Well more banks taking advantage rates of the repo window to scoop up low overnight money well below commercial rates
One point four one five trilllllllllllllion
new record -
enormous capacity left if required - so banks are protected and sustained rate rises in commercial markets restrained imo from cranking to far and too fast
gold had quite a few tests and attempts to get back to 1750 but eventually broke below last weeks low and settles down 1725 ish usd (
dxy well and truely makes a move in the opposite to long held views that 89 would eventually be gone
Big fx moves everywhere - just look at Ozzie- slightly over 73 a day or so ago - 71.7 this morning - holding the aud gold price at 2400 ish
energy prices aud with really big rise last seven days and aud showing big increases —
most gold etfs hit overnight should see some reversal of some of goldies moves yesterday in some which had large short positions and a gold
Price of 1750 plus again from below during our session -
time will tell as it’s end of month and qtr - and we all know window dressers have to come out
dramatic spike low to 1680 ish this qtr on taper talk which was ignored and saw gold rebound very quickly to 1830 ish should eventually be tested again imo - especially considering usd is way off 90.5 and the feds insanely large credit facility still available at the repo window
have to wait till Tomorrow to see end of qtr gold price but I would be suprised if it got to 1772 ish ( off top of my head) to be flat for the qtr
time will tell
debt ceiling bill has also been held up - not sure what goes on there- Yellen testimony was clear 18 th they run into trouble - Biden coping stick but think Pelosi has somehow foooobarred herself short term - dems control both houses - so I’m suprised they don’t use their majority and veto- seems odd - grandstanding during trump era was understandable as there wasn’t total control of houses but this time dems can get anything through with thier majority - but haven’t - bit odd imo
one would have thought gold would be racing with Yellens definitive comments about 18 th - energy crisis etc - but it’s not - yet again - usd and rates have seen to that
should be interesting end of month and qtr
good luck - check out the overnight credit card draw down - remember the 2 day repo ? And the 40 bln then 80 billion overnight borrowings that spiked gold and hurt equities - now 1.414 trillion and it’s not even considered an issue -
