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 Senior Editor, JWR. Today, we look at the prospects for copper prices, in 2023. (See the Commodities section.)
Precious Metals:
Reported on Tuesday: Gold price up amid bullish outside markets.
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At the Von Mises Institute website: The “Barbarous Relic” Helped Enable a World More Civilized than Today’s.
Economy & Finance:
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Catastrophic: Fed Revises New Job Growth From 1.2 million to 10K for Q2.
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Bloomberg reports: Stagflation Will Rule 2023, Keeping Stocks in Peril.
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How high will interest rates rise in 2023? Economists, markets are skeptical of Fed hike plan.
Commodities:
Are Copper Prices Poised To Climb Higher In 2023? The article had these details on some turmoil in Peru:
“In the short term, protests pose a substantial supply-side risk to copper. Should they continue, they could further boost already-bullish copper prices. Already, several roadblocks have delayed and cut off shipments to and from mines. Most recently, Freeport McMoRan’s Cerro Verde mine, located near the city of Arequipa, noted logistics setbacks for workers, supplies, and products due to protests.
Near Cusco, protesters blocked off a key mining corridor for the Las Bambas mine. Peru is the second-largest global copper producer after Chile. Prior to the latest political turmoil, mines throughout the country faced repeated disruptions from protesters angling for further financial support from mining companies.”
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Global Coal Consumption Hits Record High Amid Green Agenda-Induced Energy Crisis.
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Biden to End Natural Gas Use in Federal Buildings.
Inflation Watch:
A dose of reality, from the USDA: Food Price Outlook, 2022 and 2023 — USDA ERS – Summary Findings. The article is worth reading. Buried at the very end was this gem (with bold type emphasis added): “Farm-level fruits prices rose by 11.5 percent in October 2022, an increase of 34.5 percent from October 2021. Farm-level vegetables prices jumped by 22.4 percent in October 2022, following a 15.7-percent increase in September, and were 45.8 percent higher than October 2021. Farm-level fruits prices are now predicted to increase between 15.5 and 18.5 percent, and farm-level vegetables prices are now predicted to increase between 34.0 and 37.0 percent in 2022.” (Our thanks to A.J. for the link.)
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Inflation in 2023: experts predict ‘worst is yet to come’ as recession looms.
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Christmas meals will cost 16.4% more this year.
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At The Week: When will inflation come down? Forecasts for 2023.
Forex & Cryptos:
FX year ahead 2023: Recessions and trend reversals.
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Russian Rouble Plunges To 7-Month Low As Crude Prices Languish.
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Over at Currency Thoughts: Bank of Japan Perceived to Be Testing Exit Strategy Despite Denials.
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Bitcoin Bearish Signal: ‘Mid-Term’ Holders Show Signs Of Dumping.
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What it’s actually like to use Bitcoin in El Salvador.
Tangibles Investing:
Some wisdom from friend and fellow blogger Patrice Lewis: How tangible should it be?
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U.S. Home-Builder Sentiment Dropped Further in December — NAHB.
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Home prices could plunge 20% amid risks of ‘severe’ correction, Dallas Fed says.
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GunMag Warehouse (one of our affiliate advertisers) is running an amazing Christmas sale on ETS brand Gen 2 9mm 32-round magazines for Glock double-stack 9mm pistols, for just $6.99 each! These will fit Glock Models 17, 18, 19, 26, 34, and 45. They will also fit and function in double-stack 9mm Glock clones such as the Lone Wolf, Polymer 80, and PSA Dagger. At a price that low, you should buy a pile of them. Since Glock 9mm pistols are now so ubiquitous, I predict that big stick magazines like these will be ideal for barter, in The Crunch.
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. Thanks!