Gold has all the potential to go unprecedentedly high. But silver will be gold on
Site:
Precious metals news
Despite a monthly record in receipts to the US Treasury, the federal government still managed to run a deficit in December. That's because the federal government also broke a monthly spending record.
Commodities prices may stay high for decades as mining companies struggle to keep up with demand from the energy transition, according to BlackRock Inc.’s Evy Hambro.
The number of actual Americans filing for jobless benefits for the first time spiked to 419k in the first week of 2022. That is the highest since May 2021. Seasonally-adjusted, initial claims also rose notably to 230k (against 200k expected)
Following the 39-year-high CPI print, analysts expected producer prices to continue accelerating to a 9.8% YoY surge in December, but while PPI rose for the 20th straight month, it was up slightly less than expected at 9.7% YoY - still a record high.
Fed Has To Be 'Far More Aggressive … Than the Street Thinks, 'Too Much Money Chasing Too Few Goods'Jan 13, 2022 - 05:42:32 PST
Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business, on Wednesday sounded sanguine about the equity market, even as he conceded that inflation is likely to be more pernicious than Wall Street expectations, causing the Federal Reserve headaches.
Inflation Threatens To Turn 2022 Into 'Annus Horribilis' for Powell, BidenJan 13, 2022 - 05:39:31 PST
“Annus horribilis,” a Latin term that means “horrible year” is a term once famously deployed by the Queen of England to describe 1992, a tumultuous year upon which she declared she would not regard fondly.
December Consumer Price Index data came out on Wednesday (Jan. 12). Month-on-month, it was again even hotter than expected. Peter called it an inflationary freight train that the Fed's "field of dreams" monetary policy will not stop."Transitory" inflation has now been running hot for a full year.
The dollar fell further on Thursday to two-month lows after U.S. inflation proved weaker than feared in December.
Visa Inc. joined its rival Mastercard Inc. in offering central banks a way to test retail applications for digital currencies they might issue.
President Joe Biden’s approval rating has dropped to 33 per cent in a new Quinnipiac University poll, with 53 per cent disapproval. But lawmakers in Congress had even lower approval than the president. Only 26% of respondents approved of Republicans' job in Congress and 30% approved of Democrats' job.
The public is on to the Fed’s inflation game! The Fed called it “transitory”. Baloney! The Fed announced: “…it is accelerating its removal of monetary support for the economy, citing a rise in inflation that has seen the biggest jump in prices nearly 40 years. In a move to cool growth, policy makers also said they expect to hike interest rates three times in 2022.” (Emphasis mine)
“Inflation is too high, and working people around the country are concerned about how far their paychecks will go,” Brainard said in remarks prepared for a confirmation hearing before the Senate Banking Committee. “Our monetary policy is focused on getting inflation back down to 2% while sustaining a recovery that includes everyone. This is our most important task.” ...
Federal Reserve Bank of St. Louis President James Bullard said the U.S. central bank will need to move more aggressively on rate rises this year as it seeks to stem an inflation surge, amid a job market that could see the unemployment rate fall below 3% by the end of the year.
US Politicians Make a Fortune From Trading Stocks in Office. It's Time They Were StoppedJan 13, 2022 - 04:54:36 PST
Media reports have revealed how amazingly successful members of Congress are at investing, with a series of uncannily well-timed trades of stocks just before key legislation is passed. This crazy conflict of interest has to end.
Gold Logs Highest Price of 2022 So Far Because Its ‘A Rocket Ship and Inflation Is Its Fuel’: MWJan 12, 2022 - 13:09:05 PST
“The most important takeaway for gold here is that gold is a rocket ship and inflation is its fuel,” said Peter Spina, president and chief executive officer at GoldSeek.com. “Now with inflation showing itself to be baked into the system and growing recognition of inflation, gold is going to benefit in a big way.”
I also think that a severe economic recession will force the Fed to abandon its tightening stance by mid-2022 and resume its money printing and near-ZIRP monetary policies. This will serve as rocket fuel for the precious metals sector.
Biden Says Inflation Report Shows Progress in Slowing Down Runaway PricesJan 12, 2022 - 12:00:53 PST
President Joe Biden on Wednesday touted the latest consumer inflation report as evidence that price jumps have started to slow.
The bottom line is this: Don’t expect President Biden, his administration, or liberals in Congress to take any blame for the nation’s mounting economic woes.
Most Reckless Fed Ever: “Real” Federal Funds Rate Now the Most Negative EverJan 12, 2022 - 11:36:56 PST
Even most junk bonds have negative “real” yields. And the Fed is still fueling this madness.
Jan 12, 2022 - 11:34:48 PST
For the average worker, prices rose faster than wages in 9 out of 12 months last year.