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Central bank gold buying continues to sizzle.
Central banks globally added a net 77 tons to their reserves in August, according to the latest data compiled by the World Gold Council.
You can hold physical gold and silver in an IRA, and there are certain advantages to doing so.
Historically, IRAs with an allocation to precious metals perform better than IRAs with no exposure to silver or gold. There are also tax benefits when contributing to an IRA.
The national debt recently blew past $33 trillion. And yet with the exception of a few intransigent Republicans, there is virtually no discussion about reining in spending.
Congress managed to avoid a government shutdown by passing a continuing resolution that did very little to address spending. But as Ron Paul points out, there was a small victory in the CR that could bode well for the future.
I recently ran across a video produced by CNBC back in July 2020. It is titled "Why Printing Trillions of Dollars May Not Cause Inflation."
That aged poorly, didn't it?
And people wonder why I keep saying you should be skeptical of mainstream narratives.
Here is my Silver Symposium presentation for SRSrocco Report members.  Interestingly, while I presented this information to the attendees, another LIGHT-BULB went off in my head.  It is very IMPORTANT that you all watch this presentation because I also believe it will CONNECT MORE DOTS...
UAE gold prices are nearing this year's low at Dh205.00 per gram for 22K, prompting a shopping spree among locals and tourists alike. Consumers, showcasing astuteness in navigating price drops, are actively locking in rates and making purchases, while also engaging in advanced bookings for future buys. This surge in gold trading, occurring amidst a bustling tourist season and aligning with festive buying, spotlights gold's enduring allure as a favorable investment and purchase. With a keen eye on price movements and robust demand, the precious metal retains its lustrous appeal in the market.
Amid a turbulent bond market, investors are witnessing soaring yields and waning confidence, challenging the staple 60/40 investment strategy and prompting considerations of alternatives like gold. Bonds, once a reliable hedge and stabilizer, now falter amid stubborn inflation, potentially steering portfolios toward riskier strategies and injecting further instability into an already precarious financial environment.
The Fed, even after reducing its balance sheet from $8.97 trillion, still hoards over $8 trillion, highlighting a troubling persistence in shaky financial strategies. While engaging in loss-concealing tactics via the $108 billion Bank Term Funding Program (BTFP) program, it merely offers a smokescreen for the banks and the blunders from a decade of speculative encouragement and QE doubling since 2020. With surging small business bankruptcies in 2023 and the inability to mitigate the tangible losses from them and commercial real estate, the Fed's strategies teeter on a precarious edge, echoing larger, looming financial distress.
    More Big U.S. Strikes Loom
Oct 3, 2023 - 09:16:59 PDT
Despite a seemingly favorable environment with a 67% public approval rate, the resurgence of organized labor and strikes under President Joe Biden's administration starkly highlights the intensifying income disparity and discontent among American workers. As 75,000 healthcare workers gear up to strike and even auto workers gain presidential picket line support, the underlying narrative reveals a system perceived as fundamentally unfair to hardworking Americans amidst escalating wealth inequality.
    But Is That A Good Thing Government Shutdown Averted?
Oct 3, 2023 - 08:52:29 PDT
Recurrent government shutdowns and a glaring lack of fiscal responsibility plague Washington once more. Despite a history of shutdowns, current “stopgap” measures, like the 45-day operation extension, merely postpone inevitable financial consequences, fostering an environment of continual crisis. The continual use of "Continuing Resolutions" since 2008 has exponentially compounded spending, exploding national debt while revenues stagger behind. While officials might claim transient victories in short-term solutions, the chronic avoidance to make firm, often unpopular, governing decisions merely defers and amplifies future economic fallout.
The latest Federal Reserve study reveals a grim financial picture for 80% of American households, whose bank deposits and liquid assets, adjusted for inflation, have dipped below the levels seen at the pandemic's onset in March 2020. While the wealthiest 20% of households have managed to retain an 8% increase in cash savings since the pandemic began, the bottom two-fifths have experienced an 8% drop, and the middle class has seen their savings dwindle below pre-pandemic levels. This economic disparity underscores a widening financial gap amidst ongoing challenges.
