Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
U.S. Secretary of Treasury: crypto markets needs more reliable supervision
On Wednesday, U.S. Secretary of Treasury Janet Yellen said that cryptocurrency markets require more reliable oversight. According to Reuters, this statement was made after the crash on the FTX cryptocurrency exchange.
Yellen didn’t mention FTX specifically but talked about the recent failure of a big cryptocurrency exchange and the drastic consequences for investors and asset holders. She said that this is the reason why digital assets require more reliable supervision.
Yellen added that the Treasury and other regulators last year found out numerous risks in the cryptocurrency market. These risks include compiling assets, opaqueness, and conflict of interest. According to the politician, it was these risks that caused the cryptocurrency market storm which had happened last week.
Yellen admitted that consumer rights in the cryptocurrency market should be protected, so the federal government and Congress need to deal with the legal vacuum in this field as soon as possible. Although the digital currency markets themselves suffered the most damage, they are connected to the traditional financial system, and this can lead to instability.
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Energy and Precious Metals Market events for February 2-3, 2023
Last year recorded an increased demand for gold up to the levels of 2011
Exxon Mobile is criticized for $56 billion profit
White House Supports Alaska Oil Project
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
Latest news
Last year recorded an increased demand for gold up to the levels of 2011
1 February
Exxon Mobile is criticized for $56 billion profit
1 February
The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.