from Peak Prosperity:
TRUTH LIVES on at https://sgtreport.tv/
Collateral squeeze
by Alasdair Macleod, Schiff Gold:
The sell-off in precious metals continued as bond yields continued to rise and a strong dollar persisted. In early trade in Europe this morning, gold was $1822, down another $26, unchanged on the year. Silver traded at $21, down $1.17. Comex volumes in both metals declined from good levels, indicating that selling pressure is declining.
Mortgage rates are at a 22-Year High and Headed Towards Eight Percent
by Mish Shedlock, Mish Talk:
As mortgage rates surge to 7.7 percent, Goldman Sachs revises is 6.5 percent forecast.
Mortgage Rates Easily Launched to New Long Term Highs by Upbeat Data
Mortgage News Daily reports Mortgage Rates Easily Launched to New Long Term Highs by Upbeat Data
Mortgage rates were already close to the highest levels in more than 20 years yesterday–an unpleasant milestone that was easily surpassed after today’s Job Openings data came in much higher than expected.
The Fundamental Value of Gold Is Exactly 25 Times Higher Than the Paper Price of Gold
by Jon Forrest Little, Gold Seek:
Introduction – Gresham’s Law
Gresham’s Law states that the bad money pushes out the good money from circulation. This is playing out live today for those paying attention.
Recent Historical Example Here in USA
In the mid-1960s, the US Mint, under the direction of the Department of Treasury and Federal Reserve, removed silver from dimes, quarters, and half dollars. Once they introduced the copper-clad equivalents (debased), the good money (silver coins) started being collected by the people paying attention (it took a while), and as the inflation of the 1970s intensified, all the silver coins were almost entirely out of circulation (into private collections) leaving only the copper clad substitutes for silver.
Peter Schiff: Banks Have a Bigger Real Estate Problem Today Than They Did in 2007
by Peter Schiff, Schiff Gold:
Most people in the mainstream will scoff at that statement. They’ll tell you that the situation is very different today. After all, we don’t have a big problem in the subprime mortgage market. We’re not seeing a big spike in defaults. That’s true. The problem is different this time. And it’s actually worse.
Most people will acknowledge that there are problems in the real estate market. Home sales continue to decline as mortgage rates climb. Pending home sales fell more than expected in August, with the National Association of Realtors’ Pending Home Sales Index falling to the lowest level since September 2022.
TRIGGER FOR NEXT FINANCIAL IMPLOSION
by Jim Quinn, The Burning Platform:
The U.S. banking system and likely, the global banking system, is essentially bankrupt. They just won’t admit it and central bankers won’t let them admit it. These “brilliant” Harvard Business School and Wharton trained financial geniuses thought it was a great idea to load up their institutions with mortgage and Treasury bonds when they were paying 0.5%. Now the ten year Treasury is 4.58%. Even a dolt like AOC or Pelosi should know bonds lose value when rates go up.
Jim Rogers: Why the US Became a Debtor Nation
from Nomad Capitalist:
TRUTH LIVES on at https://sgtreport.tv/
The End of the Road for the Dollar
by Alasdair Macleod, Schiff Gold:
With the Asian hegemons undoubtedly able to introduce gold standards, where does that leave the dollar?
This article describes just how precarious the fiat dollar’s position has become.
For now, the dollar appears to be buoyed up by rising bond yields. However, as they rise further portfolio losses for foreign investors are likely to increase, leading to dollar liquidation. It is not generally realised how many dollars and dollar securities are owned by foreigners, the bulk of them being held outside the US banking system. And the quantity of foreign currency owned by Americans to absorb this selling is very small in comparison.
Did Gold Bars Just Become An Impulse Buy?
by John Rubino, John Rubino’s Substack:
Can’t wait for silver ..
One of the tough things about buying gold is the complexity. You have to find a dealer and look up their prices, choose a coin or bar from dozens of options, call in the order, and wire a large amount of money to people you’ve never met. Then comes the stressful wait while your cash is gone but your gold hasn’t yet arrived. To jump through all these hoops, you really, really have to want the stuff.
LAWMAKERS OPPOSE DIGITAL DOLLAR: JUST ONE PROBLEM…
by Joseph P. Farrell, Giza Death Star:
OK, so here’s my random thought of the day…
There’s a move afoot to prohibit a central bank digital dollar from ever being issued by the Fed – without “authorization” that is – according to this article shared by E.G.(with our thanks):
US lawmakers advance legislation blocking the digital dollar
When I read this article (the first time) I thought, “Well, that’s good, someone out there realizes what Catherine Fitts and many others including yours truly have been warning about: a central bank digital currency is too easy to couple to a social engineering system, and affords no privacy. It’s a sure, certain, and swift route to slavery and feudalism, and it’s nothing but a corporate coupon. It’s a method to prohibit wealth accumulation much less passing it along, because a wholly digital ‘currency’ could be made with an ‘expiration’ date. Use it or loose it.” And so on. Yet, reading it, I had to admit that something about the article gnawed away at me. Something was missing. So I re-read it…
A Silver Conversion Exercise
by M.J., Survival Blog:
As an intellectual exercise, I converted the price of some of my recent purchases from U.S. dollars to ounces of silver. I did this out of curiosity to see how well I would do in a precious metals-based economy.
I used the spot price of silver per ounce that was quoted at www.apmex.com on 09-16-2023: $23.31. The other spot prices for that day are as follows:
Gold: $1,937.50 per ounce
Platinum: $945.70 per ounce
Palladium: $1,286.00 per ounce
DEBT RATTLE NOW AUDIBLE…
by Joseph P. Farrell, Giza Death Star:
Regular readers here know that I’m certainly nowhere close to being a master or guru of finance and economics. If I were, I’d be rich, and I’m definitely not rich. And I freely admit, this current system and its woes make no sense to me because… well, because it makes no sense. Bond prices go up, yields go down, inflation goes up, while there are signs of a deflationary future, and there’s more yellin’ from Yellen(whom I’m convinced cannot possibly be as stupid as she acts, because if she is, you might as well make her the “vice president” and put the Ayatollah Kamala in charge of the Fed). We produce … well, pretty much nothing other than “financial instruments” which in turn produce more and more nothing other than financial instruments, and this all means it’s a perfect time for the United Auto Workers to strike so that what few cars we still do produce will not be produced, and we’re told we’re better off under “president” Bai Den Dhzao and his hand-puppet act than before.
