Market watchers were eyeing this week’s testimonies from US Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen, but ultimately their words did little to move gold.
The metal spent the week fairly rangebound , trading between about US$1,725 and US$1,745 per ounce.
More intriguing for some industry participants were Powell’s comments on gold and cryptocurrencies. Gold Outlook 2021! Introducing Our NEW Gold Outlook Report
BURSTING With Exclusive Information Not Found Anywhere Else. Don’t Get Left Behind! Grab Your FREE Gold Report Today! In a Monday (March 22) panel discussion hosted by the Bank for International Settlements, he described cryptocurrencies as “highly volatile” and therefore not a useful store of value; Powell added that they are “essentially a substitute for gold,” not the dollar. “(Cryptocurrencies are) highly volatile … and therefore not really useful as a store of value, and they’re not backed by anything. They’re more of […]
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