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, more coverage of the bullish prices for precious metals.
Precious Metals:
Gold Soars To Record High As Stocks Do Something Not Seen Since Oct 1987.
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The wild ride in precious metals prices continued this past week. Gold touched $2,488.10 on Wednesday morning. (July 17, 2024.) Prices were then slammed back down by the COMEX Shorts, on Thursday, pushing spot silver back below $30 per ounce. JWR’s Comments: We can expect more market turmoil today, and this coming Monday. Traditionally, summers have been a season of weak precious metals prices — the so-called “summer doldrums”. But not this year! The silver and gold bull is picking up speed. We can safely expect this to continue, at least until November 2024.
Economy & Finance:
Linked over at the Whatfinger.com news aggregation site: Traders pivot back to multiple rate-cut view, reviving one of 2024’s biggest trading themes.
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JWR’s Comments: The inexorable growth of the national debt has become the great unspeakable truth. This is a l’empereur sans-cullotes situation. It took 200 years for the U.S. government to accumulate a one trillion dollar national debt. But now we have a $34.9 trillion debt and are adding another $1 trillion in new debt every 100 days. Repaying that debt is nearly impossible without the destruction of the Dollar as a currency unit. To say that our legislators are spending like drunken sailors is an insult to drunken sailors. At least those sailors spend money that they’ve actually earned. The congresscritters are spending money that doesn’t even exist.
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Reported on Wednesday: Nasdaq posts worst day since 2022, Dow gains 200 points as investors rotate out of tech.
Commodities:
EIA: Short-Term Energy Outlook (July, 2024)
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From the British greenie-leftist CarbonBrief website: Analysis: China’s clean energy pushes coal to record-low 53% share of power in May 2024.
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At Zero Hedge: China’s State-Controlled Rare Earth Companies Stung By Declining Prices.
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From OilPrice News: China’s Natural Gas Imports Rose by 14% in First Half of 2024.
Inflation/Deflation Watch:
US Consumer Price Index: Eggs.
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From USAToday: Even as inflation cools, Americans report sticker shock at grocery store register.
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From NBC: Here’s the deflation breakdown for June 2024 — in one chart.
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Forex & Cryptos:
More Americans are traveling abroad, thanks to a strong dollar.
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At Currency Thoughts: Tight Labor Market Likely to Delay Fed Rate Cut Further.
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Bitcoin surges to two-week high as Trump’s election odds improve.
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$234 Million Drained From Indian Exchange WazirX, Withdrawals Suspended.
Bitcoin Dominates as Crypto Funds Attract $1.44 Billion in Fresh Capital, Rally To Begin?
Tangibles Investing:
Land Values Have The Resilience Of a Dandelion – AgWeb.
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Palmetto State Armory (one of our affiliate advertisers) usually has some great specials in their “Daily Deals” this week. This one surprised me: PSA FREEDOM AR-15 NITRIDE BOLT CARRIER GROUP WITH CARPENTER 158 BOLT – 516446915 for just $59.95 each. To find this deal, paste “516446915” in their search box.
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!