SSR Mining (SSRM)

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What's bad news for crude is great news for gold

In his Jackson Hole speech today, Jerome Powell failed to deliver a "whatever it takes" moment to hit the Fed's inflation target. Instead here is what he said:

We are evaluating the pros and cons of strategies that aim to reverse past misses of our inflation objective.

That is clearly not going to cut it with markets, particularly when the Chinese currency is tumbling which will only serve to push inflation further away from the Fed's 2% target. In terms of investing implications, the drop in crude oil today seems to be confirming our fear that the global economy cannot weather both the China-US trade war and a go-slow Fed approach to monetary policy. We will have to give it another day or two to see if this is more than just a knee-jerk reaction. At this point, what is bad for oil is great for gold as we are left with a scenario where investors are unsure of what the next steps will be for the Fed.

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