Economics and Finance News

  • How It’ll Take Years to Clean Up the Office CRE Mess, with Losses Spread Far and Wide
    by Wolf Richter

    The Manhattan office tower Blackstone had bought for $605 million in 2014 and walked away from 2 years ago finally changed hands for $200 million, which paves the way for a complex new beginning.

  • Ukraine War Funding & Failed Russian Sanctions – print
    by jackrasmus

    by Dr. Jack Rasmus April 22, 2024 This past weekend, April 20, 2024 the US House of Representatives passed a bill to provide Ukraine with another $61 billion in aid. The measure will quickly pass the Senate and be signed into law by Biden within days. The funds, however, will make little difference to the

  • Peter Schiff: Wall Street Due for Correction
    by SchiffGold

    Peter leads off this week with an episode covering last Friday’s stock catastrophe, Bitcoin’s recent performance, and the start of President Trump’s so-called “hush-money” trial. Last Friday saw the Nasdaq fall 2%, with members of the “Magnificent 7” stocks, like Nvidia and Netflix, taking 14% tumbles. Peter thinks Friday’s close is the natural consequence of Wall […]

  • How Nvidia Uses Gold
    by SchiffGold

    What is Nvidia? If you’re a committed gamer the question may sound like nonsense. Nvidia, which was founded in 1993, is a tech company that makes GPUs and other products. It originally specialized in making products for the video game industry, that assisted in 3D rendering. If you were a committed gamer, you probably owned their products. If you weren’t, you might not have heard […]

  • U.S. Economic Momentum Slows, S&P Surveys Indicate

    April saw the U.S. economy lose steam, according to recent S&P surveys, with businesses experiencing a downturn in new orders and a cutback in employment—the first since the pandemic began. The manufacturing purchasing managers index (PMI) dropped to a four-month low of 49.9, slipping below the growth threshold from 51.9 in March. Similarly, the services PMI decreased to 50.9 from 51.7, […]

  • U.S. Business Activity Slows to Four-Month Low; Mixed Inflation Signals Emerge

    In April, U.S. business activity slowed to its lowest level in four months, driven by diminished demand. Concurrently, inflation indicators presented a mixed view: although the rate of inflation showed slight easing, input prices still surged, hinting at potential future relief if the economy continues to decelerate. This trend is particularly relevant as the Federal Reserve monitors for signs of […]

  • Goldman Sachs Cautiously Optimistic About Stock Market Rally Despite Emerging Risks

    Despite recent downturns in the U.S. stock market, optimism remains high among investors, particularly regarding corporate earnings. According to a Bloomberg survey of 409 participants, nearly two-thirds express confidence that forthcoming corporate results will bolster the S&P 500 index—an optimism level not seen since the question was first posed in October 2022. Goldman Sachs strategists […]

  • Prices of New Houses v. Existing Houses: Why New-House Sales Held Up as Existing-House Sales Plunged
    by Wolf Richter

    Here's why: New house prices -18% from peak, back to Nov 2021, further sweetened by mortgage-rate buydowns.

  • US Business Activity Slows, Marking Weakest Growth in Four Months

    In April, US business activity experienced its slowest expansion of the year, triggered by a significant pullback in demand. This slowdown resulted in the first employment decline seen since 2020. The S&P Global flash composite index, which tracks output at manufacturers and service providers, fell 1.2 points to 50.9—the most substantial drop since August. While readings above 50 still […]

  • 2:00PM Water Cooler 4/23/2024
    by Lambert Strether

    ~ Today's Water Cooler: Open thread ~

  • JPMorgan Cautions Investors: Stock Market Troubles Not Over Yet

    JPMorgan suggests that the recent stock market rebound does not signal the end of a sell-off, with the potential for further declines. The market outlook is dimmed by persistent inflation, a potential shift from expectations of Federal Reserve rate cuts to a realization of sustained higher rates, and stock valuations still above historical averages. Chief market strategist Marko Kolanovic […]

  • Crackdowns on Pro-Palestine Occupations on Major Campuses Bringing Gaza Conflict a Bit Closer to Home
    by Yves Smith

    Mild campus protests, at least by 1960s standards, against the Gaza genocide, have produced panic in the officialdom and aggressive responses.

  • ZeroHedge: Speculative Froth Departing Gold as China Tightens Trading Conditions

    ZeroHedge reports a shift in the gold market as China implements stricter trading regulations, indicating a departure of speculative trading interest. While the consistent physical demand from central banks and Chinese retail buyers offers a stable base for gold prices due to their less price-sensitive nature, speculative traders—who are indifferent to the commodity and focus solely on […]

  • The REAL Reason the South Lost the Civil War

    As the Union and Confederate armies faced off during the Civil War, an equally fierce economic battle waged behind the scenes, ultimately deciding the war's fate.

  • Gold Futures Fall as Easing Geopolitical Strains Diminish Safe-Haven Appeal

    Gold futures saw a notable decline to their lowest value since early April, with June contracts on the New York Mercantile Exchange dropping 1.4% to $2,313.5 per troy ounce. This drop reflects eased tensions in the Middle East, diminishing the metal's appeal as a safe haven. From an all-time high of $2,448.8 on April 12, gold has retreated by 2.9% over the past week but is still up 12.5% over […]

  • U.S. Oil Falls as Fears of Iran-Israel Conflict Recede, Trading Below $81

    U.S. crude oil prices dropped below $81 per barrel, a dip not seen since March, signaling the market's limited concern over potential new sanctions on Iranian oil. The West Texas Intermediate (WTI) crude has fallen beneath its 50-day moving average for the first time in several months, down from the year's high of $87.62. This decrease in price reflects the easing of geopolitical tensions as Iran […]

  • The Fed Tallies Up a Big Threat to Financial Stability in the U.S.: “Runnables” at $21.3 Trillion
    by Pam Martens

    The Fed Tallies Up a Big Threat to Financial Stability in the U.S.: “Runnables” at $21.3 Trillion By Pam Martens and Russ Martens: April 23, 2024 ~ Last Friday, the Federal Reserve released its semi-annual Financial Stability Report. In the prior five years, the spring edition of the Fed’s Financial Stability Report was released in May. This year, for reasons we can only guess at […]

  • Dollar Soars to 34-Year High Against Yen Amid U.S. Rate Hike Expectations

    The U.S. dollar reached a 34-year high against the Japanese yen, with the exchange rate peaking at 154.85 yen, influenced by the Federal Reserve's indication of maintaining higher interest rates for an extended period. The currency's rise comes as market participants anticipate potential intervention from Japan to strengthen the yen, which has continually hit record lows against the dollar this […]

  • Historic $72 Million Coin Auction Set a Century After Magnate's Will

    The heirs of Danish businessman Lars Emil Bruun are set to sell a rare coin collection valued at US$72 million, a century after its initial inheritance due to the stipulations of Bruun's will. Despite attempts to contest the will, the collection of 20,000 pieces was preserved intact as per Bruun's wishes. The sale, to be conducted over several years by Stack’s Bowers, an auction house […]

  • Gold Prices Plunge as Middle East Tensions Ease and Fed Maintains Higher Rates

    Gold prices continued to fall following the biggest single-day slump in nearly two years, influenced by easing Middle East tensions and indications that the Federal Reserve might maintain higher interest rates for longer. After reaching record levels earlier this month, gold dipped below $2,300 an ounce, dropping 2.7% on Monday. This decline was driven by reduced geopolitical risk as Iran […]

  • Links 4/23/2024
  • Another Small Emerging Economy Just Dealt Another Big Blow to the Global ISDS System
    by Nick Corbishley

    Ecuador was one of the first countries to reject international investment arbitration, back in 2008. Its new ultra neo-liberal government just tried to reverse that. Voters refused to let it.

  • James Galbraith: Industrial Policy Is a Good Idea, but So Far We Don’t Have One
    by Yves Smith

    Industrial policy, despite recent lip service, is out of favor because doing ambitious things isn't lucrative enough for the right people.

  • Will the Freedom Flotilla Sail to Gaza?
    by Yves Smith

    The Freedom Flotialla is another example of how trying to save lives in Gaza is a high risk enterprise.

  • Why and How US Debt Will End in Catastrophe
    by SchiffGold

    As fiscal imbalances persist, driven by coercive measures and artificial currency creation, the middle class faces erosion and purchasing power dwindles. But as the world hurtles towards a potential reckoning, the lingering question remains: can this precarious balance last, or are we teetering on the brink of a cataclysmic economic shift? The following article was originally The post Why and […]

  • Brick-and-Mortar Meltdown Fells Express. Simon Property & Brookfield, to Avert Vacant Stores and Bad Leases at their Malls, to Buy the Brands and 435 Stores out of Bankruptcy
    by Wolf Richter

    This Has Been Years in the Making.

