Gold has all the potential to go unprecedentedly high. But silver will be gold on
Site:
Precious metals news
Jobless Claims Data Surges (And Falls) With Seasonal Hiring At Decade LowsDec 7, 2023 - 05:58:04 PST
Recent labor data reveals concerning trends: jobless claims remain flat but surged non-seasonally, with a sharp rise in California. U.S. employers significantly increased job cuts in November, and seasonal hiring hit a decade low, indicating a cooling labor market. Experts predict further layoffs, suggesting a troubling outlook for employment stability as the year ends.
Dec 7, 2023 - 05:45:23 PST
Biden's reelection bid, potentially aided by dropping oil prices, faces challenges amid a global clash over energy policies. The UN and World Economic Forum's green energy push contrasts sharply with China's significant oil discovery. Amidst this, oil prices fall, the Citi Economic Surprise Index declines, and financial markets show volatility with soaring SOFR rates and increased Federal Reserve Treasury purchases, signaling deepening economic uncertainties.
As Deflation Starts to Show Walmart CEO Says Consumers May Not Be as Resilient Next YearDec 7, 2023 - 05:35:52 PST
Walmart's CEO flags alarming economic trends: rising credit card debts and dwindling household savings, hinting at a sharp decline in consumer spending. Deflation, particularly in merchandise, is exacerbating the situation. With prices dropping, retailers like Walmart face a grim challenge - even increased sales volumes may not offset the revenue losses from lower prices, foreshadowing a severe and widespread retail downturn.
Gold blew through $2,100 and set a record high Sunday night. Then it rapidly sold off on Monday. But gold still held above $2,000. In his podcast, Peter Schiff put the big rally and subsequent selloff into perspective, talked about what's next, and discussed how investors can best position themselves for subsequent moves.
The sudden decline in South Korea's inflation, driven by decreasing food and energy costs, raises alarms about a potential deflationary crisis worldwide. Deflation, with its falling prices, can lead to a dangerous economic spiral, causing reduced consumer spending, business cutbacks, and a looming recession. This scenario also poses a significant risk of destabilizing global financial markets, intensifying economic instability.
Global Bond Rally Hits Pause Amid Speculation of BOJ Rate Hike and U.S. Employment ConcernsDec 7, 2023 - 05:20:28 PST
The global bond rally stalled, with a sharp jump in U.S. and Japanese yields signaling market unease. Investors are bracing for potential negative impacts from upcoming labor market data and central bank meetings, amid speculation of a policy shift in Japan and poor liquidity in Treasury markets. This pause in the bond rally reflects growing concerns about the future of interest rates and economic stability.
Campbell Soup CEO Reports Increasing Economic Pressure on Low-Income HouseholdsDec 7, 2023 - 05:15:59 PST
Campbell Soup Company's latest earnings surpassed expectations, but organic net sales dropped 1% year-over-year. CEO Mark Clouse highlights growing financial strain among lower-income households due to rising interest rates, cuts in SNAP benefits, and resumed student loan payments, pointing to a worsening economic divide.
Dec 7, 2023 - 05:02:06 PST
Investors are increasingly disregarding Federal Reserve signals, risking financial loss in a clash over 2024 interest rates. Despite Fed Chair Powell's warnings, markets expect rate cuts, with yields falling sharply. This defiance, coupled with the Fed's credibility issues, sets the stage for potential market setbacks and higher yields in 2024.
Surging demand for a seldom-used Federal Reserve facility suggests deepening financial distress. On December 5, banks tapped $203 million from the Standing Repo Facility, a stark increase and a sign of brewing liquidity crises as the Fed trims its balance sheet. This spike, amid dwindling excess liquidity and the Secured Overnight Financing Rate hitting a record 5.39%, points to escalating market instability and potential bank vulnerabilities. The New York Fed's silence adds to the growing concerns of an impending financial turmoil.
Are “greedy” corporations driving inflation? Could taxing billionaires solve the federal government’s fiscal problems?According to President Joe Biden, the answer to both questions is yes.And the correct answer is no.
