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 ponder where the price of Bitcoin will bottom. (See the Forex & Cryptos section.)
Precious Metals:
Interview: The Biggest Buyer of Silver on Earth 2021.
o o o
Stefan Gleason: Central Banks to Keep Buying Gold.
Economy & Finance:
At the CBS News web site: What’s behind the push for a fourth stimulus check.
o o o
At Zero Hedge: New Harvard Data (Accidentally) Reveal How Lockdowns Crushed The Working Class While Leaving Elites Unscathed.
o o o
California to pay off unpaid rent accrued during COVID-19 pandemic.
o o o
World gained 5.2m millionaires last year in Covid crisis – report.
Commodities:
“Oil About The Benjamin”: Oil Hits 3 Year High As BofA Now Sees Spike To $100.
o o o
Drought Worsens: Western Rancher Relocates 80% of Cattle Herd as 200 of His Reservoirs Run Dry. (Thanks to reader S.B. for the link.)
o o o
The natural-gas glut has evaporated, driving prices higher.
Inflation Watch:
BofA Crashes The “Transitory” Party: Sees Up To 4 Years Of “Hyperinflation”.
o o o
Fed’s Powell says high inflation temporary, will ‘abate’.
o o o
Inflation ahead? Even a top economist says it’s complicated.
o o o
The Case for (and Against) Worrying About Inflation. Here is a snippet:
“For consumers and policy-makers alike, a defining question of our economic moment is this: Are today’s price rises the start of a lasting trend that will lower living standards and derail the economy, or merely the birth pangs of the post-COVID recovery (if not this century’s roaring ’20s)?
No one can answer that question with certainty, but the available evidence does tilt in one direction. Here’s a quick rundown of why inflation is rising, what will happen if it keeps doing so, and the case for (and against) thinking that you’ll be using dollar bills for napkins this time next year.”
Forex & Cryptos:
Reuters: Duration of U.S. dollar weakness splits FX analysts.
o o o
“If traders suddenly develop an expectation that the recent price rally in the global markets is at risk of failing, or that the downtrend in Bitcoin may have broader implications across other assets, we may see a bigger rotation in the global markets throughout the rest or 2021 (and beyond).”
JWR’s Comment: My #2 Son, who watches the crypto markets closely is predicting a bottom somewhere around $15,000 USD to buy 1 BTC.
o o o
Bitcoin dives as China widens crackdown on crypto mining. (Thanks to reader C.B. for the link.) Here is an excerpt from the Technical Traders article:
“Bitcoin tumbled more than 10 percent Monday after China broadened a crackdown on its massive cryptocurrency mining industry with a ban on mines in a key southwestern province.
Chinese mines power nearly 80 percent of the global trade in cryptocurrencies despite a domestic trading ban since 2017, but in recent months several provinces have ordered mines to close as Beijing turns a sharp eye to the industry.
Authorities in the province of Sichuan ordered the closure of 26 mines last week, according to a notice widely circulated on Chinese social media and confirmed by a former bitcoin miner.”
o o o
The Jerusalem Post reports: Israel has already tested a digital shekel cryptocurrency.
o o o
El Salvador’s bitcoin push: What does it mean for cryptocurrency?
o o o
Student’s cryptocurrency investment explodes to over $1trillion.
Tangibles Investing:
Over at InvestmentWatch: Some Americans are reportedly selling their cars they purchased a year or two back at a profit.
o o o
Time on Market for Typical US Home Drops to Just 6 Days: Report.
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!