  • Jill Stein: Splitting the Pro-Imperial Vote
    by Michael

    RADHIKA DESAI: Hello and welcome to the 27th Geopolitical Economy Hour, the show that examines the fast-changing political and geopolitical economy of our time. I’m Radhika Desai. MICHAEL HUDSON: And I’m Michael Hudson. RADHIKA DESAI: And working behind the scenes to bring you our show every fortnight are our host, Ben Norton, our videographer, Paul Continue Reading The post Jill Stein: […]

  • Ray Dalio Advocates for Gold in the Face of Looming Debt and Inflation Threats

    Ray Dalio, a prominent billionaire investor and hedge fund founder, recommends owning gold as a safeguard against potential debt and inflation crises. Highlighting the escalating global debt levels, Dalio has repeatedly voiced concerns about a possible U.S. debt crisis, which he believes could thrust the economy into a balance sheet recession — a situation where deleveraging and declining asset […]

  • World Gold Council: Gold ETFs, Holdings and Flows

    The World Gold Council's comprehensive data set covers more than 100 physically-backed gold ETFs and similar products worldwide, providing regional and fund-specific analysis of demand in tonnes and flows in USD over different time periods.

  • 2:00PM Water Cooler 4/22/2024
    by Lambert Strether

    ~ Today's Water Cooler: Politics, pandemics, Bragg's theory of the case revealed, the Jewish vote in PA, Carl Schmitt (Nazi legal theorist), and Word of the Day: Anosognosia ~

  • Fed's Outdated Forecasting Challenged as Economy Defies Predictions

    The Federal Reserve's traditional forecasting approach is facing criticism for its inadequacy in reflecting the dynamic economic environment, particularly in the post-pandemic period. While the forecasts have often been inaccurate, the real concern lies in the method's focus on specific projections—like the anticipated three interest rate cuts in 2024—which now seem outdated due to unexpected […]

  • Ray Dalio's Risk-Parity Strategy Falters, Prompting Massive Investor Pullback

    Ray Dalio's renowned risk-parity investment strategy, which gained prominence during the Great Financial Crisis, is experiencing a significant downturn, leading to substantial withdrawals by institutional investors. Over the past five years, risk-parity funds managed by Bridgewater Associates and others have underperformed, prompting public pensions in New Mexico, Oregon, and Ohio to retract […]

  • S&P 500 Nears Worst Month in Over a Year as Rising Yields Signal Inflation Concerns

    The S&P 500 is facing its most significant monthly decline since December 2022, with a 5.5% drop in April, effectively halving the gains made earlier in the year. This downturn is attributed to rising bond yields, spurred by ongoing inflation fears that a strong economy might be sustaining. Despite nearing its March 28 record peak, the recent rise in Treasury yields, which accelerated this […]

  • Opinion: Do Interest Rates Matter Anymore?

    Despite the Federal Reserve's aggressive interest rate hikes—increasing rates 11 times from zero to 5.5% between March 2022 and January 2024—the U.S. economy has shown resilience with growth near 3%, stable unemployment, and strong performances in commodities and stock markets. However, the outlook for interest rates remains uncertain; while initial predictions favored six rate cuts in 2024, […]

  • Rising Delinquencies Among Low-Income U.S. Borrowers Signal Economic Warning

    In the U.S., lower-income borrowers are increasingly unable to meet their loan obligations, prompting banks to tighten credit availability for products like credit cards and car loans. This financial strain is partly due to dwindling savings and persistent high interest rates which are exacerbating the budget constraints of households earning under $45,000 annually. The situation is starkly […]

  • Gold Suffers Steepest Daily Plunge in a Year As Geopolitical Fears Ease

    Gold prices experienced a significant drop of 2.4%, falling to $2,354.10, marking the most substantial one-day decline in over a year as geopolitical tensions lessened and investors moved towards higher-risk assets like stocks. This shift in investment preference reflects a broader market reevaluation following a temporary peak where the front-month gold for April delivery reached a record high […]

  • Brent Crude Falls to $86, Market Stabilizes Amid Easing Mideast Concerns

    Oil prices declined as the geopolitical risk premium associated with Middle East tensions began to diminish, with Brent crude sliding to near $86 a barrel after experiencing its most significant drop since early February last week. This trend coincides with a decrease in demand for safe-haven assets like gold. The market has stabilized somewhat after volatile trading last Friday, following Iran's […]

  • Top Financial CEOs Caution Against Complacency in Face of Global Threats

    During their first-quarter earnings calls, major Wall Street leaders, including JPMorgan's Jamie Dimon, Goldman Sachs' David Solomon, and Citi's Jane Fraser, expressed caution about the U.S. economy. Despite suggesting potential drops in inflation and interest rates and a continued economic growth that could avoid a recession, they emphasized the serious threats posed by ongoing high inflation, […]

  • Copper Miners Face Earnings Squeeze Amid Falling Prices and High Costs

    North American copper miners, including Freeport-McMoRan and Teck Resources, are anticipated to show a significant drop in their first-quarter earnings due to declining copper prices and ongoing high operational costs. Despite copper prices reaching multi-year highs last month following capacity expansion limits by major Chinese smelters, the average benchmark prices fell around 5% during the […]

  • Billionaire-Owned Media Has Gone Full Throttle to Save Fellow Billionaire, Jamie Dimon
    by Pam Martens

    Billionaire-Owned Media Has Gone Full Throttle to Save Fellow Billionaire, Jamie Dimon By Pam Martens and Russ Martens: April 22, 2024 ~ The Washington Post Editorial Board appears to have sipped the same kool aid as Bloomberg News. As we’ve frequently reported in the past, Bloomberg News has spent the better part of the last decade attempting to brainwash the public into believing that the […]

  • Manufacturing Upswing Propels Copper Toward $10,000 as Supply Struggles Loom

    Copper prices are approaching a significant milestone of $10,000 per ton, reaching a new two-year high due to ongoing supply concerns and robust investor interest. The metal's price surge is supported by global manufacturing improvements in regions like the U.S. and China, despite potential setbacks from geopolitical tensions and uncertainties in monetary policy. Originally sparked by disruptions […]

  • Dollar Rallies After Volatile Week; Yen Hovers Near Historic Lows

    After a notably turbulent week in currency markets, the dollar experienced gains against the euro and yen, propelled by ongoing assessments of policy and geopolitical developments. As traders keep a close watch on the yen ahead of the Bank of Japan's policy review, the currency teeters near a 34-year low against the dollar, sparking speculation about potential intervention. Meanwhile, despite a […]

  • Economic Worries Fuel Gold Rush in China Despite Rising Costs

    Despite the challenges posed by a faltering economy and a depreciating yuan, Chinese consumers and the central bank are increasingly investing in gold, driving the price to record highs above $2,400 an ounce. The allure of gold, a traditional safe-haven asset, has intensified amid global economic and geopolitical instability. Additionally, anticipations of interest rate cuts by central banks, […]

  • Gold Prices Dip as Middle East Conflict Cools, Market Eyes Upcoming U.S. Economic Indicators

    Gold prices fell more than 2% to approximately $2,345 per ounce, reversing a five-week upward trend—the longest in over a year—as tensions in the Middle East began to subside. The decrease in geopolitical risk followed Iran's understated reaction to recent Israeli strikes, indicating a lower likelihood of immediate retaliation. This shift has reduced the market's risk premium, particularly as […]

  • Links 4/22/2024
  • How ‘Dune’ Became a Rallying Cry For the New Science of Ecology
    by Lambert Strether

    The gauno must flow!

  • US Strategy for Great Power Competition: More Graft and Hope for Wonder Weapons
    by Conor Gallagher

    Venture capital and private equity are playing a larger role in the military-industrial complex leading to even more corruption, lack of accountability and the swallowing up of young minds by the Silicon Valley money pit.

  • Weekly Market Pulse: Situation Normal
    by Joseph Y. Calhoun III

    Is this normal? I haven't made any money in like two years. - Question from a recent acquaintance upon hearing what I do for a living Let's get this out of the way quickly. The answer to his question is yes, this is painfully normal. When you have a bear market - or you have [...]

  • Nvidia, Supermicro Make Huge Mess of AI-Semiconductor Mania, Netflix Plunges, Big Tech Follows
    by Wolf Richter

    Nasdaq fell 2.05%, back to where it had been in September 2021. We have some new WTF Charts of the Year.

  • Top Hillsdale Economist Warns of US Default: SchiffGold Friday Gold Wrap April 19, 2024
    by SchiffGold

    JD and Joel interview Dr. Charles Steele, Chairman of Economics, Business, and Accounting, at Hillsdale College. We discuss national debt, dollar default, Austrian economics, Von Mises, green energy bills, and space economics. OTHER TOPICS DISCUSSED Gold is trading at $2,392 (up $57 since this time last week) Silver is trading at $28.66 (up about 3% The post Top Hillsdale Economist Warns of US […]

  • Fed’s Liabilities and QT: as ON RRPs Plunge toward Zero, Operating Losses Begin to Decline
    by Wolf Richter

    After ON RRPs go to zero, reserves will decline, further reducing the Fed’s interest expenses and losses. But it's not straightforward. 