Fortuna Silver CEO & SRSrocco Report Discuss Mining, Energy & Real Stores Of WealthDecember 7, 2023
It was finally nice to chat with Fortuna CEO Jorge Ganoza about the mining industry, energy, and what constitutes a "Real Store of Wealth." Chris Marcus hosted the interview, where he allowed me to discuss energy and why it is extremely important to invest in physical precious metals and mining companies...
Dec 6, 2023 - 12:24:06 PST
A metal detectorist in Vestre Slidre, Norway, found a 1,000-year-old gold coin known as a "histamenon nomisma." First introduced around A.D. 960, the coin features Jesus Christ holding a Bible on one side and Byzantine Emperors Basil II and Constantine VII on the other. This discovery highlights the Byzantine Empire's longevity, which continued for a millennium after the fall of the Western Roman Empire in 476.
Gold prices have rallied in the last quarter due to increased demand for safe-haven assets and expectations of Federal Reserve rate cuts next year. The recent Israel-Hamas conflict initially drove prices near the 2020 record of about $2,075/oz. Despite easing conflict concerns, gold prices have been supported by a weaker US dollar and Treasury yields, reaching a new record high in early December. We expect prices to remain above the $2,000 level next year as the global rush for gold continues.
Young Chinese Not Interested in Real Estate, Stocks, Low Interest on Bank Savings in Favor of GoldDec 6, 2023 - 12:12:10 PST
In China, younger buyers are increasingly investing in gold amid economic uncertainty and a sluggish job market. Concerns over real estate downturns, weak stocks, and low savings interest rates are driving this trend. China, as the world's largest consumer of physical gold, is seeing a significant shift in investment behavior, especially among the younger population, which is contributing to the global rise in gold prices.
Gold demand in China is set to rise amidst global uncertainties, driving interest in this safe-haven asset. Despite record-high gold prices, experts anticipate further increases due to potential US rate cuts. China's strong demand for gold jewelry and significant growth in the market for gold bars and coins highlight the country's robust interest in gold investments.
Top U.S. Bank CEOs Warn Against Economic Impact of Proposed New RegulationsDec 6, 2023 - 11:58:51 PST
Top Wall Street bankers, including leaders from JPMorgan, Bank of America, Citigroup, and Goldman Sachs, appeared before the Senate Banking Committee to oppose the Biden administration's proposed banking regulations. They warned that these changes might negatively affect the economy amid ongoing geopolitical tensions and inflation. This testimony is part of a series of Congressional appearances by major bank executives since the 2008 financial crisis.
The Money Supply Continues its Biggest Collapse Since the Great DepressionDec 6, 2023 - 10:29:16 PST
Money supply growth in October continued its deep negative trend, marking the twelfth consecutive month of year-over-year contraction since November 2022. This significant downturn in money supply growth, now at -9.33 percent in October, follows a period of unprecedented highs and is the largest contraction since the Great Depression. This level of decline has not been seen for at least sixty years, with money supply falling near or below -10 percent for the eighth month in a row.
Sudden Spike In SOFR Hints At Mounting Reserve Shortage, Early Restart Of QEDec 6, 2023 - 08:37:50 PST
The Federal Reserve's Overnight Reverse Repo recently fell below $900 billion and dropped to $765 billion on December 1, indicating a significant decline in market liquidity. This trend points towards an impending strain on the financial system's credit plumbing, raising concerns about potential negative impacts on the market.
Dec 6, 2023 - 08:15:59 PST
U.S. banks are struggling with rising loan delinquencies and operational challenges, leading to a wave of branch closures. JPMorgan Chase is set to shut down 159 branches, and Bank of America plans to close over 100 branches by the end of 2023. These closures are part of a broader trend towards online banking and indicate ongoing difficulties in the banking sector.
Investors are increasingly anticipating that the European Central Bank (ECB) will be the first among major central banks to reduce interest rates next year. This expectation suggests that many money managers believe that the ECB may have already increased rates excessively in their efforts to control inflation.