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May 16 – According to the New York Times, the Trump administration is considering establishing a $1.7 billion fund to compensate allies investigated by the Justice Department during former President Bidens term, a move that would create a moral, legal, and political minefield for Republicans and Justice Department leadership. According to three people familiar with the matter, this unusual plan has not yet been finalized or approved. Democrats and former administration officials have criticized the plan as a massive, taxpayer-funded secret political fund. The proposal is a response to various allegations brought by President Trump against the federal government he controls. He has sought compensation for leaked tax returns during his first term, post-leave investigations into his handling of classified documents, and investigations into potential ties between his 2016 campaign and Russia. The idea of establishing a government fund to pay Trumps political allies has gained increasing support internally as the Justice Department and the White House attempt to resolve Trumps $10 billion lawsuit against the IRS, which he filed in January. Officials familiar with the details revealed that establishing a compensation fund for Trumps allies, but not for the president himself, could provide a short-term solution, allowing the president to obtain tangible benefits from the lawsuit before a judge dismisses it.Market news: BlackRocks private credit fund valuation is under investigation by the U.S. Department of Justice.According to SEC filings, Berkshire Hathaway reduced its stake in Chevron (CVX.N) by 35.2%, down to 84.4 million shares.SEC filings show that Berkshire Hathaway has sold off all of its Amazon (AMZN.O) shares.S&P: As a major net exporter of crude oil and an emerging producer of refined products, Nigeria has been less affected by the Middle East conflict.

Forecast for Gold Price: XAUUSD advances to the backside of the bull micro trend

Alina Haynes

Nov 15, 2022 16:49

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Despite a stronger US Dollar, the Gold price reached a new three-month high on Monday as US yields rose in response to Friday's disappointing US Consumer Price Index report. Friday's inflation figures prompted speculators to anticipate that the Federal Reserve would hold off on large interest rate hikes. As a result, demand for gold remains strong.

 

In spite of a hawkish Federal Reserve meeting, in which Fed Chair Jerome Powell pushed back against the market's reaction to a dovish announcement by suggesting that the terminal rate could be higher than initially anticipated, commodities prices have been staging a rebound from their year-to-date lows. A number of factors contribute to the shift in opinion, including rumors that China will relax its zero-Covid restrictions. Due to a recent string of less inflationary US data outcomes, it had been speculated that a Fed policy shift was imminent.

 

US consumer prices grew 0.4% for the month of October and 7.7% year-over-year, as reported on Friday. This was down from 8.2% year-over-year in September and 0.2 percentage points below the consensus, with the ex-food and energy estimate coming in at 6.3%. This was a positive report, and the market's response included a 5.5% increase in the S&P 500 and a 26 basis point drop in the 2-year Treasury rate, which sent gold soaring and the dollar plummeting. Gold traders were already focused on the increase in money managers' short positions over the past few months, which led to significant short covering above the $1,720 resistance level.


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