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 volatile global crude oil markets. (See the Commodities section.)
Precious Metals:
The FOMC Statement Is Bullish For Gold And Silver.
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Arkadiusz Sieroń: Here We Go Again – Gold Simply Can’t Stand $1,800!
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I found this by way of McAlvany’s ICA G2 Report (highly recommended): Venezuelans Turn to Gold Nuggets as the Local Currency Implodes
Economy & Finance:
US Trade Deficit Hits Record of $80.9 Billion in September.
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Treasury Boosts Quarterly Borrowing Estimate to $1 Trillion.
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And at Wolf Street: Jobs Data Shows Something Big Changed in this Monstrously Overstimulated Economy.
Commodities:
Back to the Bakken, again? Reuters reports: Top U.S. oil firms crank up shale output after cashing gains. (A hat tip to H.L. for the link.) This Reuters piece begins:
“Exxon Mobil Corp. and Chevron Corp. on Friday disclosed plans to expand drilling in the top U.S. shale basin after posting their biggest quarterly profits in years.
Latecomers to the west Texas shale fields, both last year slashed shale production and cut drilling as oil demand tanked. They could soon add two rigs each and rev up output, executives said on earnings calls.”
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The National (in Abu Dhabi) reports: Oil exporters to see large surpluses in 2021 and 2022 amid higher crude prices.
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Only OPEC Has The Power To Send Oil Prices To $100.
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Ags Join Commodity Melt-Up As Wheat, Cotton Soar.
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Over at Zero Hedge: Surprising Disclosure From US Steel Suggests Chip Shortage Is Finally Over.
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U.S. Coal Miners Are ‘Sold Out’ for 2022.
Inflation Watch:
At CBS News: Why higher inflation may no longer be considered “transitory”. A quote:
“‘I think probably another word is needed,’ noted Kathy Bostjancic, chief U.S. financial economist at Oxford Economics. Although, she added wryly, ‘transitory’ could simply mean ‘it won’t persist in perpetuity.'”
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Over at The Mises Institute site: The Fed’s Inflation Is behind the Supply Chain Mess.
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PIMCO: Inflation Risks Put the Fed in an Uncomfortable Place.
Forex & Cryptos:
Dollar Back Close to 52-Week High Ahead of U.S. October Jobs Report.
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USD/CAD Forecast: US Dollar Slumps Against Canadian Dollar – 02 November 2021.
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Crypto addiction: a hidden epidemic?
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JPMorgan Analysts Put Ethereum Fair Value At $1,500, With Bullish Outlook For Bitcoin.
Tangibles Investing:
Zillow Scrambles To Punt 7,000 Homes For $2.8 Billion As AI Flipping Scheme Ends In Disaster.
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I see that Palmetto State Armory (PSA — one of our affiliate advertisers) is finally getting some good quantities of ammunition in stock. By all means, shop around, but you’ll probably find that PSA has some of the best prices for mailorder ammo. Buying locally, you might do better, because of shipping costs. Again, shop around.
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!