We have a debt ceiling deal.
And the deal is there is functionally no debt ceiling until January 2025.
The BLS reported that a whopping 339,000 jobs were added in May. This crushed median estimates of 190,000 jobs added. The Household Survey tells a very different story though, reporting a loss of 310,000 jobs.
The Fed reduced its balance sheet by $177 million last month. The majority of this was actually in Treasuries with less than 1-year maturity, totaling $102B. The next biggest reduction was in loans, totaling $40B.
As expected, gold has turned in a fairly strong start to the month on the COMEX. It’s below April but is still early in the contract.
If you buy gold or silver, you’re going to pay a premium. So, what exactly is a premium and how is it determined? In this episode of the Friday Gold Wrap, host Mike Maharrey answers common questions about premiums. He also discusses the debt ceiling deal and reveals where Americans rank gold as a long-term investment.
Over the last several years, central banks globally have added gold to their reserves at a historically high rate.
It doesn’t appear the buying spree will end anytime soon.
According to the World Gold Council 2023 Central Bank Gold Reserve survey, 24% of central banks plan to add more gold to their reserves in the next 12 months.
In March, I warned that the commercial and investment real estate markets could be the next thing to break in this bubble economy. A recent article in the Wall Street Journal put a face on my warning.
Despite all of the mainstream talk about a strong, resilient economy, corporate bankruptcies through the first four months of 2023 came in at the highest level since 2010. Meanwhile, monthly bankruptcy filings have hit numbers last seen during the peak of the pandemic.
According to data from S&P Global Market Intelligence, there were 235 corporate bankruptcy filings through April. That’s a 116.5% increase over the same period in 2022.
The Indian central bank has announced another round of demonetization with a plan to withdraw 2,000-rupee notes from circulation. The announcement led to a big jump in gold bullion sales.
The 2,000-rupee note will remain legal tender, but they will have to be deposited or exchanged for smaller denominations by Sept. 30.
