Gold News: Another Nothing Senate Testimony Day
Jerome Powell, head of the US Federal Reserve, heads to Capitol Hill this morning for his semi-annual monetary policy “discussion” with elected officials. These meetings are generally snore-fests, rarely if ever producing anything newsworthy other than that it happened. It’s certainly not the most obvious source for interesting gold news.
Typically it’s just another case of a top economist talking about how what the Fed is doing will work, and your elected officials proving they don’t know anything about economics by asking mostly the wrong questions. But then, if they asked the “right” questions – truly probing, deeply analytical questions – we might find out that the economy is walking around with no clothes on. Or at least that the clothes are mortgaged to the hilt.
Don’t expect any trade-able changes in market prices as a result of today’s discussion. (Then of course, wouldn’t it be fun if commentator’s curse hit and gold skyrocketed!) What’s much more important in the long term is the changover in the Goldman Sachs CEO chair.