Money Supply growth is falling rapidly. Two of the last three months have seen a decrease in the seasonally adjusted M2 Money Supply with the recent month dropping $17B. Given that April was the first contraction in 12 years, two of the last three months being negative is an ominous sign.
The White House is desperately trying to convince everybody there isn’t a recession, but the average American doesn’t seem to be buying the narrative.
Consumer confidence plunged to the lowest level since February 2021 in July, according to the latest survey by the Conference Board.
The economic data indicates that the US economy is already in a recession. The Biden administration wants you to think otherwise, and the White House has come up with an interesting way to deny the recession reality. Just change the definition of a recession.
Peter Schiff appeared on the Ingraham Angle with Lauren Ingraham to talk about this White House spin.
It’s getting harder and harder to deny recession reality. Even as the Biden administration tries to spin itself out of that reality with a propaganda campaign, many in the mainstream seem to be waking up.
On Monday (July 25), Reuters reported that the tanking housing market is a red warning flag signaling a recession.
The price analysis two months ago concluded that a neutral market had been found between $1800 and $1850 and was waiting to see a break of resistance or support. It leaned bullish with indicators showing the down move had run its course but it also highlighted the risk that a drop below $1800 and $1750 brings $1680 into play. Last month concluded that even though gold was still trapped between $1800 and $1850 it had built up solid support. Unfortunately, gold fell through the trap door at $1800 and tested $1680 last week. Has a bottom been found? Too soon to tell, but a look at the indicators could give some clues.
It’s getting harder and harder for recession deniers to justify their optimism. And some people seem to be waking up to that reality.
Late last week, we got more economic data and corporate earning news that proves the economic optimism that’s been bandied about for months is unfounded.
Gold started July delivery activity as the weakest minor month since 2019. This showed a general lack of interest in the market. Considering the activity since then, it’s possible this was a signal of capitulation.
Since the start of the delivery month, activity in the July gold contract has exploded.
We’ve heard all kinds of excuses for inflation. It was COVID. It was Putin’s price hikes. It’s greedy corporations. This week, we learned it’s the millennials’ fault. As host Mike Maharrey explains in this week’s Friday Gold Wrap, all of these notions miss the mark. And they let the real culprit get off scot-free. How? They’ve redefined inflation. Words matter!
Government price controls are a bad idea that just won’t go away.
With prices skyrocketing, you’ll hear some people on the left argue that the US government should implement price controls. Meanwhile, President Biden’s “Build Back Better” plan would impose various price controls on prescription drugs.
Inflation is off the chain. The CPI rose by 9.2% on an annual basis in June. As Ron Paul explains, everybody is feeling the pain. Even penguins.
