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June 14, 2024Friday Gold Wrap

Recession Indicators Flashing: SchiffGold Friday Gold Wrap June 14 2024

This week flashed early warning signs of a recession as gold and silver prices rose yet again. Despite an inflationary environment, non-essential goods are getting price cuts as the Fed reassures the public that rates won’t go higher.

OTHER TOPICS DISCUSSED

    • Gold is trading at $2,332 (up $38 since last week’s close)
    • Silver is trading at $29.55 (up $0.39 since last week’s close)
    • CPI data came it below expectations (0.0% vs. 0.1% expected)
    • Walgreens announced price cuts on over 1,300 items
    • Home prices up 28% from 329k in Q1 2020 to 420k in Q1 2024
    • S&P 500 hit new high of 5450
    • BlackRock and Citadel Securities back Texas Stock Exchange

Quote of the week from Paul Volker:

The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense. And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation. That is not price stability, yet they call it price stability. I just do not understand central banks wanting a little inflation.”

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The above references an opinion and is for information purposes only. It is not intended to be investment advice.

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