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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US Consumer Confidence Slumps In November As Hope Fades
...despite the drop in confidence, buying expectations rose for homes, cars, and major appliances, and expectations for rising incomes also rose modestly.
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“Monetizing Privacy”: The Fed Fans Out, Touting the “Digital Dollar”
But the problemita of pulling the rug out from under the entire banking system still needs to be addressed.
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Taxpayers Face $435 Billion in Student Loan Losses, Already Baked in
No one has ever put a number to it until now.
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The Eurozone Economy Plunges Back Into a Severe Decline
Eurozone business activity fell sharply as countries introduced more aggressive measures to counter rising COVID infection rates.
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US Home Prices Accelerate At Fastest Pace In Over 30 Months
"While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy.”
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World Economy Risks Buckling Into 2021 Despite Vaccine Nearing
The surging coronavirus is stoking fears of a fresh downturn for the world economy, heaping pressure on central banks and governments to lay aside other concerns and do more to spur demand.
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German Economy Grew by 8.5% in Third Quarter, but Recession Fears Grow
Germany's gross domestic product grew by a record 8.5% in the third quarter as Europe's largest economy partly recovered from an unprecedented plunge caused by the first wave of the COVID-19 pandemic in spring, the statistics office said on Tuesday.
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China’s Bond Defaults Show Beijing’s War on Debt Is Back
The defaults have angered investors, who say their faith in the firms’ top-notch ratings, seemingly sound finances and implicit state backing has been violated.
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ECB Should Weigh Copying Fed’s New Inflation Target
The European Central Bank should consider copying the U.S. Federal Reserve's new inflation target and aim to make up for lost price growth after undershooting its aim, Finnish policymaker Olli Rehn said on Tuesday.
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Fed’s Evans Says Should Not Try to Finetune Inflation Overshoot
Chicago Federal Reserve Bank President Charles Evans said Monday that even if rapid vaccine distribution next year puts the economy on course for a faster recovery, the U.S. central bank will still likely keep rates where they are until at least 2023.
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Janet Yellen as Treasury Secretary Sets Up Biden to Go Big on Stimulus
President-elect Joe Biden’s selection of Janet Yellen as Treasury secretary signals that he plans to act aggressively to revive the world’s biggest economy, putting a former Federal Reserve chair who’s not shied away from stimulus at the helm of his economic policy.
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Millions of Americans Expect to Lose Their Homes as Covid Rages
Millions of Americans expect to face eviction by the end of this year, adding to the suffering inflicted by the coronavirus pandemic raging across the U.S.About 5.8 million adults say they are somewhat to very likely to face eviction or foreclosure in the next two months...
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Gold Update: Saxo Group
Is it all over for gold some may now ask. We believe the answer is no... With former Fed Chair Yellen likely heading into government as Biden’s pick for Treasury secretary, the doves will fly, both in government & at the Federal Reserve. With this in mind we are likely to see more, not less stimulus over the coming months.
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Don’t Blame The Pandemic For The $277 Trillion Debt Pile
How do you even begin to visualize $277 trillion? If we convert it into seconds, 277 trillion is the equivalent of 8.8 million years. I’m not sure what was happening that long ago, but I guarantee you it didn’t involve people.
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Coronavirus Live Updates: CNBC
The coronavirus has infected more than 58.79 million people globally as of Monday, killing at least 1.39 million people so far.
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14 Million People Will Lose Their Unemployment Benefits, 30 Million At Risk Of Eviction On January 1
The US economy has just over a month before the covid "safety net" is pulled.
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Economists Are Calling for More Stimulus Checks
“We urge policymakers to use all the tools at their disposal to revitalize the economy, including direct cash payments, which are one of the quickest, most equitable and most effective ways to get families and the economy back on track,” the economists state in an open letter.
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Global Debt Has Piled Up at an Unprecedented Pace Since 2016
Global debt has piled up at an unprecedented pace since 2016, increasing by over $52tn vs $6tn rise over 2012-16, @IIF says. Since the onset of the pandemic, govts have deployed over $12tn to mitigate impact of COVID-19. New debt has less and less capacity to generate GDP growth.
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Italy's Bank Troubles Are Back to Haunt It
The public outcry against bank bailouts during the financial crisis prompted European governments to constrain the use of public money to help lenders in crisis. New trouble at the region’s oldest bank will test whether these rules can outlast the pandemic.
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Crescat November Research Letter: Gold Is Set to Replace Treasuries
Gold Is Set to Replace Treasuries. Precious metals are likely to become a key alternative asset class to replace US Treasuries that are now yielding negative in real terms. Long decades of lack of fiscal and monetary discipline will, in our view, lead to a big shift in the way investors view gold and silver. For centuries, monetary metals have served as a perfect hedge for the constant devaluation of fiat currencies worldwide. In today’s macro scenario, these commodities have potential to massively outperform fixed income instruments. Meanwhile, the precious metals to US Treasuries ratio is still near all-time lows. In the years to come, we believe investors will favor gold and silver over sovereign assets.
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