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 some new taxes and proposed taxes. (See the Taxes section.)
Precious Metals:
The spot and futures prices of gold and silver kept up great strength this week. As of Thursday evening (March 28, 2024), here is a snapshot of the spot market:
Clearly, platinum and silver are both presently undervalued. Methinks the price of platinum will be playing catch-up, in the next few weeks. And silver could see a big breakout to $40 per ounce, or higher. Think about that! Presently, the spot market is at a crazy-high silver-to-gold ratio of 89.24-to-1. If gold holds steady, just a modest reversion to a bit more realistic 75-to-1 ratio would bring silver up to $29.96 per ounce. And a really exuberant “Silver Bull” push to a 40-to-1 ratio versus gold would equate to $56.18 per Troy ounce silver.
I should also mention that if the platinum-to-gold ratio reverts to 2-to-1, that would bring platinum to $1,123.65 per Troy ounce. That is quite possible. And mark my words: In a wartime economy, the platinum-to-gold ratio will likely flip-flop to 1-to-2. (Read: $4,400+ platinum!) Once the cruise missiles start flying, it will be too late. Get your platinum now.
There is definitely a distinct bull market scent in the air! – JWR
o o o
Here is a piece by Jesse Columbo that ran in Forbes: Here’s What You Need To Know About Gold’s Long-Term Bull Market. (Full Disclosure: Jesse Columbo is contractually tied to BullionStar, and they are one of SurvivalBlog’s affiliate advertisers.)
o o o
Reader K. wrote:
“There is an excellent Andy Schectman interview to watch from beginning to end. It is long, but worth every second. We sped it up in the YouTube settings — as we often do — to get through the entire thing.
o o o
Metal detectorist unearths largest gold nugget ever found in England.
Economy & Finance:
Several readers mentioned this news: Swamp Wins: Senate Approves $1.2 Trillion Spending Bill, Narrowly Averting Gov’t Shutdown.
o o o
Reader H.L. sent this: Wages in the US are falling at a ‘striking’ pace, Indeed says.
o o o
From reader C.B: Texas pulls $8.5B from BlackRock in stunning blow to ESG movement.
o o o
Linked over at the Whatfinger.com news aggregation site:
o o o
Commercial Bank of Ethiopia glitch lets customers withdraw millions.
o o o
Millions of seniors behind on student loans risk losing Social Security, lawmakers warn Biden.
Taxes:
Reader C.B. sent us this, at Newsweek: Proposed ‘Rain Tax’ Sparks Anger Online. The article begins:
“The Toronto municipal government’s idea to introduce a new homeowner charge which critics have dubbed a “rain tax” has sparked outrage and criticism from many, including Donald Trump Jr., the son of the former U.S. president.
The proposed “stormwater charge” would hit homeowners for their property’s impact on runoff to the Canadian city’s storm sewer system, in an attempt to encourage people to keep grass and plants on their property rather than paving their land with concrete. The charge would be based on the amount of hard surface area on their property, including roofs, asphalt driveways, parking lots and concrete landscaping, according to Toronto’s city authorities.”
o o o
Millions in New Taxes Could Hit Vermont.
o o o
Biden budget plan would raise US taxes by $4.951 trillion over decade – Treasury.
o o o
Some common sense, in Iowa: Proposed constitutional amendment would require supermajority for tax increases.
o o o
Indiana to see gas tax increase in April.
o o o
Maryland House OKs budget bill with tax, fee, increases.
Inflation/Deflation Watch:
By way of Zero Hedge: Easing in the middle of persistent inflation may worsen stagflation risk.
o o o
Another from H.L.: Dollar Tree Raising Some Prices to $7 as 6-Figure Earners Flock to the Discount Store.
o o o
The Fed projects higher interest rates, and higher inflation, for longer.
o o o
Forex & Cryptos:
Is India planning to break away from the BRICS? For U.S.?
o o o
At Currency Thoughts: Japanese Finance Ministry Amps Up Threat of Yen Intervention Support.
o o o
FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud.
o o o
Current FTX CEO Says Disgraced Fraudster Sam Bankman-Fried’s Remorse Is ‘Nonexistent’.
o o o
Reported on Tuesday: Bitcoin Sentiment Returns To Extreme Greed As BTC Breaks $71,000.
Tangibles Investing:
o o o
US New Home Sales Unexpectedly Dropped In Feb As Prices Tumbled.
o o o
o o o
Palmetto State Armory (one of our affiliate advertisers) is running an amazing special: Swiss P Defense 9mm Military Overrun 124gr, 1,500rd Ammo Can, for $399.99. To find this deal, put SKU 51655154824 in their search box. At this price, it won’t last long, so order soon!
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!