http://illuminatisilver.comhttp://facebook.com/illuminatisilverIMF announcement of lower UK and USA growth is positive for Gold and Silver prices.
Today is Monday 24th July 2017 and we are commenting on the IMF release just an hour ago that the UK and US economies will expand more slowly in 2017 than previously predicted.
The IMF has stated that weaker-than-expected activity in the first three months of the year meant the UK would grow by 1.7%, compared with an earlier 2% forecast, and the US growth forecast has also been downgraded from 2.3% to 2.1%.
This is somewhat concerning in that it also confirmed its overall global economic predictions - of 3.5% growth in 2017 and 3.6% in 2018 - remaining unchanged, while it expects the USA growth next year to remain at 2.1% instead of the 2.5% previously forecast.
Now to be balanced we also have to add that some Economists have warned that IMF forecasts were not always right.
Lucy O’Caroll, chief economist of Aberdeen Asset Management, stated to the BBC:
“The IMF, a multi-lateral institution, takes a step back and looks at a broad range of activities across the world, but they do sometimes get things wrong and we wouldn't want to put too much emphasis on what's been released today."
Nevertheless, this announcement will still add political pressure on the FED not to raise interest rates on Wednesday and also suggests that policy makers will continue to follow investment strategies in order to boost their domestic economies.
This is certainly good news for gold and silver prices over the medium term and adds weight to any argument that the Trump Presidency puts forward for further investment in infrastructure and jobs.
We are certainly of the opinion that the IMF has been increasing its concern over comments from the world’s Central Banks that interest rates should rise, and any quantitative easing or monetary stimulus should be reigned back. It suggests to us that there is some economic disagreement amongst bankers as to the future direction of economic policy and is certainly worth taking a note of and observing.
Meanwhile this morning, gold is up $1.71 to a little over $1256 and silver is down 2 cents at $16.49, though we suspect the IMF announcement hasn’t fully filtered through to markets as yet as we expect the slight rise in the dollar index to reverse slightly on this news.
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