Gold has all the potential to go unprecedentedly high. But silver will be gold on
Site:
Precious metals news
Gold prices bounced back from their lowest level in more than two months on Tuesday as the dollar backtracked from highs, while lingering concerns over U.S. debt ceiling negotiations has kept investors on edge and rekindled demand for safe-haven bullion.
A typical American household now carries $10,000 in credit card debt, by one estimate, another record. If that doesn’t sound like a lot of debt, try paying it off. At $250 per month, with 24 percent interest, you’ll be making payments until 2030, and you’ll spend a total of $20,318, twice what you owed. And that assumes you never use the card again.
Republicans Speak Out Against Us Debt-Ceiling Deal, in Sign of Rocky Road AheadMay 30, 2023 - 05:54:16 PDT
A handful of hard-right Republican lawmakers said on Monday they would oppose a deal to raise the United States' $31.4 trillion debt ceiling, in a sign that the bipartisan agreement could face a rocky path through Congress before the U.S. runs out of money next week.
Having navigated the financial crisis of 2008, Neel Kashkari worries about systemic risks. But now, as a U.S. monetary policymaker, he worries even more about inflation.
Ballooning debt, tepid consumption and worsening relations with the West are set to weigh on future growth, economists say.
Bank of Japan Governor Kazuo Ueda said on Tuesday the central bank will patiently maintain its ultra-loose monetary as there is some distance to sustainably achieve its 2% inflation target, downplaying expectations for a policy change in the near-term.
More than 80 per cent of US retailers had an increase in losses last year, according to Jack L Hayes International, a “loss prevention” consultancy. Respondents to its survey apprehended 46 per cent more shoplifters and dishonest employees, retrieving 70 per cent more in stolen goods, but for every dollar they recovered they reported losing more than eight dollars to theft.
More Americans are raiding their retirement accounts as the cost of living climbs, and experts predict that the number of workers drawing on their 401(k)s to pay for financial emergencies may increase due to a confluence of factors, like new provisions that make withdrawals easier and high inflation that is straining household budgets.
There is perhaps no political variable more important throughout history than the price of food. No government, whether democratic or dictatorial, will be seen as legitimate by people who cannot afford to feed their families. So it is bad news that just as the price of energy is coming down from its extreme peaks last year, and households are beginning to feel that particular pinch loosen, food price inflation in much of the world remains stubbornly high.
Major Central Banks Were Expected to Pause Rate Hikes Soon. Now It’s Not So Clear CutMay 30, 2023 - 05:31:44 PDT
Stronger-than-expected U.S. jobs figures and GDP data have highlighted a key risk to the Federal Reserve potentially taking its foot off the monetary brake.
Debt Ceiling Deal Keeps Non-defense Spending Roughly Flat Until Fiscal 2024May 30, 2023 - 05:29:46 PDT
A deal reached to raise the U.S. federal government's $31.4 trillion debt ceiling keeps non-defense spending roughly flat for current fiscal year and 2024, a source familiar with the negotiations said on Saturday,
Soon-to-mature Treasury bills rallied as trading resumed after the Memorial Day holiday, following a tentative deal over the debt ceiling which eased concerns of a US default.
Total Farce: Real Spending Under Debt Ceiling Deal Actually Goes Up Next YearMay 30, 2023 - 05:15:29 PDT
That's right: that 0.2% cut in spending is what all the brewhaha was over, a cut which will not only push total debt to $35 trillion by the end of Biden's term, but will not even put a dent in the long-term US debt trajectory which even the CBO has no problem as showing in its full, hyperinflationary glory.
Global Markets-Dollar, European Stocks Fall With U.S. Debt Deal Congress Vote in FocusMay 30, 2023 - 05:13:54 PDT
European stocks and the U.S. dollar fell, after climbing to a two-month high, on Tuesday as relief that the U.S. government had averted a possible default gave way to concern that the deal could face a rocky path through Congress. But the dollar and European stocks slipped, dented by uncertainty about whether Congress will approve the deal after a handful of hard-right Republican...
The Indian central bank has announced another round of demonetization with a plan to withdraw 2,000-rupee notes from circulation. The announcement led to a big jump in gold bullion sales.The 2,000-rupee note will remain legal tender, but they will have to be deposited or exchanged for smaller denominations by Sept. 30.
Americans consider gold the second-best long-term investment option, according to a recent Gallup poll. Gold beat out stocks, bonds and savings accounts.The perception that gold is the best investment over the long term rose from 15% in 2022 to 26% in the 2023 poll, overtaking stocks at the number two spot.
(The cap on government spending in Washington’s deal to raise the federal debt limit adds a fresh headwind to a US economy already burdened by the highest interest rates in decades and reduced access to credit.
The hits just keep coming for Speaker Kevin McCarthy, as angry Republicans have been outright rejecting the debt ceiling deal which raises it by roughly $4 trillion for two years, doesn't provide sticking points sought by the GOP.
MUST SEE GOLD CHART & MARKET UPDATE MAY 29th: Implications Of This Gold Chart The Market Doesn't Want You To SeeMay 29, 2023
This is a "MUST SEE" Gold chart that the market doesn't want you to see or understand the profound implications taking place. Actually, I was quite surprised by the figures when I made the chart. There now seems to be a growing Trend-Change between the EAST vs. WEST...
A Fed pause in its rate hiking campaign raises a flag — that the economy is so weak that the central bank is afraid of causing too much damage by increasing rates further, she said. “This is gold positive both because a weak economy sends investors running to gold, and because lower rates make gold more attractive to own,” Casanova explained. “The longer-term implications of a Fed pause on inflation expectations could also support gold,” given questions over whether inflation will remain elevated, she said, as gold is considered a hedge against inflation.