Fed Pours $2.3 Trillion More onto Economy Bonfire, Buys Junk Bonds NEW RADIO RELEASE April 10th, 2020
Gold Touches 7-Year High, as Silver Trims Last Month’s Losses
I’m Mike Gleason and thanks for tuning in to this week’s Market Wrap Podcast.
Well we’re still seeing unprecedented demand here at Money Metals Exchange and given that sourcing product, fulfilling orders, and handling customer service needs continues to be an all-consuming activity for our able staff. We hope to be able to return to having outside guest interviews on the Money Metals podcastS in the coming weeks, but for this week, we’re keeping it to the market update segment.
Wild price action and unprecedented interventions once again characterized this holiday-shortened trading week.
Oil prices whipsawed lower Thursday on concerns about expected oil production cuts from Russia and Saudi Arabia. But the general trend for most other assets, including metals and equities, was up – way up.
Stocks finished out the week with the major averages posting their biggest weekly gains in decades in the space of just four trading days. Investors went on a buying spree based on hopes that we will soon see a definitive peak in coronavirus cases and begin the process of restarting the economy.
The stock market also got another boost from the Federal Reserve. Yesterday, the Fed rolled out a $2.3 trillion loan package for local governments and businesses struggling with the current economic freeze. Since they have a money printing press, Jerome Powell and company have an unlimited budget to loan out and spend – and they’re now adding junk bonds, of all things, to their shopping list.
More on that later. But let’s first get to the tremendous price moves this week in precious metals markets.
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