high as markets took fright at Truss-onomics.

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