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 cover the announcement of a planned new BRICS Gold-Backed Currency. (See the Forex & Cryptos section.)
Precious Metals:
Spot silver jumped nearly 4.5% in one day on Wednesday, to $24.39 per Troy ounce. Meanwhile gold was up 1.33% to $1,971 per Troy ounce. I hope that my readers have been paying attention to the markets and have been buying on the dips.
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‘The Most Insane Thing Ever’ – Man Finds Huge Hoard Of Civil War Gold On Kentucky Farm.
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Kelsey Williams: The Federal Reserve and $10,000 Gold.
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India restricts import of plain gold jewelry.
Economy & Finance:
At Investopedia: Recession vs. Slowdown: Economic Forecasts Cloudy for the Rest of 2023.
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Bloomberg: Economists Cut China GDP Forecasts After Disappointing Data.
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Posted by the Conference Board, in mid-June: Global Forecast Update. Here is an excerpt:
“The outlook for other emerging economies is mixed. Other developing Asian economies (e.g., India, Indonesia, Malaysia, Philippines) continue to post relatively strong growth, driven among other things by rebounding domestic activity and tourism. The slowdown that we see elsewhere is also not visible in sub-Saharan African economies, with the exception of South Africa. Asian and sub-Saharan African economies are therefore positive outliers in the context of global growth forecasted at a relatively subdued 2.6 percent. The outlook for Latin American economies is more subdued, particularly Brazil, Chile, Argentina and Colombia. The weaker outlook is associated external factors such as slowing global demand and lower commodity prices, as well as internal factors such as very tight monetary policy leading to elevated interest rates, troubling public finances and political instability.”
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A Breitbart article that I found linked over at the Whatfinger.com news aggregation site: Kerry: Fiduciary Responsibility of Money Managers ‘Not to Lose’ Money Is Hurting Climate Transition Investment.
Commodities:
Propane Global Market Report 2023.
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Commerzbank Lowers Brent Oil Price Outlook To $85 At Year-End.
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Global Giants Lock Horns Over Rare Earth Resources.
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Simon Watkins at OilPrice News: Iraq Takes First Step Towards Becoming The World’s Biggest Oil Producer.
Inflation/Deflation Watch:
Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases.
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The inflation outlook and monetary policy in the euro area.
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Felix Richter: Disinflation Yes, Deflation No.
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Zimbabwe Inflation Hits 175% as Currency Continues Crashing Against US Dollar.
Forex & Cryptos:
Canadian Dollar: Event Guide: BOC Monetary Policy Statement July 2023.
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Turkey: Lira’s Slide Continues.
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Reader D.B. in North Idaho sent this: BRICS Launches Game-Changing Gold-Backed Currency, Dethroning the Dollar. Here is a quote:
“At the core of the upcoming BRICS Summit lies the proposal for a gold-backed digital currency that offers an alternative means of conducting global trade and accumulating reserves. By pegging the currency to gold and other commodities, such as rare-earth elements, BRICS aims to enhance financial autonomy and reduce dependence on the US Dollar. This approach is supported by Alexander Babakov, Deputy Chairman of the State Duma, who highlights the practical and promising nature of digital payments and suggests that the currency will be supported by gold and other commodities.
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And here is Martin W. Armstrong’s comments on this development, with some historical context: BRICS & The Gold Backed Currency Idea.
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Silk Road’s Ghosts Haunt Bitcoin Market As US Government Moves 9,800 BTC.
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LBRY Credits Token plummets after federal court ruled against LBRY Inc.
Tangibles Investing:
An article behind the WSJ paywall: That Rolex on Your Wrist Isn’t Worth as Much as You Think.
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Wholesale used car prices drop by largest amount since pandemic began.
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Video: Black Hills Ammunition MK262 MOD1 – The finest 5.56mm Combat Round Ever Developed.
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!