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The September Trade Deficit increased for the first time in 6 months to -$73.3B. The deficit had been getting help from exports out of the Strategic Petroleum Reserve.As shown by the chart below, the increase this month was from a drop in Exports combined with an increase in Imports. The current value is still well below the record set back in March.
The Federal Reserve delivered a 75-basis point rate hike at its November meeting, as expected. But what's next? That's a little harder to decipher. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey digs into the mixed messaging that came out of the Fed meeting and concludes the central bank's monetary policy is "a wing and a prayer." He also covers the recently released Q3 gold demand data.
The gold & silver prices exploded higher today, and with the tremendous amount of activity on social media, I thought it a good idea to do a quick update. Anytime we see gold go up $50 and silver $1.00+ in a single day, it provides a lot of optimism for precious metals investors...
Mike Maloney is not happy. Why? Last week, he was made aware of a particular government website that contains some in-depth data that until now had been very hard to convey.
As The Fed has tightened monetary policy at its most aggressive pace in over 40 years, real rates in the US have soared (back into strong positive territory). Historically, that has reduced demand for gold (zero carry) but as the chart below, gold - while notably off its highs - has not cratered as much as some might have expected...
Hedge Fund Giant Elliott Warns Looming Hyperinflation Could Lead to ‘Global Societal Collapse’: MWNov 3, 2022 - 12:18:04 PDT
In a letter sent to investors, and seen by the Financial Times, the Florida-headquartered firm told clients that they believe the global economy is in an “extremely challenging” situation which could lead to hyperinflation. Elliott did not respond to MarketWatch’s request for comment.
Bank for International Settlements Will Test DeFi Implementation in Forex CBDC MarketsNov 3, 2022 - 12:11:25 PDT
According to a new announcement on Nov. 2, the Bank for International Settlements, or BIS — along with the central banks of France, Singapore and Switzerland — will embark on a new initiative dubbed “Project Mariana” in its exploration of blockchain technology. Project Mariana intends to use decentralized finance, or DeFi, protocols to automate foreign exchange markets and settlement.
Nov 3, 2022 - 12:01:10 PDT
Powell’s statement stands in stark contrast to the numbers coming out of the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA). According to BEA data, the Personal Savings Rate in the U.S. now stands at 3.5 percent, exactly where it stood in August of 2008 – in the midst of the worst financial crisis since the Great Depression.
Powell Admits the Fed Is Failing on Inflation, and Promises More Rate Hikes: MisesNov 3, 2022 - 11:43:10 PDT
These are the same people, of course, who now claim to be "surprised" by the appearance of 40-year highs in price inflation rates over the past year—after printing trillions of dollars—and insist no one saw it coming.
Liquidity Crisis + Recession + Unrest - Will 2023 Be Worse Than 2008? | Jim RickardsNov 3, 2022 - 11:11:23 PDT
The global economy is stumbling. And not just for financial reasons like the increasing cost of debt. Supply chains remain compromised. We are still having material challenges in both producing and distributing real physical goods across oceans and continents.
Central banks globally have been accumulating gold reserves at a furious pace last seen 55 years ago when the U.S. dollar was still backed by gold. According to the World Gold Council (WGC), central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, with global demand for the precious metal back to pre-pandemic levels.
This "almost certain" global economic slowdown could signal a death blow for the already ailing world financial system, which is loaded with problems and on the brink of going under. We could see the collapse...
Nov 3, 2022 - 07:35:39 PDT
This year's bond crash conjures up images of Wall Street after the 1929 stock market crash.
The United States is not in a recession, White House chief of staff Ron Klain said on Thursday, adding that economic data showed the nation's economy was solid.
As interest rates rise, the housing market has slowed due to lower demand for new homes and refinances, Mike Fratantoni, the MBA's chief economist and senior vice president, said Tuesday at the company's annual conference in Nashville. This slowing housing market is expected to pull the U.S. into a recession, which is forecasted to come at the beginning of 2023.
US Services Surveys "Paint A Concerning Picture" Into Year-End, Export Orders CollapseNov 3, 2022 - 07:13:08 PDT
S&P Global's Services PMI final print for October was 47.8 (better than the flash print of 46.6 but lower than September's 49.3). This is the 4th straight month of contraction according to this signal. ISM Services fell from 56.7 to 54.4 in October (worse then the 55.3 expected). This is the weakest print since May 2020.
A normally dry research report jolted the gold market this week, when it pointed to massive but so far unidentified sovereign buyers.
The era of all-powerful central banks is over for a simple reason: they failed: they failed their citizens, their nations, and they failed the world. Their policies have pushed wealth and income inequality to extremes that have destabilized the planet's social, political, economic and environmental spheres.
Former Federal Reserve Chair Alan Greenspan sees a monetary “tailwind” for the dollar in the coming year even in the event that US monetary policymakers slow or halt their current interest-rate hiking campaign.
US Productivity growth barely rebounded in Q3 (+0.3% QoQ vs -4.1% QoQ in Q2), but this was slower than the 0.5% QoQ expected, after two quarters of huge weakness...