Precious metals are apparently waking up. And here is where you can find the best deals.
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U.S. dollar’s pullback provided material support to precious metals markets. From the technical point of view, gold has a good chance to test the resistance in the $1965 – $1985 range after an unsuccessful attempt to get below the support in the $1935 – $1940 area.
News here in the USA has been full of the latest farce known as raising or not raising the debt ceiling. After the usual dog-and-pony show, a budget deal was reached. But was it progress?
Thanks to the soaring price inflation of the last year, the Fed is now attempting to somehow "win" against inflation by doing the absolute bare minimum in terms of reversing its longstanding policy of forcing down interest rates again and again. Because easy money helps inflate asset prices and create economic bubbles, Wall Street—which is now thoroughly addicted to easy money—is hoping the Fed will soon return to ramming down interest rates yet again.
Defying the odds, the world’s biggest stock market has recouped all losses caused by the most disruptive monetary-tightening campaign in a generation.
Central Banks, Still Waiting for Relief on Inflation, Lean Higher on RatesJun 15, 2023 - 12:26:29 PDT
Two years into confronting rising inflation, the world's top central banks are still waiting for a decisive turn in their favor, with monetary policy continuing to edge ever tighter and policymakers promising they won't relent in defending their common 2% inflation target.
Realtor.com Reports Weekly Active Inventory Up 10% YoY; New Listings Down 22% YoYJun 15, 2023 - 12:14:28 PDT
Active inventory growth slowed again, with for-sale homes up just 10% above one year ago. The number of homes for sale continues to grow, but compared to one year ago, the pace is slowing. While today’s shoppers still have many more homes to consider than last year’s shoppers did, worries about high inflation, rising interest rates, and escalating home prices have caused many prospective buyers, especially more first-time buyers, to postpone their plans to purchase a home.
The Home Depot is cashing in on the tiny house craze as millions of Americans are priced out of homes due to the worst housing affordability crisis in a generation.
Jun 15, 2023 - 12:07:47 PDT
The housing affordability crisis has priced middle-income buyers from a majority of homes on the market. Buyers earning up to $75,000 could only afford 23% of properties listed for sale in the US. Affordability has been crimped by low inventory and mortgage rates at multi-decade highs.
A Top Russian Banker Says the Dollar’s Dominance Is Ending — But China’s Yuan Is Gaining ProminenceJun 15, 2023 - 09:01:59 PDT
Kostin's assessment of the dollar's clout and the yuan's rise came amid an intense debate over de-dollarization that has raged on for the past year.
A ratings cut could shake confidence in the world’s premier debt market, send tremors through stocks and accelerate the tightening of credit conditions. The debt ceiling fight is over, but the battle that pushed the U.S. to the brink of default could still result in a credit downgrade that would inject new uncertainty into a fragile economy.
Despite the high-stakes debt ceiling negotiations, U.S. debt relative to GDP is projected to keep growing over the next decade. What factors account for this projection and why does it matter?
Asian Central Banks To Adopt Iran's SWIFT Alternative As De-Dollarization AcceleratesJun 15, 2023 - 08:28:13 PDT
In the latest shot fired in the growing rebellion against US dollar dominance, the nine-nation Asian Clearing Union (ACU) has agreed to use Iran's financial messaging system as an alternative to the dollar-denominated SWIFT system that has long served as the globe's financial nervous system.
No one argues that policymakers should not think about future generations. But, rather than focusing narrowly on financial debt, we should consider what kind of world we are bequeathing to our descendants, and what current policies and fiscal commitments will better serve their interests.
In an essay published shortly before he left his role as World Bank president, David Malpass warned that “[e]xcessive government debt raises doubts about whether the private economy can produce enough output and profit to carry the burden….” He wrote, “Government debt levels, both current and projected, are an order of magnitude larger than in previous crises, undercutting growth.”
Inflation is increasing prices and a fall in the purchasing value of money. Banks and governments make inflation sound complicated as it serves their interest. It’s a hidden tax.
House conservatives on Wednesday proposed raising the US retirement age to collect Social Security, handing Democrats damaging political ammunition ahead of the 2024 election.
Jun 15, 2023 - 07:50:23 PDT
61% of Bloomberg terminal respondents (including me, by the way) see Fed hikes leading to recession. Bond traders are stepping up wagers that the Federal Reserve will steer the US economy into a recession.
Jun 15, 2023 - 07:47:46 PDT
On the positive side, retail sales surprised to the upside which would ordinarily trigger more rate hikes from The Fed. +0,3% MoM in May versus -0.2% MoM expected.
“I see a trend here, and I don’t think the Fed’s going to be raising interest rates again,” said the DoubleLine co-founder, who argues that recent labor data suggests the economy wasn’t as strong as many believe.
Doubleline’s Gundlach Warns Stocks Are ‘Exhibiting Signs of a Mania': MWJun 15, 2023 - 06:21:05 PDT
“If there’s a massive default problem, stocks are going down more than 50%, because they are junior in the capital structure,” he said, arguing that with “storm clouds” gathering over the economy, Fed Chair Powell shouldn’t hike rates beyond the current 5%-5.25% range.