Precious metals are apparently waking up. And here is where you can find the best deals.
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After an incredibly volatile couple of days, stocks ended higher last week, with the S&P 500 rising 1.4%. The index is now up 2.0% year to date, up 9.5% from its October 12 closing low of 3,577.03, and down 18.3% from its January 3, 2022 closing high of 4,796.56.
“Bottom line is we still have an inflation problem, and the Fed needs to continue to raise rates,” Paul Gruenwald, chief economist at S&P Global Ratings, told Yahoo Finance. “So, they’ve obviously got one eye on the financial sector, but we still think they’re going to go 25 basis points later this week. But the language should be sort of softer and slower.”
With the banking crisis rolling alone, recession risk comes back into focus.
US stock futures and global markets rose Tuesday after coordinated action by the Federal Reserve and other leading central banks to keep dollars flowing around the financial system appears to have calmed nerves for now.
In this episode of Metal Exchange, host Mike Maharrey chats with SchiffGold analyst Tony about the recent bank failures, the bailouts, the reaction of the markets and what might happen next. They conclude that if you're betting that the Federal Reserve has everything under control, that's probably a bad bet!
The demise of Silicon Valley Bank and Signature Bank was just the tip of the iceberg. As it turns out, hundreds of banks are at risk. This explains why the Federal Reserve and US Treasury rushed to provide what is effectively a bailout for the entire banking system.In the first week, the Federal Reserve handed out more than $300 billion in loans through its newly created Bank Term Funding Program (BTFP).
Peter appeared on Fox Business Claman Countdown to talk about the recent bank failures and the ensuing government bailouts. During the interview, they discussed how to invest in the current environment. Peter said that right now, gold is undervalued, but investors will bid up the price much higher when they come to terms with the reality of inflation.
Mar 20, 2023 - 13:02:53 PDT
Dubai: Gold has again shot past $2,000 an ounce as investors worldwide keep worrying about a continued crisis for the banking sector – even after Swiss bank USBS confirmed it will buy troubled Credit Suisse for $3.23 billion.
Gold prices in Australia also touched their peak of $2,922 an ounce, fuelled by the falling value of the Australian dollar against the US dollar.
Trying to fit a square peg into a round hole. Looking for inflation in All the Wrong Places.
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet.
Mar 20, 2023 - 12:55:32 PDT
The best performing precious metal for the week was silver, up 10.16%, in response to the strong move in gold.
Mar 20, 2023 - 12:53:15 PDT
China has discovered a super-large gold deposit, the Xilaokou gold mine in Rushan, East China's Shandong Province, with an estimated reserve of 50 tons, China Media Group reported on Saturday.
Mar 20, 2023 - 12:50:54 PDT
THE London Metal Exchange (LME) has discovered bags of stones instead of the nickel that underpinned a handful of its contracts at a warehouse in Rotterdam, in a revelation that will deliver another blow to confidence in the embattled exchange.
\Inflation of more than 100% in Argentina is erasing the advantage the country’s top companies used to have by booking revenue in US dollars.
"The reason this is infuriating is that we are being told that taxpayers should be willing to double down, to reimburse even-more-careless depositors for their negligent inattention to risk." ~ Michael C. Munger
"It is not clear that some sort of enhanced stockholder liability has yet returned to the Overton Window, but it is possible that Americans will point out the hypocrisy of the Biden administration’s raising taxes on the rich with one hand while bailing them out with the other." ~ Robert E. Wright
Time is Running Out. The UN is out with another fearmongering report on climate change. It's labeled the IPCC Sixth Assessment Report (AR6).
Four decades of rising markets punctuated by crisis-induced crashes seems to have fostered an unspoken belief that no one should ever get hurt in markets or the economy. Everything "should" always get better for everyone, without any messy loss or pain. Not only is this not realistic, it overlooks the role business-cycle recessions play in restoring the vibrancy of economies and markets distorted by excesses.
"Powell's Volcker Moment": Whatever The Fed Does On Wednesday Will Be A MistakeMar 20, 2023 - 12:31:34 PDT
A little over a week ago, when realizing the severity of the banking crisis spreading across the regional bank system (and which was about to jump the Atlantic and destroy one of the world's largest banks in a matter of hours), we said that "Powell is trapped: more hikes and CRE leads to tens of billions of incr. losses across banking system (AFS+HTM); small banks now reserve constrained guaranteeing something "breaks." Meanwhile inflation still hot."