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The U.S. trade deficit widened to a record in August, reflecting a pickup in the value of imports of consumer goods and industrial supplies. The gap in trade of goods and services increased 4.2% to $73.3 billion, from a revised $70.3 billion in July (notably worse than the $70.8 billion defricit expected).
Central banks continue to add gold to their reserves. Global central bank reserves increased by a net 28.4 tons in August, according to data compiled by the World Gold Council.Gross central bank gold purchases came in at 30 tons.
Both the Federal Reserve and the Biden administration continue to insist inflation is transitory. And they are also trying to shift the blame for rising prices so they avoid any responsibility. In this clip from his podcast, Peter Schiff explains why the government inflation narrative is Grade-A B.S.!
Gold prices fell on Tuesday as the dollar benefited from subdued risk sentiment, with bullion likely to see choppy trade ahead of Friday's U.S. jobs numbers.
Across the advanced economies, central banks have rightly prioritized maintaining financial stability and supporting the real economy over fighting inflation with interest-rate hikes. But with financial fragility rife and public and private leverage at all-time highs, their next big test is coming.
U.S. Faces a Recession if Congress Doesn’t Address the Debt Limit Within 2 Weeks, Yellen SaysOct 5, 2021 - 05:32:51 PDT
Treasury Secretary Janet Yellen believes the economy would fall into a recession if Congress fails to raise the debt ceiling before an default on the U.S. debt.
U.S. Will Use All Steps Necessary To Defend Its Economic Interests Against ChinaOct 5, 2021 - 05:30:29 PDT
Tai confirmed a CNBC report last week saying that the Biden administration believed that Beijing has not complied with the phase one trade deal.
Regardless of whether IMF chief Kristalina Georgieva was to blame for changes to World Bank data in 2017 that benefited China, the scandal has dented the research reputations of both institutions, former staff, government officials and outside experts say. The damage from the data-rigging scandal that forced the World Bank to discontinue...
More Alarming Now: U.S. Is Close to a Debt Downgrade, Writes Expert Responsible for the Last OneOct 5, 2021 - 05:23:05 PDT
David Beers led the S&P sovereign ratings team when it downgraded U.S. debt in 2011. Trends are more alarming now, he writes in a commentary essay.
A missed bond payment by a Chinese developer reignited investor angst about the health of the nation’s property sector on Tuesday.
The Federal Reserve said that its internal watchdog plans to open an investigation into trading activity by senior U.S. central bank officials, following revelations about transactions in 2020.
Homeownership Is The Least Affordable Since 2008 With Shelter Inflation About To ExplodeOct 5, 2021 - 05:03:20 PDT
Yesterday we asked a rhetorical question: how can (record high) home prices be rising so fast that housing is both unaffordable and booming at the same time? While a rational answer has yet to emerge, today the WSJ picks up on the former and writes that the record growth in home prices has made owning a home less affordable than at any point since...
The world is living through the first major energy crisis of the clean-power transition. It won’t be the last.
While central banks are quick to point out that inflation is transitory, they are refusing to confront the fact that the supply chain bottleneck causing this inflation will be with us for years
GLOBAL ENERGY SHORTAGES SPUR SURGE IN PRECIOUS METAL DEMAND: Gold Eagle Sales Skyrocket First Few Days Of OctoberOctober 5, 2021
With the global economy now experiencing energy shortages throughout the world, it has caused demand for precious metals bullion to surge recently. Sales of the U.S. Mint Gold Eagles in the first few days of October have nearly surpassed the total for September. Total Gold Eagle sales this year will likely reach...
“In the past couple of decades, the 2% inflation target behaved like a ceiling. In the next twenty years, the 2% inflation target will become a floor.”
Kevin Muir
An understanding of the relationship between between the gold price and inflation requires historical observation and factual understanding. Below are three specific statements that are rooted in historical fact…
Knowledge of the effects of government interference with market prices makes us comprehend the economic causes of a momentous historical event, the decline of ancient civilization.
India's gold imports in September soared 658% from last year's lower base as a correction in local prices to the lowest level in nearly six months prompted jewellers to step up purchases for the upcoming festive season, a government source said.
Three rounds of fiscal stimulus have kept income elevated but the impact is wearing off.