Spot gold dropped to its lowest since May 17 at $1,843.99 on Monday: This comes ahead of the Fed’s two-day monetary policy meeting this week, during which the central bank is expected to signal the changes in its bond-buying policy, among other issues.
Is the Fed’s latest policy meeting the most important in Jerome Powell’s career? Billionaire hedge fund manager Paul Tudor Jones thinks so. Why? Partly because the Fed is risking its credibility by keeping its policy loose and allowing inflation to grow.
“It turned economic orthodoxy upside down, and that’s why this meeting is so important. Things are actually ‘bat***t’ crazy,” Jones said.
J.P. Morgan Sees Signs of Coming Bear Market for Bitcoin: “We believe that the return to backwardation in recent weeks has been a negative signal pointing to a bear market,” J.P. Morgan strategists wrote in a note.
P.S. Backwardation is a situation in which the spot price of a commodity is higher than the future price.
And the tale goes on — Bitcoin soars after Musk says Tesla could use it again: Bitcoin hit a two-week peak climbing above $40,000 on Monday in reaction to Tweets from Tesla boss Elon Musk, who said the carmaker could resume transactions using the cryptocurrency.
"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Musk tweeted Sunday.
Basel vs. Bitcoin: The Basel Committee on Banking Supervision proposed that a 1,250% risk weight be applied to banks' exposure to Bitcoin and certain other cryptocurrencies, sparking quite a handful of reactions across Wall Street.
The move would make it extremely expensive for banks to hold crypto on their balance sheets, potentially delaying crypto’s wider adoption.
Iran is planning to introduce a legal framework to regulate cryptocurrencies: President Hassan Rouhani believes the new legislation would help control crypto businesses to prevent fraud and discourage dishonest practices.
The move comes despite the fact that Tehran imposed a blanket ban on bitcoin mining activity earlier this year due to electricity issues.
Russia’s Gold Saga: Russia’s Central Bank says it will hold off buying more gold on the domestic market for the time being after its gold reserves surpassed its reserves in US dollars earlier this year.
A few weeks ago, however, it also announced it would start adding gold to its “rainy days” fund for the first time on record, to make up for a US dollar selloff.
All is ready for long-anticipated (and likely heated) talks between Biden and Putin: The two leaders will meet in an 18th-century Swiss villa overlooking Lake Geneva in hopes to mend strained US-Russia relationship. Or at least not make it worse.
The list of key issues to be discussed during the talks includes ransomware attacks, human rights violations, election meddling, and Ukraine.
G7 Summit wrapped up in Cornwall: The first meeting in two years of the leaders of the Group of Seven ended with them promising more vaccine doses for struggling countries, chiding China on human rights, and calling on Moscow to take action against hackers.
G7 leaders – in pictures: Talking about G7, we agree with the First Lady of the United States, Jill Biden — this DOES look like a wedding.
Anyone wants to win a Tesla Model 3, a pile of gold, or a house? Getting a Covid-19 vaccine shot in Hong Kong could mean winning a Tesla car, a pile of gold, or a fancy apartment, as the city’s tycoons and their companies are looking to boost a sluggish inoculation rate.
Only about 15.1% of Hong Kong’s population of 7.5 million has been fully vaccinated so far, according to Bloomberg’s Covid-19 Vaccine Tracker.
Meet the world’s most valuable coin! Stuart 1933 Weitzman’s Double Eagle gold coin was sold for a record $18.9 Million at Sotheby’s New York on Tuesday.
The result came after a three-and-a-half-minute bidding war among three buyers present in the salesroom and one over the phone. The winner’s identity was not disclosed.
See you next week!
Photo credit: Prime Minister's Office
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