Over the weekend OPEC made the decision to cut the oil supply by 1.16 million barrels per day, which has the oil price shooting higher on Monday, and has once again left the White House unhappy with the relationship between the US and Saudi Arabia.
The development has also triggered a move in the precious metals, as the gold price is back over $2,000 per ounce, while silver is again over the $24 level.
The decision by OPEC also further complicates the Federal Reserve’s interest rate policy decision, as the move higher in the oil price puts a dent in the central bank’s efforts to tame inflation.
Fortunately, to go through the developments and make sense out of what’s happening, Vince Lanci of Goldfix Substack joins me on the show to discuss the latest news. This will be another live call where we’ll be taking questions, so log on to join us at 1 PM eastern on Monday!