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Craig Hemke: After the smash, rising debt, negative rates still support metals
By Craig Hemke
Sprott Money, Toronto
Tuesday, June 22, 2021
Once again it was the "escalator up and elevator shaft down" for the Comex digital metals. What does this mean for price moving forward and into the second half of 2021?
First off, we should address what happened and why the precious metals (and most commodities) reacted as violently as they did last week after the June Federal Open Market Committee meeting.
... Dispatch continues below ...
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In his press conference, Fed Chairman Jerome Powell waved off the whole "dot plot" thing, and anyone with functioning brain cells should know that the notion of three additional Fed governors now expecting a Fed funds rate hike in 18 months instead of 21 should not be a significant reason to upset the markets.
Instead, what spiked the dollar index and consequently crushed the precious metals was a simple increase of 5 basis points (0.05%) in the interest rate that the Fed pays on reverse reserves. ...
... For the remainder of the analysis:
https://www.sprottmoney.com/blog/After-the-Smash-Craig-Hemke-June-22-2021
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