from NBC News
Silver Coiling to Blastoff, Plus a Look at Gold, Commodities and Inflation
from King World News
The setup in gold and silver is extremely powerful. This will be a very long and strong phase of the bull market in the precious metals, despite periods of shakeouts. Take a look…
Expect More Food And Commodity Inflation
September 11 (King World News) – Graddhy out of Sweden: Not a permabull because I post bullish big picture commodities charts. Or a goldbug cause I am bullish gold in a resumed secular bull.
No, commodities are simply in a new super-cycle bull since 4.5 years ago.
We are really just lucky bastards being here at this point in time.
Beneath the Skin of CPI Inflation: “Core CPI” Again Accelerates Month-to-Month Fueled by Hot “Core Services” CPI. Durable Goods Prices Drop Further
by Wolf Richter
Wolf Street
Second month-to-month acceleration in a row. Year-over-year, Core CPI and Core Services CPI show first acceleration since March.
On a month-to-month basis in a most unwelcome development, “core services” re-accelerated for the second month in a row in August, to 5.0% annualized, which fueled the re-acceleration of the overall Consumer Price Index (CPI) and Core CPI. Core Services make up about 65% of the Consumer Price Index and include housing, healthcare, and insurance.
On the positive side of the inflation ledger were durable goods (motor vehicles, furniture, electronics, etc.), where prices dropped even faster in August, and energy, where prices dropped across the board, while food prices remained roughly stable, according to the Bureau of Labor Statistics today.
Biden-Harris Policies Have Destroyed the Poor and Middle Classes
by Jack Hellner
American Thinker
Joe Biden and Kamala Harris repeatedly say they want to help the poor and middle classes but their policies, which caused inflation to soar, have absolutely destroyed the dollar’s purchasing power.
People can no longer afford to patronize the establishments they’ve always patronized, because they are living paycheck-to-paycheck, have already depleted their savings, and have run up credit card debt to unsustainable levels—and these chains are falling like dominos. Now, Big Lots is the latest casualty, and preparing for bankruptcy:
Discount Retailer Big Lots Prepares to File for Bankruptcy amid Inflation and Declining Sales
The news comes after the restaurant chain Red Lobster filed for Chapter 11 bankruptcy followed by affordable gym chain Blink Fitness, and Rite Aid pharmacy closed all its stores in Michigan and Ohio amid that company’s recent bankruptcy filings.
“Joy” is Going to Drive Gold Prices to Absurd Levels
by James Hickman
Schiff Sovereign
Taylor Swift’s announcement pretty much said it all.
After last night’s Presidential debate, the pop star publicly endorsed Kamala Harris because “she is a steady-handed, gifted leader” who fights for “LGBTQ+ rights, IVF, and a woman’s right to her own body. . .”
I really try to keep an open mind and understand other people’s opinions. But I personally have an extremely difficult time comprehending how someone thinks abortion and LGBTQ rights are the most important problems facing the country right now.
This is a pivotal moment in history. The United States is in serious decline. Among other critical challenges, the national debt is $35 trillion and is set to grow by at least $22 trillion over the next decade (according to the government’s own forecasts).
Fact Check: Donald Trump Claims U.S. Tariffs Did Not Cause Inflation
by John Binder
Breitbart.com
CLAIM: Former President Donald Trump said during Tuesday night’s presidential debate that United States tariffs on imports did not cause the record inflation that has occurred under President Joe Biden and Vice President Kamala Harris.
VERDICT: True. Research has repeatedly shown that there is no connection between U.S. tariffs on imports and the ongoing inflation that has gripped the nation’s economy.
“We’re doing tariffs on other countries — other countries are going to, finally, after 75 years, pay us back for all that we’ve done for the world,” Trump said. “The tariffs will be substantial in some cases … [Biden and Harris] never took the [China] tariff off because it was so much money — they can’t … they’ve left the tariffs on.”
“When I had it, I had tariffs, and, yet, I had no inflation,” Trump said.
