March 04, 2021

Gold dipped below $1,700 today for the first time in 9 months after Fed Chair Jerome Powell said inflation would likely rise in the coming months as the economic re-opening intensifies due to reducing COVID cases and expanded vaccinations. Powell’s emphasis on the temporary nature of this wave of inflation did little to help the bond market, which is currently dropping, sending yields rising to last week’s levels. Equities fell sharply, too, with the Nasdaq down 1.7% and the S&P 500 down about 1%.