In this report, I cover the early market action from London on Monday, July 29th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look at the seasonality of the price of gold going back almost fifty years and point to the fact that even though we have had a big move in gold higher since the beginning of the year that we could see even higher prices for the rest of the year.
I also note that this week will be a pivotal week for all markets as the Federal Reserve's Federal Open Market Committee meet in D.C. and is expected to cut interest rates by 25 basis points or a quarter of a per cent. This will market an abrupt shift of Fed policy from one of raising rates that was policy, not more than about nine months ago.
My conclusion is that people need to keep their eye on the ball and not be distracted by political and geopolitical events and make sure they protect their financial and economic houses from the coming financial storm.
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