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 another new all-time high for gold, in U.S. Dollar terms. (See the Precious Metals section.) Also, take note of my warning on the stock market, in the Economy & Finance section. – JWR
Precious Metals:
Reported in the WSJ on Monday: Gold Futures Rise to Record High on Fed Concerns, Rate-Cut Expectations — The precious metal is now up more than 34% in the year to date. Here is an excerpt:
“Continuous gold futures on the New York Mercantile Exchange rose 0.8% to $3,543.80 a troy ounce in European midday trading, having reached as high as $3,557.10/oz earlier in the session.”
JWR’s Comment: The WSJ‘s editors failed to mention that spot silver hit a whopping $41.03 per Troy ounce, the same day. By Monday evening on the East Coast (which is Tuesday morning in Asian trading) spot gold was at $3,519.30 and silver at $41.19 per Troy ounce. That brought the market price for a $1,000 face value bag of “junk” silver up to almost $30,000. There was some profit-taking, but by Tuesday evening, gold was back up to $3,555.80. I don’t want to sound smug about this, but… …I told you so!
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Mark Mead Baillie, at Gold-Eagle.com: Gold Lookin’ Sporty; Silver Lovin’ Forty!
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And Neils Christensen, at the Kitco site: Silver could outshine gold as investment demand picks up.
Economy & Finance:
From the WSJ: U.S. Stocks Are Now Pricier Than They Were in the Dot-Com Era. JWR’s Comments: The P/E ratios don’t lie. In fact, they fairly accurately presage secular market downturns. And take note that the “Smart Money” is already on the sidelines, ready to ride out the upcoming stock market crash. Just look at Warren Buffett’s now huge cash position for the Berkshire Hathaway portfolio as a key indicator. If you haven’t done so already, GET OUT of most of your equities, ASAP!
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Some gloom and doom talk over at the Whatfinger.com news aggregation site: Population Collapse PART 2: Tim Pool & Elon Musk Warn Of Coming Depression, Social & Economic Crisis.