Debt deal takes shape to raise limit. Biden administration insists that there won’t be a debt default. But the market is still watching the US government’s spending in the next three years and having concerns about whether the US government will run out of cash again.
A Patek Philippe wristwatch once owned by the Chinese last emperor of Qing dynasty, Aisin-Groro Puyi – sold for USD 5.1 million hammer at an auction in Hong Kong Tuesday.
The Patek Philippe Reference 96 Quantieme Lune, which is one of just eight known to exist according to Philipps acution house which handled the sale.
The 1.2-inch-diameter platinum timepiece features an Arabic numeral dial, pink gold hands and a “moon phase” function that shows hoe visible the moon is from Earth at any given time. It is not known how Puyi actuired the timepiece, though records show it was initially sold via a luxury store in Paris. It is because some of its internal mechanisms date to 1929, though the model was not sold by Patek Philippe – a Swiss watchmaker known for fitting complicated movements into slim cases – until 1937. Phillips added that historical documents prove the former emperor took it with him to a Soviet prison camp in Khabarovsk. Puyi later gifted it to Georgy Permyakov, a fluent Mandarin speaker who served as his tutor and Russian translator during his time in detention.
The auction house – Phillips spent 3 years on reserching the object’s history and confirming its provenance. It is an unprecedented reserch project with a worldwide team of watch specialists, historians, journalists and scientists according to a press release of the auction house.
Gold spiked to nearly USD 2,050 per troy ounce this morning amid the US inflation report, then dropped nearly USD 20 per oz on profit taking.
Lask week, US Federal Reserve announed a rate hike of 0.25 percenrage point. In general, higher interest rates are typically bearish for yellow metals – Gold and make precious metals less attractive as an alternate investment. However, a pause or an end to the rate hikes may send the bullion markets bullish again.
Global investers currently are watching closely in the standoff in Biden and congressional leaders over the US debt ceiling and also a potential banking crisis. Both factors will weight heavily with the US and global econimic growth. And the uncertainty in the US markets will push investors turn to the haven asset – gold market.
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