Trump Falsely Claims Inflation ‘Worst in Our Nation’s History’: Here’s the Truth
Former President Donald Trump wrongly stated inflation is “probably the worst in our nation’s history” during Tuesday’s debate with Vice President Kamala Harris—repeating the false claim he frequently makes to criticize President Joe Biden’s economic policies, though inflation has been higher than usual in recent years.
by Sara Dirn
Forbes
Harris has promised to tamp down on “price gouging” if she’s elected, as the Biden-Harris administration has sought to blame inflation partly on what Democrats have referred to as “greedflation,” accusing companies of selling a smaller amount of goods for the same price. Some research (such as a study by the Federal Reserve Bank of San Francisco) shows that markup patterns over the past three years were on par with previous recoveries. Some economists also say general cost-reduction mechanisms could be counterproductive, and price-gouging restrictions are unnecessary as inflation has cooled.
Stagflation Begins
by Martin Armstrong
Armstrong Economics
Nine of the 12 Federal Reserve districts reported a decline in economic activity in August, up five districts from the July Beige Book report. Our system has warned that we are entering a period of stagflation, where inflation remains high but GDP declines. Now, the Fed is reporting that two-thirds of the US economy is experiencing “flat or declining activity.”
The US economy advanced 3% during the last quarter, leading many to believe that the economy is recovering since Q2 posted a measly 1.4% advancement. Consumer spending, amounting to 70% of GDP, rose 2.9% last quarter as well, but people are spending on essentials. They fail to calculate TAXES into the equation when producing these reports and then dismiss essentials such as food and shelter as “volatile” aspects that somehow are not factored in the core figures.
Gold Holds Firm Above $2,500 Level as U.S. Inflation Data Looms
by Anushree Ashish Mukherjee
Reuters.com
Sept 10 (Reuters) – Gold prices held firm above the $2,500 level on Tuesday as market participants positioned themselves ahead of U.S. inflation data for further clues on the depth of interest rate cuts by the Federal Reserve next week.
Spot gold rose 0.3% to $2,512.38 per ounce by 14:03 p.m. ET (1803 GMT). U.S. gold futures settled 0.4% higher at $2,543.1.
“Gold prices are trading in an extremely tight range, waiting for the next catalyst, which are likely to be both the U.S. presidential debate tonight, followed shortly by inflation data tomorrow,” said Daniel Ghali, commodity strategist at TD Securities.
Bond Market Sees Risk of Inflation Falling Below Fed Target
by Ye Xie and Liz Capo McCormick
BNN Bloomberg
(Bloomberg) — Two years into the Federal Reserve’s battle against inflation, bond investors are seeing a new risk: Consumer price growth is slowing too much.
A day ahead of the August inflation report, one gauge of expectations of consumer price index increases is showing that the inflation rate is in danger of falling below the Fed’s target. The central bank has long argued that persistently low inflation is as detrimental to the economy as elevated prices because it would force policymakers to keep borrowing costs too low for too long, reducing the Fed’s ability to fight off economic downturns.
“Market participants are sensing that the inflationary surge is now fully over, and there’s some chance here now, with the balance of risk being shifted to the employment mandate, that the Fed undershoots its inflation target,” said Tim Duy, chief US economist at SGH Macro Advisors. “You do have to take those risks fairly seriously.”
Biden Admits Inflation Reduction Act Was Never Intended to Reduce Inflation
by Martin Armstrong
Armstrong Economics
PSA: Joe Biden is still the president of the United States. Biden has been hiding on a beach in Delaware ever since his disastrous debate with Donald Trump that hard-launched Kamala Harris as the Democrat nominee. Biden is speaking off the prompter once again and revealing hard truths that have been concealed from the public. The Inflation Reduction Act, the largest spending measure in American history, was never intended to reduce inflation.
“We should have named it what it was!” Biden said at an event in Westby, Wisconsin, where he unsuccessfully attempted to tout the success of Bidenomics. The president referred to the Inflation Reduction Act as “the most significant CLIMATE CHANGE LAW ever,” adding, “by the way, it is a $369 billion bill, it’s called the–we we we should’ve named it what it was.”