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Jerome Powell – The Hawk is back

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Published : December 02nd, 2021
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Ex Federal Reserve Advisor Danielle DiMartino Booth sees the new Jay Powell as the old Jay Powell. The Chair of the Federal Reserve has pivoted back to his hawkish stance.

The “retiring” of the phrase “transitory inflation” signals Jerome Powell intends to tackle inflation head-on and speed up their plans to taper their bond purchase and bring forward interest rate hikes.

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From The Trading Desk


Market Update

Some volatility finally returned to the markets, which was not unexpected and you could argue was overdue.

It just needed a trigger to set things off which came with the news of the new coronavirus variant, Omnicron.

What exacerbated the moves was this all happened over US ThanksGiving week where there were low volumes and shorter trading hours in the US. 

The news of the new coronavirus variant’s spread affected all markets strongly when it broke on Friday, but the headlines continue to unsettle investors with new travel restrictions and lockdowns imposed globally as nations took steps to prevent the variant from spreading. 

The Fed added fuel to the volatility yesterday.

We heard from Federal Reserve Chairman Jerome Powell as he appeared before the senate committee.

What we got was a more hawkish fed which triggered massive bond market volatility which impacted the USD along with the Gold price.

The Gold price was intact and trading as high as $1811 before the meeting, shedding $40 at one point before settling at $1780.  

There was finally acknowledgment that inflation is no longer ‘transitory with Powell saying ‘it’s probably a good time to retire the word ‘transitory’ to describe inflation’! 

The Fed will meet later this month (14th-15th December) and Powell expects policymakers at this meeting to discuss accelerating the timetable for the tapering of monthly bond purchases by more than the $15 billion per month schedule which was only announced last month. 

Powell said tapering could wrap up a ‘few months sooner’ than anticipated with Citi Group economist saying the Fed could even double its reduction to $30 billion a month.

This may also open the door to interest rate hikes thereafter as the Fed tries to get a handle on inflation that is climbing at the fastest pace in three decades. 

Minutes from the meeting indicated that committee members were prepared to not only cut asset purchases but also to start raising interest rates if inflation persists. 

Markets are currently pricing in at least two quarter-percentage point hikes in 2022.

The fed will update its projections on interest rates in the December meeting too. 

Here at GoldCore, we have continued to see consistent flows throughout November with a noticeable increase in ticket size with a buy through rate at 80%. 

Stock Update:

Gold Offer Zurich – We have a very limited number of gold 1kg bars for storage in Zurich at Spot plus 1.25%. Please contact our trading desk to avail of this offer. 

Excellent stock and availability on all gold coins and bars with 1oz bars at a very competitive 3.75% over spot and Gold Britannia’s starting at 5% over spot. 

Silver coins are now available for delivery or storage in Ireland and the EU with the lowest premium in the market.

Starting as low as Spot plus 32% for Silver Britannia’s.

Silver Britannia’s for UK delivery or storage are still available at the lowest premium in the market also (which includes VAT at 20%). These can now be purchased online. 

Silver 100oz and 1000oz bars are also available VAT-free in Zurich starting at 8% for the 1000oz bars and 12.5% for the 100oz bars. 

Please see below our extended trading hours. 

** We have extended our opening hours. Phone lines, online ordering and WebChat are now open until 09:00-22:00 (Europe/Dublin) USA 09:00 to 17:00 EST**



GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

01-12-2021 1786.80 1789.25 1341.89 1340.69 1577.74 1576.51
30-11-2021 1797.60 1804.40 1345.32 1350.59 1582.25 1587.33
29-11-2021 1795.00 1785.95 1344.99 1343.21 1589.83 1585.92
26-11-2021 1809.80 1800.80 1358.44 1350.78 1604.75 1594.97
25-11-2021 1790.65 1788.15 1343.88 1343.44 1595.83 1594.31
24-11-2021 1790.80 1782.05 1339.70 1336.00 1596.50 1590.48
23-11-2021 1797.30 1789.15 1344.02 1337.93 1595.82 1590.20
22-11-2021 1841.10 1816.05 1370.15 1353.68 1631.03 1613.92
19-11-2021 1861.40 1861.10 1387.30 1383.73 1647.34 1646.14
18-11-2021 1860.50 1860.30 1378.63 1381.46 1641.71 1640.78

Buy gold coins and bars and store them in the safest vaults in Switzerland, London or Singapore with GoldCore.

Learn why Switzerland remains a safe-haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the 

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Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
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