Gold has all the potential to go unprecedentedly high. But silver will be gold on
Site:
Precious metals news
As the US Federal Government and Federal Reserve head ever more into the abyss of destroying the value of the US dollar, continually breaching debt ceilings, creating asset bubbles, and intervening in and manipulating financial markets, there is an accelerating counter force emerging in the US that is the antithesis of this Federal Government and Federal Reserve madness.
Gold prices were little changed on Thursday as the dollar advanced to a more than two-month high and sapped demand for the dollar-priced metal.
In the second estimate of Q1 GDP, the BLS reported a that the US economy grew at an annual rate of 1.3%, up from 1.1% in the advance estimate published a month ago and down from the 2.6% growth rate in Q4 of 2022.
Initial jobless claims 'confused' last week, printing 229k (well below the 245k exp and the 242k prior). BUT, and it's a big but, Massachusetts - after admitting to widespread fraud - has revised its last three months jobless claims data lower by an average of 14k per week.
You can imagine how this ends badly. Inflation stays stubborn but the financial system is so fragile that rates must be cut. Inflation then becomes baked into expectations and the Fed has to raise rates yet again. A deep recession ensues. Powell gets awarded the Arthur Burns Memorial Dunce Cap for Easing Too Early.
Chief Economist Thinks a Recession Is Coming. It Could Be a Long One: Barron'sMay 25, 2023 - 05:50:50 PDT
Torsten Sløk, chief economist at Apollo Global Management, sees a hard economic landing fueled by tighter credit conditions, higher interest rates.
Biden Administration Paying Americans Thousands of Dollars to Upgrade Their HomesMay 25, 2023 - 05:48:34 PDT
On Aug. 16, President Joe Biden signed the Inflation Reduction Act into law, directing billions of dollars to Americans looking to upgrade their homes, businesses and cars.
“The risk of getting [our inflation forecast] wrong is not zero,” Ueda said in his first group interview since he became the first academic to take the helm of the BoJ in April.
The Singaporean dollar surged to the strongest level on record against the Malaysian ringgit, with the latter suffering more from weakening confidence in China’s economic recovery.
Bond traders stepped up wagers on an interest-rate increase by the Federal Reserve by July spurred in part by surging UK policy-rate expectations after an upside surprise by British inflation data.
Chile Central Bank Tightens Credit Conditions, Citing Higher Global RiskMay 25, 2023 - 05:36:39 PDT
Chile’s central bank raised capital requirements on financial institutions, tightening credit conditions amid concern over the risk a global shock could pose to the local economy. Short-term swap rates and bank stocks declined.
The European Central Bank must lift borrowing costs further to return inflation to its target, Governing Council member Bostjan Vasle told Slovenia’s Delo newspaper.
Chinese stocks in Hong Kong plunged as a weakening currency, disappointing earnings and worries over the US debt-ceiling deadlock saw traders trim positions ahead of a long weekend.
Federal Reserve policymakers suggested that they viewed with concern the partisan standoff over the debt limit, with “a number” of them saying earlier this month the central bank should be ready to act to preserve financial stability if needed.
The deadlock in debt-ceiling negotiations is adding to default concern around a number soon-to-mature Treasury bills and also starting to dent investors' appetite for risk more broadly.
House Speaker Kevin McCarthy’s optimism that White House and GOP negotiators would reach a deal in time to avert a potentially catastrophic default didn’t mollify analysts as the US was put on a ratings watch.
With its CDS trading like an emerging market, it is likely no surprise that Fitch Ratings has placed the United States' 'AAA' Long-Term Foreign-Currency Issuer Default Rating (IDR) on Rating Watch Negative.
China’s muted economic rebound and Beijing’s reluctance to deploy large-scale stimulus are reverberating around the globe, crushing commodity prices and weakening equity markets.
Gold is wrapping up May which has slightly exceeded the last minor month in March.
As the United States ramps up Green Energy, the tremendous costs and problems are escalating. We can see this through a perfect example in the Troubling Signs at PGE - Portland General Electric Utility. PGE is a typical example of the Green Energy Transition Disaster occurring in the U.S. and worldwide...