May 17th Market Report
Gold Hits 3-Month High
Gold moved to $1,855.95 per ounce as of 9 a.m. EDT Monday. Today, gold hit the strongest spot in three months, futures moved down and the dollar strengthened.
The weekend brought continued concerns about inflation stemming from manufacturer panic buying. More corporations are buying goods at higher rates and supply chains are feeling the pinch. Businesses of all sizes are being affected by the prevalent shortages on, seemingly, most goods. Projections show that market effects could be felt for a year or more.
Last week’s Bitcoin drop incited by Twitter posts penned by Elon Musk leveled out over the weekend. The characteristically volatile cryptocurrency steadied early in the week, trading at around $45,000.