Over the last two years, Americans have experienced inflation greater than any they've faced in some time, but it's been nothing compared to what the citizens of Turkey have faced. Inflation in Turkey exceeded 85% in October. The inflation forcing Turkey's people into poverty. Stefanie Glinski reports for Foreign Policy's DISPATCH: ISTANBUL—On a wide staircase across the street from a popular bar in Turkey’s biggest city, crowds of people sit in the sunset, enjoying cheap drinks and snacks they brought from home. They used to go to the bar, and they’d still like to. They just can’t afford … [Read more...]
Gold, Silver, and Currencies
Young Research & Publishing has been providing research and insights on precious metals and currency markets to institutional investors, corporate financial officers, business owners, and individual investors for over four decades. Richard C. Young started Young Research & Publishing in the 70s to publish the authoritative Young's World Money Forecast, a 50-page monthly investment report on the precious metals and currency markets. Today, our research on gold, silver, and currencies is geared toward investors in or nearing retirement who are looking to preserve and protect wealth.
Is Gold Expensive?
Gold prices have reached nominal highs, but is it expensive? In inflation-adjusted terms, the price of gold is higher than statistically normal but not at its highest. Take a look at the inflation-adjusted gold price distribution chart from Macrobond below to see that while gold is expensive in nominal terms, it still hasn't reached its inflation-adjusted peak. Gold prices have climbed on dollar weakness and inflation data, reports Reuters's Arundhati Sarkar: Gold prices scaled a near three-week high on Tuesday, drawing support from a weaker dollar, while investors positioned for … [Read more...]
BRICS Gold Standard Over Before It Started?
Recently Russian-funded RT news teased a new gold-backed currency for BRICS nations. Kitco's Neils Christensen reports: Friday, according to state-run RT, the Russian government has confirmed that Brazil, Russia, India, China and South Africa, also known as BRICS nations, will introduce a new trading currency backed by gold. The official announcement is expected to be made during the BRICS summit in August in South Africa. But almost immediately, the backtracking began. Antony Sguazzin reported: The New Development Bank, a financial institution created by the BRICS bloc of emerging markets, … [Read more...]
Eurozone Edging Closer to CBDC with New Proposal
The Eurozone is edging closer to adopting a central bank digital currency with a new proposal by the European Commission outlining its plans for the digital euro. In a press release, the ECB stated: Proposed legislation establishes framework facilitating the possible introduction of a digital euro that is widely usable and available throughout the euro area ECB also welcomes Commission proposal to protect legal tender status of euro cash Governing Council to decide in autumn whether to move to next phase of digital euro project The European Commission has published today its … [Read more...]
Lira Sits at Record Lows as Central Bank Gives Up Support
Turkey's central bank has given up trying to support the lira as it has fallen to its lowest levels ever against the dollar. Reuters reports: Turkey's lira was mostly flat on Tuesday, after touching a new record low overnight, while bankers said the central bank's net reserves had marked their largest rise on record last week as it stopped using the reserves to support the lira. The lira touched a record low of 26.10 against the dollar early on Tuesday during low liquidity hours and later firmed to as much as 25.55. But it later gave up those gains to stand at 26.03 at 0857 GMT, compared … [Read more...]
China Props Up Ailing Yuan
Worried about its currency's weakness, The People's Bank of China has propped up the yuan even more than expected. Bloomberg News reports: China stepped in to support the yuan for a third time this week, once again signaling a limit to its tolerance for weakness in the currency. The People’s Bank of China set its daily reference rate for the managed currency at a stronger-than-expected level, as it did on Monday and Tuesday. The so-called fixing came in at 7.2208 per dollar, 311 pips stronger than the average estimate in a Bloomberg survey and the largest premium since … [Read more...]
CBDCs Would Be the End of Any Remaining Central Bank Indpendence
In a well written piece, the CEO of the Cato Institute, and a friend of mine, Peter Goettler, explains the dangers central bank digital currencies (CBDCs) would pose not only to the privacy of America's citizens, but also to the Federal Reserve itself. He writes: In fact, implementing a CBDC could exacerbate many of the existing privacy violations that are already built into the financial system. The United States is often heralded as a free country with substantial protections for civil liberties, but the reality often does not live up to such expectations or constitutional dictates. And … [Read more...]
MONEY GLOBALISTS: More Calls for Globalized CBDC System
Only shortly after bankers aligned with the IMF called for a globalized central bank digital currency platform, the Bank for International Settlements (BIS) has unveiled its "game changing" blueprint for privatized, unified control over global CBDCs. The Daily Hodl staff reports: The global central bank umbrella organization known as the Bank for International Settlements (BIS) has released a blueprint for the future of central bank digital currencies (CBDCs). In its new annual economic report, the BIS deploys the language of the blockchain and smart contract industry, saying the … [Read more...]
Markets Not Convinced by Turkey’s Attempt at a Reset
After winning reelection as Turkey's President, Recep Tayyip Erdogan replaced his central bank governor and finance minister with highly regarded personnel, aiming at a "reset" of sorts for his economic policy. The market so far has been unconvinced and has continued to punish Turkey's currency, the lira. Reuters reports: Turkey's lira weakened as much as 3.3% to a record low on Friday, extending losses a day after the central bank's large rate hike failed to assure markets that President Tayyip Erdogan was abandoning his long-held unorthodox policies. The lira touched a record low of … [Read more...]
DeSantis Calls CBDC Central Authority an Obvious “Wolf”
In a recent interview with John Stossel, Gov. Ron DeSantis explained that some wolves come dressed in sheep's clothing, so you don't see them until it's too late. Others are obvious. DeSantis says the problems with the central authority granted by central bank digital currencies (CBDCs) are obvious. In his words, "This is a wolf coming as a wolf." Stossel reports: President Joe Biden and the media are excited about something new: a Central Bank Digital Currency, or CBDC. It's a currency like Bitcoin, except controlled by the federal government. Not everyone is a fan. "Sometimes … [Read more...]
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