Investment, News around the World

Gold nearly reached USD 2,050 per oz

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.

Image source: https://www.pexels.com/photo/gold-coins-and-bars-on-black-background-8442322/

Collections, Online Store

The Royal Mint – The Royal Arms 2022 1oz Gold Bullion Coin

The Royal Mint – The Royal Arms 2022 1oz Gold Bullion Coin

This will be the final year of Royal Arms bearing the effigy of Queen Elizabeth II struck by The Royal Mint.

The effigy of Queen Elizabeth II appears on the obverse in a design by Jody Clark in 2015. The face value of “100 pounds” and Her Royal Majesty’s name are displayed around the circumference.

The collectors around the world assumed the effigy bearing on the coin will be changed to King Charles III in 2023 version. The last version of the Royal Arms bearing the Queen’s effigy will be one of the important collections for coins collectors worldwide.

The reverse side of the 2022 1 oz Silver Royal Arms Coin features the modern Royal Arms of England, designed by celebrated artist Timothy Noad. The design represents the United Kingdom in its entirety.

The Royal Arms can be seen on some historic buildings, UK passport and many different official documents.

Source: https://www.royalmint.com/invest/bullion/bullion-coins/gold-coins/the-royal-arms-2022-1oz-gold-bullion-coin/

Investment

Robert Kiyosaki said this is the “last chance” to buy gold and silver at “these low prices”.

The best-selling author of “Rich Dad Poor Dad” Robert Kiyosaki said that this may be the last chance to buy gold and silver at such low prices as the market wrap up a very volatile year.

He forecasted that the low of the gold market will be around USD 1,800 per oz and silver will be around USD 24 per oz.

Robert Kiyosaki is a big proponent of holding gold, silver, and Bitcoin in a portfolio. He suggested his Twitter followers that the current price levels might be the cheapest option to buy precious metals before the rally kicks in.

Investment, News around the World

UK Prime Minister Liz Truss apologized for her mini-budget

Ian Vogler/AFP/Getty Images

Image source: https://media.cnn.com/api/v1/images/stellar/prod/221017124957-03-liz-truss-lead-image.jpg?c=16×9&q=h_720,w_1280,c_fill

UK Prime Minister Liz Truss apologized for her controversial mini-budget that crashed the UK Sterling, rattled financial markets and led to her firing her closet political ally. Despite of the huge pressure from the investors and party member, Truss insisted that she would lead her Conservative Party into the next general election.

Last Friday, Truss replaced Chancellor of the Exchequer Kwasi Kwarteng with Jeremy Hunt. Hunt then said that he would reverse almost all tax measures announced three weeks ago by his predecessor. Truss said it was painful to sack her “friends” Kwarteng as finance minister but said she stood by her decision.

Truss said that she still believed in the “high growth, low tax” formular she campaigned on to win the Conservative Party leadership in early September. However, she also recognized the UK was facing “very difficult circumstances at the moment.”

Investment

Crypto experts shrug off the bitcoin plunge and here are the reasons

Cryptocurrency is having a terrible week. Still, long-term investors are really care about the steep drops in the value of digital currency and the temporarily halt of withdrawals in the exchanges. 

Bitcoin, the world most valuable cryptocurrency, dropped nearly to USD 21,000 in recent days. it is sitting nearly 70% below its historical high of USD 68,000 per coin in November 2021. Ether, the second most valuable digital currency has lost about nearly 75% of its highs.

Due to the extreme market conditions, crypto exchanges like Binance and Celsius Network temporarily halted withdrawals and indicating that it would “take time” to reopen the exchanges.

In the meantime, Coinbase, the largest cryptocurrency exchange in the United States by trading volume announced it would lay off about 18% of its workforce and citing that “could lead to another crypto winter and could last for an extended period.”

However, the leaders in the cryptosphere are not really worried about the volatile market. They believe that the bear market in crypto is not the same as the bear market for stocks: the lows are more extreme, but then so are the highs. Crypto bear markets usually drew down 85 to 90% and then bounced back according to the past performance. Crypto market is naturally more volatile.

Image source: https://www.pexels.com/photo/round-silver-and-gold-coins-730564/