Metals Stocks: Gold and silver climb, while copper bounces after sharp selloff

Jul 3, 2022

Gold futures ended lower on Monday as the Group of Seven nations prepared to ban imports of the yellow metal from Russia. U.S. President Joe Biden tweeted on Sunday that the G-7 would “ban the import of Russian gold” and the U.K. government has informed the press that the U.S., U.K., Japan and Canada had agreed to the ban — although the resolution has yet to be formally adopted by the supranational institution. Members of the G-7 were meeting Monday in the southern German town of Garmisc ...read more

GDPNow Forecast Plunges to -2.1 Percent, a Recession Has Clearly Started

Jul 3, 2022

GDPNow data from the Atlanta Fed, chart by Mish Please note another GDPNow Model plunge following a miserable ISM number.  The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -2.1 percent on July 1, down from -1.0 percent on June 30. After this morning's Manufacturing ISM Report On Business from the Institute for Supply Management and the construction report from the US Census Bureau, the nowcasts of second-qua ...read more

California AB5 Ruling May Disrupt All West Coast Truck Shipments

Jul 3, 2022

California ruled that independent drivers are employees not contractors. The US Supreme Court refused the case. The ruling creates a huge potential for a massive truck shipping logjam. A Tweet Chain by Freight Waves spells out the problem.  Half of the Industry is Impacted  Supreme Court Breaking News: SCOTUS denies certiorari; California’s trucking sector braces for AB5  Working Entrepreneur Screwed Blame the Unions Expect Illinois and New Jersey to Foll ...read more

Does the Crypto Crisis Demonstrate That Gold Is Better?

Jul 2, 2022

If you read anything written by cryptocurrency evangelists, you might come away thinking that cryptocurrency is the greatest thing since sliced bread. It’s the wave of the future, a currency, store of value, revolutionary technology, and it might even help cure cancer. That last part might be a bit hyperbolic, but not to some crypto devotees. Those who are devoted to spreading the gospel of cryptocurrency are very often fanatical in their devotion, and that’s why the current crisis hit ...read more

Retirement Crisis: Is the Current Economic Climate Making It Worse?

Jul 20, 2022

Isaac Nuriani    | Jul 1, 2022 401(k)s and IRAs have been hit hard by the economy this year. How will retirement savers proceed from here? Listen to the Article Digest Your browser does not support the audio element. For years, we’ve been told there’s a retirement crisis in America. Survey after survey reveals that Americans don’t have enough money to get by in what is supposed to be their golden years. As I said, we’ve been hearing about this for a long tim ...read more

Bond Yields Dive After a Poor ISM Report Showing a Plunge in New Orders

Jul 2, 2022

Evidence of recession keeps piling up. Powell needs to reassess his soft landing thesis. Yield curve data from the New York Fed and Investing.com, chart by Mish The 2-month yield and the Effective Fed Funds rates are from yesterday. The 20-year yield is my estimate. My starting point is yesterday's number and I assume a similar reaction as the 30-year long bond.  Today's Bond Market Change  2-Year: -0.11 3-Year: -0.13 5-Year: -0.13 7-year: -0.12 10-year: -0.10 3 ...read more

“Inflation Forecasts Aren’t Worth the Paper They’re Written on”: This Is about the Bank of Canada’s Reaction to Inflation, But it’s the Same in the US and Everywhere

Jul 2, 2022

“Why the current tightening cycle is unlike anything we’ve observed in the past.” By Wolf Richter for WOLF STREET. When Canada’s Consumer Price Index for May was released a couple of days ago, it was – “as expected,” I would say – a lot lot worse than expected, and exceeded once again by a huge margin the inflation forecasts by the Bank of Canada. According to the exasperated economists at the National Bank of Canada, CPI inflation runs 1.5 percentage points above the BoC ...read more