Andy Schectman: Gold Rallies Following Tentative Debt Ceiling Agreement

The gold price is rallying Tuesday morning, following the tentative agreement to the debt ceiling situation, which calls for a suspension of the debt limit until January 1 of 2025.

While the bill still needs to be passed in Congress, the agreement moves the situation one step closer towards avoiding a default on the US treasury debt. Yet seemingly does little to change the long-term dynamics that include a skyrocketing national debt, and ballooning interest payments on said debt.

With the markets closed on Monday for Memorial day in the US, we're seeing a rally in the gold price (although a flat trading environment in silver). And Andy Schectman of Miles Franklin checks in to share his thoughts on how the markets are viewing the potential deal, and where that leaves gold and silver going forward.

He talks about how investors are responding to the situation, and also the trend by many states in the US to introduce gold and silver initiatives. Which even includes Texas moving legislation forward that would create a gold and silver backed digital currency.

So to find out more abut the latest news in the gold and silver markets, click to watch this video now!

Arcadia Economics

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