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 the Biden Administration’s LNG Export Ban. (See the Commodities section.)
Precious Metals:
Spot gold jumped to $2,708.70 per Troy ounce on Thursday morning, in Asian trading. That was another all-time high. And on Wednesday, spot silver briefly touched $32.40. Although there may be some short-term profit-taking, I expect to see gold in a sustained breakout above $2,700, fairly soon. Señor Bull is looking very confident and appears ready to go Full Pamplona. The Comex Gold Shorts should be running for the side streets, in terror.
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Jesse Columbo: Will Russian Buying Drive Silver Beyond $50?
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Over at The Daily Reckoning: The Next Wave(s) of Inflation.
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Russia calls on BRICS partners to create an alternative to IMF.
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Economy & Finance:
Kamala Harris promises price controls … and a few unintended consequences. JWR’s Comment: I’ve been warning you about this, folks, since 2007: How Federal “Bans”, “Freezes”, and “Price Controls” Spread Economic Chaos.
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Social Security payments will rise 2.5% in 2025. JWR’s Comment: This small increase will not keep up with the real rate of inflation!
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Earthquake Insurance Rates Are Set To Increase In California.
Commodities:
SurvivalBlog reader C.B. senr this article: Biden admin’s LNG export ban puts nearly 1 million jobs at risk: study. Here is a quote:
“The Biden-Harris administration’s ban on new permits for liquefied natural gas (LNG) exports threatens nearly one million jobs over the next two decades if the restriction remains in place, a new study finds.
The National Association of Manufacturers (NAM) conducted a study in partnership with PwC that was shared exclusively with FOX Business and found that between 515,960 and 901,250 jobs – as well as about $103.9 billion in labor income – would be threatened if the ban remains in place through 2044. The analysis used the Department of Energy’s outlook prior to the ban announcement to calculate its potential long-term impact.
The export ban would stifle the U.S. GDP by between $122.5 billion and $215.7 billion in 2044, while between $26.9 billion and $47.7 billion in tax and royalty revenues to federal, state and local governments would be at risk in 2044 if the permit pause persists, the study found.”
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H.L. sent us this: Orange Juice Prices Near Record Highs Amid Fears Of Worst Florida Harvest In A Century.
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H.L. suggested this at Zero Hedge: Dozens Of Meat Processing Plants Expected To Shut Down Under New EPA Rules.
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A Historic Short Squeeze In Oil Has Only Begun.
Taxes and Tax Policy:
2024 Harris Tax Proposals: Details & Analysis.
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Donald Trump Tax Plan Ideas: Details and Analysis.
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Bloomberg: 2024 Tax Calendar.
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US budget deficit hits $1.8 trillion for fiscal 2024, per CBO.
Forex & Cryptos:
South African rand firms as August retail sales data on tap.
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Norway, One of World’s Most Cashless Economies, Just Made It A Lot Easier to Pay With Cash.
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BlackRock nears holding 2% of Bitcoin’s supply as institutional capital swells.
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Banks to join SWIFT digital asset trials in 2025.
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FBI token: How the FBI used a fake AI fund coin to nab fraudsters.
Tangibles Investing:
Clark Howard: Report: 10 Used Cars With Big Price Drops.
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Hagerty: The 2024 Collector Car Market Feels Eerily Similar to 2015.
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!