Precious metals news

Are we hurtling towards a 2008-style crisis?With both a liquidity crunch AND a painful recession?Veteran macro analyst Jim Rickards is concerned the odds for this are fast increasing.In this hard-hitting and wide-ranging discussion, Stephanie Pomboy returns as guest host to ask Jim about this threat, his forecasts on the dollar, Fed policy, market risk & a number of other pressing topics.To hear his answers, watch our new interview with Jim Rickards.

\US stocks haven’t seen the worst of this year’s declines yet against the backdrop of scorching inflation and a hawkish Federal Reserve, according to Bank of America Corp. strategists.

Goldman Sachs chief markets economist Dominic Wilson and global markets strategist Vickie Chang crunched the numbers on what it would mean if Fed has to take a more aggressive path than the market is forecasting.

Central banks are like “reformed smokers,” famed investor Stanley Druckenmiller says. “They’ve gone from printing a bunch of money, like driving a Porsche at 200 miles an hour, to not only taking the foot off the gas, but just slamming the brakes on.”

The yield on the 2-year Treasury note  (BX:TMUBMUSD02Y) rose 4 basis points to 3.905%. The yield climbed 8.9 basis points on Thursday to 3.871%, marking the highest level since Oct. 31, 2007. The yield on the 10-year Treasury note (BX:TMUBMUSD10Y) rose 2 basis points to 3.473% from 3.458% on Thursday, which marked the highest since June 14, a gain of 4.7 basis points.

The purpose of MBS purchases was to repress mortgage rates and inflate home prices. That process has already started to reverse.

It now takes 35.51% of the median household income to make a principal and interest payment on the average home.

A number of countries in Europe may experience social unrest if the upcoming winter is harsh amid an economic crisis, the head of the International Monetary Fund (IMF) warned on Wednesday.

Downside risks continue to dominate the global economic outlook and some countries are expected to slip into recession in 2023, but it is too early to say if there will be a widespread global recession, IMF spokesman Gerry Rice said on Thursday.

Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S. We are swiftly addressing these headwinds, but given the speed at which conditions shifted, first quarter results are below our expectations,” said Raj Subramaniam, FedEx Corporation president and chief executive officer.

U.S. stock futures on Friday suggested a sell-off in equity markets was poised to deepen at the open as traders weighed an ominous warning from Fedex about the global economy.

The federal government ran a $220 billion deficit in August. It was the largest monthly deficit since last July.

We got the August CPI data this week and it came in hotter than expected. Stocks suffered a big selloff. Everybody is betting on the Fed to get even more aggressive in its inflation fight. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down the data and exposes a dirty little secret that the mainstream still hasn't come to grips with.

Well, it's about time.  There was a Positive Development in the Silver Market today that I wanted to share with subscribers.  It wasn't just the silver and SLV ETF price selling off, then rapidly reversing much higher.  While that was a good sign, there was also a bullish factor I had been waiting for...

Silver has underperformed gold this year, but that could soon change. “A real scarcity has been developing in the silver market,” said Keith Weiner, founder and president of precious metals based investment firm Monetary Metals. “Scarcity will likely be resolved as always — by higher prices.”

A finance veteran believes an imminent announcement could see China reveal secret gold reserves that will astound the world.

The nilar is the means by which Africa achieves monetary and economic independence in a unified manner. Its imperative is overriding because the nilar is the principal pillar upon which stable, free, prosperous, and structurally just African societies can be based. It is also the most crucial factor for the success of the African Continental Free Trade Area as a single African market. And a free single African market powered by the nilar, plus little to no taxes, can transform Africa from an underdevelopment-stricken region into a global economic power within fifteen to twenty-five years.

The long-mooted prospect of the end of the U.S. dollar’s hegemony in the global oil and gas markets took another step towards realisation last week with the announcement that Russian and Chinese hydrocarbons giants, Gazprom and China National Petroleum Corporation (CNPC) have agreed to switch payments for gas supplies to rubles (RUB) and renminbi (RMB) instead of dollars.

If we’re not careful, this new Cold War could surpass the original in its potential for destruction and harm. Just last month, former CIA official Graham E. Fuller remarked on the fanatical Russophobia now gripping the country. Fuller, a Harvard-trained former Vice Chairman of the National Intelligence Council, observed, "The bias is extraordinary – I never saw anything like this when I was involved in Russian affairs during the Cold War."

I have been alarmed about Russia and China working together since the beginning of the year. Specifically, I have been watching the economic developments - both countries de-dollarizing and trading more with one another to skirt Western sanctions - but obviously it is becoming difficult to ignore these other diplomatic developments…especially at a time when Taiwan remains up in the air.