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Gold Plunges to Two-Year Low, Ethereum Completes Merger

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The price of gold fell to its lowest level in more than two years on Thursday (September 15), hitting US$1,665 an ounce.

The metal was hit hard by US economic data. Tuesday (September 13) brought the latest consumer price index (CPI) reading, which shows that in August inflation increased by 0.1% m/m and 8.3% y/y. While the year-over-year number is a deceleration from the previous month, the month-over-month rise comes after the CPI was flat from June to July.

In a chat ahead of the CPI data release, Gareth Soloway of told me that higher inflation would be a signal that the US Federal Reserve should raise interest rates by 75 basis points. basis when it meets next week.

Prior to the CPI news, most market participants wondered whether the central bank would hike 50 or 75 basis points, but now some experts are suggesting it could go for a full one percentage point hike.

“If you still see very high inflation and it’s not coming down, that’s probably going to signal that the Fed needs to do 75 basis points at its next meeting” – Gareth Soloway,

As we discussed earlier, Chairman Jerome Powell stressed that the Fed will do what it takes to bring high prices under control.

We’ve already asked our Twitter followers what their expectations are for a rate hike in September, but with this new information, we raised the question again. Around 60% of respondents expect 75 basis points, while 100 basis points comes next with around 30% of votes; less than 10% think 50 basis points are in the cards.

We’ll be asking another question on Twitter next week, so be sure to follow us. @INN_Resource and follow me @Charlotte_McL to share your thoughts!

Ethereum merger sparks ESG discussions

We don’t often talk about cryptocurrencies, but with this week’s historic Ethereum merger making headlines, we’re going to take a brief foray into the industry.

For the uninitiated, Ethereum is a global decentralized blockchain-based software platform. It is well known for powering the popular Ether cryptocurrency, but it also supports thousands of other decentralized applications.

“At its core, Ethereum is a decentralized global software platform powered by blockchain technology. It is best known for its native cryptocurrency, Ether or ETH” — Investopedia

Prior to the merger, Ethereum used a proof-of-work system to validate transactions; now that it has taken place, it uses a proof-of-stake method. There’s a lot of nuance to this transition, but what really catches the eye are the power-saving benefits associated with proof-of-stake – according to Ethereum.orgEthereum’s power consumption has been reduced by approximately 99.95%.

For investors, a key question has been what the merger will mean for Bitcoin’s rivalry with Ether – will its low power consumption make Ether the most attractive cryptocurrency, perhaps attracting the interest of large companies concerned about the environment? Right now, it’s too early to tell, but this is an area investors may want to keep an eye on.

“Bitcoin itself still uses a lot of energy. And who knows – down the road they might be tempted to do something like this too.

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Securities Disclosure: I, Charlotte McLeod, have no direct investment interests in any of the companies mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or completeness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the views of Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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