In a recent interview, billionaire investor Seth Klarman praises gold, criticises cryptocurrencies, and doubts the determination of the Fed. Here are the top seven sayings + more
Below are the top 5 market updates for gold, retirement, crypto and precious metals for the 23rd June 2022. You can read the excerpts and then click through to full article if you wish.
Table of Contents
Klarnan Praises Gold
Seth Klarman promoted gold as a safe-haven asset, derided cryptocurrencies as risky and useless, and predicted the Federal Reserve would raise interest rates.
a rare interview with Harvard Business School, which was recorded in March and made public this week, would give up the battle against inflation.
The billionaire investor and CEO of the Baupost Group, generally regarded as Warren Buffett’s spiritual heir, also defended the US currency and cautioned that funds that have recently taken on too much risk may struggle if interest rates rise.
Full article: https://markets.businessinsider.com/news/stocks/seth-klarman-baupost-gold-crypto-inflation-federal-reserve-rate-hikes-2022-6
Retirement Accounts Missing $3.4 Trillion
According to the Center for Retirement Research at Boston College, the unprecedented market volatility of 2022 has destroyed $3.4 trillion from Americans’ retirement savings since January.
According to a blog post published this week by the center’s director, Alicia Munnell, 401(k)s have lost roughly $1.4 trillion, while IRAs have lost almost $2 trillion.
The S&P 500 is down 21% so far this year, the Nasdaq is down over 30%, and the Dow is down 16%.
Russia prepares to mobilise the State Fund of Precious Metals
A draught law to establish a new “Reserve Fund” of gold and precious metals inside the current State Fund of Russia was issued this week by the Russian Ministry of Finance amid rising tensions over access to Kaliningrad (Gosfund). If the Russian government enters a state of “mobilisation,” this Reserve may be deployed (i.e. if Russia moves to a general war footing).
The current legislation “On mobilisation and mobilisation training in the Russian Federation” is the subject of the proposed amending bill. Reminder of what “mobilisation” in the military context means:
Full article: https://www.bullionstar.com/blogs/ronan-manly/russia-lines-up-its-state-fund-of-precious-metals-for-military-mobilization
To celebrate the real god of science, the Vatican issues a 30-piece silver coin set.
VATICAN—
In recognition of the real deity of science, Pope Francis has unveiled a new 30 piece silver set of official coinage.
The new coins include images of St. Anthony Fauci and a kid receiving Bill Gates’ gene treatment under the watchful eye of the Illuminati.
Full article: https://genesiustimes.com/vatican-releases-new-30-piece-silver-coin-set-to-honor-the-true-god-of-science/
As Powell of the Fed calls for further rate increases, the price of bitcoin increases to $20.7K.
Risk assets sag on Wall Street’s opening as the Fed Chair’s testimony offers no surprises.
On June 22, while the Federal Reserve remained silent about monetary policy, Bitcoin (BTC) limited losses as US stocks continued to decline.
Powell doesn’t comment on Fed actions
BTC/USD was hovering around $20,500 during the opening of Wall Street on June 22 according to data from Cointelegraph Markets Pro and TradingView.
The pair fell overnight below the $20,000 level before rebounding, albeit they were still below their $21,700 highs from the day before.
Full Article: https://cointelegraph.com/news/bitcoin-price-rises-to-20-7k-as-fed-s-powell-says-more-rate-hikes-appropriate
Social Sharing
The owners of this website may be paid to recommend Goldco. The content on this website, including any positive reviews of Goldco and other reviews, may not be neutral or independent.
Live Precious Metals Prices
Latest Posts
