Gold has all the potential to go unprecedentedly high. But silver will be gold on
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Yesterday we read AOTH's Gold revaluation & the hidden motive behind central banks’ gold buying by Richard Mills. It also was good. It is quite detailed in that the author fleshes out the European logistics involving a potential Gold revaluation. Several have noted G7 Central Banker unity has frayed this past year and therefore we cannot help but think the GRA discussion will become a monetary game of chicken between the ECB and the US Fed.
Central banks across the world have been purchasing gold at record -high volumes, according to data sourced by the World Gold Council. Many of these banks have traditionally held large amounts of U.S. dollars in their reserves.
Gold prices fell 1% on Wednesday, weighed by an uptick in U.S. bond yields, while investors looked forward to inflation data and the Federal Reserve policy meeting next week for more clarity on the U.S. interest rate path.
The Treasury market restored the full pricing of Federal Reserve tightening by July, which would be the last interest-rate hike in 2023.
A $1tn US government borrowing spree is set to increase the strain on the country’s banking system, as the Treasury department seeks to rebuild its cash balance in the aftermath of the debt ceiling fight.
In the month of April, total consumer credit rose by $23.1 billion to a new record high $4.860 trillion, up 6.8% Y/Y.
Jun 7, 2023 - 12:32:41 PDT
One has to wonder about The Feral Reserve. Since The Great Recession of 2008, The Federal Reserve has printed a staggering amount of money (know as QE). There is still about $8.3 TRILLION in monetary stimulus sloshing around the economy.
Zhao, the CEO of Binance does not have to appear in person, but he does have to answer withing 21 days. The SEC informs Zhao "If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint."
With main markets no longer an option for first-time buyers, Point2 looked at the country’s 100 largest secondary cities for the median price of a starter home and renter households’ median income. Defined as large non-core cities within a metro, these cities used to be fruitful house-hunting grounds for first-time buyers exploring less-expensive options away from main cities. But as it turns out, unaffordability can put a dent in homeownership plans regardless of city type or size.
Jun 7, 2023 - 12:25:17 PDT
Interest-only loans as a share of new commercial mortgage-backed securities issuance increased to 88% in 2021, up from 51% in 2013, according to Trepp.
JPMorgan Chase CEO Jamie Dimon told a group of center-left House Democrats he believes the debt ceiling should be abolished, while praising the bill that was just signed, according to two sources familiar with his comments.
One argument from the left - including figures like Josh Bivens of the Economic Policy Institute - is that the effects were profound, with the Budget Control Act of 2011 “largely responsible for the sluggish recovery" from a recession triggered by the 2008-2009 financial crisis.
Jun 7, 2023 - 12:11:49 PDT
For a second straight day, they blocked several bills backed by GOP leadership from moving forward Wednesday in protest of Speaker Kevin McCarthy’s handling of the debt deal he struck with President Joe Biden.
Social Security Isn’t Safe Anymore — McCarthy Claims Debt Ceiling Raise ‘Isn’t the End’Jun 7, 2023 - 12:03:03 PDT
Last week’s resolution of the debt ceiling crisis brought relief to millions of seniors who worried how a potential government default might impact their Social Security benefits. That problem was averted on Saturday, when President Joe Biden signed a bill to suspend the debt limit through Jan. 1, 2025.
nterest-rate traders are yet to fully wake up to the possibility that the Fed will have to raise rates again. They are currently assigning only an 80% chance of one 25-basis point move in the cycle. As the analysis shows, the Fed may well have to hike by more than that.
Inflation is alive, the Fed could hike rates again, and businesses are facing greater uncertainties today than in the past 50 years, former Home Depot CEO says
UK Predicted to Have the Highest Inflation Rate Out of All Advanced Economies This YearJun 7, 2023 - 10:04:24 PDT
The U.K. is set to report a headline inflation of 6.9% this year, according to the OECD, marking the highest such level among all advanced economies.
Based on the impracticality of commodity baskets as uniform stores of value, it appears likely that the new BRICS+ currency will be linked to a weight of gold. This plays to the strengths of BRICS members Russia and China, who are the two largest gold producers in the world and are ranked sixth and seventh respectively among the 100 nations with gold reserves.
China increased its gold reserves for a seventh straight month, signaling ongoing strong demand for the precious metal from the world’s central banks.
We can conclude that a gold revaluation must be at least in the minds of central bankers, even if they don’t/can’t say it publicly. It’s not like this would be the first gold revaluation in history.