In a continuation of yesterday’s trend, gold and silver experienced a small uptick in value while platinum and palladium moved slightly lower. Early last evening, gold began its climb upwards, making it up to $1319.70 and hovering at that level throughout the late night and early morning. Palladium was looking good in the early afternoon yesterday but slowly declined over the course of the evening down to $967.40.
Despite the moves made by the Senate earlier in the week, the federal government still ended up in a partial shutdown for the second time just this year. Sen. Rand Paul (R-KY) triggered this latest shutdown by forcing a delay on the vote until past the midnight deadline, remarking, “We have Republicans hand in hand with Democrats offering us trillion-dollar deficits. I can’t in all honesty look the other way.” The bill raises overall spending caps by approximately $300 billion over two years and adds billions of dollars to efforts against the opioid crisis. It does not address DACA or other hot topic immigration issues.
The stock market did not improve yesterday, and the low volatility and protracted climb of the past few years seems to be truly done, at least for now. Expert advice for how to respond to this decline includes keeping your discipline and resisting the urge for impulse moves, and for now, refrain from buying the dip, as many are concerned about the unfunded spending and the fact that the Federal Reserve is behind on interest rates.
Veteran investor and chairman of Rogers Holdings, Inc., Jim Rogers, had this to say, “When we have a bear market again, and we are going to have a bear market again, it will be the worst in our lifetime.” He expects the current moves made by the stock market to continue, although he didn’t say that this recent drop is the beginning of a bear market. A bear market is when there is a drop experienced of 20% or more from an important peak.
Bitcoin broke below the psychological barrier of $8000 today, prompting more predictions of it falling all the way back to zero. The recent interest in cryptocurrency mining has PC gamers complaining as GPU prices have skyrocketed past the normal retail price as miners purchase top-tier equipment and vendors respond by capitalizing on this demand.
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