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 adoption of Bitcoin as a currency in El Salvador. (See the Forex & Cryptos section.)
Precious Metals:
I checked over at Kitco, and there were some big moves in the metals markets on Friday. Most notably, silver was up 81 cents per Troy ounce (3.37%.) And there were gains for the other key metals:
| Gold | 1828.80 | +1.06% |
| Platinum | 1019.00 | +2.52% |
| Palladium | 2360.00 | +0.68% |
| Rhodium | 15750.00 | +0.95% |
FWIW, given the instability in Afghanistan, I expect to see a rally in precious metals that will extend to November,
The cited reason for the big price moves? Price gains in gold, silver after weak U.S. jobs report.
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Afghanistan’s Gold At The New York Fed: 1,731 Bars Held Since 1939. (A hat tip to H.L. for the link.)
Economy & Finance:
Dr. Ron Paul: How To Survive A “Crack-Up Boom”.
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At Investment Watch: FedRes Overnight Reverse Repo: $1,189.616B – Another Record!
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At Zero Hedge: David Stockman On The Return Of Negative Yields… And What Comes Next.
Commodities:
H.L. sent us this: A record-breaking 44 container ships are stuck off the coast of California.
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Aluminum Prices Hit Decade High Amid China’s Drive To Cut Carbon Emissions.
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At WND: Microchip shortage, demand not likely to end soon.
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GM, Ford halt some production as chip shortage worsens.
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Russia’s Gazprom Neft moves to yuan in fuelling planes in China.
Forex & Cryptos:
Tomorrow (September 7, 2021): Bitcoin will soon be ‘legal tender’ in El Salvador – here’s what that means. The article begins:
“On Sept. 7, 2021, El Salvador will become the first country to make bitcoin legal tender.
The government even went a step further in promoting the cryptocurrency’s use by giving US$30 in free bitcoins to citizens who sign up for its national digital wallet, known as “Chivo,” or “cool” in English. Foreigners who invest three bitcoins in the country – currently about $140,000 – will be granted residency.
Panama is considering following El Salvador’s lead.
Does making bitcoin legal tender mean every store and merchant in El Salvador will now have to accept digital payments? If more countries do the same thing, what will this mean for consumers and businesses around the world?”
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Bitcoin At $100,000, Ethereum At $5,000 Is Path Of Least Resistance, Says Bloomberg Crypto Analyst.
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Central Bank Digital Currencies to Be Tested in BIS Experiment.
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GBP/USD Needs a Domestic Boost to Move Higher.
Tangibles Investing:
Signs of the times: Landlord faces homelessness as tenants fall behind on rent during eviction ban.
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Housing Market Black Swan Bubbling.
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!