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 the deepening US budget deficit.
Precious Metals:
Adrian Day: What Is Driving Gold?
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Gold price at ‘steep discount’ vs. crude oil: $2,000 gold will be breached – Bloomberg Intelligence
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Arkadiusz Sieroń: Will Gold Rally Continue In The Upcoming Months?
Economy & Finance:
Getting Gold From An ATM in Abu Dhabi.
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AP: US budget deficit for current year hits record $2.1 trillion. An except from the article’s introduction:
“The U.S. budget deficit hit a record $2.06 trillion through the first eight months of this budget year as coronavirus relief programs drove spending to all-time highs.
The shortfall this year is 9.7% higher than the $1.88 trillion deficit run up over the same period a year ago, the Treasury Department said Thursday in its monthly budget report.
The report showed that spending from October through May totaled a record $4.67 trillion, up 19.7% from the same period a year ago. Government tax revenue was up 29.1% to $2.61 trillion, compared to the same period a year ago.
However, this year’s figure was bolstered by tax payments made in May, a month later than the normal April deadline but a month earlier than last year’s June deadline.”
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Reader H.L. sent this item: Half of the pandemic’s unemployment money may have been stolen
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Some interesting observations, over at Headline USA: Resetting the Federal Debt.
Commodities:
One Shocking Chart That Has Farmers Trembling With Fear. Please pray for a shift in the jet stream and copious rain in the west, folks!
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Oil Closes Above $70 a Barrel for First Time in Over Two Years.
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California faces worst drought in decades: ‘Economic disaster’
Inflation Watch:
As Retail Prices Rise, Companies Try Not to Say It Out Loud.
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CNN: The perfect storm making everything you need more expensive.
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Over at the CNBC Perpetual Cheering Section: This trader thinks the inflation risk is underrated and gives her ultimate hedge.
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Paint just got a lot more expensive.
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Forex & Cryptos:
Will The USD Lose Reserve Currency Status In 15 Years?
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Fed explores ‘once in a century’ bid to remake the U.S. dollar.
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It’s Official: El Salvador’s Legislature Votes to Adopt Bitcoin as Legal Tender.
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Cryptocurrency wins votes of confidence from Texas governor, Department of Banking. (Thanks to C.B. for the link.)
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The war on cryptocurrencies seems to be intensifying: Ransomware attacks add to bitcoin’s woes, shining a light on the use of cryptocurrencies in crime.
Tangibles Investing:
A report on real estate prices from San Jose, California: You cannot save as fast as the market is going up.
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The Great Gun Sales Boom of 2020-2021 Shows No End In Sight.
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How to Navigate Surging Used-Car Prices.
Provisos:
SurvivalBlog and its Editors are not paid investment counselors or advisers. Please see our Provisos page for our detailed disclaimers.
News Tips:
Please send your economics and investing news tips to JWR. (Either via e-mail or 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!