Precious metals news

Here’s some more detail about how we can expect this “pilot exercise” to move forward in the coming months.

In the Carnegie Museum of Natural History in Pittsburgh, a special thematic part was dedicated to anticipating the future on earth in the winter of 2022. The visitors had the opportunity to vote for the topic they find important and want to learn more about.

Currencies are the economy’s backbone. They carry the signals that make everything else possible. Currency values are also moving targets, particularly since they are no longer tied to gold or any other fixed benchmark. The market rules. It decides how many dollars (or euros, yen, etc.) your asset is worth, and it also decides how much each dollar is worth.

The dazzling rise of the US dollar, which has hit one record after another, is raising fears of a currency crash of a severity not seen since the 1997 Asian financial crisis reverberated around the world.

New IMF debt sustainability framework fails to alleviate concerns over transparency and overoptimism in midst of large-scale debt crisis, as countries face severe austerity and private lenders wait for bailouts.

At 6:53 a.m. this morning (ET), Dow futures were up 454 points. That followed the Dow Jones Industrial Average gaining 765 points yesterday. No one who has been a trader on Wall Street or a stock broker for multiple decades believes this rally is real. Wall Street veterans are thinking that either the Fed’s plunge protection team or the Treasury’s plunge protection team is behind the rally. Equally unbelievable, as the chart above indicates, is the fact that the major mega banks on Wall Street closed in the green yesterday. Many of these are counterparties to Credit Suisse derivatives and thus subject to the potential for contagion.

The Swiss global bank, Credit Suisse, which is a derivatives counterparty to major Wall Street banks and U.S. insurers, raised alarm bells in markets on Friday and is raising more anxiety this morning. Its 5-year credit default swap (CDS), a measurement of its risk of defaulting on its debt, jumped to 250 basis points on Friday and traded as high as 350 basis points in early morning trade today.

With Russian gas imports significantly lower than usual and several nuclear reactors in France down for emergency maintenance, the EU is bracing for a difficult winter.

Bullish catalysts are coming together in oil markets to send oil prices higher, with OPEC+ preparing to cut production targets, the U.S. SPR release coming to an end, and new Russian sanctions coming into effect.

A couple of months ago Mr. Biden sojourned to Saudi Arabia to beg the Crown Prince for help containing surging U.S. gasoline prices. Now it looks like the meeting was worse than unproductive. Reports say OPEC and its allies including Russia will consider slashing their production targets by a million barrels a day when they meet this week.

“Expect more distress from some owners as loan defaults and relinquishing of assets could increase going forward.”

I was confused when President Biden claimed ‘I was sort of raised in the Puerto Rican community’ in Delaware.” Here are Joe and Jill Biden singing “America.” Apparently, Biden was…

We have often stated that "market instability" remains the most significant risk to central banks globally.

All I can say is re-read what I have been saying all year about this being about more than just data; and I am told every goldbug, cryptonite, bond-bubble boy, equity enthusiast, derivative devil, property shill, and commodity compere is sitting on the side-lines --bleeding out-- and is waiting for the Fed to pivot in order to go all in on the next inflationary everything asset bubble.

Last month was a big surprise: as readers will recall, for the month of July, the BLS did not yet get the memo, and instead "Job Openings Unexpectedly Surged To Two For Every Unemployed Worker, Crashing Fed's Plans To Nuke The Job Market."

Gold extended an advance past $1,700 as weak US data drove a significant sentiment shift in the precious metals markets.

The European Central Bank now has to deal with double-digit inflation, announced at 10% on 30 September. This is the result of the consecutive shocks on the commodity markets, especially on the energy markets, since the Russian invasion of Ukraine on 24 February.

In these turbulent times, Japanese bank chiefs have a lot to worry about: a patchy economic recovery, a weakening yen, emerging inflation, and swelling public debt to name a few.

Dixit Joshi won’t forget his first day as Credit Suisse Group AG’s chief financial officer in a hurry. And yet the experience won’t have been entirely unfamiliar for the former Deutsche Bank AG high flier.

Bond yields fell on Tuesday after soft U.S. economic data raised hopes that the Federal Reserve may be nearing the peak of its tightening cycle. The yield on the 30-year Treasury (BX:TMUBMUSD30Y) fell 2.7 basis points to 3.652%. The 10-year to 2-year spread of minus 42 basis points means the yield remains deeply inverted, signaling an economic downturn.