by Jeff Clark, Gold Switzerland:
As Federal Reserve Chairman Jerome Powell made clear last month, the US central bank will be “resolute” in fighting inflation. That translated into sharply higher interest rates, and as a result a soaring US dollar.
The Fed approved a third consecutive 75-basis-point hike in September, the fifth raise this year. This is the most aggressive move since the 1980s. The US dollar soared in response, pressuring many assets including gold and silver since they’re priced universally in dollars.
Our quarterly update looks at the performance of gold and other major asset classes in the third period of 2022, along with year-to-date. We also highlight the conditions that will likely impact gold and silver in the final quarter of the year.