Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. In this column, JWR also covers hedges, derivatives, and various obscura. This column emphasizes JWR’s “tangibles heavy” investing strategy and contrarian perspective. Today, another look at prospects for a gold-backed BRICS currency. (See the Precious Metals section.)
Precious Metals:
BRICS Gold-Backed Currency to Launch at 2024 Summit?
But also read this piece from Reuters: US dollar’s dominance secure, BRICS see no progress on de-dollarization – report.
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The latest piece by Hub Moolman: Silver and Gold: Insurance Against US Monetary Collapse.
Economy & Finance:
National Debt: Soon at An All-Time High. The article’s opener:
“The most recent projections from the Congressional Budget Office (CBO) confirm once again that America’s fiscal outlook is on an unsustainable path — increasingly driven by higher interest costs. Growing debt, in addition to the rise in interest rates over the past couple of years, has significantly increased the cost of federal borrowing. In 2023, interest costs on the national debt totaled $658 billion — surpassing most other components of the federal budget. “
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Accounting giant KPMG: Election year dissonance: Midyear economic outlook.
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By way of the Whatfinger.com news aggregation site, there is this from the leftist CNBC: Private payrolls grew by just 150,000 in June, less than expected.
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Reader C.B. spotted this: Canada Enacts Digital-Services Tax Amid US Reprisal Threat.
Commodities:
Reader C.B. sent this: Court blocks Biden admin’s ban on new LNG exports.
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At MarketWatch: Here’s what to expect from gold, oil and other commodities in the second half of 2024.
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Propane Market Outlook Report 2024-2029: A $107 Billion Opportunity Driven by Worldwide Surge in Demand for Energy-Efficient Appliances and Clean-Burning Fuels. Here is an excerpt:
“The worldwide market for propane is experiencing significant growth momentum, with energy-efficiency and environmental sustainability being the key driving forces. As of 2023, the market stands at a valuation of USD 83.26 billion and boasts a healthy compound annual growth rate (CAGR) of 4.35% heading towards 2029, driving the market to $107.75 billion. This robust trajectory is propelled by a global surge in demand for energy-efficient appliances and clean-burning fuels, marking propane as an energy source of choice across diverse sectors.
A major contributor to the robust upward trend of the propane market is the expansion of the petrochemical industry, which relies on propane as a prime feedstock. This underscores the material’s versatility and pivotal role in producing a wide array of chemicals and synthetic materials. Moreover, with the added appeal of propane’s environmental advantages, such as reduced greenhouse gas emissions, the market is set to see further elevation in its stature, underscored by increased utilizations, such as in the automotive sector with Autogas, and advances in production and storage technologies.”
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From OilPrice News: WTI Crude Soars to Highest Level Since April on Demand Optimism, Hurricane Beryl.
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Thieves In Seattle Targeting EV Charging Stations Has Reached “Epidemic Proportions”.
Inflation/Deflation Watch:
Yellen Denies Food Inflation. (Again.)
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Turkey’s inflation falls to 71.6 percent in June: official data.
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Have they turned the corner? Argentina Inflation Rate.
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Canada inflation surprisingly rises in May, markets trim July rate cut bets.
Forex & Cryptos:
Reuters: US dollar slightly weaker on diminishing inflation.
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At Currency Thoughts: 50-Basis Point Czech Interest Rate Cut’s Size Exceeded Street Consensus.
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At Zero Hedge: When Bitcoin $100,000? It Depends On Biden’s Next Move.
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Sony to Enter Cryptocurrency Market with New Exchange in Japan.
Tangibles Investing:
The Used Car Market Is Collapsing in 2024 – What Buyers and Sellers Need to Know.
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Brownells (one of our affiliate advertisers) has several new specials their “Deals” page, this week.
Provisos:
SurvivalBlog and its Editors are not paid investment counselors or advisers. Please see our Provisos page for our detailed disclaimers.
News Tips:
Please send your economics and investing news tips to JWR. (Either via e-mail or via our Contact form.) These are often especially relevant because they come from folks who closely watch specific markets. If you spot any news that would be of interest to SurvivalBlog readers, then please send it in. News items from local news outlets that are missed by the news wire services are especially appreciated. Thanks!
