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 revaluation of the Venezuelan currency. (See the Forex & Cryptos section.)
Precious Metals:
It was 50 years ago, this month, that President Richard Nixon took the U.S. Dollar off the Gold Standard –ending convertibility of paper Dollars into gold. We’ve been on the Paper Standard ever since. Not surprisingly, the U.S. Dollar has declined precipitously since Nixon’s Day of Perfidy. Even by official inflation statistics (which are low) an item that cost $1 in 1971 FRNs now costs $6.74. There has been a cumulative rate of inflation of 574.1%. Take a look at prices in 1971. Milk, gasoline, and cartons of eggs haven’t become “more valuable” in 50 years. In real terms, they haven’t changed. It is the currency unit that has been destroyed. And for anyone who has kept electronic “Dollars” on deposit in a bank or FRNs tucked under their mattress? Well, we’ve simply been robbed by inflation — a covert method of taxation.
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Gold’s “Flash Crash” Explained: Charts, Fundamentals, & Familiar Manipulations. JWR’s Comment: Though it bounced back on Friday, silver had been down 9.3% last week.
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What Gold Volatility, Stanley Fischer, And CBDC Can Tell Us About The Future.
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One Bitcoin now buys 0.6 kilograms of gold as 10-year returns turn negative.
Economy & Finance:
At Wolf Street: Miles Driven in America Show the Shifts Brought on by the Pandemic: Rural Is in, Urban Not So Much, Mass Transit is Out.
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Truck driver shortage ‘is about as bad as I’ve ever seen’: US Xpress CEO.
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The great American dog shortage.
Commodities:
Reader C.B. sent us this: Historic drought threatens California farms supplying much US food.
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Another Industrial Metal Hits Record High Prices: Aluminum Billet.
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A re-post of a New York Times article: Your Daily Coffee Habit Is About to Get More Expensive.
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California’s Gas Tax is Over 66 Cents Per Gallon. Who Has the Lowest?
Inflation Watch:
The latest propaganda spin from CNBC: July consumer prices jump 5.4%, but core inflation rises less than expected. JWR’s Comments: The official statistics on inflation do not show the real inflation problem. Beware of phrases like: “Excluding energy and food…”
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Producer prices soar 7.8% annually in July, most on record.
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Doug Casey: Why Almost Nothing is Cheap.
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“Transitory” Price Increases Are Forever.
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Steve Bannon’s War Room (Video): Biden Inflation is Going to Get Worse – robbing all Americans more and more every day all across the nation. (The inflation discussion begins at the 18-minute mark.)
Forex, Cryptos, and Crypto Derivatives:
Socialist Venezuela to Slash 6 Zeros from Its Failed Currency.
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The Dollar Demonstrated Its Strength On August 13.
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Inflation Stays in the Spotlight.
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London court orders Binance to trace hackers behind $2.6M Fetch.ai attack.
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Jameson Lopp: Bitcoin: Redefining F-You Money.
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Reported back on August 2nd: Binance suspends crypto derivatives trading across Europe.
Tangibles Investing:
Video: The Housing Market Has PEAKED! (Or Has It?)
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Canada’s housing market is cooling. Have we hit a peak?
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!