Gold has all the potential to go unprecedentedly high. But silver will be gold on
Site:
Precious metals news
The federal government collected a record $4,408,452,000,000 in total taxes in the first eleven months of fiscal 2022 (October through August), according to the Monthly Treasury Statement.
A Strong Dollar Is Wreaking Havoc on Emerging Markets. A Debt Crisis Could Be NextOct 5, 2022 - 11:14:52 PDT
Low-income countries, like Ghana and Pakistan, were already struggling during the pandemic. The dollar’s strength is adding to their woes.
Oct 5, 2022 - 11:10:34 PDT
US service providers signalled a much slower contraction in business activity during September, according to the latest PMI™ data. The fall in output was only marginal overall, as firms noted that improved demand conditions led to a weaker decline. New orders returned to growth, with domestic sales supporting the upturn, as new export business fell further.
Mortgage Application Pace Plunges To 25-Year Low As Housing Recession DeepensOct 5, 2022 - 11:07:12 PDT
The pace of mortgage applications has fallen to a multi-decade low amid high housing interest rates, according to the latest data from the Mortgage Bankers Association (MBA).
Oct 5, 2022 - 09:17:29 PDT
We've frequently commented on this program that it's hard to be an 'investor' over recent years because central planner policy has been by far the big driver of price action. Instead, we're forced to be 'speculators', placing our bets based on what we think those few policymakers will decide to do next.
Prince Mohammed’s decision to strengthen relations has alarmed allies, but he has long admired Russian leader.
As Federal Reserve Chairman Jerome Powell made clear last month, the US central bank will be “resolute” in fighting inflation. That translated into sharply higher interest rates, and as a result a soaring US dollar.
The “Oil for dollars” deal between OPEC and the US has been in place since the 1970s. However, multiple geopolitical and economic factors could challenge its supremacy.
White House Panics As Gasoline Prices Rebound, Mulls Export Ban, Blasts OPEC+ "Hostile Acts" Oct 5, 2022 - 07:53:43 PDT
OPEC+ could be on the verge of one of the largest production cuts in two years, a move White House officials would undoubtedly have a 'panic attack' as they attempt to dissuade the 23 crude-producing countries and its allies, such as Russia, from making the cuts.
White House Announces Another $625 Million Taxpayer Funded Defensive Aid For UkraineOct 5, 2022 - 07:44:28 PDT
The White House has continued its strong stance and denunciations against Russia's "sham referendums" in Ukraine's east - now being formalized in Russian parliament - while unveiling a new $625 million security assistance package for Ukraine.
Oil Rallies As OPEC+ Agrees Historic 2 Million B/D Production Cut, Shuns BidenOct 5, 2022 - 07:15:27 PDT
As was well-telegraphed - and despite The White House's sabre-rattling - OPEC+ JMMC has recommended the cartel to go ahead with a historic 2 million b/d production cut.
Services Surveys Signal Q3 Recession Imminent Amid "Tightening Financial Conditions"Oct 5, 2022 - 07:13:27 PDT
Despite bouncing from August's plunge, S&P Global's Services PMI printed below 50 (in contraction) for the 3rd month in a row (at 49.3). Of course, in keeping with the idiocy, ISM Services printed 56.7 (below 56.9 in August but well above the 56.0 expected)...
Central banks globally added to their net gold holdings for the fifth consecutive month in August, according to the latest data released by the World Gold Council. On net, central banks added 20 more tons of gold to their reserves. Three banks drove buying in August and there were no notable sellers.
The global gloom spelt by excessive debt amid clunky policies and supply shocks could show up in a long and severe recession
America’s borrowing binge has long been viewed as sustainable because of historically low interest rates. But as rates rise, the nation’s fiscal woes are getting worse.
Gold declined -- after surging past $1,700 an ounce on Tuesday -- as traders weighed whether the US central bank may moderate its hawkish stance after the release of weak US data.
Over 50% of CEOs Say They’re Considering Cutting Jobs Over the Next 6 MonthsOct 5, 2022 - 05:41:06 PDT
Most CEOs across the globe shared the view that a recession is on the horizon and coming sooner than later, according to a Tuesday report from KPMG on business-leader outlooks.
ADP Reports Better Than Expected Jump In Jobs In September, Wage Growth AcceleratesOct 5, 2022 - 05:40:05 PDT
Ahead of Friday's big number, and following last month's dismal print (under its new model regime) which dramatically under-predicted the payrolls print in August, ADP was expected to show a modest uptick in September of 200k jobs. The actual print came in at +208k jobs but most notably, the +132k print from August was revised drastically higher to +185k...
US mortgage rates jumped to a 16-year high of 6.75%, marking the seventh-straight weekly increase and spurring the worst slump in home loan applications since the depths of the pandemic.
Global Economy Will ‘Crumble’ if Fed Doesn’t Stop Hiking Interest Rates, Billionaire Investor: MWOct 5, 2022 - 05:31:48 PDT
Billionaire Barry Sternlicht, the chief executive officer and chairman of Starwood Capital Group, has jumped aboard the bandwagon of people calling on the Federal Reserve to ease off its aggressive interest-rate hikes before something, somewhere, breaks.