Nugget News May
30 Day Market Moves
Silver $36.50 (+ 3.65%)
Gold $3175.55 (+ 3.68%)
GOLD BULLS...There is no getting around the fact that inflation data for the US economy has come in consistently above expectations over the last several weeks, coinciding with a run of other macro economic data that has surprised to the upside. With that in mind, it would be extremely difficult to build a good argument for the Federal Reserve to do anything today other than muting any lingering expectations and/or hopes for a reduction of interest rates before Q3.
- So what if policymakers just decide to keep rates where they are for even longer, and go through all of 2024 without cutting?
RITZ GOLD BUTTER PRIZE!... Ritz Crackers is dropping a brand-new, limited-release butter-flavored cracker on April 29. And to celebrate the launch, the company is going way, way over the top with a 24-karat solid gold bar in the shape of a stick of butter. We have apparently been eating crackers wrong our entire life, but nevertheless, back to that bling: The company joined forces with New York City-based luxury jewelry designer Greg Yuna to design the stick worth over $100,000 USD.
-To win, butter enthusiasts are being encouraged to “showcase their Buttery-er selves” by creating a TikTok video using the Live Butteryer TikTok effect created by Ritz.
SILVER SQUEEZE?...The global silver deficit is anticipated to increase by 17%, reaching 215.3 million ounces in 2024. This rise is attributed to a 2% growth in demand primarily driven by robust industrial consumption, coupled with a 1% decline in total supply, as reported by the Silver Institute industry association.
-Nearly a third of the global Silver supply, about 300,000 ounces, is now used for solar power. Other industrial applications include automotive, solder and brazing alloys, and water purification.
GOLD HEIST CONCLUSION...Peel Regional Police have solved the mystery of last year’s $22.5 million gold heist from Pearson Airport. They know who did it, the how they did it, but they don’t know where the gold is. Some people think that the Canadian Air Transport Security Authority (CATSA) should have led the investigation. You can’t get a 2 ounce bottle of shampoo past them, so the odds of sneaking around 300 kilograms of gold and $2M cash out the door would be slim.
- Some of the gold stolen in the $20-million gold heist at Pearson Airport last year was melted down in the basement of a Toronto-area jewelry store, Peel police believe.
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