In this week’s Friday Gold Wrap Podcast, JD and Joel discuss why gold is down this week, Powell’s comments on 60 Minutes about the debt, and some Valentine’s Day thoughts inspired by Austrian economist Carl Menger.
Our nation’s top financier had it correct 111 years ago: “Money is gold, and nothing else.” J.P. Morgan was convinced of this. Still, government agencies have schemed over the centuries to dismantle the gold standard.
Our guest commenter explains that, even though the Fed still holds gold, there was never a time when the dollar was less backed or less safe than now.
US stocks surged with the promise of interest rate cuts. Then stocks tanked when some Fed officials tried to walk that promise back. Then they surged again when some weak economic data put rate cuts back on the table. As Friday Gold Wrap host Mike Maharrey put it, easy money is one heck of a drug! In this episode, he explains the impact of easy money on the economy and the markets, and he speculates about the future.
Did you know Thanksgiving almost didn’t happen thanks to the Pilgrims’ experiment with socialism? It didn’t work. Fortunately, they figured out some economic truths and the rest is history. In this episode of the Friday Gold Wrap, host Mike Maharrey tells the Thanksgiving story you almost certainly didn’t hear in school. He also explains why today is called Black Friday.
“Resilient” American consumers are digging into their retirement funds to pay their bills.
Mainstream financial pundits, politicians, and Fed officials keep telling us the economy is strong because Americans keep spending money. They just assume this is a sign of economic strength without ever asking exactly how they’re paying for all of this “robust” spending.
When it comes to economic data, context matters. In this episode of the Friday Gold Wrap, host Mike Maharrey explains how the Fed, many mainstream economists, and financial network talking heads get a lot wrong because of bad data, shoddy economic frameworks, and ignorance of history. Along the way, he covers the GDP and the latest price action for gold.
The European Central Bank (ECB) is laying the groundwork to roll out its version of a central bank digital currency (CBDC).
According to the ECB’s website, the “preparation phase” for the digital euro begins in November and “builds on the findings from our investigation phase.”
The economy is strong. The American consumer is resilient. Everything is great. At least that’s the mainstream narrative. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey explains why it’s all just an illusion of prosperity. Along the way, he covers the September retail sales data, Federal Reserve Chairman Jerome Powell’s speech this week, and the recent gold rally.
We’re kicking off Labor Day weekend. That means you’re going to hear a lot of rhetoric about how the government needs to do more for workers. But as Friday Gold Wrap host Mike Maharrey explains, we don’t really need better government policies for workers. We need better money for everybody. He also talks about tanking consumer confidence in this bubble economy.
Gold is nature’s money.
Aristotle listed four characteristics of sound money: it must be durable, portable, divisible, and have intrinsic value. Gold possesses all of these characteristics, which is why gold has served as money for thousands of years.
