Powell testified before Congress and reiterated the Fed’s dovish stance, but nevertheless, gold continued to slide.
On Tuesday, Powell testified before the United States Senate Committee on Banking, Housing, and Urban Affairs. He offered no big surprises, so the markets were little changed. But the price of gold ended that day with a slight loss, as the chart below shows – perhaps just because Powell didn’t surprise, and struck a dovish tone.
Anyway, what did the Fed Chair say? In his prepared remarks,
Powell acknowledged the improved outlook for later this year. As I noted in the last edition of the Fundamental Gold Report about the recent FOMC minutes, a more optimistic Fed about the U.S. economy is bad news for gold.
(1)
Speakers at this groundbreaking training event include OFAC Associate Director for Sanctions Policy and Implementation Lisa Palluconi, United States Senate Committee on Banking, Housing, and Urban Affairs, Policy Director Colin McGinnis and Minister for South Asia and the Commonwealth, UK Foreign, Commonwealth Development Office (FCDO) Lord Ahmad
As part of its ongoing effort to help compliance professionals navigate an increasingly complex regulatory landscape, ACAMS will host its
Inaugural Global Sanctions Space Summit beginning on March 2. This two-day, fully virtual event will bring together more than 50 high-level officials and subject-matter experts from around the world to discuss the challenges posed by the evolving scope of economic sanctions lists, including prohibitions on entities facilitating human rights abuses, the proliferation of weapons of mass destruction, terrorist financing and cybercrimes.