Judging from the recent large and small data released by the United States, the inflation problem in the United States has become very serious. This is not a problem that does not exist without recognition. Experts have issued new warnings to the U.S. economy. They call the U.S. economy or It will face an epic crash and the continued warming of risk sentiment, which will still form greater support for the precious metals market.
Overview of Spot Gold Trends
On Monday (November 15), the Asian market experienced volatility in the financial market. The dollar index fell rapidly in the short-term, and the index fell below the 95 mark. What is more surprising is that the weakening of the dollar did not boost the price of gold. On the contrary, the short-term spot gold also plummeted.
As of press time, spot gold was reported at $1,858.46 per ounce, an increase of -0.31%.
News side
Unprecedented? U.S. inflation remains high, experts warn of imminent epic crash
According to a report on November 14, local time, the Consumer Price Index (CPI) data of the US Bureau of Labor Statistics showed that almost every aspect of the US economy is affected by inflation. The Consumer Price Index shows that the prices of consumer goods and services have increased by 6.2% from October 2020 to October 2021, which is the largest increase in a 12-month period in the past 31 years.
From October 2020 to October 2021, the price of milk has risen by 17%; the price of eggs has risen by 42%; the price of energy services has risen by more than 11%; the average price of houses in the United States has risen by $70,000. Kelley Blue Book reported in October that since the end of 2020, the average price of new cars in the United States has risen by $5,000.
The inflation crisis has caused millions of Americans to withdraw from the real estate market, and many families can hardly afford to spend on important items such as cars. Therefore, when economic growth is urgently needed, market demand is declining. From August to September, sales in the US auto industry fell by 7.3%.
Brian Deiss, director of the National Economic Council of the United States, pointed out in an interview on the 14th that the Democratic Party’s social spending plan is a solution to US inflation. The government will pass a $1.75 trillion spending plan to the House of Representatives this week. Have confidence”.
Boston fund management company Grantham, Mayo, Van Otterloo & Co. (GMO) co-founder and chief investment strategist, legendary investor Jeremy Grantham recently issued a warning on US inflation.
He criticized the Fed for pushing up asset prices and reiterated his previous warning that the worst market collapse in US history is imminent.
Grantham is an expert on financial market bubbles. He has a lot of research on classic bubbles like the 1929 crash. And in fact, now in his eighties, he himself has experienced countless cycles of prosperity and bust, and many of them have been predicted by him, including the bursting of the Internet bubble in 2000, the top of the bull market in 2008, and the bear market in 2009. Bottom and so on.
Biden’s poll approval rate drops again!
In a new poll released on November 14, the job approval rating of US President Biden continued to fall to 41%. This was mainly due to increasing opposition from Democrats and independents. The survey also showed that 70% of respondents rated the current economic situation as “not very good” or “very bad.”
According to reports, a survey conducted by The Washington Post and ABC News found that 53% of Americans disapproved of Biden’s performance as president, and 6% said they had no opinion.
Biden’s 41% approval rating is slightly lower than September’s 44% and significantly lower than June’s 50%. Three months after Biden served as president, 52% of Americans have positively commented on Biden’s work performance.
The November poll found that Biden’s approval rating among Democrats and independents is declining. Among them, 80% of Democrats said they agree with the work done by the president, down from 94% in June. This month, 16% of Democrats said they did not approve of the work Biden did. For independents, 35% said they agreed with Biden’s work performance, while 58% said they did not agree.
The report pointed out that the decline in Biden’s approval rate may be due to the nationwide economic difficulties that have hit Americans, including rising prices and rising inflation. The survey shows that 70% of respondents rated the current economic situation as “not very good” or “very bad”; less than one-third of Americans (29%) are satisfied with the country’s economic situation.
In the new survey, the respondents’ support rate for Biden’s economic treatment is 39%, and the support rate for response to the epidemic is 47%.
However, there is also some good news for Biden in the polls. Most Americans surveyed said they support the bipartisan infrastructure bill that Biden will sign, as well as the social spending bill that the Democrats are still negotiating.
The poll was conducted from November 7th to November 10th. 1,001 American adults were surveyed by telephone. The margin of error is 3.5 percentage points.
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