"At the moment, the S&P 500 is down 37 points. The SPDR S&P 500 ETF ( SPY) is down $3.75. The Dow is down about 350, as the NASDAQ sinks 191. With the chaos, investors are still flocking to the safe havens of gold, which is up another $101 to $4,610. Silver is up $5.52 to $85.43. At this point, $5,000 gold by next month could be a reality."
""The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president," he added. "This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions - or whether instead monetary policy will be directed by political pressure or intimidation.""
Equity markets fell sharply with the S&P 500 down 37 points, SPY down $3.75, the Dow off about 350 points, and the Nasdaq sinking 191. The Department of Justice has opened a criminal investigation related to Federal Reserve Chair Jerome Powell's Senate Banking Committee testimony on Fed office renovations. Powell described the probe as an attempt by former President Trump to influence central bank policy and warned that criminal charges threaten Fed independence and could politicize monetary policy. Speculation about U.S. military involvement in Greenland and Iran raised oil price risk, while gold and silver surged as safe havens. Upcoming midterm elections are expected to add further market volatility.
Read at 24/7 Wall St.
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