The Bureau of Labor Statistics (BLS) reported a suspiciously high 9.61 million job openings in August, amid an economic environment that suggests otherwise. With a record low 31% response rate to the Job Openings and Labor Turnover Survey (JOLTS), approximately 70% of the job openings figure is an estimate. The stark discrepancy between skyrocketing job openings and minor changes in quits and hires casts a shadow over the data's credibility, fueling skepticism towards the Biden administration’s economic reporting amidst other ongoing economic challenges.
Bank of America warns of a surge in private credit defaults, predicting a rate of 5% by early 2024, exceeding those in the syndicated loan market if high-interest rates persist. The looming issue stems from an anticipated one-third of deals maturing within the next two-and-a-half years and contrasts with a 3% estimated default rate for broadly-syndicated loans. Unaddressed issues within private debt, especially unitranches and older, highly levered deals, risk materializing in the near term, posing substantial financial threats.
UBS predicts significant sell-offs from computer-driven hedge funds, expecting $20-$30 billion in sales over the next two weeks amid declining stock markets, according to a note seen by Reuters. These anticipated outflows, responding to recent underperformance, could further amplify the downtrend in share values. Notably, this marks the first instance of these hedge funds being net short in equity markets since November 2022.
Goldman Sachs warns of a detrimental shift as rising rates start to erode US corporate profits and potentially thwart historical financial trends. S&P 500 companies face the largest borrowing cost hike in nearly two decades, which, if sustained, could inhibit leveraging and impact long-term profitability. Amidst this, the S&P 500 has already seen a 6.5% drop since August, and despite slight hopeful projections for technology stocks, overall S&P 500 profitability continues its descent, with only modest stabilization foreseen by 2024 amid subdued economic growth.
High bond yields, deemed a "generational opportunity" by BlackRock, haven’t attracted anticipated investments amid ongoing market losses. Investors, wary of persistent rate hikes and the resulting market volatility, withdrew $78.6 billion from U.S. taxable bond funds through August. While yields are at a 15-year peak, investors are opting for safer, cash-like assets, presenting a conundrum for asset managers anticipating a shift towards bonds. The hesitancy remains prevalent as the market awaits clear signals of rate stabilization.
    Stocks Drop as US 30-Year Yield Reaches 2007 High
Oct 3, 2023 - 06:00:39 PDT
Stocks and Treasuries plummeted amidst surging borrowing costs, with the US 30-year yield escalating to a level unseen since 2007, rattling global markets and propelling the dollar index to a 10-month high. This turbulence in the market, accentuated by predictions of enduring elevated interest rates from prominent Wall Street strategists, has cast a gloom on equity prospects, signaling potential further declines. Although the U.S. narrowly avoided a government shutdown, the specter of potential Federal Reserve rate hikes and upcoming labor market data have intensified the prevailing economic apprehension.
Price inflation has been even worse than advertised.
Of course, you know that because you've lived it. But it is nice when the data crunchers swerve a little closer to reality.
The Bureau of Economic Analysis did just that, revising its Personal Consumption Expenditure (PCE) data higher for the entirety of this inflation cycle.
The 10-year Treasury yield has spiked to its highest since 2007 at 4.727%, stirring concerns among investors and igniting discussions among "bond vigilantes" over the potential negative impacts of the U.S.'s soaring public debt, which has now exceeded $32.3 trillion. Despite avoiding a government shutdown, uncertainties regarding Federal Reserve interest rate hikes and upcoming labor market data are fueling apprehensions about the U.S. economic outlook and fiscal stability.
We keep hearing about a "soft landing." According to government officials, central bankers, and mainstream financial media pundits, the US economy has dodged a recession.
So why are recession warning signs still flashing?