Behind The Market Panic: SchiffGold Friday Gold Wrap August 9 2024
Gold closed the week at $2,430 (down $12 since last week) and silver at $27.45 (down $1.09). Last week’s bad jobs news cascaded with a Japanese economic crisis resulting in a selloff across global markets. At one point the S&P dropped over 200 points and the Dow plummeted more than 1,000 points. We discuss this week’s market panic, consider whether it has recovered or whether something worse looms ahead.
OTHER TOPICS DISCUSSED
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- VIX Fear gauge hits highest level since start of COVID
- Japanese stock market has worst day since 1987
- Brokerage companies have issues with outages
- Iran-backed militia attacks US airbase in Iraq
- Berkshire Hathaway sells $75+ billion in stocks
- Key headlines to look out for in week ahead
Quote of the Week:
There is no asset as secure as physical gold held in your own possession. It is not someone else’s liability or promise to pay. It has no counterparty risk.”
-Rick Rule
TOP ARTICLES THIS WEEK
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- UK’s Ploy to Pull Their Gold From the Wastebasket
- “The Enemy Waits:” Rocket Launch Wounds U.S. Personnel in Iraq
- Haywire Trading Platforms Sabotaged “Black Monday” Retail Dip Buyers
- Flattening Yield Curve is the Calm Before the Storm
- Jobs: A Weak Report is Even Weaker in the Details
- Volatility Incoming: The End of the Yen Carry Trade
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.
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The above references an opinion and is for information purposes only. It is not intended to be investment advice.
