Central banks bought the most gold by volume since 1967, according to the industry research firm, which also highlighted it was the largest amount since former U.S. President Nixon Richard’s decision to end the dollar’s peg to bullion in 1971. Source: CNBC
A surge in credit card spending and home purchases caused US household debt to increase by $313 billion, or 2.1%, in the second quarter, according to the Federal Reserve Bank of New York.
That’s the largest nominal jump since 2007 and the biggest percentage increase in seven and a half years. Source CNN
- The status of at least four tankers in the Gulf of Oman is uncertain and another was reportedly hijacked by gunman believed to be from Iran.
- Oil prices were weaker Tuesday on concerns about Covid affecting demand, and were not being impacted by the reports.
- One analyst says if the situation escalates, oil prices could begin to move higher. Source CNBC
Household debt rose by its highest dollar amount in 14 years during the second quarter, thanks mostly to a surge in the housing market that brought the collective American IOU to just shy of $15 trillion, the Federal Reserve reported Tuesday. Source CNBC
