Gold Rallies and Leads Off 2023 with an Incline – Daily Brief, January 4, 2023

Gold leads off 2023 with a 6-month-high. 

Gold price rose to a 6-month high, nearing $1861/ounce at the time of writing after US Treasury yields fell on Tuesday. On the other hand, investors await the Federal Open Market Committee meeting today and remain cautious. 

Economic strategists predict that a dovish shift by central banks would likely have a significant impact on gold prices. A loosening in the monetary policy would ignite an extraordinary rally for gold over the next few years. Gold would be ending 2023 with a minimum of 20% increase in price.

Oil prices close on a 4% decline. 

Oil prices continue to fall amid rising concerns of a retreat in China’s oil demand. Crude futures dropped before ending their previous trading session with a 4% decline. This decline followed the IMF’s deep concerns about recession in 2023. 

Today, Brent was down 2% at $80.47 a barrel, while West Texas Intermediate WTI dropped 1.9% at $75.49. 

Apple’s shares (AAPL.O) fall 3.7% .

Apple’s market value fell below $2 trillion for the first time in more than 21 months, affected by a decline in its shares of more than 3.7% during Tuesday’s session. 

US Regulators Warn Banks About Fraud Risks from Cryptocurrency Companies.

On Tuesday, January 3, US regulators called on banks to be vigilant about fraud risks, legal uncertainty, and misleading disclosures by cryptocurrency firms two months after the collapse of the FTX cryptocurrency exchange. In their first joint statement on cryptocurrency, the Fed, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) all said they have concerns about the health of banking business models that are heavily centered on cryptocurrencies. The regulators added that banks that issue or hold digital tokens stored on decentralized public networks are “highly likely” to be inconsistent with safe and sound banking practices, which could blow many lenders’ continued efforts to provide digital currency services to customers. 

FTX Fraud Case: Bankman-Fried pleads not guilty.

Sam Bankman-Fried, the founder of the FTX cryptocurrency platform, has pleaded not guilty in New York to all eight counts of fraud and money laundering in the crypto platform’s bankruptcy case; Knowing that the 30-year-old ex-tycoon was bailed out of jail on December 22 on a $250 million bond: one of the largest bails in US history. 

WWII Reimbursement  

Germany refuses to offer Poland massive reparations over World War II, saying the case was closed, the Polish Foreign Ministry said Tuesday. 

Poland estimated the losses incurred in World War II due to Germany at about 6.2 trillion zlotys ($1.4 trillion) and demanded Berlin compensation for those losses. On the other hand, Germany has refused the Polish reimbursement requests several times, stressing that it had settled all financial claims related to the war. 

Major Economic Releases Today 

-US ISM Manufacturing PMI for December, US JOLTS Job Openings for November, and EIA Crude Oil Stocks Change (December 30) will be released at 15:00 GMT. 

-FOMC meeting minutes will take place today at 19:00 GMT. The Fed’s December meeting minutes will provide fresh insight into how policymaking committee members view the direction of interest rates and monetary policy in the following weeks or months. 

Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances, or needs.

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