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Ploutos GS Economic News Update

Ploutos GS Economic News Update

Ploutos GS is experiencing upward momentum as economic data points towards easing inflation, making it poised for a second week of gains.

The news indicates that nonfarm payrolls grew by 187,000 in the month, surpassing the forecasted 170,000 according to the Bureau of Labor Statistics. This positive data was balanced by unemployment numbers, giving a boost to gold prices. The unemployment rate climbed to 3.8%, a significant increase from July and the highest since February 2022. Average hourly earnings also increased, but slightly, by 0.2% for the month and 4.3% from a year ago, both below their respective forecasts, potentially indicating a slowdown in inflation pressures.

The Federal Reserve closely monitors U.S. nonfarm payrolls data, along with inflation figures, when determining its monetary policy. The latest personal consumption expenditures price index showed moderate gains, while the core price index posted its smallest back-to-back increase since 2020, suggesting a slowdown in inflation.

Front-month gold futures declined by 0.4% on Thursday, settling at $1,965.90 an ounce on Comex, but the December contract gained 1.3% in the first four days of the week. Bullion had a mixed performance in recent months, but the December contract is currently up by $8.00 (+0.41%) at $1,973.90, and the Ploutos GS spot price stands at $1,949.20.

Core PCE, an index excluding volatile food and energy costs, rose by 0.2% for a second consecutive month in July, according to data from the Bureau of Economic Analysis. Overall PCE also increased by 0.2%, and inflation-adjusted consumer spending saw a 0.6% rise in July.

The slower economic growth is seen as a signal that the Fed’s interest rate hikes to combat inflation are having an impact. Since March 2022, the Fed has raised rates by 5.25 percentage points, and now the question remains whether these measures are sufficient for the labor market’s strength and whether the Fed will pause or end its rate-hike cycle. Higher interest rates typically have a bearish effect on gold, so any such pause or end could provide a boost to precious metals.

About 93% of investors, as tracked by the CME FedWatch Tool, are betting that the Fed will maintain its federal funds rate at 5.25% to 5.50% this month, with only 7% expecting an additional 25 basis points rate increase.

In other economic news, new U.S. applications for unemployment benefits decreased slightly last week, dropping by 4,000 to 228,000 in the week ending August 26, as reported by the Labor Department on Thursday. However, the August ADP employment report data, released on Wednesday, showed a sharp slowdown in U.S. job growth, missing economists’ expectations. Additionally, Commerce Department data released on Wednesday indicated slower growth in the U.S. economy than previously estimated.

Front-month silver futures dipped by 1.2% on Thursday, settling at $24.81 an ounce on Comex, while the December contract gained 0.9% in the first four days of the week. Silver exhibited mixed performance in recent months, but the December contract is currently up by $0.168 (+0.68%) at $24.980, and the Ploutos GS spot price stands at $24.68.

Spot palladium decreased by 0.9% on Thursday, reaching $1,228.50 an ounce, and it lost 1% in the first four days of the week. Despite recent fluctuations, palladium has experienced significant changes, with a 5.3% decline last month, a 3.6% rise in July, and a 9.5% drop in June. It plummeted by 31% in the first half of the year after a 5.7% loss in 2022. Currently, the Ploutos GS spot price is up by $9.30 an ounce, at $1,238.00.

Spot platinum declined by 1.1% on Thursday, reaching $974.90 an ounce, but it has gained 2.5% so far this week. Platinum’s recent performance has been mixed, with a 1.7% increase in August, a 5.2% gain in July, and a 9.3% drop in June. It dropped by 15% in the first half of the year after a 10% surge in 2022. The Ploutos GS spot price is currently up by $12.60 an ounce, at $987.00.

Disclaimer: The information provided here is for informational purposes only and should not be considered investment advice.

Michael BarrowMichael Barrow
19:58 23 May 23
Great products and working with Ploutos is a real pleasure,wish other businesses were as friendly and easy to deal with. I would recommend them any time and i will be ordering more products
Austin HAustin H
17:55 24 Apr 23
Nikos was so professional! He helped me with great recommendations and I couldn't be happier with the products.Thanks Nikos!!
jonathan ortizjonathan ortiz
00:18 22 Apr 23
For any first time customer I highly recommend Ploutos gold and silver. Niko is well knowledgeable about his products and helped answer all of my questions and concerns.
Joshua KelleherJoshua Kelleher
22:39 19 Apr 23
Niko is fantastic. Bought some maples, krugerrands, and cook island silver 1 ounce coins which were amazing. When I picked them up they were straight from the mint. Everything was in pristine condition. Given the high demand lately it took a couple weeks for everything to come in, but it was well worth the wait. Prices were fair and Niko is a great guy to talk to. I would recommend this place to anyone looking to buy physical bullion.
Brian BaragaBrian Baraga
09:22 06 Apr 23
I recently made several orders online and everything was delivered in a very short time. The owner of the business was extremely helpful in finding items I was interested in and was able to fulfill my request.
John PicardJohn Picard
04:25 08 Feb 23
Bought a couple of times now from Niko. His prices are the lowest and most fair. He works very hard to get you the product that you want and cares about customer satisfaction. You can feel confident buying from Niko.
Dave GuerraDave Guerra
21:10 16 Jan 23
Love this guy. Niko was so willing to help me even off hours. I would send him a text about a certain item, and he would call me back promptly to see how he could help me out. Niko has been the best my wife and I have ever work with. Please everyone do your business with ploutos Gold and Silver. If he doesn’t have what you’re looking for,He will get it.
George TiglianidisGeorge Tiglianidis
02:07 01 Nov 22
I’ve always wanted to purchase precious metals and wanting to support a localbusiness a friend recommended Ploutos.I placed my first order with Niko last December of 2021 as a stocking stuffer for my kids. My order was placed online and just a few days later my order had arrived, nicely packaged with a bow!I caught the itch and months later I wanted to make another purchase. This time it was a bigger order of silver rounds, the price was competitive and because I’m not to far, Niko hand delivered my order the very next day!His prices are competitive and his customer service is top notch.If you have any questions, Niko knows his stuff.Since I’ve done business with Niko and Ploutos, I have recommended his services to a few other friends and they all agree that Ploutos is legit.If you have any hesitation, a phone call with Niko will put your mind at ease.

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