Precious metals news

It’s only Wednesday, and yet it’s already been a terrible weak for America’s record-setting deficit. And no, I’m not talking about the country’s record-high fiscal deficits, which include the eye-popping $50+ trillion Social Security shortfall, and the $28.5 trillion national debt.

The state monopolized the monetary system, and re-named the monetary units in order to confuse people. When the monetary units were no longer defined as a certain weight of gold or silver, the door was opened for the state to print worthless rectangular pieces of paper and call them “money.” In every country, the government central bank is the greatest counterfeiter of currency!

The regime is trying to whip up maximum hysteria or the chances that the US government could default on its debts if the debt ceiling is not raised.

Fed Chairman Jerome Powell still expects inflation to ease eventually, but said he sees the current pressures running into 2022.

The United States has descended into history’s biggest Banana Republic. Open corruption oozes from every nook and cranny in Washington, DC, Wall Street and Corporate America.

In the latest period, M2 increased by $263B. This is a major jump compared to the last two months and is the highest month-over-month growth since February. The same period in 2020 saw M2 only grow $62B.

Talk of a trillion-dollar US coin has returned to Washington now that Congress is mired in another political impasse over raising the debt ceiling.

The risks of Central Bank policy mistakes are escalating. Fixed Income markets are wising up to the potential of long-term stagflation/inflation. A bond correction will crush stock markets if/when real interest rates turn positive. Central Bankers will need to decide: intervene to save markets – continuing the current distortions, or let loose the dogs of market meltdown. Anyone for the last few choc-ices?

Few are more frustrated about the backlog at the Port of Los Angeles and Long Beach, than truck drivers in the chaos. They say that a trucker shortage is not the problem, instead the port needs to speed up their wait times and have more dock help ready to off load.

China is set for a difficult harvest season as a severe energy crunch hurts the outlook for booming production, a development that risks triggering a renewed surge in world agriculture and food prices.

"While we have long held a bullish oil view," Goldman Sachs strategists wrote in a note to clients, "the current global oil supply-demand deficit is larger than we expected."

The retailer plans to sell products at $1.25 and $1.50 or other prices slightly above $1 in some of its stores, as supply-chain snarls, a tight labor market and inflation push costs higher.

New research shows insider trading is everywhere. So far, no one seems to care.

After a Tuesday meeting of the Democratic caucus, Speaker of the House Nancy Pelosi (D-Calif.) spent much of the press conference discussing the debt ceiling. As Republicans continue to block Democratic efforts to raise the debt limit, Pelosi indicated that members of her caucus are already looking for ways to avoid the challenge in the future—specifically...

Pending Home Sales will be the tie-breaker for housing market sentiment in August (new-home sales ticked up while existing-home sales dropped) and is expected to rebound 1.4% MoM after two straight monthly declines. In fact, pending home sales surged a shocking 8.1% MoM in August (6 times expectations)...

Democratic lawmakers have said they plan to raise the threshold of President Joe Biden’s radical proposal that all bank transactions of more than $600 be reported to the Internal Revenue Service (IRS).

Higher rates caused mortgage demand to drop for refinances and home purchases.

"Equities is magnificent bubble in the U.S.," Grantham said. "This has been crazier by a substantial margin than 1929 and 2000, in my opinion.

Incentives matter. All of the political grandstanding, media spin and wishful thinking won't change this basic economic principle.
Both Janet Yellen and Joe Biden insisted “enhanced” unemployment benefits weren’t incentivizing people not to work. But as we recently reported, analysis of continuing unemployment claims after a number of red states cut enhanced benefits undermined this narrative. Now a study by Mercatus Center economists Michael Farren and Christopher M. Kaiser further destroys the ludicrous notion that paying people not to work won't result in fewer people working.

Gold climbed from the lowest in almost seven weeks as Treasury yields eased following dovish commentary from Federal Reserve Chair Jerome Powell.