  • Defying Conventional Thinking: Gold Gains Against Rising Rates and a Robust Dollar

    Despite conventional expectations, gold prices have remained resilient in the face of rising interest rates and a strengthening U.S. dollar, traditionally negative factors for the metal. Typically, higher interest rates draw capital towards bonds due to their attractive yields, diminishing gold's appeal as an investment. Simultaneously, a strong dollar usually suppresses gold prices, as it […]

  • Federal Reserve Reveals Over 1,800 Banks Accessed Emergency Funds Post-SVB Collapse

    The Federal Reserve reported that 1,804 depository institutions, representing 20% of all eligible entities, accessed its emergency lending facility following the collapse of Silicon Valley Bank last March. According to the semi-annual Financial Stability Report, most of these institutions—95% in fact—were smaller entities with assets under $10 billion. The Bank Term Funding Program was […]

  • Gold Climbs for Fifth Week as Middle East Tensions Heighten Market Uncertainty

    Gold prices are on pace for a fifth consecutive weekly increase, driven by heightened tensions between Iran and Israel, which spurred safe-haven buying. As of Friday afternoon, spot gold rose 0.7% to $2,395.15 per ounce, with earlier peaks reaching $2,417.59. Over the week, prices climbed by 2.2%. Meanwhile, U.S. gold futures also saw a similar uptick, closing 0.7% higher at $2,413.8 per ounce. […]

  • Costco Offers Gold, But Reselling Proves Challenging

    Buying a gold bar at Costco is as easy as adding it to your cart, but selling it involves more effort and can be less lucrative. Adam Xi, a 33-year-old from Philadelphia, experienced this firsthand. After purchasing a gold bar for $2,000, he struggled to resell it without a loss, contacting five different dealers before settling for a price just $20 below market value at $1,960. Many are […]

  • Inside Job at Toronto Airport Leads to $16.5 Million Gold and Cash Heist

    In a significant heist at Toronto's airport, a thief stole $14.5 million in gold bars and nearly $2 million in cash using fake documents to claim a shipment. The scheme, which unfolded last April, was later uncovered as an inside job possibly involving Air Canada employees. The discovery led to a yearlong investigation linking the culprits to an international arms-trafficking operation, which was […]

  • Elderly Woman Cheated Out of $1 Million in Precious Metals by Scammers

    A 70-year-old woman from Carlsbad was scammed out of more than $1 million in gold and other precious metals, according to the San Diego federal prosecutors. The scam started with a pop-up message on her computer claiming she had been hacked. Believing her bank account information was compromised, she was deceived by a group posing as tech support who convinced her to download malicious software. […]

  • Ray Dalio Recommends Gold as Shield Against Soaring Global Debt and Inflation

    Billionaire investor Ray Dalio advocates for owning gold as a strategic hedge against potential debt and inflation crises. Dalio, the founder of Bridgewater Associates, highlights the escalating global debt, notably mentioning the U.S. debt reaching an unprecedented $34 trillion. He warns of a looming U.S. debt crisis that could lead to a balance sheet recession, adversely affecting major […]

  • Wall Street Watch: U.S. Regulators Set to Rein In Executive Bonuses Amid Financial Scrutiny

    U.S. banking regulators are reportedly revisiting a plan to restrict executive bonuses at large banks. This initiative, involving six agencies such as the FDIC and OCC, aims to enforce deferred compensations and enhance clawback measures for bonuses in case of financial losses. The proposal, which could be introduced soon, excludes the Federal Reserve from its drafters. This move comes amid […]

  • ZeroHedge: Gold's "Catapult Has Been Built; Silver's is Next"

    The time has come to cite the many reasons why Gold has risen, and why Gold will continue to launch to much higher levels. ZeroHedge explains 20 solid reasons for the gold breakout... and why silver will be next.

  • Gold's STEALTH Institutional Rally...What Happens When the Public Arrives?

    Join us in this thoughtful discussion with investment expert Rick Rule, who sheds light on the understated yet steady increase in gold prices

  • The Copper Supply Shortage Is Here
    by SchiffGold

    With the AI boom and green energy push fueling fresh copper demand, and with copper mines aging and not enough projects to match demand with supply, the forecasted copper shortage has finally arrived in earnest. Coupled with persistently high inflation in the US, EU, and elsewhere, I predict the industrial metal will surpass its 2022 top to reach a The post The Copper Supply Shortage Is Here […]

  • The Psychology of Inflation: Why Many Dispute Government Inflation Figures

    The psychology of inflation plays a significant role because it impacts individuals differently based on their personal circumstances. For homeowners with fixed mortgage rates and minimal debt, inflation may pose little threat to their financial stability. However, for renters, prospective homebuyers, or those needing to purchase big-ticket items or borrow money, inflation can be severely […]

  • U.S., Japan, and South Korea Unite to Stabilize Dollar

    The Biden administration, along with Japan and South Korea, is taking coordinated action to curb the recent surge of the U.S. dollar against Asian currencies, which has been exacerbated by changing market expectations regarding U.S. interest rates. This collaborative effort was highlighted in a joint statement by U.S. Treasury Secretary Janet Yellen and her counterparts, following a trilateral […]

  • MetalsDaily – We need to talk about China...

    In his latest article on, Ross Norman highlights the significant purchasing trends on the Shanghai Futures Exchange (SHFE), which offer a glimpse into China's unique perspective on gold. Unlike the prevailing global view, China exhibits a distinct cognitive bias favoring gold, a stance not mirrored by weaker demand in other regions at current price levels. This discrepancy may […]

  • US Treasury Yields Stabilize as Middle East Tensions Ease

    After a significant rally, U.S. Treasuries have pared their gains following a de-escalation in Middle East tensions, which refocused attention on inflation expectations. The 10-year U.S. government bond yields dropped slightly by five basis points to 4.59%, nearly reversing an earlier 14 basis point decline. This change occurred after a senior Iranian official indicated that Iran would not […]

  • How Trust (or the lack of it) Affects America’s Trajectory
    by SchiffGold

    America’s trust in its institutions has rapidly eroded over the past 20 years. We have a lower level of trust in our judicial system and elections than most European countries. Some of this is natural, as Americans are uniquely individualistic, but much of it arises from repeated government failures. Americans generally believe that public trust can be brought back to full vigor, […]

  • Middle East Tensions Stir Global Economic Concerns as Oil Prices Climb

    Global central bankers are increasingly concerned about the Middle East's volatility and its potential to disrupt their efforts to control inflation. This anxiety was heightened when an Israeli attack on Iran caused crude oil prices to spike by more than 4%, surpassing $90 a barrel, although prices later stabilized somewhat. The incident underscores the delicate balance central bankers must […]

  • Global Concerns Rise Over U.S. Economy's Impact on World Currencies

    During President Joe Biden's campaign tour in Pennsylvania, he praised the U.S. economy as the strongest globally, but international financial leaders meeting in Washington for the IMF-World Bank spring meetings voiced concerns. They urged moderation, highlighting how the robust U.S. economy, characterized by high interest rates and a strong dollar, has negatively impacted other countries by […]

  • Gold Prices Rise for Fifth Week Amid Iran-Israel Tensions

    Gold prices continued their upward trend, marking a fifth consecutive week of gains as investors sought refuge in the safe-haven asset amid escalating Middle East tensions between Iran and Israel. On Friday, spot gold increased by 0.1% to $2,380.68 per ounce and had earlier reached up to $2,417.59. The overall gain for the week was over 1%. U.S. gold futures also saw a rise of 0.1%, standing at […]

  • When Will the Yen Carry Trade Break?
    by SchiffGold

    Decades of negative interest rate policy in Japan have ended. That could mean the end of the $20 trillion “yen carry trade,” once one of the most popular trades on foreign exchange markets, and a chain reaction in the global economy. The yen carry trade is when investors borrow yen to buy assets denominated in The post When Will the Yen Carry Trade Break? first appeared on SchiffGold.

  • Powell Signals Delay in Rate Cuts Amid Ongoing Inflation Concerns

    Federal Reserve Chair Jerome Powell has indicated that due to persistently high inflation, anticipated interest rate cuts might be postponed to later this year, potentially maintaining higher rates for an extended period. Speaking at the Wilson Center, Powell expressed concerns that recent data do not confirm inflation is under control and hinted it may take longer than previously expected to […]

  • Home Sales Clobbered by Mortgage Rates. New Listings & Active Listings Surge. Most Price Reductions for any March in Years
    by Wolf Richter

    Price reductions of existing homes jump to 31.7% of active listings, highest since 2017.

  • Has the Housing Market Crash Arrived?

    The economy might be booming, but housing is in a recession: Top real estate CEO says he’s never seen anything like it in 20 years...

