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 declining natural gas prices. (See the Commodities section.)
Precious Metals:
Spot gold was at $2,684.50 USD per Troy ounce at mid-day on Thursday. JWR’s Comment: We might see $2,750 gold in the next few days if international tensions over the Ukraine escalation continue.
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Banks Covered Gold & Silver Shorts During Post-Election Selloff.
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Why Physical Gold Outshines Gold Mining Stocks Over the Long Term.
Economy & Finance:
Nearly 40% Of Cars Financed Since 2022 Are Underwater.
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Reader H.L. spotted this: Target CEO says ‘consumers continue to spend cautiously’ amid triple-miss earnings report.
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D.S.V. sent us this news: House Ways and Means chairman lays out plans to deliver Trump tax cuts for seniors, tip workers.
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At Zero Hedge: China’s Economy Is Larger Than 30 Asian Economies Combined.
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It seems that a handful of liberal Hollywood bohemians are making good on their promises to move offshore, following the November presidential election:
Ellen Degeneres, her (ahem) “wife”, and presumably their cats have decamped to England. I wish them the best in their chilly, rainy new home. Apparently, they have some sort of castle or large estate in mind. I hope that they enjoy that 45% income tax rate. And the Stamp Duty Land Tax (property purchase tax.) The rate is 12% on properties valued at over £1.5 million. Oh, and there is also that dratted Annual Tax on Enveloped Dwellings (ATED). They will be paying £292,350 per year on any property valued at more than £20 Million.
Meanwhile, Richard Gere and his Spanish-born bride (nearly half his age) have moved to sunny Spain. Mr. Gere should be warned: The top income tax withholding rate in Spain is 47%.
I suppose the only way to truly embrace Euro-socialism is to pony up the onerous taxes with a big smile. – JWR
Commodities:
Reader C.B. sent us this: More logging is proposed to help curb wildfires in the US Pacific Northwest.
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Russia’s Gazprom Shuts Off Natural Gas Shipments to Austria.
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H.L. sent this: Oil prices climb after a ‘meaningful escalation’ in the Russia-Ukraine war.
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Natural Gas Prices In US Northwest And Western Canada At Record Lows. JWR’s Comments: I anticipate that President DJT’s policies will encourage more exploration in the Bakken region. This in turn will lead to more natural gas capture, and possibly even lower prices.
Debt & Deficit:
We’re Already on Track for a $2 Trillion Deficit this Year.
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This was reported back in June: CBO: National Debt to Reach Record Share of GDP in Just Three Years.
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California’s state and local government debt is over $500 billion. JWR’s Comment: Gee, and we thought that only the Federal government could get away with this sort of fiscal hanky-panky.
Forex & Cryptos:
Goldman Sees Dollar ‘Stronger for Longer’ in a New Tariff Regime.
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At Currency Thoughts: Second Icelandic Central Bank Rate Cut Larger than the First One.
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Bitcoin was hovering around $97,400 USD on Thursday morning. JWR’s Comment: We might see $98,500 USD per BTC in the next few days if international tensions over the Ukraine escalation continue.
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Why the election results make $115K Bitcoin even more likely.
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Bakkt’s stock soars 162% as Trump Media negotiates to buy crypto firm, report says.
Tangibles Investing:
Farmland Prices Come Back to Earth After Years of Growth.
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Palmetto State Armory (one of our affiliate advertisers) has announced some great Pre-Black Friday specials that will run until December 1st, 2024. Here is just one example: PSA 16″ Mid-Length 5.56 NATO 1:7 Nitride 13.5″ Lightweight Hex M-LOK Upper with No BCG or CH for just $219.99. To find this deal, paste the SKU 51655155236 in their search box.
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From now until Black Friday, Ready Made Resources (one of our long-time advertisers) is running a big sale on full mil-spec AN/PVS-14 night vision monoculars. They have them at reduced prices, and every PVS-14 purchase comes with a free Light Interference Filter (a $200 value) and a free PVS-14 Compass (a $200 value). Take a look!
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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!