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 2024 BRICS Summit. (See the Precious Metals and Forex & Cryptos sections.)
Precious Metals:
The precious metals market roller-coaster ride is continuing, with a lot more “woo-hoo!”, than screaming. On Monday (October 28, 2024) spot gold started out strong, at $2,760 per Troy ounce. Silver was back up to $34.06. Palladium has been the big mover, in recent days. It was at $1,266 on Monday, but down to $1,204, on Wednesday. Also on Wednesday, spot gold reached $2,803.60 USD in Asian trading. That was another all-time high.
I anticipate that silver and platinum still have more catching up to do, vis-a-vis gold. – JWR
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The BRICS Aren’t The Only Ones Turning To Gold…
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From Reader C.B.: Hungary strikes gold: New deposits may reshape economy.
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For more details on the nascent precious metals market, see today’s October in Precious Metals column. Stackers are living in some exciting times!
Economy & Finance:
North Dakota voters could end property taxes — and pour ‘gas on the spark’ of a growing tax revolt.
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Analyzing China Exposure Risk.
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Charles Hugh Smith: 17 Indicators of Global Recession Are Clanging.
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Reader C.B. spotted this M&A news: Verizon to Buy $1 Billion in Spectrum From US Cellular.
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Store closings hit highest level in years amid higher prices, more budget-conscious consumers.
Commodities:
D.S.V. sent us this: Massive US Lithium Deposit Could End Reliance on Imports.
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A WSJ piece: Opinion: Gavin Newsom Raises Gas Prices Again.
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From OilPrice News: Why Crude Oil Options Are Soaring.
Inflation/Deflation Watch:
From High Inflation to Hyperinflation: How Close Are We? Here is an excerpt:
“The raging inflation of the 1970s and early 1980s is a stark illustration of the danger of cutting interest rates in an environment of elevated inflation… such as the one we are in today.
However, as bad as the 1970s inflation was, I believe it’s an optimistic scenario.
That’s because the out-of-control inflation then was only tamed when Paul Volcker hiked rates above 17%… an option that is not available to the Fed today because of the skyrocketing federal interest expense.“
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A more optimistic view, from Deloitte: United States Economic Forecast.
Forex & Cryptos:
What happened at the BRICS summit?
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BRICS summit: Key takeaways from the Kazan declaration.
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BRICS Just Dropped A Manifesto For The New World Order.
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At Currency Thoughts: Flat Dollar, Equities Mixed, Many Data Releases, and a Larger-than-Forecast Russian Interest Rate Hike.
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BlackRock’s billion-dollar Bitcoin bet could signal crypto’s next big boom.
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Crypto ETFs attract $2.2 billion. Is election buzz fueling Bitcoin’s rise?
Tangibles Investing:
Today’s Housing Bubble Could Sink Your Retirement.
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Palmetto State Armory (one of our affiliate advertisers) has some great specials in their “Daily Deals” this week. For example: PSA 11.5″ Carbine-Length 5.56 1/7 Phosphate 10.5″ Lightweight M-Lok Upper – With BCG & CH for just $299 (normally $699.) To find this deal, paste the SKU 5655102646 in their search box.
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!