Precious metals news

Since August 15, 1971, the US dollar has been completely severed from gold. President Richard Nixon suspended the most important component of the Bretton Woods system, which had been in effect since the end of World War II.

Almost fifty years ago, on August 15, 1971, the US administration under President Richard Nixon (1913–94) abolished the gold redeemability of the US dollar.

Although the United States has had a legal federal debt ceiling on the books since 1917, it has not really been an issue until the massive government borrowings

Change happens quickly and, often, unpredictably. And as we will see, the unpredictable part is actually a mathematical principle.

The Biden administration has approved the largest increase to food assistance benefits in the history of the Supplemental Nutrition Assistance Program, a move that will substantially retool the program to provide the targeted assistance advocates have long argued is desperately needed by poor families.

There are a variety of measures of an asset bubble. And each one points to an unsustainable bubble in the stock market. Let’s start with the Buffett Indicator. The ratio of Total Market Capit…

The ball is in the court of The Fed, the Biden administration (HUD) and Congress. Will they take action? There will be more housing inventory hitting the market soon. As home prices are up and most…

The purchasing power of the US Dollar has been virtually erased since the creation of The Federal Reserve in 1913 when $1,000 in 1913 is now worth $36.36. And M2 Money Velocity (GDP/M2 Money) has c…

Demand isn't the problem, supply is the problem, and it can't be resolved by printing more currency or lowering interest rates or cranking up inflation.

Let's investigate Biden's claim that his proposals will not cause inflation.

The total focus on the Fed. And then the Fed steps away.

It’s a bombshell, because it links antitrust to concerns beyond ensuring that prices stay low.

Reducing bond buying sooner could provide more flexibility to raise interest rates if inflation stays high and unemployment falls rapidly.

Democrats are betting Republicans will blink and agree to raise the debt ceiling before it expires, a risky wager after a weeks-long standoff that threatens the health of the financial markets and continued U.S. government operations.Should market turmoil and a federal shutdown ensue this fall, it could overshadow Democrats’ efforts to push through President...

After Friday's historic collapse in UMich Consumer Sentiment, the Empire Manufacturing Survey crashed in August from an all-time-high of 43 to 18.3 (massively missing expectations of a drop to 28.5)...

f you answered no, then your income is being systematically diminished by the federal government’s coordinated policies of dollar debasement.

Economics 101 - incentives matter.
But politicians often seem to forget this. Or simply ignore it. "Generous" unemployment benefits provide the perfect example. With the US government handing out enhanced unemployment checks, we ended up in a bizarre situation with high unemployment even as job openings hit record levels.

Fifty years ago this week, President Richard Nixon slammed shut the “gold window” and eliminated the last vestige of the gold standard.
Nixon ordered Treasury Secretary John Connally to uncouple gold from its fixed $35 price and suspended the ability of foreign banks to directly exchange dollars for gold. During a national television address, Nixon promised the action would be temporary in order to “defend the dollar against the speculators,” but this turned out to be a lie. The president’s move permanently and completely severed the dollar from gold and turned it into a pure fiat currency.

Most people think that President Nixon’s criminal activity was limited to wire-tapping, and spying on the competition. But his greatest crime came fifty years ago to the day, when he severed the last ties between the US dollar and gold. Watch today’s video to learn more about the end of the Bretton Woods system.

Gold prices hovered near a one-week high on Monday, as a plunge in U.S. consumer sentiment allayed some concerns of an early tapering by the Federal Reserve.