Gold has all the potential to go unprecedentedly high. But silver will be gold on
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Oil slid as investors assessed signs of lackluster US gasoline demand and the return of supplies from Libya.
Treasuries and other major bond markets have already been shaken wildly this year, but a fresh round of volatility and yield spikes could erupt if the BOJ follows other global central banks by ditching its easy monetary policy in the face of surging inflation.
Japan Defies Wave of Inflation-Fighting Hikes by Keeping Rates at Rock BottomJul 21, 2022 - 05:37:16 PDT
Bank of Japan Governor Haruhiko Kuroda emphasized his determination to stick with rock-bottom interest rates even if it means a weaker yen after the bank’s latest price forecasts left the door open to continued speculation over policy change.
Wall Street banks were supposed to be done with much of their borrowing in bond markets for the year. Then this week, they sold another $27.5 billion of notes.
ECB Launches "Lift Off" After 11 Years: Hikes 50bps As It Also Unveils italy-Specific QEJul 21, 2022 - 05:31:22 PDT
In keeping with media leaks, the ECB did a carbon copy of what the Fed did, and crushed its forward guidance credibility opting to hike 50bps instead, which was to be expected considering Europe's record inflation. In any case, after almost exactly 11 years, the ECB just hiked rates for the first time since July 2011.
Mario Draghi resigned as Italy’s prime minister, throwing the country into turmoil and putting it on course for snap elections as soon as early October.
Government price controls are a bad idea that just won't go away.With prices skyrocketing, you'll hear some people on the left argue that the US government should implement price controls. Meanwhile, President Biden's "Build Back Better" plan would impose various price controls on prescription drugs.
Now in Effect: Virginia Law Expands and Extends Sales Tax Exemption on Gold and SilverJuly 21, 2022
On July 1, a Virginia law extending and expanding a sales tax exemption on the sale of gold and silver bullion and coins went into effect. Ending the sales tax will relieve some of the tax burdens on investors, and take a step toward treating precious metal bullions as money instead of a commodity.
Very few Americans realize that the U.S. is heading towards a major natural gas crisis. Not only will we see much higher energy costs, but also more Brown-outs and Black-outs as natural gas shortages hit the country. This will also impact the global economy as natural gas prices skyrocket domestically and throughout the rest of the world...
Jul 20, 2022 - 13:13:15 PDT
The trend may indicate a response by the BIS and bullion banks to implementation of "Basel III" regulations, which make the unallocated gold business more burdensome for bullion banks.
Gold has bounced back after twice finding support in the $1700-area last week, supported by profit taking on long dollar positions ahead of Thursday’s ECB meeting which is expected to yield the first-rate hike since 2011. Easing selling pressure from speculators also expected after 24k lots selling in the week to July 12 brought the net back to neutral. Increased short positions in silver and platinum also reflecting the latest onslaught with a change in the technical and or fundamental outlook potentially supporting a rebound on short covering.
Gold sank near an 11-month low as investors continued to shed holdings of bullion-backed exchange traded funds ahead of central bank meetings over the next week that may result in more aggressive interest rate hikes.
President Biden’s Job Approval Rating Hits Another New Low in Public PollJul 20, 2022 - 12:49:18 PDT
More Americans now think President Joe Biden is doing a bad job than at any prior point in his presidency, according to a major public opinion poll released Wednesday.
Jul 20, 2022 - 12:39:37 PDT
Biden said he will direct the Federal Emergency Management Agency to provide $2.3 billion to help communities increase resilience to heat waves, drought, wildfires, flood, hurricanes, and other hazards by preparing before disaster strikes.
Citi economists warned on Wednesday that a global recession is a "real and present danger," forecasting a 50% chance of a downturn within the next year.
The GDP (gross domestic product) statistic portrays a view that the key driving factor of economic growth is not the production of wealth but rather its consumption.
"Can Congress quit the Fed’s easy money policy that has allowed them to push debt levels well above 100% of GDP, or will the addiction demand more QE to support Washington's spending habit?" ~ Peter T. Calcagno & Edward J. Lopez
If the National Emergencies Act goes without reform, presidents will continue to misuse emergency declarations as leverage to shift Congress.
Italy Government On Verge Of Collapse After Coalition Members Abandon Draghi; Euro TumblesJul 20, 2022 - 11:56:30 PDT
Since the fall of the Berlin Wall, Italy has had 19 governments, lasting on average just over 18 months. As such, Mario Draghi's government - which is about to collapse - is about to make it 20 failed government (but at least Draghi's 17 months lasted right in line with the average).
Jul 20, 2022 - 11:53:47 PDT
Sunak is a former Goldman Sachs heavy, a former hedge fund manager. He married really rich. His wife, whom he met at Stanford, is the daughter of N.R. Narayana Murthy, the Indian billionaire who founded Infosys.