The US consumer confidence has fallen to its lowest level in 6 years. As per CNN Business, this is ‘a survey that measures how Americans fell about currency economic and business conditions, conducted by the non-profit research group The Conference Board'. It was worse than economists expected. The people have spoken up indeed. CNN Business also reported that ‘current unemployment rate in US that stands at 10.2% is higher than what it was during the peak of the Great Recession’.
In light of this, I cannot help but wonder if Warren Buffet’s latest move in buying into gold is telling. This from the person who once famously said “[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it.” A far cry from his latest investments move to sell shares in JP Morgan, Wells Fargo and Goldman Sachs and moving into Barrick Gold.
Gold was seen to recover some ground today, having found supported once again near Friday’s low of $1,912. However, the bulls have yet to charge on full steam ahead…possibly awaiting updates from the Jerome Powell’s updates at the Jackson Hole Symposium tomorrow.
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