Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. We also cover hedges, derivatives, and obscura. Most of these items are from the “tangibles heavy” contrarian perspective of SurvivalBlog’s Founder and Senior Editor, JWR. Today, we look at electric cars and car battery metals. (See the Commodities section.)
Precious Metals:
No Reason To Believe Metals Volatility Is Over
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Silver Price Forecast – Silver Markets Continue to Be Very Volatile
Economy, Budgets, & Finance:
39 States Don’t Have Enough Money To Pay Their Bills
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Also at Zero Hedge: Budget Office Releases Terrifying Long-Term Debt Forecast. This article begins:
“Back in January, when the CBO presented its latest long-term debt forecast, we – and Albert Edwards – said that this was nothing short of a “ticking timebomb“, one which convinced Albert Edwards shortly after that helicopter money was on its way. Just over a month later, this prediction came true when the Fed unleashed unlimited QE with the explicit intention of monetizing all near-term Treasury issuance in collaboration with the Treasury. The reason: the US economy was about to incur $3 trillion in debt to fund the biggest fiscal stimulus in US history, and much more to come after now that Magic Money Tree has been unleashed on the US with wide segments of the population now expecting Universal Basic Income for the foreseeable future.”
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Goldman Expects Treasury Yields To Surge If Democrats Sweep In November
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At Wolf Street: Who Got the $33 Billion in Farm Subsidies for the US-China Trade-War and Coronavirus Payments?
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Reader H.L. suggested this: The First Casualty of the Fed’s New, Radical Inflation Policy
Commodities:
California’s Governor Gavin Newsom has delusions of adequacy: California to ban new gasoline car sales by 2035
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OilPrice News reports: Africa Is The Undeniable Final Frontier For Oil
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Tesla Shares Plunge After Underwhelming Battery Day. Here is a quote:
“Tesla lost as much as US$50 billion of its market capitalization after-hours on Tuesday, and continued to see its share price plunge on Wednesday after the EV manufacturer’s Battery Day event earlier in the day offered few details about the price of battery packs and not a single ground-breaking announcement.
Tesla’s (NASDAQ: TSLA) shares slumped by 5.6 percent in trading on Tuesday and shed another 6.9 percent in after-hours trade after what some analysts described as an “underwhelming” Battery Day event, especially compared to the hype it had generated among fans, followers, Tesla owners, analysts, and investors.
On Wednesday morning, Tesla was also down, by more than 8 percent, with a market cap of US$361 billion, although Elon Musk promised an affordable US$25,000 Tesla slightly better than a comparable gasoline car, in three years or more, and a drastic cut in battery costs.”
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And at Seeking Alpha: Tesla: Where Battery Day Went Wrong
Derivatives:
JPMorgan Is Set to Pay $1 Billion in Record Spoofing Penalty
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Tangibles Investing:
A report at Breitbart: Empty Shelves: Ammunition Sales Surge 139%
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In Florida: Gun Sales Pop. Here is a quote:
“Gun sales have been very brisk,” said Jon Dezendorf, manager of Fowler Firearms & Gun Range in Fort Myers. “It’s actually hard to get most products at the moment, so I could probably sell more guns if I could get more guns.” He has seen increased demand for shotguns for home defense and smaller handguns for personal defense. “Ammunition is even worse,” he said. “That’s through the roof. That’s even bigger than the gun sales.”
Provisos:
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News Tips:
Please send your economics and investing news tips to JWR. (Either via e-mail of via our Contact form.) These are often especially relevant because they come from folks who closely watch specific markets. If you spot any news that would be of interest to SurvivalBlog readers, then please send it in. News items from local news outlets that are missed by the news wire services are especially appreciated. And it need not be only about commodities and precious metals. Thanks!
38 states can’t pay their bills:
Kinda but that’s what you get for reading the ever ready gloom n doom of zero hedge.
We aren’t going to be in the shape of kalifornia here because we have a constitutional mandate to balance the budget annually as the site stated.
What it didn’t state was our ability to do so, our rainy day funds etc.
In the 80s we put all our eggs in one basket of the oil industry which collapsed. Lesson learned.
It’s not doing well so it still hurts and covid shutdowns, unemployment woes and election fears etc etc.
Yes we are taking a hit on a bad year and no we are not doomed. Yes it hurts and I feel bad for my people who are really struggling right now. But I’ve got faith in them and their resilience. Other things are booming right now here.
Zero hedge never reported our good years now did they? It’s always gloom n doom.
Keep your heads up, fight your way back and stay safe.
Doom and gloom? Reality is for those that can handle it.a
Yeah all they do is doom n gloom.
In fact we shoulda collapsed dozens of times according to them and most of us shoulda died by now.