  • Silver Market Faces Major Deficit as Industrial Demand Hits Record Highs

    The Silver Institute's annual World Silver Survey, conducted by UK-based Metals Focus, projects the silver market it to experience its second-largest deficit in two decades in 2024. This forecast is driven by a record 9% increase in industrial demand, expected to reach 710.9 million ounces, with the solar sector playing a crucial role. Demand for silver in photovoltaic (PV) solar panels alone is […]

  • ECB Poised for June Rate Cut to Stay Ahead of Inflation Curve

    According to Bank of France Governor Villeroy, speaking to CNBC, the European Central Bank (ECB) should consider cutting interest rates in June, provided there are no major surprises. This statement aligns with recent signals from the ECB suggesting readiness for a rate cut due to a more confident outlook on the disinflationary trajectory in the euro area. Despite maintaining interest rates at […]

  • Gold Prices Defy Traditional Market Drivers in Recent Rally, Says Expert

    Gold prices have surged this year despite a shift in the typical market dynamics, according to investment expert Imaru Casanova. Traditionally, gold rallies have been driven by robust investment demand and rising gold-backed ETF holdings. However, since April 2022, these factors have been in decline, even though the market has seen strong performance since hitting lows in October 2022. This […]

  • The TRUTH About Costco Gold Bars

    There’s a lot of hype about Costco’s gold bar sales lately...what is it all about? Why are Costco selling gold and silver bars in the first place

  • Silver Institute: World Silver Survey 2024

    The Silver Institute has released its 2024 World Silver Survey, continuing its tradition since 1990 of providing a detailed annual analysis of the global silver market. This report offers a comprehensive overview of the past year’s silver demand dynamics and supply sources. For over three decades, the World Silver Survey has served as a reliable resource, extensively cited by industry experts, […]

  • The Professor Who Wrote the Seminal Book on Wall Street Megabanks Calls Today’s Financial System “Dangerously Unstable”
    by Pam Martens

    The Professor Who Wrote the Seminal Book on Wall Street Megabanks Calls Today’s Financial System “Dangerously Unstable” By Pam Martens and Russ Martens: April 18, 2024 ~ George Washington University Law Professor, Arthur Wilmarth, has done it again. After authoring the seminal book on the insidious evolution and enormous dangers still posed by the Wall Street megabanks (Taming the […]

  • U.S. Reinstates Oil Sanctions on Venezuela Amid Election Promise Failures

    The Biden administration is set to reimpose oil sanctions on Venezuela due to President Nicolas Maduro's failure to fulfill election commitments. This decision comes as the U.S. opts not to renew a license that previously eased sanctions on Venezuela's oil sector. With the license expiring, the U.S. Treasury Department has issued a temporary 45-day license to allow companies to conclude their […]

  • U.S. Jobless Claims Hold Steady, Suggesting Strong Labor Market

    The U.S. labor market continues to show strength as weekly jobless claims held steady at a low 212,000 for the week ending April 13, according to the Labor Department. This stability in unemployment filings indicates ongoing resilience in the job market, which, alongside persistent high inflation, is influencing expectations that the Federal Reserve might postpone interest rate cuts until […]

  • Morgan Stanley Predicts Continued Dominance of U.S. Dollar as Global Reserve Currency

    Morgan Stanley asserts that the U.S. dollar will maintain its status as the dominant global reserve currency, despite facing various challenges and potential rivals, notably the Chinese yuan. Recent geopolitical tensions, such as Russia's conflict in Ukraine and domestic issues like the U.S. debt ceiling debates, have raised questions about the dollar's supremacy. However, the dollar's extensive […]

  • Crude Futures Decline as Israel Holds Back from Retaliating Against Iran

    U.S. crude oil prices dropped below $83 as tensions in the Middle East showed signs of easing, with Israel holding off on an immediate retaliation against Iran following last weekend's unprecedented air assault. This restraint has reduced fears of a major conflict in the region, leading to a decline in oil prices for the fourth consecutive day. The West Texas Intermediate contract for May fell to […]

  • Zimbabwe's Leadership Change Failing to Revitalize Its Troubled Economy

    Despite Zimbabwe's rich gold reserves, the change in leadership from Robert Mugabe to Emmerson Mnangagwa has not resolved the country's deep-rooted problems. After Mugabe's 37-year rule ended in a 2017 coup, Mnangagwa, his former vice president, took power amid high expectations. However, Mnangagwa's tenure has mirrored Mugabe's, with the economy continuing to stagnate and political oppression […]

  • Mortgage Rates over 7% and Heading Higher, Housing Market Still Frozen, Lots of Buyers on Strike as Prices Still Too High
    by Wolf Richter

    All that makes sense, but why are there still any cash-out refis when people could take cash out via HELOCs, without losing a 3% mortgage?

  • Traders Exploit Loopholes in New Sanctions on Russian Metals

    Traders quickly found loopholes in the new sanctions imposed by the UK and US against Russian metals like aluminum, copper, and nickel on the London Metal Exchange (LME). The sanctions, effective from April 12, prohibit the trading of Russian metals produced after this date on the LME. However, traders are focusing on the substantial stocks of Russian metals already stored in LME’s global […]

  • Powell Cautious on Rate Cuts, Sees Longer Path to Inflation Target

    Federal Reserve Chair Jerome Powell recently stated that the conditions necessary for reducing interest rates are unlikely to materialize soon, given the current economic data. Despite a significant decline in inflation in the latter half of last year, recent figures have not convincingly demonstrated progress toward the Fed's 2% inflation target. Powell emphasized the need for more substantial […]

  • Stocks End Mixed as Powell Signals Delayed Rate Cuts

    U.S. stocks experienced fluctuations following Federal Reserve Chair Jerome Powell's cautionary remarks indicating that interest rate cuts may be delayed due to persistent inflation concerns. During a discussion at the Wilson Center, Powell expressed that recent data did not bolster confidence in quickly reaching the Fed's 2% inflation target, suggesting a more prolonged period of high rates. […]

  • Opinion: Cutting Interest Rates is Misguided

    The opinion piece argues that the Federal Reserve Chair Jerome Powell's focus on cutting interest rates may be misguided, given the persistent uncertainty around inflation returning to the 2% target and the growing concern over the federal deficit. The article suggests that lowering rates could exacerbate inflation, especially as significant investments by the Biden administration in […]

  • Dollar's Surge Triggers Market Interventions as Asian Currencies Tumble

    The U.S. dollar's resurgence significantly impacted emerging-market currencies, particularly after China's decision to lower its yuan reference rate. This move intensified selling pressures across Asia, notably affecting the Indonesian rupiah, Indian rupee, and South Korean won. The ripple effect of the dollar's strength was felt globally, driving a key index of emerging-market currencies to […]

  • Biden-Harris Administration Proposes New Rules for Extensive Student Debt Relief

    The Biden-Harris Administration has unveiled its initial draft rules aimed at providing student debt relief to tens of millions of borrowers nationwide. Announced last week in Madison, Wisconsin by President Biden, these proposals could potentially increase the total beneficiaries of the administration's relief efforts to over 30 million people. To date, nearly 4.3 million borrowers have […]

  • Gold Forecasts Range from 25% to 50% Upside Over the Next Few Years

    Gold is up, influenced by macroeconomic uncertainty, including tensions in the Middle East and the Federal Reserve’s stalled inflation measures. Despite this, gold is perceived as the most overvalued since August 2020, according to a Bank of America Fund Manager Survey. Although a net 26% of respondents believe gold has over-appreciated, there is still optimism, with projections suggesting a […]

  • Over $20 Million in Gold Stolen in Canada’s Largest Airport Heist

    Nine people have been charged in connection with the largest gold heist in Canadian history, which occurred at Toronto’s Pearson International Airport last year. Peel Regional Police reported that 6,600 gold bars, valued over 20 million Canadian dollars, along with 2.5 million in various foreign currencies, were stolen. The stolen gold was later melted down and used to buy illegal firearms. […]

  • Global Recession Unlikely, Says IMF's Top Economist

    In a recent interview with CNBC, Pierre-Olivier Gourinchas, the International Monetary Fund's economic counselor, assessed the risk of a global recession as "fairly minimal." He highlighted several positive factors, such as robust economic performance in the U.S. and various emerging markets, and a quicker-than-anticipated decrease in inflation, despite some growth sluggishness in Europe. […]

  • China's Middle Class and Youth Turn to Gold as Traditional Markets Lose Shine

    The article highlights the intense activity in China's gold markets, particularly at the Hualin International Jewelry Market in Guangzhou, amid a surge in gold prices. As traditional investment options like stocks, property, and banking lose their appeal due to increased uncertainty, gold has become a popular safe haven for investors. This shift has brought an influx of buyers, including many […]

  • Precious Metals on a Winning Streak: Time for a Hard Money Heat Check

    In basketball, a "heat check" is when a player, emboldened by a series of successful shots, opts for a challenging attempt to gauge the persistence of their scoring spree. Today, we'll do our own financial "heat check" in the precious metals market, to assess whether the recent upward trend is set to continue.

