As we round out August in the COMEX, gold delivery was strong and silver was dominated by the odd mechanizations of Bank of America.
It appears somebody at the Federal Reserve has figured out that the central bank can’t tame inflation, so it’s setting up a scapegoat – Uncle Sam.
A paper co-authored by Leonardo Melosi of the Federal Reserve Bank of Chicago and John Hopkins University economist Francesco Bianchi and published by the Kansas City Federal Reserve argues that central bank monetary policy alone can’t control inflation.
The economy is fine, so we’re told. There is no recession, so we’re told. The Federal Reserve has everything under control, so we’re told. Meanwhile, 3.8 million Americans say they could face eviction in the next two months.
It doesn’t sound like everything is fine.
President Joe Biden recently announced a student loan forgiveness program. While it will provide some people a small amount of relief from student loan debt, this $300 billion taxpayer-funded scheme does nothing to address the underlying problem. In fact, it will exacerbate it.
The underlying problem is the high cost of a college education.
The dollar index recently hit a 20-year high, so this might seem to be an odd time to talk about a dollar decline. But Rockefeller Institute Chairman and Financial Times columnist Ruchir Sharma recently wrote an article arguing that a post-dollar world is coming.
Jerome Powell delivered his much-anticipated speech at Jackson Hole on Friday. He continued with the hawkish talk we’ve been hearing in recent weeks, pledging the Fed will “use our tools forcefully” to attack inflation. Powell even promised some pain. As Peter Schiff discussed in his podcast, the markets immediately delivered on the promise of pain. But the question remains: do Powell & Co. really have the pain tolerance they claim?
Last week, President Joe Biden announced a student loan forgiveness scheme. Peter Schiff appeared on NewsMax Real America with Dan Ball to talk about the cost of forgiving student debt and the growing recession.
Peter said that despite all of the claims to the contrary, this is just going to add to the inflation problem.
This week, President Biden announced a plan to forgive $10,000 to $20,000 in student loan debt. It sounds nice and some people will certainly benefit, but as SchiffGold Friday Gold Wrap podcast host Mike Maharrey explains, we’re all going to pay for this. In this episode, Mike also talks about Jerome Powell’s upcoming Jackson Hole speech, the state of the economy and some interesting gold market news.
Gold saw the largest delivery volume in 2022 with 33,593 contracts delivered so far and 244 remaining in open interest. Since 2020, only December and February last year recorded larger volumes.
An audacious communications campaign from Democrats in Washington is currently underway that is attempting to convince the public that:
