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 astounding auction price of the recent record-breaking auction of the Bullitt Mustang Fastback. (See the Tangibles Investing section.)
Precious Metals:
Owners of Orlando gold coin company get prison time for defrauding customers out of $9 million
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Demand For Gold Coins and Bars At Perth Mint Surge To Three Year High
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Gary Christenson: Facts and Speculations – Next Decade
Economy & Finance:
At Zero Hedge: US Consumer Prices Accelerate At Fastest Since Oct 2018
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Reader DSV suggested this blog piece by Ellen Brown: The Fed Protects Gamblers at the Expense of the Economy. Her article begins:
“Although the repo market is little known to most people, it is a $1-trillion-a-day credit machine, in which not just banks but hedge funds and other “shadow banks” borrow to finance their trades. Under the Federal Reserve Act, the central bank’s lending window is open only to licensed depository banks; but the Fed is now pouring billions of dollars into the repo (repurchase agreements) market, in effect making risk-free loans to speculators at less than 2%.
This does not serve the real economy, in which products, services and jobs are created. However, the Fed is trapped into this speculative monetary expansion to avoid a cascade of defaults of the sort it was facing with the long-term capital management crisis in 1998 and the Lehman crisis in 2008. The repo market is a fragile house of cards waiting for a strong wind to blow it down, propped up by misguided monetary policies that have forced central banks to underwrite its highly risky ventures.”
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At Wolf Street: Average Mileage on “Rental Risk” Vehicles Sold to Used Car Market Spikes. But Prices Soar Too. What Gives?
Commodities:
Five commodity themes for 2020
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OilPrice News reports: Bad News For Oil: Refinery Profits Are Sliding
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Commodities In Review: January 2020
Derivatives:
ESMA values EU derivatives markets at €735 Trillion. (Gross notional value, that is.)
Forex & Cryptos:
UK economy, not Brexit, will drive the pound in 2020, analysts say
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EUR/USD Forecast Euro Dollar January 15, 2020
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These Two Factors Show Bitcoin Price Will Drop After Colossal Surge to $8,800
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Dash Price Up 70%, BSV Gains 300%: Is a Price Correction Imminent?
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Ethereum Could Rally 80% by May as Altcoins Lead the Ongoing Market Surge
Tangibles Investing:
WND reports: Steve McQueen’s legendary ‘Bullitt’ Mustang fetches $3.4 million. JWR’s Comment: In this case, it is not just the provenance of the Bullitt Mustang Fastback but also the profound mystique of that car on film. To many, Steve McQueen personified “Cool” and the green Mustang Fastback used in Bullitt put that on wheels. (The musical score by Lalo Schifrin also really helped.)
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 of 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 from local news outlets that is missed by the news wire services is especially appreciated. And it need not be only about commodities and precious metals. Thanks!
As a young man in the 60’s I was lucky to have spent a few minutes chatting with Steve McQueen and his friend James Garner at a Mint 400 off the road race. I can assure you that both of these men were the real deal. Their fame had not gone to their heads as with many actors, it was an honor knowing them if only briefly.
We were just talking about how the old cars are increasing in demand. Mostly because of things like this: https://www.ericpetersautos.com/2020/01/15/minding-your-mood/
Wow – Is that creepy!
Yep, I read this article too. I also agree with RG that it’s really creepy.
I have a 2016 Flex. FOMOCO has been trying to get me to do an update to the GPS maps. I can find no information on what else this software update does. If I can’t find out, there well be no update. I really didn’t want it, but GPS came with the car. I should have kept the 2010 Flex I think I liked it better than this one, and I like this one so much I bought it after the lease ran out.
These new cars are way too connected for me. Since I own this one outright; I want to find someone who can add some hard wired switches to disable some functions. I’ve disabled many functions in the software, but that’s just not the same as hard wired switches.
I’ve bought my last new car.
On the Bullitt Mustang, did he get all six hubcaps for his 3.4 million?
I was wondering if anyone resurrected the Dodge Charger that lost the battle?
Toasty but has to be worth something.
The dangers of putting your money into PM Investing Companies can be great. The allure of easy money can and often does create an environment of fraud and deception. What a shame to lose the savings from a life of hard work and thrift. Be cautious. Be vigilant. Be wary and be safe. Tangible investing is not the perfect solution to all individuals and all situations but it does have one thing going for it…you’re in charge.
BGF: Ref tangible investments.
Your are 100% correct on being in charge.However some folks let being in charge go to their head.Sometimes if you disagree with ideas,theories,or advice your comments are
disregarded.Marching in lock step with anyone is not good.
Pretty sure I have an old Shelby Cobra radiator cap that once belonged to Steve McQueen.
Whoever bought that Mustang will need another $3.4 million to keep it running. I bought a ’66 Mustang in 1973 and it was a money pit to operate. Upper and lower control arm bushings every 40,000, new piston rings every 50K. It was fun to drive, though and got 25 mpg with the 289 CID 3 on the floor.
I was out of the country for a couple of years and my dad drove it on his 120 mile commute to work each week. At one point, it refused to start in the mornings (St. Louis). A new carb, new coil, etc didn’t resolve the problem. It would always fire right up in the afternoons, which drove him crazy. One day, driving to work in another car during a heavy rain, he picked up a drenched hitchhiker….a high school dropout mechanic. Dad told him of the Mustang problem. The kid told him to remove the spark plug boots and wipe off the insulators….road grime collected moisture in the mornings and shorted the high voltage down the outside of the insulator to ground. Dad thought this was a corny idea, but he tried it anyway. Next morning, Vrrroooom! I sort of miss the car.
Re: used rental cars,worked at a car dealer co-located w/rental outlet. Did maintenence(sort of) only did oil changes to keep warranty,no filters or other services(their shop 50 mi away was supposed to do them). Check history,do not buy. Used on dealer lots,bought from auctions not checked just pushed out w/o warranty,sometimes dangerous to drive. Find a private sale with maintence record,dealer trade in(good ones last minutes,management will buy/flip to select wholesalers).
Paul,cars even from ’66 to’73 were light years in difference(materials,manufacture,design) that is why cars were scrapped earlier(50k mi was old). Maintence on car seems excessive and parts changer(carb,coil etc.?) points to non quality work. Best friend had ’65 only needed regular maintenance(we raced 60’s-70’s muscle cars together,put time and $ there)