  • Schiff on Market Overtime: Bitcoin Has No Value 
    by SchiffGold

    Peter recently appeared on Market Overtime with Oliver Renick for an interview. In their wide-ranging discussion, Peter speaks on monetary policy, the reliability of inflation data, and reasons to avoid Bitcoin. Contrary to the popular narrative, gold’s recent rise is not because of world conflicts. Inflation is the driving force behind the metal’s price action: The post Schiff on Market […]

  • New Peter Schiff Video: Bitcoin is Getting Clobbered by Gold
    by SchiffGold

    Peter recently appeared on Fox Business to discuss Bitcoin’s recent performance. In this segment, he takes on Natalie Brunell, host of the podcast Coin Stories, in a friendly debate on the merits of crypto and precious metals. When asked why gold is performing so well, Peter replies, “Gold’s probably going to close at a new record The post New Peter Schiff Video: Bitcoin is Getting […]

  • Despite Economic Headwinds, Gold Continues Its Surprising Uptrend

    Gold prices have remained stable near record highs despite the Federal Reserve Chair Jerome Powell's recent remarks suggesting that interest rates may be maintained for a prolonged period. This year, gold has appreciated by about 15%, bolstered by safe-haven demands due to escalating geopolitical tensions in the Middle East and Ukraine. Even though rising Treasury yields and a stronger dollar […]

  • Gold Nears Record Highs Despite Fed's Hawkish Stance on Rates

    Gold prices have held steady near record levels this year, gaining about 15% amidst ongoing geopolitical tensions in the Middle East and Ukraine. Despite a recent statement by Federal Reserve Chairman Jerome Powell indicating that interest rates might remain higher for an extended period due to persistent inflation, gold continues to attract safe-haven investments. This resilience comes even as […]

  • UBS Positive on Gold, May Rise to $2,500

    Dominic Schnider, head of global commodities and foreign exchange at UBS Global Wealth Management, discusses the prospects for commodities including copper, gold and silver. He speaks on "Bloomberg: The China Show." Source: Bloomberg

  • Investors Flock to Gold as Middle East Tensions Escalate, Dollar Tumbles

    Gold prices saw an increase on Wednesday, nearly touching their all-time highs, due to escalating tensions in the Middle East and a weakening U.S. dollar. The price of spot gold ascended by 0.2% to $2,388.56 per ounce, approaching its historical peak of $2,431.29. Conversely, U.S. gold futures experienced a slight decline of 0.1%, settling at $2,404.90. The rise in gold prices reflects investor […]

  • Will the World’s Most Pro-Bitcoin Politician Embrace Gold?
    by SchiffGold

    Since Nayib Bukele became president of El Salvador, El Salvador has been in American media and global political discussion more than ever. While much of the attention focuses on Bukele’s mass incarceration of gang members and a decline in homicide of over 70%, Bukele has also drawn attention to his favoritism towards Bitcoin and how he The post Will the World’s Most Pro-Bitcoin Politician […]

  • 446 Days and Counting: Recession Signal Fails to Predict Economic Downturn

    For 446 days, the bond market's yield curve inversion, often seen as a recession predictor, has not resulted in an economic downturn. Historically, a normal yield curve shows higher long-term rates compared to short-term ones, indicating economic optimism. However, since July 5, 2022, the 2-year Treasury yield has consistently exceeded the 10-year rate, primarily due to aggressive Federal Reserve […]

  • Debt Service Costs Threaten Sustainable Development in Developing Countries

    Emerging nations are facing a severe financial dilemma as they contend with record-high external debt service costs of $400 billion this year. A recent report by the Debt Relief for Green and Inclusive Recovery Project (DRGR) highlights that 47 developing countries risk insolvency if they pursue necessary investments in climate adaptation and sustainable development to meet the 2030 Agenda and […]

  • Silver's 44 Year Cup & Handle "Now, I Believe MID TO HIGH Triple Digits Are Baked in the Cake"

    Dive into an epic financial adventure as we traverse through decades of silver pricing history, exploring striking chart patterns and bold predictions

  • Renewed Geopolitical Tensions and US Inflation Spike Reignite Currency Market Volatility

    Currency market volatility is on the rise, driven by increased geopolitical tensions in the Middle East and heightened inflation in the US. The recent attack by Iran on Israel and strong US inflation figures have led traders to speculate that the US dollar will strengthen, anticipating that the Federal Reserve might maintain stringent monetary policies longer than previously expected. This shift […]

  • China's Gold Reserves Climb as Market Faces Mixed Demand Dynamics

    In March, China's gold market witnessed diverse trends: official reserves increased, while wholesale demand slightly decreased. The Shanghai Gold Benchmark PM price surged by 10%, significantly outperforming other local asset classes. Although there was a mild drop in gold leaving the Shanghai Gold Exchange due to high prices, the first quarter saw the highest wholesale gold demand since 2019. […]

  • Gold Prices Skyrocket, Yet Some Remain Cautious

    The outlook for gold prices remains broadly positive, yet caution is warranted. Currently, gold is exhibiting an unusual correlation with the US dollar and both 5-year and 10-year US real yields—a relationship typically transient and lasting only about 3 to 6 months. Should gold prices align once more with central bank movements, stability against the US dollar and a modest rise against the […]

  • Deutsche Bank Joins Goldman Sachs in Bullish Gold Forecast

    Deutsche Bank has increased its gold price forecast to $2,600 by the end of 2024. This follows a similar bullish adjustment by Goldman Sachs, who now expects gold to reach $2,700 per ounce. Both banks attribute their optimistic forecasts to substantial investment inflows and rising geopolitical tensions, particularly citing the Middle East conflict as reinforcing gold's appeal as a safe haven. […]

  • Powell Warns of Extended High Interest Rates in Face of Persistent Inflation

    Federal Reserve Chair Jerome Powell has moderated expectations for interest rate cuts, citing persistently firm inflation figures in the first quarter that have introduced uncertainty about the Fed's ability to lower rates without economic deceleration. Powell highlighted a notable shift in the Fed’s stance after inflation readings consistently exceeded forecasts for three consecutive months, […]

  • Yen Drops to 155 against USD. Currency Collapse at Work, -32% against USD since 2021, -50% since 2012
    by Wolf Richter

    Turns out, collapse of the currency is the price Japan is now paying for years of crazed monetary policies.

  • Record Gold Rally Hits Pause as U.S. Treasury Yields Climb

    Gold prices experienced a slight decline on Tuesday, falling 0.3% to $2,375.50 per ounce as a result of high U.S. Treasury yields and profit-taking by investors. The dip follows a significant rally that brought gold to a record high of $2,431.29 last Friday. The increase in yields, particularly the 10-year Treasury note reaching 4.63%, reflects a market reaction to stronger-than-expected U.S. […]

  • Citi Analysts Eye $3,000 Mark for Gold

    Gold prices have surged to near-record highs, bolstered by increased safe-haven demand amidst escalating tensions in the Middle East. Following Iran's attack on Israel, involving over 300 drones and missiles, the demand for gold has intensified, with the June futures contract closing at a record $2,383 per ounce. Analysts, including those from Citi, predict that gold could potentially reach […]

  • Gold Particles Found in Emissions from Antarctica’s Tallest Volcano

    In Antarctica, American geologists made an incredible find: an active volcano that's expelling particles of gold. This phenomenon occurs as hot gases from the volcano carry gold from deep within the volcanic rock to the surface and even beyond, with particles found as far as 1,000km away. The volcano, standing at a height of 3,794 meters, continues to be active, periodically releasing these […]

  • Strong Dollar Streak Hits One-Year High on Delayed Fed Cuts

    The U.S. dollar is experiencing its strongest rally in over a year, propelled by expectations that the Federal Reserve will maintain high interest rates longer than anticipated and by increasing demand for the dollar as a safe haven due to rising tensions in the Middle East. The Bloomberg Dollar Spot Index has risen for five consecutive days, marking a nearly 2% increase—its most significant […]

  • UBS Warns of Potential 6.5% Fed Rate Hike Amid Enduring Inflation

    UBS Group AG strategists suggest there is a growing risk that the Federal Reserve may increase interest rates to as high as 6.5% next year, due to persistent strong U.S. economic growth and sticky inflation. Initially predicting two rate cuts this year, UBS now considers a scenario where inflation does not meet the Fed's target, potentially leading to resumed rate hikes. This shift could trigger […]

  • Consumer Spending Defies Inflation Fears, Jumps 0.7% in March

    In March, U.S. retail sales rose by 0.7%, surpassing expectations of a 0.3% increase despite concurrent rising inflation, according to the Commerce Department. This growth, although slower than February's revised 0.9% rise, indicates that consumer spending remained robust. The consumer price index, as reported by the Labor Department, climbed 0.4% for the month, aligning with an annual inflation […]

  • Safe-Haven Demand Drives Gold Closer to Peak Amid Middle East Unrest

    As tensions escalate in the Middle East following Iran's extensive drone and missile attacks on Israel, gold prices are approaching new record highs due to increased safe-haven demand. On Monday, gold prices rose by 1.7%, nearing last week’s record of over $2,400 per ounce, though the price later settled lower as investors adjusted their positions amidst overheated rally indicators. The ongoing […]

  • Cosmic Flash Leaves Scientists Puzzled Over Origin of Gold and Platinum

    In October 2022, astronomers using the Gemini South telescope in Chile observed the brightest cosmic flash ever recorded, dubbed the "Brightest Of All Time" or the BOAT. Further analysis by the Webb Space Telescope identified the BOAT as a supernova, a massive star's explosive demise. This research, published in Nature Astronomy, sought to find traces of heavy elements like gold and platinum […]

  • Brooklyn Pawnshop Sees Surge in Gold Sales Amid Price Rally

    Amid gold's remarkable rally, with prices surpassing $2,400 an ounce, Brooklyn's King Gold & Pawn has been inundated with customers eager to sell their gold. The motivations vary: some are capitalizing on the high prices, while others, pressed by financial needs, are selling to afford essentials like rent and groceries. Gene Furman, the shop owner, notes an unprecedented tripling in […]

  • Our Drunken Sailors Binge despite Higher Interest Rates, and the Fed Watches them Nervously
    by Wolf Richter

    Retail sales by major segment: huge winners (on top: ecommerce and general merchandise retailers), and some big losers.

