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Are “greedy” corporations driving inflation? Could taxing billionaires solve the federal government’s fiscal problems?According to President Joe Biden, the answer to both questions is yes.And the correct answer is no.
Fortuna Silver CEO & SRSrocco Report Discuss Mining, Energy & Real Stores Of WealthDecember 7, 2023
It was finally nice to chat with Fortuna CEO Jorge Ganoza about the mining industry, energy, and what constitutes a "Real Store of Wealth." Chris Marcus hosted the interview, where he allowed me to discuss energy and why it is extremely important to invest in physical precious metals and mining companies...
Dec 6, 2023 - 12:24:06 PST
A metal detectorist in Vestre Slidre, Norway, found a 1,000-year-old gold coin known as a "histamenon nomisma." First introduced around A.D. 960, the coin features Jesus Christ holding a Bible on one side and Byzantine Emperors Basil II and Constantine VII on the other. This discovery highlights the Byzantine Empire's longevity, which continued for a millennium after the fall of the Western Roman Empire in 476.
Gold prices have rallied in the last quarter due to increased demand for safe-haven assets and expectations of Federal Reserve rate cuts next year. The recent Israel-Hamas conflict initially drove prices near the 2020 record of about $2,075/oz. Despite easing conflict concerns, gold prices have been supported by a weaker US dollar and Treasury yields, reaching a new record high in early December. We expect prices to remain above the $2,000 level next year as the global rush for gold continues.
Young Chinese Not Interested in Real Estate, Stocks, Low Interest on Bank Savings in Favor of GoldDec 6, 2023 - 12:12:10 PST
In China, younger buyers are increasingly investing in gold amid economic uncertainty and a sluggish job market. Concerns over real estate downturns, weak stocks, and low savings interest rates are driving this trend. China, as the world's largest consumer of physical gold, is seeing a significant shift in investment behavior, especially among the younger population, which is contributing to the global rise in gold prices.
Gold demand in China is set to rise amidst global uncertainties, driving interest in this safe-haven asset. Despite record-high gold prices, experts anticipate further increases due to potential US rate cuts. China's strong demand for gold jewelry and significant growth in the market for gold bars and coins highlight the country's robust interest in gold investments.
Top U.S. Bank CEOs Warn Against Economic Impact of Proposed New RegulationsDec 6, 2023 - 11:58:51 PST
Top Wall Street bankers, including leaders from JPMorgan, Bank of America, Citigroup, and Goldman Sachs, appeared before the Senate Banking Committee to oppose the Biden administration's proposed banking regulations. They warned that these changes might negatively affect the economy amid ongoing geopolitical tensions and inflation. This testimony is part of a series of Congressional appearances by major bank executives since the 2008 financial crisis.
The Money Supply Continues its Biggest Collapse Since the Great DepressionDec 6, 2023 - 10:29:16 PST
Money supply growth in October continued its deep negative trend, marking the twelfth consecutive month of year-over-year contraction since November 2022. This significant downturn in money supply growth, now at -9.33 percent in October, follows a period of unprecedented highs and is the largest contraction since the Great Depression. This level of decline has not been seen for at least sixty years, with money supply falling near or below -10 percent for the eighth month in a row.
Sudden Spike In SOFR Hints At Mounting Reserve Shortage, Early Restart Of QEDec 6, 2023 - 08:37:50 PST
The Federal Reserve's Overnight Reverse Repo recently fell below $900 billion and dropped to $765 billion on December 1, indicating a significant decline in market liquidity. This trend points towards an impending strain on the financial system's credit plumbing, raising concerns about potential negative impacts on the market.
Dec 6, 2023 - 08:15:59 PST
U.S. banks are struggling with rising loan delinquencies and operational challenges, leading to a wave of branch closures. JPMorgan Chase is set to shut down 159 branches, and Bank of America plans to close over 100 branches by the end of 2023. These closures are part of a broader trend towards online banking and indicate ongoing difficulties in the banking sector.
Investors are increasingly anticipating that the European Central Bank (ECB) will be the first among major central banks to reduce interest rates next year. This expectation suggests that many money managers believe that the ECB may have already increased rates excessively in their efforts to control inflation.
Dec 6, 2023 - 08:03:50 PST
The Bank of England has issued a warning about the vulnerabilities in the private credit and leveraged lending markets, citing risks of "sharp revaluations." The Financial Policy Committee highlighted significant challenges due to high interest rates, persistent inflation, and uncertainties about long-term economic prospects. BoE Governor Andrew Bailey emphasized that these riskier corporate borrowing sectors are especially susceptible under the current conditions.
Moody's Investors Service downgraded its outlook for eight Chinese banks, including Industrial and Commercial Bank of China Ltd. and China Development Bank, to negative from stable. This follows Moody's recent bearish outlook on China’s sovereign bonds, influenced by concerns over high debt levels. The banks' outlook change is mainly due to the negative shift in the government's credit ratings.
Gold's Remarkable Surge: A Golden Opportunity in the Making. Gold's impressive climb from $1,831 to a record $2,091 per ounce showcases a robust bull market, perfectly synchronized with dropping Treasury rates. Holding firmly above $2,000, gold's outlook is exceptionally bright, promising significant gains for investors as this trend continues. This is a prime investment opportunity, with gold's value poised for even greater heights.
The flow of metal out of gold-backed ETFs slowed significantly in November, with North American ETFs charting gold inflows for the first time in five months.A total of 9 tons of gold flowed out of ETFs globally, but total assets under management increased by 2% thanks to the rise in the price of gold.
Fed in Wait-and-See Mode: Balancing Rate Hikes with Economic Health. Since March 2022, the Fed's 5.25% rate increase has slowed inflation but raised concerns about a potential economic downturn. The strong labor market contrasts with recession fears, suggesting the Fed might pause rate hikes. Futures markets anticipate this pause to last until at least March 2024, with potential rate cuts thereafter. This creates a complex environment: stocks have risen on rate cut hopes, but investors should be wary. Bond investors, however, may find opportunities during this pause.
Hospitality Sector Faces First Job Decline in Nearly 3 Years, ADP Data Shows DisappointmentDec 6, 2023 - 05:37:37 PST
ADP's November jobs report is alarming, revealing only 103k jobs added, far below expectations and marking a significant downturn. Manufacturing and hospitality sectors are particularly hard-hit, the latter losing jobs for the first time since early 2021. Wage growth is also at its lowest in over a year, amplifying recession fears and casting doubt on the stock market's current resilience. This stark data challenges the optimism for future rate cuts.
Global debt is expected to reach $97.1 trillion in 2023, marking a significant 40% rise since 2019. The COVID-19 pandemic prompted governments to implement major financial interventions to support employment and avert widespread bankruptcies, but these measures have revealed weaknesses. Now, with rising interest rates, the cost of borrowing is intensifying, highlighting the increasing burden of this debt.
The renminbi has made significant strides in 2023, despite depreciating against the US dollar earlier in the year. Its share in global payments increased from 1.9% in January to 3.6% by October. This growth highlights the currency's expanding role in international transactions, as reported by the People’s Bank of China, marking a positive development in its global use.
Dec 6, 2023 - 05:17:17 PST
Bank of Japan Deputy Governor Ryozo Himino hinted at ending the negative interest rate policy, exploring possible effects of transitioning to positive rates. While affirming commitment to monetary easing until achieving inflation targets, Himino examined impacts of withdrawing from extensive stimulus, referencing past experiences of negative rates.