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 Federal Reserve’s decision to pause raising interest rates.
Precious and Base Metals:
What Changed? Even BlackRock Is Now Advising Its Clients to Look At Investing In Gold.
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At Kitco.com: Gold weakens after FOMC pause, as statement still leans hawkish.
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Podcast: The Brics Growing Influence on Silver.
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California family finds 1 million copper pennies in old home. JWR’s Comments: That equates to $10,000, face value. Their copper bullion melt value is now $25,162.28. Note that in 1982, both copper and zinc pennies were minted. Folks should keep their copper pennies, as a hedge against further inflation. It is wise to hang on to your pre-1982 pennies, and any nickels of any mint date.
Economy & Finance:
From CNBC: Fed holds off on rate hike, but says two more are coming later this year.
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Stocks wobble as Fed skips a rate hike but forecasts more: Stock market news today.
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A primer from PragerU: The Bankrupting of America — describes the National Debt.
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From the left-leaning Bloomberg: Rural Voters Seek Economic Plans From Democrats They Gave Up On.
Taxation:
California Wants to Impose an “Exit Tax” “…for up to 10 years after they leave.”
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2023 state tax rates and brackets.
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The global tax rate is now a tax haven rewards programme, and Switzerland wants in first.
Commodities:
Global scrap prices are increasing for the second week in a row.
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This sad video documents some unconscionable behavior: Chinese Vessel Illegally Salvaged HMS Prince of Wales and Repulse — What is the Law?
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At EuroMonitor: Commodity Market Outlook Q2 2023: Weakening Global Economy Curbs Price Growth.
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OilPrice News reports: Saudi Aramco Buys Carbon Credits At Largest-Ever Auction.
Inflation/Deflation Watch:
At Wolf Street: Powell on the New Hawkishness in the Dot Plot and on Inflation: “We See that it Tells Us that We Need to Do More”.
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Linked over at the Whatfinger.com news aggregation site: 56 Million Americans Can’t Afford To Retire As Cost Of Basic Items Soars Across The US.
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Forex & Cryptos:
At Currency Thoughts: A Rate Pause Was Expected and Delivered Unanimously by the FOMC.
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ECB Hikes Rates (As Expected), Unexpectedly Raises Inflation Outlook Amid EU Recession.
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Their Crypto Company Collapsed. They Went to Bali. Here is a quote:
“As the market cratered, the founders’ lenders ordered them to pay back hundreds of millions of dollars — money that Three Arrows no longer had.
Behind the scenes, it was chaos. At one point, Three Arrows tried to borrow 5,000 Bitcoin, worth $125 million at the time, from the crypto lending firm Genesis to pay back a separate loan to a different creditor, according to documents filed in court in the British Virgin Islands. (Mr. Zhu said that account of their financial maneuvering was inaccurate.) As the company’s fate became clear, its lenders complained that Mr. Davies and Mr. Zhu weren’t responding to messages.
The impact of the firm’s implosion was immediate and sweeping. One of Three Arrows’ largest creditors was Voyager Digital, a crypto bank that had lent it about $700 million. After Three Arrows defaulted on that loan, Voyager became insolvent, and the savings of millions of its customers vanished.”
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Cardano (ADA) Price Sheds 19% As Bearish Sentiment Looms Large.
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Here’s how hackers are using mining pools as mixers: Chainalysis.
Tangibles Investing:
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The law of supply and demand in action: The limited edition Cold Steel Rawles XL Voyager knives are now selling for $250+.
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!