Monday, 2/01/2021 16:14
SILVER PRICES surged Monday morning towards 8-year highs at $30 per ounce after the call-to-arms on Reddit brought record new interest to precious metals,
writes Atsuko Whitehouse at BullionVault. But the devil s metal then retreated hard, cutting its opening jump in half to trade back to $28.65 as London dealing closed to leave trading in New York Comex futures and options to make the running. Gold also spiked in Asian and London trade before edging back, trading down to $1860 per ounce as retail and wholesale prices in No.2 consumer market India sank following a shock decision to slash customs duties on precious metals in the Modi Government s 2021 budget.
To embed, copy and paste the code into your website or blog:
In addition to dramatically changing the policies of former President Trump on the pandemic, the economy, immigration, and other key issues, the Biden Administration is likely to substantially increase the federal government’s oversight of the insurance industry in at least two ways. First, by regulating non-bank companies that own insurers, and, second, through HUD, scrutinizing homeowners insurers for discriminatory underwriting, rating, and claims practices.
A. The Federal Reserve May Again Supervise Non-Bank Companies Which Own Insurers
The federal Financial Stability Oversight Council, under the leadership of Treasury Secretary Yellen, will probably revive the Obama Administration view that large financial firms that own operating insurance companies are fit candidates for designation as “systemically important financial institutions,” whose solvency will ultimately be regulated by the Federal Reserve.
At least not right away, say industry officials. My sense is that they ll really want to come in and give this regulation a chance to demonstrate its effectiveness, said Jason Berkowitz, chief legal and regulatory affairs officer with the Insured Retirement Institute.
Chairman Jay Clayton made his departure from the SEC official on Monday morning. It is tradition for the SEC chair to resign upon the change of administration. Speculation began over the weekend on possible replacements.
Gary Gensler: Former head of the Commodities Futures Trading Commission.
Preet Bharara: Former U.S. Attorney for the Southern District of New York from 2009 to 2017.