Markets have rallied since we got cooler-than-expected CPI data for October. But in his podcast, Peter Schiff said we are in the eye of the inflation hurricane, and investors have been lulled into a false sense of security.
With real wages decreasing and inflation running rampant, Americans are burying themselves in debt to make ends meet.
After setting a new record in the second quarter, household debt increased at the fastest pace in 15 years during Q3, as American consumers have run up credit card balances month after month this year as they cope with higher prices. Meanwhile, rising interest rates have ballooned mortgage balances.
On Tuesday (Nov. 15), the New York Federal Reserve announced a 12-week pilot program in partnership with several large commercial banks to test the feasibility of a central bank digital currency (CBDC).
The “proof of concept” program will test an “interoperable digital money platform” on a regulated liability network (RLN) for “technical feasibility, legal viability, and business applicability of distributed ledger technology,” according to a press release.
Festival and wedding buying boosted gold demand in India last month and the outlook looks strong moving forward.
If you are holding American Silver Eagles, this is a great time to exchange them for silver bars and walk away with a lot more silver.
After running a $1.3 trillion deficit in fiscal 2022, the US government took up right where it left off to start fiscal 2023 — running a big budget deficit.
The October budget deficit came in at $87.8 billion despite another month of healthy government receipts, according to the latest Treasury statement.
The October CPI data came in a bit cooler than expected, but the market reaction was hot and furious. Peter Schiff broke down the CPI data and the market reaction to it in his podcast. Despite the spin, Peter said the Fed isn’t making any progress in fighting inflation.
Three key takeaways:
- For weeks, the Bitcoin market has looked propped up by the whales, especially after the recent FTX disaster.
- Bitcoin hodlers should strongly consider moving into gold, silver, or at least Ether.
- Full disclosure, I have a complicated relationship with Crypto.
The Federal Government ran a deficit of $88B in October which is down significantly from the deficit last month that was a record for September due to the student loan forgiveness program. The deficit is also down compared to last October which was -$165B.
They say perception is reality. Based on the October CPI data, the perception is inflation has peaked. But what’s the reality? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey digs into the CPI data along with the markets’ reaction to it and wonders if the inflation victory dance is a little premature. He also talks about the big rally in gold and central bank gold buying.
