Retail sales unexpectedly dropped in May, casting doubt on Federal Reserve Chairman Jerome Powell’s “the American consumer is healthy” narrative.
Producer prices continue to rise at a near-record pace, further undercutting the notion that we’ve reached “peak inflation.”
After running a budget surplus in April thanks to an influx of tax-day tax receipts, the federal government reverted back to running a deficit in May.
The budget deficit was $66.22 billion last month, according to the monthly Treasury statement. That raises the current fiscal year deficit to $426.2 billion with four months left to go.
The Czech National Bank is about to go on a gold-buying spree. Incoming CNB Governor Ales Michl said he plans to increase the bank’s gold holdings nearly 10-fold during a recent magazine interview.
Consumer debt climbed to a new all-time record in April as Americans continue to cope with rapidly rising prices.
Total outstanding consumer debt rose by $38 billion in April, reaching a new record of $4.57 trillion, according to the latest data from the Federal Reserve. Total consumer debt was up 10.1% in April. It was the third straight month that consumer debt increased by $30 billion or more.
After increasing gold holdings by 84 tons in the first quarter of this year, central banks continued to be net gold buyers in April.
Globally, central banks added a net 19.4 tons of gold to their holdings in April.
Last week, Tennessee Gov. Bill Lee signed a bill repealing the sales tax on the sale of precious metal bullion. Ending the sales tax will relieve some of the tax burdens on investors, and take a step toward treating gold and silver as money instead of as commodities.