  • Geopolitical Strains Fail to Boost Oil Prices as Markets React Cautiously

    Crude oil prices experienced a modest decline in reaction to the recent Iranian attack on Israel. West Texas Intermediate (WTI) crude for May delivery fell by 1%, closing at $84.83 per barrel, while Brent crude, the global benchmark, dropped 1.2% to $89.41 per barrel after briefly exceeding $90. Prices for May gasoline and heating oil also saw reductions of 1.2% and 1.6%, respectively. Natural […]

  • China Drives Silver to New Heights with Booming Solar Sector

    Silver demand has been significantly driven by the growth in solar energy installations, particularly in photovoltaic (PV) cells. Last year, the demand for silver in PV cells reached a new high of 190 million ounces, up from 100 million in 2020, now accounting for about 30% of industrial silver demand. This increase is largely attributed to the rapid expansion of PV manufacturing and installation […]

  • ZeroHedge: One Bank [Finally] Says Quiet Part Out Loud On Gold Manipulation

    In the latest "Greed & Fear" report by Chris Wood of Jefferies, a prominent global capital markets firm, a significant portion is dedicated to discussing gold, touching on allegations of market manipulation. Wood, who is known for his expertise on various markets, particularly in Asia, and respected for his macroeconomic analyses, cautiously approaches the topic of gold price manipulation, […]

  • Gold Price Predictions Skyrocket: Wall Street Banks See Record Highs

    Major Wall Street banks have significantly raised their price targets for gold. This upward revision is influenced by increased safe-haven demand amid rising geopolitical tensions in the Middle East, although it seemingly contradicts the current Federal Reserve policy and trends in gold ETF outflows. The puzzling market dynamics have led to speculative forecasts, with Goldman Sachs setting a […]

  • Here's what JP Morgan, Citi, and Bank of America are Predicting for the Gold Price

    Gold prices have climbed for four consecutive weeks, now surpassing $2,410 per ounce. In light of this sustained increase, several analysts have revised their forecasts, now projecting some incredibly bullish gold forecasts.

  • Gold and Silver Alert: Market Turmoil May Unlock Historic Buying Opportunity

    Following the recent attacks by Iran on Israel, significant market volatility is expected, as described by Peter Spina of The heightened geopolitical tensions may lead to a "liquidity event" in financial markets, potentially causing a selloff in stocks that could spill over to precious metals. This scenario could present a unique buying opportunity for investors in gold and silver. […]

  • Gold Prices Ease After Record Surge Amid Middle East Strife

    After soaring to an unprecedented high, gold prices moderated on Monday, reflecting a cautious recalibration in the market following a spike driven by escalating Middle East conflicts. Spot gold inched up slightly by 0.3% to $2,349.67 per ounce, pulling back from Friday's record-setting peak of $2,431.29, catalyzed by anticipations of an Iranian counterstrike. Meanwhile, U.S. gold futures […]

  • Iran’s Strike Against Israel: Gold Nears Record High

    Gold rose last week as geopolitical tensions flared with Iran's attack on Israel, hinting at a volatile climb before slipping back below last week's record highs. The conflict's escalation initially pushed investors towards the safety of gold, driving prices up 1.2% as they braced for further unrest. However, despite the significant increase in hostilities, the surge was short-lived. Technical […]

  • Weekly Market Pulse: Are Higher Interest Rates Good For The Economy?
    by Joseph Y. Calhoun III

    Interest rates surged last week on the back of a hotter-than-expected inflation report that wasn't actually that bad (see below). Not that my - or your - opinion about these things matters all that much to the market. In the short run, all that matters is what the majority believes is the truth. What they [...]

  • Gaza: The Strategic Imperative
    by Michael

    ​PROF. MICHAEL HUDSON, THE TRUTH ABOUT THE DESTRUCTION OF GAZA. – Ania K   ANIA: Hello, everyone. Welcome back to my channel. Today I have with me for the fourth time, I’m still counting, a very, very special guest, one of the best professors in economics and financial analysts in the world. And I’m very Continue Reading The post Gaza: The Strategic Imperative first appeared on Michael […]

  • Banks’ Exposure to CRE Loans by Bank Size
    by Wolf Richter

    When CRE hits investors, fine, they were paid to take those risks. But we’re a little more squeamish when it comes to banks.

  • Dollar Rises as Geopolitical Tensions Mount; Oil Prices Climb Amid Middle East Concerns

    The U.S. dollar strengthened and oil prices rose amid escalating geopolitical tensions and uncertainties around interest rate strategies between the U.S. and Europe. On Wall Street, major indices fell, influenced by disappointing earnings from leading banks as the first-quarter earnings season began. Additionally, global stock markets were affected, with the MSCI's global index dropping 1.23%. […]

  • SILVER ALERT: Could This Mexican Law Change Cause a Supply Crunch?

    In this enlightening video, join our host Mike Maloney and esteemed guest Lobo Tiggre from Independent

  • Gold and Silver Surge as Investors Eye Iran-Israel Tensions

    Gold has recently reached a new all-time high, surpassing the $2,400 mark, influenced by ongoing geopolitical tensions and the anticipation of U.S. interest rate cuts. On Friday, gold futures for June delivery climbed 1.7%, reaching $2,414 per ounce, closely following a record close at $2,372.70 on Thursday. This marks a significant year-to-date increase of over 14%. Concurrently, silver also saw […]

  • Silver Hits Three-Year Peak, Gold at Record High

    Silver prices have recently surged, overtaking the gains made by gold this year, with the metal reaching its highest price in nearly three years. Despite a general downturn in both metals during part of Thursday's trading session, silver’s recovered nicely on Friday peaking at $29.50/oz. Gold also saw significant gains, with futures climbing by to a record high of $2,417 an ounce on Comex, […]

  • Free Speech and Platform Media
    by Michael

      RADHIKA DESAI: Hello and welcome to the 26th Geopolitical Economy Hour, the show that examines the fast-changing political and geopolitical economy of our times. I’m Radhika Desai. MICHAEL HUDSON: And I’m Michael Hudson. RADHIKA DESAI: And working behind the scenes to bring you our show every fortnight are our host, Ben Norton, our videographer, Continue Reading The post Free Speech and […]

  • Market Morsel: Cash And Carry
    by Joseph Y. Calhoun III

    Total bank credit (blue line) vs Nominal GDP (red line) and Real GDP (green line).  A lot of "analysts" were saying that the big drop in the year over year change in credit was pointing to a recession. But that isn't how this works. GDP actually leads credit - economic growth increases the demand for [...]

  • Shifting Strategies in Ukraine War & US Empire Decline – 3 audios
    by jackrasmus

    My latest update on status of Ukraine War, shifting strategies & potential NATO (France & NATO allies) troop intervention into Ukraine discussed in my April 5 Alternative Visions radio show + 2 shorter radio interviews (Critical Hour show) on war, sanctions and forces behind decline of US global economic empire. TO LISTEN GO TO Alternative

  • Weekly Market Pulse: A New Paradigm?
    by Joseph Y. Calhoun III

    Markets year to date have been a lot more interesting in the details than the headlines you get in the financial media. The narrative has focused almost exclusively on Artificial Intelligence and the stocks benefitting from it. Large cap growth stocks - especially in the IT and Communications sectors - have garnered all the attention. [...]

  • Watching the World Divide in Half
    by Michael

    Hudson Patreon Q&A 2023Q4 – Dec 8 Support Michael’s incredible work by becoming a Patreon. He needs it now more than ever (read below) KARL FITZGERALD: All right, well let’s get into it. Okay. Welcome everyone to our final Q&A session for 2023. Always good to be with you. My name is Karl Fitzgerald, I Continue Reading The post Watching the World Divide in Half first appeared on […]

  • Labour in the Ancient Near East
    by Michael

    A new transcription of an earlier recording. One of the first interviews where Michael talked about the Ancient Near East. KARL FITZGERALD: 3CR, radio that’s independent, progressive and making a difference. And welcome to The Renegade Economists with your host, Karl Fitzgerald. This week, we’re stepping back in time, way back some 10,000 years BC, Continue Reading The post Labour in the […]

  • Emerging Decline of the American Empire, Video Interview with GEOPOLITICS & EMPIRE
    by jackrasmus

    Economist Dr. Jack Rasmus discusses the decline of American Empire, Ukraine, dying dollar, rising BRICS, the global finance capital elites, EU economy & polity in crisis & the Pentagon’s plan for war with China by 2030. The empire isn’t going away quietly. The one-party system will continue to restrict democracy. To watch the 1:17 minute

  • Weekly Market Pulse: Don’t Just Do Something, Sit There
    by Joseph Y. Calhoun III

    The first quarter of 2024 is in the books and the US economy and markets continue to defy expectations, which coming into this year were that growth and inflation would both moderate and the Fed would be able (or forced, depending on how much things slowed) to cut interest rates 0.25% as many as six [...]