I can handle truth not “reality” of folks who don’t even live here and know nothing.
Revisit this article in 2 yrs. program it in your calendar and prove me wrong.
JP Morgan gets away with corruption again, no one goes to jail. That should be the headline. Once again grand theft is basically ignored. The Government gets a billion, the little guy that took the hit gets nothing. This is what happened a few years ago in California when Kamala Harris cut a deal with the banks over their crooked lending practices. Here is the tale: She brokered a deal in which for not prosecuting Bankers the state received $125 million to let them off the hook for criminal activity. There was some kind of arbitrary payment to the victims. The state pocketed $100 million to the general fund and $25 million was distributed to the thousands of victims. We received $600.00 for having our house taken away from us, Thanks Kamala,( shill for the bankers). Cannot wait to see how they buy you off next.
Hmm, I know this is off the subject of the article, but I just read a article about the Bidens making over $13 million in income, but only paying $750 k in taxes and they are complaining about Trump paying so little. ( Reminds me of a story my grandmother use to tell about the old guy standing in a pile of dog poop and complaining about how bad his neighbor’s feet smelled )
Good analogy.
Seems that’s the way it often goes. Those making the fuss the guilty ones.
in the years which the demoncrats accused Trump of paying only $750 in taxes each year, Trump paid $1 Million the first year and $4.1 Million the second year. The $750 payments were actually OVERPAYMENTS that he made that were not refunded to him, but ROLLED OVER to apply to his NEXT years’ taxes. Oh how the demoncrats lie !
When has Elon Musk ever promised something he did not produce? I cannot think of a single thing. How, he has been late a few times, but never has he failed to produced what he has promised.
Betting against Elon has prove to be fool’s errand. Whenever it was re-landing a rocket and using it over, or building a tunnel, or producing a a Model Y.
Please pray for President Donald J. Trump who has contracted COVID-19. News reports that he is experiencing mild symptoms, and we know that he is receiving the best medical care available in the world. Our anticipation is that he and the First Lady will recover fully, and quickly. God knows our hearts. He hears us. He will answer. This is the most important gift of caring and gratitude we can give the President, and his family and staff right now.
Yes,
And he contracted Covid right after the Vaccine Congress that was attended by people from all over the world this week in Washington D.C. that ended on Wednesday.
Hmmm! Very interesting timing…
See June Knight’s Report and assessment of the Congress. It’s very telling what they are planning to do with the Vaccines
https://www.youtube.com/watch?v=NnM8ShC4p6M
Anybody notice that 39 states being unable to pay their bills was based on PRE-COVID numbers. Willing to bet that it is all 50 now. Bankruptcy of all facets of government, hyperinflation, and social collapse impending. If you haven’t prepared and gotten out of cities it is probably too late.
So now NYS is going crazy doing tax audits to make up for loss of tax revenue from the wealthy who are fleeing. They started the exodus when Trump cut the max state tax deduction. It continues so they can get away from King Cuomo and his controlling mandates.
Couple of comments:
-The Chicoms have invested over 60 billion dollars into the continent of Africa over the last few years. They are building infrastructure, roads, sending engineers and training African nationals in China. The West has largely forgotten about the Dark Continent, and China is taking advantage of that. The resources there will be a huge boom to them in the future, and they are willing to put the work in to get them.
-Guns are making their way into the shops again, our local Bass Pro and some of the smaller local stores are filling up their counters with new guns. Ammo, however, is the difficult item to find. When it appears, it’s usually gone by the end of the day. Most shops are limiting the amount you can buy. Primers are still hit and miss. You can find bullets and powder, but not primers.
Sometimes I have to wonder; are all these possessions and the meager wealth I have worked so hard to obtain a blessing, or a curse? Do they really add that much to the quality of my life that I should toil and fret so for having them at hand? I suppose having an abundance does allow me some measure of charity I would not be able to provide without it. But giving out of my abundance really does nothing for my faith. I am thankful God has provided so much for me. It seems, though that I live at some measure apart from my discipleship, and am constantly reaching up toward Christ while keeping the yoke of this world on my neck. It is truly impossible to serve two masters, and when the SHTF really comes upon us, I hope it is the roots of my faith that holds me fast, and not this yoke around my neck.
Good afternoon everyone,
They just announced that they are taking the President to Walter Reed on Marine One.
I am praying that our President is going to be ok. I am also praying for our Country
Respectfully
RKRGRL68
Benjammin, my wife and I have also been blessed beyond measure and our material wealth is not ours but The Lords. We are stewards of His providence and I for one want to be a good caretaker of my Lord’s property.
Scripture is clear The Lord owns the whole world and everything in it.