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 a possible UPS workers’ strike. (See the Economy & Finance section.)
Precious Metals:
The price of gold was flat on Friday (June 16, 2023), but spot silver saw a nice 1.33% bounce to close at $24.46 USD per Troy ounce. So I adjusted my silver divisor accordingly: I now accept pre-1965 US 90% silver coins at 26 times face value, for any of my merchandise at Elk Creek Company. – JWR
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Silver outshines gold with better short-term performance.
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China’s Persistent Gold Accumulation: A Seven-Month Surge In Holdings.
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The Shanghai International Gold Exchange And Its Role In De-Dollarization.
Economy & Finance:
UPS Workers Could Stage Biggest Strike In The U.S. Since The 1950s. Here is an excerpt:
“Some 97% of voting members approved a strike, although the voting turnout was not immediately known.
The union is seeking higher pay; the elimination of so-called two-tier wages, where newer workers are paid less than older employees for the same job; the removal of surveillance cameras from delivery trucks; and more full-time jobs.
Earlier this week, the Teamsters secured a major win when UPS committed to install air conditioning and two driver-facing fans in most trucks. Heat safety has been a significant concern for UPS workers, with many incidents of drivers falling sick from heatstroke.
The current contract was unpopular, with a majority of UPS workforce rejecting it, but the union’s former leadership pushed it through on a technicality. The backlash led to the ouster of the union’s leadership in favor of O’Brien, who has been vocal about his willingness to strike, including going on a national tour of union locals this year to prepare members for a walkout.”
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Amazon Delivery Drivers Walk Out in First-Ever Strike.
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Your tax dollars at work: Planned Parenthood CEOs among the highest-paid in nonprofit sector while abortion giant collected $1.9 billion in government grants, reimbursements: Report.
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Linked over at the Whatfinger.com news aggregation site: S&P 500 breaks six-day win streak on Friday, but still notches best week since March: Live updates.
