The Indonesian stock market has plunged nearly 7% this year. The country’s currency, the rupiah, has fallen 9%, and is at its weakest level since the 1998 Asian financial crisis. Bond yield have soared. To weather the storm, Indonesians are buying gold.
Turkey has been in the headlines over the last few weeks as a currency crisis has rocked that country. But as Peter Schiff pointed out in his most recent podcast, all of the things commentators are frying Turkey over are happening in the US as well.
All of the criticism that is being leveled against Turkey – that their deficits are too big, that they have a current account deficit, they’re keeping interest rates artificially low, they’re keeping interest rates below the rate of inflation – all of that criticism can be applied to the United States.”
Gold pushed through the $1,300 mark Monday, shattering a key psychological barrier. The yellow metal closed around $1,310 and then continued to move higher. As of Tuesday morning, gold was trading at over $1,320 per ounce.
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