  • Is US Treasury Market Potential ‘Black Swan’ Event?
    by jackrasmus

    The most important focus of today’s March 29, 2024 Alternative Visions show is whether the US Treasuries market is growing unstable with $27T bonds, notes and T-bills issued by year end 2023? Janet Yellen is in China. What does that mean for the future of the US dollar? The show also considers the latest on

  • Germany as Collateral Damage in America’s New Cold War
    by Michael

    As published in Berliner Zeitung. The dismantling of German industry since 2022 is collateral damage in America’s geopolitical war to isolate China, Russia and allied countries whose rising prosperity and self-sufficiency is viewed as an unacceptable challenge to U.S. hegemony. To prepare for what promises to be a long and costly fight, U.S. strategists made Continue Reading The post Germany […]

  • China in Charts
    by Michael

    (China Part 2/2) RADHIKA DESAI: Hello and welcome to the 25th Geopolitical Economy Hour, the show that examines the fast-changing political and geopolitical economy of our time. I’m Radhika Desai. MICHAEL HUDSON: And I’m Michael Hudson. RADHIKA DESAI: And working behind the scenes to bring you our show every fortnight are our host, Ben Norton, Continue Reading The post China in Charts first […]

  • Weekly Market Pulse: Rational Exuberance?
    by Joseph Y. Calhoun III

    Special Note: I'm in Miami this week, a mix of business and personal. I lived here for 30 years and we raised our family here but we moved to South Carolina a little over 3 years ago because we were tired of the traffic and, more than that, the irritability that comes with so many [...]

  • Global Economic & Political Crisis of Empire, Ukraine War & Election 2024-video
    by jackrasmus

    Watch my most comprehensive analysis to date interview on the growing crisis of US & global economy, US imperial hegemony, worsening contradictions of US fiscal-monetary policy, deepening recessions & financial instability in the 21st century US economy, periodic and next US capitalist restructuring, how the Ukraine and other US wars are accelerating these trends, and

  • Weekly Market Pulse: An Economic Overview
    by Joseph Y. Calhoun III

    Over the last two years, the evolution of the US economy has been driven by a return to “normal”. The distortions of the response to COVID had a profound impact on the economy that I believe will persist for many years. The change in cash levels at the household level were large and have proved [...]

  • China: Local Flowers Bloom
    by Michael

    RADHIKA DESAI: Hello and welcome to the 24th Geopolitical Economy Hour, the show that examines the fast-changing political and geopolitical economy of our time. I’m Radhika Desai. MICHAEL HUDSON: I’m Michael Hudson. RADHIKA DESAI: And working behind the scenes to bring you our show every fortnight are our host, Ben Norton; our videographer, Paul Graham; Continue Reading The post China: Local […]

  • Market Morsels: The Best Contrarian Indicator
    by Joseph Y. Calhoun III

    Government investments rarely work out the way they are supposed to. From Solyndra to California's High Speed Rail project to the Big Dig to the UK government selling off gold at the lows at the turn of the century, governments just aren't very good at the investment thing. The UK gold selling incident is perhaps [...]

  • Economics as a Form of Art
    by Michael

    Robinson Erhardt discussion, March 10 ,2024 Michael Hudson discusses his work Robinson: Michael, I read in your book, Killing the Host, that you decided to become an economist after meeting one named Terrence McCarthy, who explained to you why financial crises tend to occur in the autumn after crops are harvested. And this was an Continue Reading The post Economics as a Form of Art first […]

  • Weekly Market Pulse: Dare To Be Different
    by Joseph Y. Calhoun III

    I skate to where the puck is going to be, not where it has been. Wayne Gretzky I took my wife to dinner Saturday night at a local, boutique hotel. The Willcox Hotel was established in the late 19th century to cater to the Winter Colony of wealthy northerners who spent their winters in South Carolina. [...]

  • Market Morsel: Expectations Are Not Predictions
    by Joseph Y. Calhoun III

    Longer term, I think there are more significant reasons to expect a weaker dollar, starting with our politicians’ (of both parties) newfound infatuation with industrial policy. Government-directed investment may create activity but long-lasting benefits have, in the past, proved quite elusive. The real problem with our government deficits and debt isn’t the debt itself but [...]

  • Europe’s Loss is America’s Gain
    by Michael

    RADHIKA DESAI: Hello and welcome to the 23rd Geopolitical Economy Hour, the show that examines the fast-changing political and geopolitical economy of our time. I’m Radhika Desai. MICHAEL HUDSON: And I’m Michael Hudson. RADHIKA DESAI: And working behind the scenes to bring you this show every fortnight are our host, Ben Norton; our videographer, Paul Continue Reading The post Europe’s Loss […]

  • Ukraine War and the Ghost of Clausewitz
    by jackrasmus

    by Dr. Jack Rasmus This week, February 24, 2024 marks the beginning of the third year of the war in Ukraine. Hundreds, if not thousands, of assessments of the first two years of the war will be published, heard, or viewed. As the war now enters its third year, Russia recently announced victory in a

  • New School University Race to the Bottom
    by Michael

    I found a story in Saturday’s New York Times that I think epitomizes the crapification of higher education in the United States. It concerns the New School, where I taught at the graduate faculty from 1969 to 1972 (when it was still called the New School for Social Research). Sharon Otterman, “Facing Budget Troubles, Some Continue Reading The post New School University Race to the Bottom […]

  • Who Scuttled the Istanbul Ukraine-Russia Peace Deal: Boris Johnson or Russia’s Lavrov?
    by jackrasmus

    Since Tucker Carlson’s Interview with Putin, pro-UK and Ukraine sources have issued rebuttals saying it was Russia Foreign Minister, Lavrov, that broke off negotiations in Istanbul not UK’s Boris Johnson who arrived in Kiev a day later. Following my posting of the Carlson-Putin interview (see below) in which Putin said it was Johnson and that

  • Latest CPI Report: the ‘Soft Landing’ Plane is Still Circling
    by jackrasmus

    by Dr. Jack Rasmus, copyright 2024 For months the mainstream media and Washington Pols have been pushing the metaphor that the US economy is a plane on its final approach to a ‘soft landing’. Soft landing is defined as inflation steadily coming down to the Federal Reserve’s goal of a 2% price level AND does

  • Pathways to Solutions
    by Michael

    Economic solutions: How to go from financialized neoliberalism to a productive, sustainable economy. Geopolitical Hour 22, February 9, 2024. RADHIKA DESAI: Hello and welcome to the 22nd Geopolitical Economy Hour, the show that examines the fast-changing political and geopolitical economy of our times. I’m Radhika Desai. MICHAEL HUDSON: I’m Michael Hudson. RADHIKA DESAI: And working Continue […]

  • Putin’s 15 Major Points in the Tucker Carlson Interview
    by jackrasmus

    By Dr. Jack Rasmus February 9, 2024 The following are my ‘takeaways’ from listening closely to the Tucker Carlson-Putin Interview of this past week. A number of revelations came out of the interview (e.g. repeated role of France, Germany, UK and CIA scuttling a resolution to the conflict) as well as Putin’s deep commitment to

  • The Real Condition of American Workers Today- YouTube
    by jackrasmus

    There’s lots of spin and talk coming out of Washington that the condition of the US economy is quite ‘good’ and, consequently, workers are doing great with wages rising, prices falling, and jobs expanding. Beltline politicos therefore just can’t understand why all the public polling shows Americans don’t agree. It’s not so great out there.

  • Efficiency is Hilarious
    by Michael

    Dialogue Works, January 18, 2024. First part: or Second part:, Dialogue works (Nima): when it comes to capitalism, they’re talking about that capitalism is by far the most effective and productive economic system. Ohio Senator, James Vance, just recently said that Russia produces as much […]

  • Credit the Economic Planner
    by Michael

    HAIPHONG:Welcome, everyone. Welcome to the stream. It’s Danny Haiphong, your host. As you can see, I’m joined by the renowned economist and author, Professor Michael Hudson. You can find his website in the video description. Please do hit the like button as we begin. That helps boost this stream. And, of course, you can find Continue Reading The post Credit the Economic Planner first […]

  • Perfecting Imperialism
    by Michael

    Michael Hudson: “US imperialism, Krugman, de-dollarization, socialism, Palestine, China.” India and Global Left, January 13, 2024, with Jyotishman Mudiar. “This is the problem China will face.” JM: Hello, and welcome to another episode of India and Global Left. Today, we have with us the economist Michael Hudson. Michael, welcome back to India and Global Left. Continue Reading The post […]

  • Debt Makes the World Go Around
    by Michael

    RADHIKA DESAI: Hello and welcome to the 21st geopolitical economy hour, the show that examines the fast-changing political and geopolitical economy of our time. Welcome also to a new year that promises to be nothing but rocky, so let’s help rock it in the right direction. I’m Radhika Desai. MICHAEL HUDSON: And I’m Michael Hudson. Continue Reading The post Debt Makes the World Go Around […]

  • Comparing Feudal to Financial
    by Michael

    Hudson interview with Robinson Erhardt, September 26, 2023. Michael Hudson: Neoliberalism, Industrial Capitalism, and the Rise of Debt | Robinson’s Podcast #180, Robinson: I’m from Chicago, and when I saw that you went to the University of Chicago Lab School, which I know quite well, and then the University of Chicago, which I also know quite Continue Reading The post Comparing Feudal to […]

  • Predictions 2024
    by Michael

    Transcript of an interview between Ania and Michael Hudson. The interview took place on December 29, 2023. ANIA: Hello everyone, welcome back to my channel. It looks like we are live and we are a few seconds before time, so a little bit better than Swiss precision. Today I have for the second time a Continue Reading The post Predictions 2024 first appeared on Michael Hudson.

