According to a new study by Northwestern Mutual, Americans now believe it will take $1.2 million for them to comfortably retire. That figure is up 20% from last year. It also found that the expected retirement age has risen to 64 from 62. In other news, gold prices rose to their highest level in nearly two weeks. Experts say that precious metals prices are seeing a boost as the dollar and yields retreat as investors adjust their expectations to factor in a slower pace of interest-rate hikes following the Fed’s upcoming November policy meeting.

CNBC/Lorie Konish
Americans now say they will need $1.25 million to retire comfortably, survey finds

Americans now expect they will need $1.25 million to retire comfortably, according to a new study from Northwestern Mutual. That figure represents a 20% increase from the $1.05 million respondents cited last year.

That’s not necessarily good news for individuals who have seen their retirement savings decline in the past year amid persistent high inflation and market volatility. The average retirement nest egg has fallen 11% to $86,869, down from $98,800 a year ago, Northwestern Mutual’s survey found.

Moreover, the expected retirement age has risen to 64, up from 62.6 last year.

You can read the full story, here.

Market Watch via MSN/Joseph Adinolfi
Gold climbs to highest level in nearly 2 weeks as dollar, yields retreat

A softer dollar and falling Treasury yields helped boost the price of gold to its highest level in nearly two weeks on Wednesday as the yellow metal built on gains from the prior session driven by expectations for smaller interest-rate hikes by the Federal Reserve.

What’s happening?

Precious metals prices are seeing a boost as the dollar and yields retreat as investors adjust their expectations to factor in a slower pace of interest-rate hikes following the Fed’s upcoming November policy meeting.

The ICE U.S. Dollar Index DXY, -0.67%, a gauge of the dollar’s strength against a basket of rivals, retreated 0.7% to 110.15, while the yield on the 10-year Treasury note TMUBMUSD10Y, 4.029% was off 5.3 basis points at 4.054%, according to FactSet data.

Gold’s latest rebound may have more room to run — in the near term, at least — if “peak hawkishness” truly has passed, said Tom Essaye, founder of the Sevens Report newsletter.

You can keep reading, here.

Kitco News/Anna Golubova
Fed pivot won’t happen until oil price does this: Bloomberg Intelligence zeros in on crude

With markets primarily driven by changes in the Federal Reserve’s rate hike expectations, investors need to pay close attention to oil. Lower crude prices might be the number one requirement for a shift in the central bank’s monetary policy direction, said Bloomberg Intelligence.

“That the Federal Reserve is intensifying tightening despite rapidly deflating stock and bond markets might suggest more powerful leading indicators are necessary,” wrote Bloomberg Intelligence’s senior commodity strategist. “Top catalysts for a Powell pivot? Lower commodities, crude oil.”

Crude is still up around 13% year-to-date. “Accelerated reversion of the 1H crude-oil price spike that pumped inflation and Fed rate hikes could be a prerequisite for the Fed to pause,” McGlone wrote in a report Monday.

Continue reading, here.

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