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 developing economic downturn, that may turn into a trainwreck. (See the Economy & Finance section.)
Precious Metals:
We’ll start off with this video from Mike Maloney: The Trigger For a Post Dollar World.
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Gold Forecast: Prices Could Weaken Further Before Bottoming in September.
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The Gold-to-Silver ratio is still out of whack. If you haven’t done so already, if you are heavy on gold, then trade some of it for a stack of silver!
Economy & Finance:
Reader C.B. spotted this: Amazon to close, scrap plans for dozens of warehouses amid slowing sales growth: report.
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Bank of America again warns of ‘recession shock’ as Fed doubles down on inflation fight. Here is an excerpt:
“In a Friday analyst note, strategists led by Michael Hartnett predicted a “fast inflation shock, slow recession shock” as the economy continues to confront surging consumer prices, high household savings, billions in fiscal stimulus and the impact of the war in Ukraine.
Hartnett said he expects ‘new highs in yields’ and ‘new lows in stocks,’ after Fed Chairman Jerome Powell’s keynote speech in Jackson Hole, Wyoming, last week, where he hinted at an increasingly hawkish central bank that is determined to wrestle inflation closer to its 2% goal, regardless of the potential economic fallout.”
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Report: Reshoring of American Manufacturing Jobs at ‘Record High’.
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Goldman, BofA Now Expect 75bps ECB Rate Hike After European Inflation Comes Record Hot.
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IRS Sent Over $1 Billion In Stimulus Checks To Locked Up Criminals, Including Murderers.
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In the WSJ: Fast Food Wages Could Increase to $22 an Hour in California.
Commodities:
BBC: No going back to reliance on Russian gas from here.
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Over at OilPrice News: U.S. Diesel Prices Are Back Above $5.
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Out with the silver, in with the copper: A new boost for solar cell production.
Inflation Watch:
Kelley Blue Book: Average Used Car Price Back on the Rise.
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Eye-popping price increases for staples like milk and eggs leave some in the U.S. with few options. A pericope:
“For Americans, like Canadians, it’s been most noticeable at the gas pump, where prices have gone up a whopping 60 per cent since last June. But the jump in the cost of staples such as milk (16 per cent), butter (26 per cent), eggs (33 per cent) and flour (19 per cent) is also hitting consumers and small businesses hard.”
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The Eurozone inflation rate is still stair-stepping upward.
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Inflation slows as gas prices drop, but food, rent costs climb.
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In Pakistan: Unrelenting Inflation.
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Turkey Annual Inflation Rate Rose Above 80% in August.
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Argentina’s annual inflation rate: 71%.
Forex & Cryptos:
The US Dollar Index is still surging. The latest headline: Euro falls to below 99 cents to the US dollar.
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Old Bitcoin Supply Moves Into Derivatives, Whales Setting Up Long Positions?
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Bitcoin Price (BTC) Slides Under $19,000 — The First Time Since July 4
Provisos:
SurvivalBlog and its Editors are not paid investing 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. And it need not be only about commodities and precious metals. Thanks!