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On June 22nd, Goldman Sachs predicted that central banks will continue purchasing gold at a rate of 50 tons per month in 2026, slowing to 40 tons per month in 2027. Even with a slight decrease in the monthly purchase rate from previous peaks, this trend still provides sustained structural support for gold prices. A record proportion of central banks have indicated their intention to increase their gold reserves, providing a substantial buffer against downside risks to gold prices. Goldman Sachs forecast implies that even with fluctuations in monthly data, central bank demand will remain one of the most persistent structural support factors for gold prices over the next two years. Another survey conducted by the World Gold Council between February and May, involving 76 central banks, also supports this view. A record 45% of respondents indicated they expect to increase their gold reserves in the next 12 months, the highest level in the surveys history. Approximately 90% of respondents expect global central bank gold holdings to rise during the same period, while the remaining respondents expect them to remain roughly stable. No respondents expected a decline.June 22nd Futures News: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 241,467 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 1,557 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 31,160 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 90,560 tons, a decrease of 3,500 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.The German DAX 30 index opened 16.39 points higher, or 0.07%, at 25,042.00 on Monday, June 22; the UK FTSE 100 index opened 11.48 points higher, or 0.11%, at 10,374.75; and the French CAC 40 index opened 11.66 points higher, or 0.14%, at 8,432.80. The Stoxx 50 index opened 17.97 points higher, or 0.29%, at 6311.10 on Monday, June 22; the Spanish IBEX 35 index opened 15.59 points higher, or 0.08%, at 19362.99 on Monday, June 22; and the Italian FTSE MIB index opened 44.43 points lower, or 0.08%, at 52804.50 on Monday, June 22.At the close of trading on the 22nd, Guolian An SSE Commodity ETF rose by more than 4%, Dacheng Nonferrous Metals Futures ETF rose slightly, while commodity funds such as Southern Shanghai Gold ETF, E Fund Gold ETF, Bosera Gold ETF, and Guotou UBS Silver Futures (LOF) all fell.According to Futures News on June 22, as of 15:00 Beijing time, spot platinum rose 1.16% and spot palladium rose 1.89%.

Yellen of the US Treasury Thinks the Fed Can Reduce Inflation Without Sparking a Recession

Skylar Shaw

May 13, 2022 10:14

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Because of the healthy employment market and household balance sheets in the United States, low loan costs, and a strong banking sector, US Treasury Secretary Janet Yellen thinks the Federal Reserve can drive inflation down without precipitating a recession.


"All of those characteristics imply that the Fed has a route to bring down inflation without precipitating a recession," Yellen told the House Financial Services Committee on Thursday. "I know it will be their mission to try to do that."


During a hearing on the activities of the Financial Stability Oversight Council, Yellen said that inflation is the "No. 1 economic challenge" confronting the country and the Biden administration.


"It has a significant negative effect on many disadvantaged families." And we're laser-focused on combating inflation," Yellen added, reiterating the Biden administration's attempts to keep gasoline costs down by releasing significant amounts of crude oil from the Strategic Petroleum Reserve and reopening clogged U.S. ports.


Republican senators tried to persuade her to blame rising inflation on the Biden administration's $1.9 trillion COVID-19 relief spending plan last year, but she refused.


Yellen said that a number of reasons were driving up inflation, including energy price hikes as a result of Russia's war of Ukraine and ongoing pandemic-related supply chain issues, as well as high inflation in other nations.


"It does illustrate that there are elements other than expenditure that are crucial to inflation in the United States," she added.


The labor market in the United States remained tight on Thursday, with producer price inflation slowing from 1.6 percent in March to 0.5 percent in April, according to Labor Department data.

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