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 war of worldviews between promoters of private cryptocurrencies and promoters of sovereign CBDCs.
Precious Metals:
Price pressure on gold, silver as USDX rallies, crude oil weaker.
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Egon von Greyerz: Time To Get Off The Crashing Cryptowagon And Jump On The Goldwagon.
Economy & Finance:
CNBC: Credit card balances jump 15%, highest leap in over 20 years, as Americans fall deeper in debt.
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Update (November 9th): The Conference Board Economic Forecast for the US Economy. A quote from the opening:
“The Conference Board forecasts that economic weakness will intensify and spread more broadly throughout the US economy over the coming months with a recession to begin around the end of 2022. This outlook is associated with persistent inflation and rising hawkishness by the Federal Reserve. We forecast that 2022 Real GDP growth will come in at 1.8 percent year-over-year and 2023 growth will slow to zero percent year-over-year.”
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At Wolf Street: Where’s the Contagion from the Crypto Implosion?
Commodities:
Charted: The most expensive battery metals.
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US NatGas Tumbles On Bloomberg Report That Freeport LNG May Extend Plant Outage
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Over at Zero Hedge: Wheat Prices Slide On Black Sea Grain Deal Extension.
Inflation Watch:
Why Experts Say High Inflation Isn’t Going Away Anytime Soon, Even if the Worst Is Behind Us.
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At Wolf Street: Inflation Expectations Throw a Curveball.
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Over at Medium: How Inflation Will Impact The 2020s & 2030s.
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AAA Gas Prices Report November 7, 2022: Gas Prices Increase.
Forex & Cryptos:
FOREX-U.S. dollar gains ground as investors focus on future Fed path
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Goldman Sachs FX trader suspended over rate rigging probe: WSJ.
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NY Fed launches 12-week CBDC pilot program with major banks.
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Two recent headlines (post-Sam Bankman-Fraud crypto meltdown):
Crypto could ‘crash’ the financial system, US lawmaker warns.
And,
Crypto giant’s failure exposes cozy Washington ties, weak regulation.
JWR’s Comment: These articles continue the drumbeat of the statist “CBDCs: good, but private cryptos: bad” narrative. We can only expect this to intensify, in the coming months. Federal regulators will come down hard on the crypto exchanges, demanding “transparency.” By the time a U.S. government-issued CBDC goes live, they want to demonize and marginalize private cryptos to the point of insignificance and irrelevance by the general public.
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US crypto exchanges lead Bitcoin exodus: Over $1.5B in BTC withdrawn in one week. JWR’s Comment: Most of these coins should have been in air-gapped hardware wallets all along.
Tangibles Investing:
Generation No Thanks: Millionaire millennials are giving up on stocks and bonds—and it could have ‘significant implications’ for the future”. Here is a quote:
“Most wealthy millennials believe the ‘greatest growth opportunities’ are in real estate and digital assets, while older investors still trust the stock and bond markets.
About 80% of investors aged 21 to 42 have invested in alternative investments including commodities, real estate, cryptocurrencies, private equity, and other tangible assets. And these younger investors are allocating three times more of their funds to the asset class (16%) than those aged 43 or older (5%).”
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Provisos:
SurvivalBlog and its Editors are not paid investing 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!