Precious metals news

“Housing is likely just at the beginning of recession,“ Tom Porcelli, chief U.S. economist at RBC Capital Market, wrote on Monday. “Of course, a large amount of activity was pulled forward during the pandemic and then you layer on top of that the sharp rise in rates (monthly mortgage payments up about +60% over the last year) and housing was sure to fall hard.“

You don't have to worry about that recession anymore. The White House fixed it.
And by "fixed it" I mean it just changed the commonly held definition of a recession.

The price analysis two months ago concluded that a neutral market had been found between $1800 and $1850 and was waiting to see a break of resistance or support. It leaned bullish with indicators showing the down move had run its course but it also highlighted the risk that a drop below $1800 and $1750 brings $1680 into play. Last month concluded that even though gold was still trapped between $1800 and $1850 it had built up solid support. Unfortunately, gold fell through the trap door at $1800 and tested $1680 last week. Has a bottom been found? Too soon to tell, but a look at the indicators could give some clues.

It's getting harder and harder for recession deniers to justify their optimism. And some people seem to be waking up to that reality.
Late last week, we got more economic data and corporate earning news that proves the economic optimism that's been bandied about for months is unfounded.

Today, the largest gold mining company in the world saw its price crash by 14% due to higher costs and falling profits.  Newmont shocked the market by reporting much lower earnings than forecast.  In this update, I show why Newmont's total cost of production has reached an all-time high...

The Collapse of the Massive U.S. Real Estate Bubble is just beginning, and Americans are totally unprepared.  And... that's the good news.  Why?  Because we are now witnessing the end of the Real Estate Cycle forever.  Thus, America's housing wealth will turn into a massive liability, forcing families to live in one home in the future...

The market is at a key juncture. So far, the major indices have put in a higher bottom and have been slowly coiling despite bad news and downgraded forecasts. That suggests the conditions for a continued rally are firming up.

Physical gold demand picked up in some Asian hubs this week as softer prices drew buyers, allowing dealers in India to narrow discounts and driving up premiums in Singapore.

Driven by the price decline, domestic consumption of gold has increased significantly, with the outlet's sales volume expected to jump about 20 percent in July, compared with the previous month, Chen said.

Gold headed for its first weekly gain in six on Friday as a pullback in U.S. Treasury yields and the dollar's decline bolstered non-yielding bullion's safe-haven appeal as economic risks persisted.

In an interview with Global Times (GT) reporter Wang Wenwen, she said that sending increasingly heavy weapons to Ukraine heightens the risks of the conflict spilling over into World War III and that it is German people that are suffering.

Violence can seem to be everywhere in the United States, and political violence is in the spotlight, with the 6 January 2021 insurrection as exhibit A. Now, a large study confirms one in five Americans believes violence motivated by political reasons is—at least sometimes—justified. Nearly half expect a civil war, and many say they would trade democracy for a strong leader, a preprint posted today on medRxiv found.

According to a report from Politico, House Speaker Nancy Pelosi (D-CA) told Secretary of State Antony Blinken to designate Russia as a "state sponsor of terrorism" or else Congress would do it.

The developments obviously further my long held belief that a gold backed global reserve currency is on its way - something I have been writing about for months.

With a group of former JP Morgan precious metals traders currently on criminal trial in front of a federal jury in Chicago, accused of engaging in a racketeering conspiracy involving precious metals price manipulation, commodities fraud and trade spoofing, while another group of their colleagues have already pleaded guilty, now is a good time to ask how the bank JP Morgan is still considered fit and proper to not only continue to trade in the precious metals markets...

Yet, even given the above landscape, the Russian gold industry’s actual ability to withstand sanctions will be contingent on its ability to overcome sanctions without the use of loopholes and to appease third parties.

Kevin Mahn, president and chief investment officer of Hennion & Walsh Asset Management, notes that the yield curve remains inverted, which has happened prior to every recession in the country dating back to 1955.

Treasuries rallied sharply after data showing a contraction in US business activity for the first time since 2020 heightened fears the economy will plunge into a recession.

The Federal Reserve can't afford to take its foot off the brake even if there is a recession, said former Richmond Fed President Jeffrey Lacker on Friday.

Raising interest rates won’t address the source of today’s inflation…The cure may be worse than the disease…