The Federal Reserve is holding an emergency meeting Monday morning. I verified the news at their Web site. What's behind this?
I don't know all of what the Fed knows, but here is some background.
In the last few days, some gold bullion retailers in London and Europe have run out of gold. According to rumors, the supplier and bullion banker, Credit Suisse, may be in serious trouble - "a Lehman moment" - and there are other rumors of panic in the Credit Default Swaps markets.
If that's not enough to cause panic, this source says that China will be dumping dollars to bolster their failing economy.
https://markets.businessinsider.com/news/currencies/china-bank-dollar-yuan-currency-markets-economy-beijing-fed-hike-2022-9
Watch the price of gold as the market opens in Asia about five hours from now.
Worst case scenario for the typical person? Indescribable. Best case? Gold rises a little taking silver with it.
VP in AZ