El Salvador lawmakers overturn mining ban Bukele called absurd
El Salvador became the first country in the world to ban all forms of metals mining in 2017.
Gold for December delivery rose 2.6% or $46.50 to $1,838.20 an ounce in New York on Tuesday, making up some of the ground the precious metal had lost since coming close to $1,900 last week.
An inflation hedge, bullion is up nearly 30% so far this year as cheap money floods markets thanks to the US Federal Reserve’s loose policy. This week minutes showed the central bank had considered tying interest rate policy to a specific unemployment level, an unprecedented move. US unemployment was pegged at 9.1% in July versus a post-WWII average of 5.7%.
MarketWatch quotes a New York market strategist: “It all comes to disbelief the [Standard & Poor’s 500 Index] will hold up at 1,200.”
Reuters quotes a precious metals analyst at Credit Suisse: “The market is certainly pretty nervy as are most markets right now, so in the context of what’s been happening in the last few days, I’m not surprised to see that kind of move.”
Trading Economics reports from 1948 until 2010 the US unemployment rate averaged 5.7% reaching an historical high of 10.8% in November of 1982 and a record low of 2.5% in May of 1953.
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Nitinkhuthia
i agree with auther