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."
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.
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