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Oil under pressure, gold eyes Fed meeting

A floor in oil prices? Oil prices remain under pressure as traders continue to price in a slower global economy next year and the prospect of deeper recessions….

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This article was originally published by Market Pulse

A floor in oil prices?

Oil prices remain under pressure as traders continue to price in a slower global economy next year and the prospect of deeper recessions. China’s efforts to reduce restrictions are probably preventing a much steeper decline in the oil price, although this won’t be without disruption as Covid spreads like wildfire throughout the country after such a long period of zero-Covid measures.

Then there’s also the pledge by the White House to restock the SPR once oil falls to around $70 a barrel, only a couple of dollars below where it is now, which could in theory put even a temporary floor under the price considering how much it’s been drawn down this year.

Gold awaiting the Fed meeting

Gold appears to be steadying ahead of the inflation data from the US and, of course, the Fed meeting next week. The jobs report was a setback and one that could stand in the way of another break higher before the Fed meeting. The inflation data tomorrow and on Wednesday could give the yellow metal a boost but it’s the fear of entrenched inflation that could nudge the terminal rate higher. Investors will want to hear what the Fed has to say on the nasty wages surprise last week.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/

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Canadian Silver Co. Will See Big Changes in 2024

Source: Michael Ballanger 12/22/2023

Michael Ballanger of GGM Advisory Inc. takes a look at the current state of the market and shares on stock…

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EGR options out Urban Berry project in Quebec to Harvest Gold – Richard Mills

2023.12.23
EGR Exploration Ltd. (TSXV: EGR) has moved from owner to shareholder at its Urban Berry project in Quebec, this week announcing it is optioning…

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Economics

Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar

Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar

A weird week of macro data – strong jobless claims but…

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