  • Is It Over Yet?
    by Michael

    RADHIKA DESAI: Hello and welcome to the 20th Geopolitical Economy Hour, the show that examines the fast-changing political and geopolitical economy of our time. I’m Radhika Desai. MICHAEL HUDSON: And I’m Michael Hudson. RADHIKA DESAI: Well, it’s happening again. Reports of the death of neoliberalism are once again proliferating. Just take a look at the Continue Reading The post Is It Over […]

  • Global Insecurity
    by Michael

    RADHIKA DESAI: Hello and welcome to the 19th Geopolitical Economy Hour, the program where we discuss the evolving political and geopolitical economy of our time. I’m Radhika Desai. MICHAEL HUDSON: And I’m Michael Hudson. And we bring you this program with the help of our host, Ben Norton, our videographer Paul Graham, and our transcriber Continue Reading The post Global Insecurity first […]

  • Please Use
    by Tyler Durden

    As is currently experiencing technical issues, please use the following website for all the latest updates: while we resolve our issues.

  • Moving On
    by Tyler Durden

    Dear Zero Hedge readers and blogger fans, it is time to move our new home: www.zerohedge.comFor a little over 6 months blogger has served us well, and yet it reached its limitations some time ago. Our new website, in addition to all currently existing features, now has a full RSS feed, a Contributors section, a complete term Glossary, and a full Forum for reader initiated content, and […]

  • Ron Insana On HFT
    by Tyler Durden

    Hey Ron, didn't realize your new position as a contributing editor on CNBC came with the contributing title of "Portfolio Manager." Didn't Stevie put a one year kibbosh on that? But I digress... And in all honesty I am surprised that you seem to have the correct spin on things (as per letter below from Jim Cramer's failed media experiment TheStreet). When you say: I'd prefer that regulators look […]

  • 1 To 3 Years Of Securities Recalls Aka Forced Squeeze To Go
    by Tyler Durden

    After numerous posts on this blog discussing speculation of assorted forced buy ins, it seems that this phenomenon is quite factual and quite pervasive among the asset management community. As Zero Hedge has noted previously, forced buy-ins are a critical issue as it leaves shorts at the mercy of their securities lenders and repo desks (most of which are TARP recipients and thus beneficiaries of […]

  • NYSE Claims It Does Not Engage In Flash Trading
    by Tyler Durden

    From an interview earlier with NYSE's Larry Leibowitz, who is surprisingly vocal against Flash trading. Larry - since the NYSE does not engage in Flash trading, can you please indicate whether or not the SLP program provides advance notice to Goldman Sachs ala Direct Edge's ELP program. Regardless, the escalation in the ECN wars is starting and should be a very interesting one to follow, […]

  • The Goldman VaR Exemption Question Escalates
    by Tyler Durden

    It seems only yesterday that Zero Hedge had some questions in regard to Goldman's VaR Fed exemption. No response was received from 85 Broad. Today it appears several Congressmen, lead by Alan Grayson, are willing to drive a sharp stick pretty deep into the hornets' nest, by sending a letter directly to Wall Street Don Ben Bernanke, demanding an explanation exactly to the question of Goldman's VaR […]

  • Schumer Letter To Mary Shapiro
    by Tyler Durden

    "I write out of concern that the integrity of our capital markets is being compromised by the ability of some insiders to view order information before it is available to the entire market, and use electronic trading strategies to profit from that information at the expense of other investors."Full letter here:Schumer Letter

  • Goldman's Ed Canaday On The Requirements For High Frequency Trading Oversight
    by Tyler Durden

    Damage control... Or is Goldman a little worried what Direct Edge may disclose.From the appended Schumer piece on Bloomberg:“Goldman Sachs believes high-frequency trading should have an accompanying obligation to provide liquidity, and be subject to appropriate regulatory oversight,” Canaday said.Ed, we have been giving you the chance to provide your side of the story for months. Please take […]

  • Paul Tudor Jones Exposed
    by Tyler Durden

    The mythical "TRADER - The Documentary" is finally available on You Tube. Relevant "full frontal" insights on the making of a hedge fund legend, and a paleolithic market dominated by monochrome PCs (what, no Bloomberg?), running to the municipal library for that 10-K, and no Flash orders frontrunning every trade. Part 1, and related series (2-7) are on You Tube.hat tip j.m.

  • The ETF Gloves Are Off
    by Tyler Durden

    Bearish bets made impossible, compliments of UBS. Either that, or UBS' recently upgraded (with i7 chips of course) computers just cant handle the basis calculations. Either way, is something very fried with ETFs going on behind the scenes? IMPORTANT NOTICE: Inverse, Leveraged and Inverse-Leveraged Exchange Traded Funds are no longer available for new or additional purchases at UBSEffective July […]

  • Daily Highlights: 7.27.09
    by Tyler Durden

    Administration looking for Chinese help to narrow trade gap and boost US jobs.Advertisers are getting cheaper rates than a year ago on television commercials.Aetna 2Q profit dropped to $346.6M due to greater commercial expenses and cuts full year forecast.Asian markets were higher Monday on hopes for further earnings recovery, Nikkei hits 10,000 mark.China's new small-company stock exchange gets […]

  • Frontrunning: July 27
    by Tyler Durden

    Tenacious G - Is Goldman Sachs evil? Or really good? (NY Mag)Bernanke feared a second great depression; he may still very well get it (WSJ)Europe braced for rising credit card defaults (FT)Loans by U.S. banks shrink as fear lingers (WSJ)Credit crunch part deux (Merk Mutual Funds)Real yields highest since 1994 aid record debt sales (Bloomberg)Ryanair plunges on outlook for fares, earnings […]

  • The End Of The End Of The Recession
    by Tyler Durden

    Zero Hedge, in collaboration with David Rosenberg, Chief Economist & Strategist, Gluskin Sheff + Associates, Inc., is pleased to release the attached analysis "The End Of The End Of The Recession." It is our hope that this piece will provide some badly-needed perspective on "the recession is over" debate, a topic that has become as one-sided as it is wrong-headed. Our purposes is to promote […]

  • Some Weekend Thoughts By John Mauldin
    by Unknown

    Some interesting stuff in John Mauldin's latest piece. We'll include some pertinent quotes along with our thoughts.China is growing by about 8% a year, which is amazing on the surface of it, as their exports are down about 20% (more in some sectors). How can that be? I continually read about how China is going to lead the world out of its global funk. And 8% growth in GDP does seem pretty strong. […]

  • Guest Post: 30 Year Review Ahead of Short Term Auctions, Q2 adv-GDP and Aug 7 NFP
    by Tyler Durden

    Submitted by John Bougearel of Structural Logic

  • Weekend Reading
    by Tyler Durden

    Must read: Fast-on-the-draw trades need spot of marshalling (FT, h/t Joe)Roubini Op-Ed on Bernanke: The Great Preventer (NYT)Lennar signals fleeting buildling rally as buyers flee (Bloomberg)JP Morgan to raise banker salaries (FT)The man spreading false rumors about Harman and Textron takeovers (that fooled fast-money's Najarian) found dead in suicide (Bloomberg)Chinese steel executive beaten to […]

  • JPM's Carl Carrie On Algorithmic Trading
    by Tyler Durden

    When the former head of product development in the electronic client solutions group at none other than JP Morgan, Carl Carrie, was last quoted on Zero Hedge, he had some very nasty words for High Frequency Trading. Today, in a podcast transcript by algotradingpodcast Carl shares much more light in just why any reform movement against HFT and PT in general will be met by a huge pushback by […]

  • The Flash Trading Org Chart
    by Tyler Durden

    Zero Hedge will attempt to categorize all the relevant players in FlashTradingGate. This is the initial focus of Senator Charles Schumer's recent campaign for market equality and transparency. As we will undoubtedly miss critical connections between these and other pertinent industry players, we solicit readers' insight as we develop this org chart: we invite readers to send emails to: […]

  • HFT And Goldman Sachs Boiling Point: NYT And Max Keiser
    by Tyler Durden

    Great recap piece in the New York Times on whether or not Wall Street is picking the pockets of "non-club" investors (read - the guys who do not generate 80% returns with a Sharpe > 5.0 - can someone explain how risk/return works again). The consensus sure looks good for class action lawsuit lawyers. The piece also recognizes the tremendous contribution that Zero Hedge's readership has had in […]

  • The New Model?
    by Tyler Durden

    It seems 1-2's and Marla's post earlier could not have come at a more opportune time. In a presentation by Andrew Gluck of Advisor Products, the author touches on some starkly comparable points (and, usefully, those with acute ADHD may find this presentation a tad more palatable, hehe, just kidding Marla) in the context of the epic paradigm shift occurring in the media world. Zero Hedge […]

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