Another good day for precious metals as once again all four popular groups increased in value. The largest increases in spot prices were that of platinum and palladium, with platinum reaching $981.90 this morning and palladium $990.20. Gold ended yesterday at around $1326.40 but managed to climb up this morning to $1330.20, and silver enjoyed its own small increase.
With the details of Trump’s budget plan publicized yesterday, we now know that the three main points included are repealing Obamacare, major cuts – $237 billion worth – in Medicare, and ceasing the expansion of Medicaid. The repeal of Obamacare, if this budget were to be approved, could lead to 20 million Americans losing their insurance. The template used by Trump in the creation of this budget is last year’s Graham-Cassidy bill, one that faced severe criticism and was never successfully passed.
Stock market volatility continues this week, as the Dow rallied by 500 and then fell by 500 in just one day. Some traders are calling this movement good for short-term action, as investors jump into assets they wouldn’t normally due to the prices and also buying more stocks because they are currently available at a more affordable price. The market managed to finish strong, but fell again pre-open this morning, indicating a negative start to the day. Many are left wondering if we have yet seen the market’s bottom or if that point is still to come.
As the global stock markets change, the dollar fell behind the Japanese yen today, decreasing by 0.3%. This is following last week which saw the highest weekly increase since the end of 2016. It seems that some investors are looking to currencies such as the yen and the Swiss franc as a safe haven after last week’s market crash.
Bitcoin sank again, trading at the time of writing for $8094.53, after getting the hopes up of many that it would break the $9000 barrier yesterday. That marks twice that it was unable to hold above $8900, leading $9000 and the surrounding area to be labeled as one of stiff resistance. If it is unable to regain that ground and hold above $9000, it may end up losing a great deal of its influence.
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