Gold and Silver Industry & Investing News
Today’s gold and silver market news, curated from the best of GoldSilver's team and around the web. Everything precious metals investors need to know including updates on big price swings, macro analysis, and breaking stories. Check back often or subscribe to get the highlights in your inbox. Monitor live spot prices on our charts page.
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Coming Soon: America’s Own Social Credit System
China’s social credit system is a combination of government and business surveillance that gives citizens a “score” that can restrict the ability of individuals to take actions — such as purchasing plane tickets, acquiring property or taking loans — because of behaviors.
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Cuba and Venezuela Offer Cautionary Tales of Socialism
For the past decade, citizens of Latin American countries have grown bolder in protesting their governments' failed socialist policies. We’ve seen unrest in, among other states, Venezuela, Chile and Colombia, but until recently, we hadn’t heard a peep...
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German Business Group Says ECB Rates Policy Threatens Euro
“The rising inflation rates are a troubling warning signal,” said Wolfgang Steiger, secretary-general of the CDU Wirtschaftsrat, a business group of 12,000 members that is close to Chancellor Angela Merkel’s Christian Democrats (CDU).
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JGBs: No Takers?: FT
Yes, that’s right, the benchmark fixed income instrument in Japan’s $11tn government bond market did not trade on Tuesday. At all. That’s despite the Bank of Japan announcing in late June that it was planning to scale back its purchases of the 10-year bond, in an apparent attempt to make the market more active. So it’s probably fair to say that today’s market action is not quite what it had in mind.
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The 2021 Olympics Are Turning Into a $20 Billion Bust for Japan: WSJ
The host nation expected an economic windfall and global recognition. But amid pandemic, a disgruntled populace just wants it all to go away.
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U.S. Sees Borrowing $1.4 Trillion in Second Half of 2021: Bloomberg
The U.S. Treasury Department said the government will borrow almost $1.4 trillion in the second half assuming lawmakers raise or suspend the newly reinstated debt limit, as money continues to support coronavirus relief even before the impact of additional economic programs being considered by Congress.
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The 1.9 Million Reasons the BOE Will Echo Fed’s Rate Patience
With almost 1.9 million people still on furlough, the Monetary Policy Committee will signal Thursday that it’s in no hurry to cut its 875 billion-pound ($1.2 trillion) bond-buying plan. It’s also unlikely to be swayed by the economic rebound, expected to be the fastest among the Group of Seven this year.
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Bank of England Should Mind Its Policy Gap with the Fed: Bloomberg
As inflation rates accelerate around the world, central banks are talking about talking about tapering their stimulus programs. With U.K. data starting to give distinctly mixed signals about how fast the economy is rebounding, the Bank of England should err on the side of caution this week as it debates when and whether to start easing back on its support.
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The Big Mac Index Shows That the U.S. Dollar Is Grossly Overvalued
The Big Mac Index shows that the U.S. dollar is growly overvalued against many Asian currencies (nearly 40% against the renminbi). The most expensive Big Mac in the world can be found in Switzerland. Visit http://usfunds.com for our free market research.
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Biden Fed Pick Pits Powell Against Liberal Push for Regulation
President Joe Biden has a tough decision in choosing the next Federal Reserve chair: Play it safe by giving Jerome Powell a second term or take a chance on a liberal like Lael Brained, who would please progressives in Congress yet potentially agitate Wall...
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US Dollar To Depreciate As Taper Risk Diminishes
“Our take-away from the updated guidance is that QE tapering will not be rushed and the prospect of an earlier than expected taper announcement, say in September, has diminished. The key statement that the ‘Committee will continue to assess progress in the coming meetings’ suggests the assessment on meeting ‘further substantial progress’ will take longer.”
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Congress Misses Key Debt-Ceiling Deadline: What That Means, What Happens Next
The nonpartisan Congressional Budget Office estimated at the end of July that the government would probably run out of money to pay its bills sometime in the fall, likely October or November. The new debt ceiling, which will include the new spending approved by Congress over the course of the past two years, will likely be around $28 trillion, the CBO said.
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As Inflation and Government Debt Surge, Washington Is Ignoring Our Most Critical Economic Crisis
Economic crises of all sorts loom on the horizon, ranging from high and rising federal debt, to high and rising inflation, to unsustainably high and rising housing costs. But the most important crisis we currently face is one you never hear about: historically low labor productivity growth.
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America’s Recovery: Is Joe Biden’s Presidency Vulnerable to Inflation?: FT
Republicans sense inflation provides an opening — a chance to label the Biden administration as reckless big spenders and the recovery a short-term sugar-high. Party strategists say the Republicans intend to make the jump in living costs a central message to bludgeon both the White House and congressional Democrats.
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Fed’s Waller Says September Taper Call May Be Warranted
Federal Reserve Governor Christopher Waller said that if the next two monthly U.S. employment reports show continued gains, he could back an announcement soon on scaling back the central bank’s bond purchases.“I think you could be ready to do an announcement by September,” Waller said Monday in an interview on CNBC....
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IMF Approves New SDR Allocation To Boost Global Liquidity Amid Pandemic
The board of governors of the International Monetary Fund (IMF) has approved a new general allocation of Special Drawing Rights (SDR) equivalent to $650 billion, the largest allocation in the IMF's history, in an effort to boost global liquidity amid the COVID-19 pandemic, according to an IMF statement released Monday.
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An EV Battery Metals Crunch Is On The Horizon As The Industry Races To Recycle
A "crunch" for the materials will likely happen as a result of demand surpassing supply, which will take place in 2 to 3 years, according to Monica Varman, a clean tech investor at G2 Venture Partners.
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Soaring Aluminum Drives Up Cost of Everything From Beer to Foil
For consumers and economists hoping commodities inflation will soon subside, the aluminum market delivered some discouraging news on Monday. The world’s second-largest brewer, Heineken NV, said the rising costs of freight and the metal used in beer cans will have a “material effect” on profit next year. Reynolds Consumer Products Inc.,..
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Is This What's Really Behind The War On Home-Ownership?
The incipient “Great Reset” is a multi-faceted beast. We talk a lot about vaccine passports and lockdowns and the Covid-realated aspects – and we should – but there’s more to it than that. Remember, they want you to “own nothing and be happy”. And right at the top of the list of things you definitely shouldn’t own, is your own home.
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Nearly Half of Americans Selling Their Homes Don’t Plan To Buy Another
With housing prices through the roof, sellers are getting great prices for their homes. Yet many don’t plan to buy a new place to live.
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