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 examine the recent run-up in gold, silver, and platinum prices. (See the Precious Metals section.)
First up, in U.S. Dollar terms, spot gold and gold futures just hit a 7-year high. And in Indian Rupee terms, gold futures hit at an all-time high. And who knows how gold is priced in some of the rapidly-ly inflating currencies. I don’t believe that we are yet anywhere near the top, in this bull market. And my advice is still to buy silver, rather than gold. Not only is it better for barter, but it is also more likely to double in value, than gold.
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Economy & Finance:
David Stockman: Jobless Thursday – How the Donald Is Making America Poor Again. JWR’s Comment: The included charts paint a grim picture.
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H.L. sent us this: Gasoline demand drops.
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OilPrice News reports: U.S. Looks For Ways To Boost Rare Earths Mining
Next, over at The Libertarian Institute: A Lost Year – Where Do You Go From Here?
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You may have noticed that echoing gold and silver’s meteoric rise last week, the cryptos took a nice bounce. When I last checked (Sunday afternoon), one Bitcoin (BTC) would cost you $9,903 in USD. Meanwhile, Ethereum surged 20%. On Sunday, that marked the high point for 2020.
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Given the record-breaking sales at gun shops, it is not surprising to see gun and ammunition prices escalating at both the wholesale and retail levels. If you stocked up on common-caliber ammunition before all this market chaos, then you are sitting pretty. Assuming you might have some “extra” ammunition, don’t sell it at a break-even price, unless it is to help out a relative or a close friend. Presently, it is 9mm Parabellum, 12 gauge buckshot, and 5.56mm NATO that are very hard to come by. I’ve heard that they sell out as soon as they hit the shelves. But .308, .30-06, 7.62×39 and .45 ACP will also soon be in very short supply. And by the time of the November election, I expect nearly all types of ammunition to be chronically sold out — even .22 rimfire and the oddball and obsolete calibers. So my advice is: Stack it deep, while you still can. Important Note: Also buy plenty of extra magazines. I’ve been advising this since 2007, and by the way, my outlook hasn’t changed–except for the advent of some new varieties of magazines, such as MagPul P-MAGs. In some ways, 11+ round magazines are a higher priority, especially if the Democrats simultaneously take control of the House, Senate, and White House. In the context of the early 21st Century, that is the quintessence of a “worst-case scenario.” If the Democrats take control, then they will push for a magazine ban, almost immediately.
SurvivalBlog and its Editors are not paid investment counselors or advisers. Please see our Provisos page for our detailed disclaimers.
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 items from local news outlets that are missed by the news wire services are especially appreciated. And it need not be only about commodities and precious metals. Thanks!