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 decline of the Canadian Standard of Living. (See the Economy & Finance section.)
Precious Metals:
Those dastardly COMEX Silver Shorts have been up to their mischief again, pushing down the price of silver contracts. When I checked on Thursday morning, spot silver was at $28.75, while spot gold was at $2,460.10 per Troy ounce. That equates to a silver-to-gold price ratio of 85.56-to 1. So, I consider this a good time to either buy physical silver, or to ratio trade out of some of your gold into silver.
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Chris Powell: Suppressing Silver Prices Has Been Official US Policy Since 1965.
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Reader H.L. suggested this piece by Daniel Lacalle: Central Banks Purchase Gold to Offset Their Own Money Destruction.
Economy & Finance:
Mid-Day Update: The Dow Jones Industrial Average (DJIA) was down more than 950 points, on Friday morning. Buckle up!
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Study: Canadians Experiencing Worst Standard of Living in 40 Years.
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Credit card delinquency rates hit worst level since 2012 in new Fed study.
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Ten Points About Post-Lockdown Economics. Here is a key quote:
“Stimulus was wiped out by inflation. When the checks started arriving directly in bank accounts, people were doing absolutely nothing at home, and business was getting revenue from government even when their doors were closed, it seemed like some Nirvana had dawned. Riches were flowing from heaven. That lasted about 18 months. Once inflation came along, the purchasing power of those dollars was zapped away. Money creation had been on a level never before seen in modern times; some $6 trillion was created out of thin air to buy stunning amounts of debt. It was all taxed away in the most ancient scheme of tricking the public.”
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At Zero Hedge: 134-Year-Old American Furniture Chain Files For Bankruptcy, Closes All 553 Stores.
Commodities:
VP Harris: “No Question I’m in Favor of Banning Fracking”.
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BRICS nations raise power emissions to new highs over rest of world: Maguire. Here is an excerpt:
“China and India alone accounted for over 90% of the BRICS emissions total throughout the first quarter, highlighting how focused power contamination is within the BRICS bloc due to high coal usage by Asian countries.
China and India are likewise perhaps the most prominent members of the BRICS, with the power to deliver on trade pacts and to undertake considerable foreign financial investment projects that might entice new members.”
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From OilPrice News: Aluminum Prices Plummet Despite Green Energy Hype.
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Why Latin America Is Missing Out on The Global LNG Boom.
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Thieves In Seattle Targeting EV Charging Stations Has Reached “Epidemic Proportions”.
Inflation/Deflation Watch:
What Worries the World – July 2024.
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Turkish central bank chief ‘extremely determined’ to curb inflation. JWR’s Comment: Color me dubious…
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Inequality Is Caused By Inflation.
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Monthly US Consumer Prices Post First Drop in Four Years as Inflation Subsides. JWR’s Comment: Of course, this is based on official inflation figures, which are highly selective and skewed with hedonic legerdemain.
Forex & Cryptos:
At Currency Thoughts: Second Quarter Euroland GDP Growth and Some Central Bank Rate Announcements.
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Trump Gains Unlikely Support from Crypto Libertarians and Silicon Valley in 2024.
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What a Trump Presidency Could Mean for the Cryptocurrency Industry.
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More than 50% of top U.S. hedge funds are investing in crypto, report says.
Tangibles Investing:
A reminder: I will have five tables at the Missoula, Montana Gun Show on August 9-10-11, 2024. This is your chance to shop from about 80% of the Elk Creek Company inventory, including more than 30 antique cartridge guns and percussion guns that have not yet been cataloged. This will include a new batch of several antique Model 1896/11 Swiss rifles. The show will be held in the modest convention center of the Hilton Garden Inn, on North Reserve Street, just south of I-90. To find my tables, look for a five-foot-wide tan “Pre-1899 Guns” banner sign, five tables with dark blue table drapes, and beau coup Mausers. Out-of-state buyers are welcome. But of course, consult your state and local laws before you make a purchase. Thankfully, both pre-1899 guns and blackpowder replicas are exempt in most states.
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!