Gold’s Rallying. Here’s Why.

WSJ What’s News

The Wall Street Journal

News, Daily News

4 • 4K Ratings

🗓️ 11 March 2024

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for March 11. The price of gold, long considered a haven asset, has surprised Wall Street analysts by rising to new records. Markets reporter Bob Henderson discusses what is driving the rally and whether it is sustainable. And President Biden releases his budget proposal, with November’s general election in mind. Economic policy reporter Andrew Duehren has the details. Plus, social-media reporter Alexa Corse explains Elon Musk’s latest swipe at OpenAI—making his Grok chatbot open source. Annmarie Fertoli hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Did you know you can listen to this show ad free on Amazon Music included with your Prime membership?
0:06.0	To start listening, download the Amazon Music App for free and catch up on the latest episodes without the ads.
0:13.0	President Biden presents his budget proposal with the election in mind.
0:20.0	And gold prices are soaring, but how sustainable is the rally?
0:24.0	It really just depends on what you think the Fed is going to do.
0:27.0	And that part of market psychology is still very important for what happens to gold, in particular in the US.
0:33.0	Plus, Elon Musk is open sourcing Grock, his chatbot rival to Open AI's chat GPT.
0:39.0	It's Monday, March 11th.
0:41.0	I'm Ann Marie Fertoli for the Wall Street Journal. This is the PM edition of
0:44.6	What's News, the top headlines and business stories that move the world today.
0:57.3	President Biden has released his budget proposal and it isn't expected to gain momentum in Congress. The plan would boost federal spending to 7.3 trillion
1:01.8	dollars next fiscal year.
1:03.0	Some of the asks are familiar policy goals,
1:05.0	raising taxes on the wealthy and large corporations,
1:08.0	and lowering costs of prescription drugs, child care and housing.
1:11.0	It's a largely symbolic document and the first step to
1:13.8	kick off debate in Congress over plans for the next fiscal year, but the
1:17.4	proposal's also a cornerstone of President Baden's re-election campaign.
1:21.0	Here now with more is Wall Street Journal Economic Policy reporter
1:24.1	Andy. Welcome back Andy. Thanks for having me. Okay so Andy we know this is a budget proposal
1:29.5	but we know too that it's an election year budget proposal. How important is it for
1:34.3	Biden to lay out his priorities in this way? The budget proposal comes on the heels
	...

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