In this week’s Friday Gold Wrap Podcast, JD and Joel discuss why gold is down this week, soaring tech stocks and plummeting gold stocks, and other market and precious metals news.
The president touted a manufacturing renaissance. However, economic indices show US manufacturing entering a Dark Age. Home sales are not looking bright, either.
The US economy runs on money printing and artificially low interest rates. Nowhere is that more obvious than in the housing market.
With aggressive rate hikes in its war against price inflation, the Federal Reserve pricked the housing bubble and air continues to seep out. Existing home sales fall for the 11th straight month in December — the longest streak of declines in history.
The US housing bubble continues to lose air at a rapid rate. Existing home sales fell for the 10th straight month in November. This stretch of declining home sales is longer than the housing bust preceding the 2008 financial crisis.
We’ve talked a lot about government debt and consumer debt. In this episode of the SchiffGold Friday Gold Wrap, host Mike Maharrey highlights the massive corporate debt bubble. As he explains, it’s eerily similar to the mortgage debt bubble the blew up in the years prior to the 2008 crash. It’s a little like deja vu all over again. He also covers another round of gloomy economic data that came out this week.
Here’s another sign that the air is coming out of housing bubble 2.0.
Existing home sales fell 10.3% year-on-year in December. Sales, including single-family houses, townhouses, condos, and co-ops, dropped to a seasonally adjusted annual rate of 4.99 million homes, according to the National Association of Realtors. This ranks as the biggest year-over-year drop since May 2011 — in the midst of Housing Bust 1.0.
Pending home sales hit the lowest level in nearly five years in November, a sign that the US housing market will continue to get uglier in the near future.
Not too long ago, we reported that the air was starting to come out of housing bubble 2.0. As just one example, home sales in California hit the lowest level in a decade. And it’s not just California.
Now we’re seeing more signs of trouble. Pending home sales tanked in November, according to data released by the National Association of Realtors last week. The Pending Home Sales Index plunged 7.7% compared to November 2017, the biggest year-over-year percentage drop since June 2014.
