Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. In this column, JWR also covers hedges, derivatives, and various obscura. This column emphasizes JWR’s “tangibles heavy” investing strategy and contrarian perspective. Today, we look at American consumer debt. (See the Economy & Finance section.)
Precious Metals:
Some market analysis by Frank Holmes: Gold SWOT: Barrick Gold has become noticeably fixated on copper.
o o o
Kelsey Williams, at Gold-Eagle.com: It Was Never About Gold – Always About the Dollar.
Economy & Finance:
Living in the red: Average American has over $54,000 worth of debt.
o o o
Borrowing from the Bank Term Funding Program hit a new all time high this week at $102.735 billion.
o o o
C.B. was the first of several readers to mention this news: As fuel taxes plummet, states weigh charging by the mile instead of the tank.
o o o
Smith & Wesson estimates Tennessee move will cost up to $158 million.
o o o
At Zero Hedge: FDIC Mistakenly Releases List Of Top Firms Bailed Out By Biden Admin’s Backstop Of SVB Deposits.
o o o
Powell: Community banks may be spared from tougher capital rules.
Commodities:
New Copper Supply Offset by Multiple Hits to Existing Operations – Richard Mills.
o o o
Hamburger Prices Near Record High As Grilling Season Kicks Off.
o o o
Linked over at the Whatfinger.com news aggregation site: US approves nation’s first ‘lab-grown’ chicken meat from cultivated cells.
o o o
From OilPrice News: Germany Signs Long-Term U.S. LNG Deal To Replace Russian Gas.
Inflation/Deflation Watch:
President Biden’s Inflation Malarkey.
o o o
Germans Skimp On Food Purchases Due To Inflation.
o o o
Key Events This Week: Key Inflation Prints In US And Europe; ECB Annual Forum.
o o o
Nearly 80% of possible homeowners fear being priced out of the market, survey finds.
o o o
In Britain, Shoplifting Surges As Cost Of Living Soars
o o o
Restaurants Face Unappetizing Slowdown As Consumers Buckle Amid Two-Year Inflation Storm.
Forex & Cryptos:
Reported on Wednesday, at Currency Thoughts: Dollar Recovers Some Ground.
o o o
JP Morgan Announces Groundbreaking Digital Currency.
o o o
Ripple Vs. SEC: Deaton Predicts New Verdict Date, But XRP Price Loses Steam.
o o o
Court denies Binance motion alleging SEC misconduct.
Tangibles Investing:
Lance Lambert recently tweeted:
“We are revising our home price forecasts higher to -2.2% for full-year 2023 from -6.1% previously, and +2.9% in 2024, from +1.0% previously.”
and,
“These forecasts imply a peak-to-trough home price decline of 5.7%” wrote Goldman Sachs.”
JWR’s Comment: That forecast flies in the face of logic. If the Federal Reserve continues to raise interest rates, as it has publicly vowed it will do (following the current pause), then mortgage interest rates will be substantially higher in 2024, and a larger segment of the home-buying public will no longer qualify for mortgages. Ipso facto, inventory will grow and prices will fall. I believe that Goldman Sachs is understating the potential price decline by at least 5% in their forecast. There will be a much deeper trough than 5.7%, folks!
o o o
Woman Finds 4 Plates for $6 Made by Picasso–She Started Crying in the Thrift Store.
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!