Equities, precious metals, and cryptocurrencies have been on a tear during the last three weeks of 2023, and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting, which is 11 days away. On Friday, Federal Reserve governor Christopher Waller said that he favors a quarter-point benchmark rate increase at the next FOMC meeting. Analysts believe that current market trajectories will be dependent on the outcome of the next Fed meeting.
Markets Still on Edge Ahead of Fed Meeting Despite Equities, Cryptocurrencies, and Precious Metals Rallying in 2023
On Saturday, Jan. 21, 2023, at 2:45 p.m. Eastern Time, the global cryptocurrency market capitalization was up 5.87% over the previous day and hovering around $1.06 trillion in value. The leading crypto asset, bitcoin (BTC), had climbed 11.63% higher against the U.S. dollar in the past seven days. The second-leading digital currency in terms of market valuation, ethereum (ETH), had risen 8.33% that week against the greenback. The increase in value of these two crypto assets has also increased the U.S. dollar value of the thousands of digital currencies below BTC and ETH.
The day prior, on Friday, Jan. 20, equity markets closed the day in the green. The top four benchmark stocks (S&P 500, Dow Jones, Nasdaq, and Russell 2000) ended the day between 1% and 2.66% higher against the U.S. dollar. The Nasdaq Composite was the highest, rising 2.66%, the S&P 500 rose by 1.89%, the Russell 2000 index (RUT) jumped 1.69% higher, and the Dow increased by 1% on Friday. U.S. equities have posted their second consecutive week of gains so far this year. The small-cap stock market index RUT has risen 7.1% this year, with small-cap shares leading the equities race in 2023.
Precious metals have done well too with a troy ounce of gold trading for $1,927.30 per unit and silver trading for $24.01 per ounce. Like cryptocurrencies and stocks, precious metals have rallied in 2023, erasing the losses that took place in Dec. 2022. Gold enthusiast Peter Schiff believes the price of the precious yellow metal will grow higher this year. “Gold is now trading above $1,934, its highest price since April of 2022,” Schiff tweeted on Jan….
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