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Manchin Slams "Irresponsible" $3.5 Trillion Budget Blueprint Hours After It Passed With Party-Line VoteAug 11, 2021 - 09:17:18 PDT
"Given the current state of the economic recovery, it is simply irresponsible to continue spending at levels more suited to respond to a Great Depression or Great Recession – not an economy that is on the verge of overheating," Manchin said.
I‘m in the latter camp, and that means the current gold and silver values are highly interesting to the medium-term investor and trader.
Most Republican senators have signed on to a pledge to force Democrats to raise the debt ceiling through procedures that don’t rely on GOP votes, escalating the political tug of war over who is responsible for keeping the U.S. from defaulting.
Silver’s spike lower is viewed as exhaustive and held over a major band of support. Strategists at Commerzbank would allow for consolidation and recovery.
“European investors poured nearly $1billion into exchange-traded funds (ETFs) that invest directly in gold in July, more than offsetting outflows from US funds and indicating the emergence of divergent views on inflation, the global economy and future direction of the precious metal,” said FT on early Wednesday.
Chinese gold demand rebounded sharply in the first half of 2021 after plummeting in 2020, according to data released by the China Gold Association (CGA).
After soaring at the fastest pace since 2008, economists expected the surge in Consumer Prices to slow very modestly in July (from +5.4% YoY to +5.3% YoY). They were wrong as CPI came in slightly hot at 5.4% YoY (up 0.5% MoM).
Economists surveyed by Dow Jones expected the Labor Department to report the consumer-price index rose 5.3% in July from a year earlier, a touch slower than June’s 5.4%, but just under the highest 12-month rate since 2008.
Gold Futures Extend Tentative Recovery As Investors Watch for Inflation: MWAug 11, 2021 - 05:35:56 PDT
Gold futures on Wednesday morning traded modestly higher, setting the stage for the first back-to-back advance for the commodity in about a month, as investors awaited a reading on U.S. inflation that could serve as a catalyst for financial markets.
The current inflation spike shouldn't push the Federal Reserve to tighten monetary policy prematurely, with more months of labor data needed before any changes as well as more certainty that the pace of price increases will remain above the Fed's 2% target, Chicago Fed president Charles Evans said on Tuesday.
SEC’s Gensler Tells Sen. Elizabeth Warren That the SEC Needs More Regulatory Authority Over CryptoAug 11, 2021 - 05:28:01 PDT
Gensler warns in a letter to Sen. Elizabeth Warren that investors are not adequately protected in cryptocurrency markets.
$600 Million Stolen in Likely One of the Biggest Cryptocurrency Thefts EverAug 11, 2021 - 05:25:35 PDT
Hackers exploited a vulnerability in a protocol called Poly Network stealing more than $600 million worth of cryptocurrency.
As digital fraud attempts rise, cyber criminals are targeting the gaming and travel and leisure industries, a report finds. Here's what consumers need to know.
Mortgage Applications Rose 2% for the Week but Were Still 18% Lower Than a Year AgoAug 11, 2021 - 05:18:42 PDT
After falling steadily for a month, demand for mortgages to purchase a home rose slightly last week.
Aug 11, 2021 - 05:18:42 PDT
After falling steadily for a month, demand for mortgages to purchase a home rose slightly last week.
U.S. Treasury yields climbed on Wednesday morning, ahead of the release of the July consumer price index, a key inflation indicator.
Peter Schiff recently appeared on the Matt Walsh podcast. During the interview, he broke down exactly how the Federal Reserve and the US government team up to hit you with an inflation tax.
The $1 trillion bipartisan infrastructure bill the Senate passed goes to the House, where it faces new hurdles, including progressive Democrats.
Senate Passes Framework of $3.5 Trillion Budget Plan That Would Expand MedicareAug 11, 2021 - 05:07:39 PDT
Democrats moved ahead with the $3.5 trillion in spending on social programs and climate initiatives, which they aim to pass without Republicans.
The BLS Consumer Price Index (CPI) has become one of the most anticipated data points each month. The CPI has become a controversial measure over the years. Many correctly point out that it is continuously refined to lower the inflation readings using mechanisms like Owners Equivalent Rent and goods substitution. This makes sense from a strategic standpoint as inflation expectations have shown that they can cause inflation to increase. Thus understating inflation can rein in expectations.