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 rising credit card balances and default rates. (See the Economy & Finance section.)
Precious Metals:
At Gold-Eagle.com: Gold: The Chickens Come Home to Roost.
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Mike Gleason, at Gold-Eagle.com: Fed Continues Tough Talk; Silver & Platinum Look Most Undervalued.
Economy & Finance:
Linked over at the Whatfinger.com news aggregation site: Commentator Game Of Trades notes: Credit card defaults are rising FASTER than the 2008 Financial Crisis.
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Credit card debt has reached a record high. Here’s what it means for the economy.
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Why some US bank deposits are held up days after ‘processing error’ delayed 850,000 payments.
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Flom the leftist NBC News: 36-hour shifts, 80-hour weeks: Workers are being burned out by overtime.
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And Wall St. Silver posted this, at X-Twitter: Just the interest on the national debt consumed 40% of all individual income tax revenue in October! US Treasury is spending almost twice as much on interest as it did a year ago. It’s unsustainable but Washington won’t stop spending – do you think it ends with default or inflation?
Commodities:
Reader C.B. sent us this: Appeals court forces Biden admin to hold offshore oil lease sale without eco restrictions.
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From OilPrice News: This Winter Could Usher In A Storm For LNG Markets.
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Over at CNBC: DoubleLine’s Gundlach says interest rates are going to fall as recession arrives early 2024.
Inflation/Deflation Watch:
Another from the CNBC Cheering Section, citing the government’s rigged figures: Inflation was flat in October from the prior month, core CPI hits two-year low.
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Over at the Whatfinger.com news aggregation site: Economic Confidence Plummets: Poll Reveals Challenges for Biden’s Administration. Here is a quote:
“The persistently high level of inflation remains a crucial concern for the Biden administration, overshadowing its touted achievements in job growth and economic expansion. An overwhelming 82% of respondents identified rising prices as their primary financial stressor. This concern cuts across political affiliations, with Democrats, Republicans, and independents all listing inflation as the most significant economic threat and source of financial stress, signaling potential trouble for Biden.”
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Some mostly wishful thinking compiled by the Philadelphia Federal Reserve Bank: Short-Term and Long-Term Inflation Forecasts: Survey of Professional Forecasters.
Forex & Cryptos:
In Germany, and elsewhere in the Eurozone, savings are tapped out. See this X-Twitter post: #Eurozone data show signs of weak economic activity with real retail sales declining further below pre-pandemic trend & contracting in Q3.
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At Currency Thoughts: Continuing Uncertainty Saps Financial Markets of Direction.
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Key Witness at Sam Bankman-Fried Trial to Launch New Crypto Exchange.
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Reader L.R. mentioned this, over at The Epoch Times: Chinese Bitcoin Mines: A Threat to US National Security.
Tangibles Investing:
Higher interest rates are killing the residential estate market. Here are some figures to keep in mind: Pre-Bidenomics: The average annual interest payments on a 30-year mortgage were $8,500. Today, The average annual interest payments on a 30-year mortgage are $24,250.
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The prices of transferable machineguns and autosears continue to rise in the United States. For example, I saw this registered AR-15 drop-in autosear listed for sale at $64,995.
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!