Singapore expanded its gold reserves by about 20% earlier this year, joining a growing number of countries increasing their investment in the yellow metal.
The transitory inflation narrative is dead.
During an appearance before a Senate committee along with Treasury Secretary Janet Yellen Tuesday, Federal Reserve Chairman Jerome Powell said it was time to retire the word transitory. As Peter Schiff explains in his podcast, Powell came close to admitting he was wrong. But the question remains — what is the Fed going to do about this non-transitory inflation?
Black Friday was a black and blue Friday as US stock markets saw their sharpest declines since April 2020.
The selloff was spurred by a new COVID variant and fear of new lockdowns. The markets recovered on Monday, but the sudden stock dip was telling.
Peter Schiff debated Marxist professor Richard Wolff on RT Boom Bust. Wolff just can’t grasp that socialism isn’t the solution to America’s problems. Socialism is America’s problem.
It’s become increasingly hard to hide the inflation problem. Even without the sizzling hot CPI numbers, the average American experiences rising prices every day at the grocery store and the gas station.
With it becoming harder and harder to blow inflation off as transitory, apologists for the central bank and the federal government have shifted to a new strategy — try to convince you that inflation is good for you.
Last Friday was Black Friday and it was a black and blue Friday for investors. Just about everything was down and markets panicked over a new COVID variant. Peter Schiff talked about the market reaction in his podcast. Did the markets overreact? And what would happen if we did go into another global lockdown?
The Dow suffered its worse day since April 2020, the height of COVID lockdowns.
The Fed added $82 billion in Mortgage-Backed Securities (MBS) and $65 billion in Treasuries to its balance sheet while allowing $22 billion in repo agreements to roll off the balance sheet. The net gain was $126 billion in the month that the “taper” was set to begin.
So, did you hit the Black Friday sales Friday morning?
That’s an emphatic “No!” for me. You’d have to just about give away stuff for free to lure me out on Black Friday. No thanks. Too peoplely!
Earlier this week, President Joe Biden announced Jerome Powell will serve a second term as chair of the Federal Reserve. In effect, Biden stuck with the status quo. But the markets reacted as if big changes are afoot. Gold sold off hard, falling back below $1,800 an ounce. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about Powell’s appointment and the market’s reaction to it.
When I was a kid, we used to say some things only “sound good on paper.” In other words, they seem like good plans, but there is no way they’re going to work in the real world.
That’s socialism in a nutshell.
The Pilgrims found this out the hard way during their first couple of years in North America.