Originally published at: https://peakprosperity.com/daily-digest/26k-gold-bombs-away-use-churches-not-fema/
Economy
Geopolitical tensions and economic uncertainties have driven gold prices to record highs, with international prices reaching $2,665 an ounce. Significant demand from China and India, coupled with a weakening US dollar and Federal Reserve interest rate cuts, have bolstered gold’s appeal as a safe-haven asset. The People’s Bank of China and Indian cultural practices have further amplified this trend. Despite high prices, the upcoming festive and wedding seasons in India may sustain demand. However, investors are advised to maintain diversified portfolios due to potential risks such as an improved global economic outlook or shifts in central bank policies.
In a related development, Peter Schiff has predicted that gold could reach $3,000 by the end of the year and potentially $6,000 next year, drawing parallels to the 1970s gold bull market. Schiff argues that current rate cuts will continue to fuel gold’s rise, criticizing Bitcoin as “fool’s gold” and forecasting a significant fall in the US dollar’s value. He also predicts a crisis in the bond market, with rising long-term yields signaling a loss of confidence in US credit quality. Schiff’s views highlight the ongoing debate about gold’s role as a monetary metal versus other investment options like stocks and cryptocurrencies.
Meanwhile, Federal Reserve Chair Jerome Powell has stated there is no urgency to cut interest rates, asserting that the economy is on solid footing. However, recent data shows a significant decline in hiring, with the latest Job Openings and Labor Turnover Survey (JOLTS) revealing a plummet in hiring for the second time in three months. Chicago Fed President Austin Goolsbee has urged for quicker rate cuts, citing real dangers to the labor market. The Institute for Supply Management (ISM) results also indicate a sharp decline in manufacturing employment. Despite Powell’s public optimism, the data suggests a weakening labor market and overall economic activity.
Geopolitics
Tensions in the Middle East have escalated, with Israel calling for evacuations in Lebanon and reporting a brief incursion by Israeli troops. Hezbollah claimed to have fought Israeli soldiers, and a shooting attack in Tel Aviv resulted in seven deaths. Iran’s Supreme Leader criticized Western presence in the region, and Iran launched a significant missile attack on Israel, which was described as self-defense by its foreign minister. The death toll in Gaza has risen due to Israeli operations, and several countries, including India and Spain, have issued travel warnings or evacuation plans. The UN Security Council has scheduled an emergency meeting, and the US has reaffirmed its support for Israel.
In El Salvador, President Nayib Bukele defended his stringent anti-gang reforms at the United Nations, stating that the country has transformed from the homicide capital of the world to the safest country in the Western Hemisphere. Bukele’s policies have led to the arrest of over 82,000 gang members, though critics argue that these measures are extreme. Bukele emphasized that his administration respects human rights and does not imprison opposition or censor opinions. The reforms have sparked debate about the balance between security and human rights.
Politics
In the aftermath of Hurricane Helene, FEMA’s Tennessee branch (TEMA) has faced criticism for its handling of disaster relief. A video shared on X highlighted frustrations with TEMA’s directive to donate money rather than time or goods, and its reluctance to enter hard-to-reach areas. Local residents have called for donations to be directed to local churches instead, arguing that these organizations are better equipped to provide immediate assistance.
Energy
In the steel industry, researchers are increasingly focused on the role of electric arc furnaces (EAF) in steelmaking. These high-tech furnaces use powerful electric arcs to melt scrap metal, with limestone playing a crucial role in managing impurities and temperature. The process highlights the intersection of traditional materials like limestone with modern technology, reflecting ongoing innovations in industrial processes.
Sources
Why Cement Researchers Are Obsessed with Steelmaking: The Limestone Connection
Limestone jumps in to bond with these impurities, forming a separate layer called slag that floats to the top, making it easy to skim off and discard.
Source | Submitted by Barbara
Gold Rush 2.0: Will the Surge in Prices Continue Amid Global Uncertainties?
Gold prices have surged to record highs due to a combination of geopolitical tensions, economic uncertainties, and a weakening US dollar.
Source | Submitted by PhilH
Peter Schiff Predicts Gold Could Skyrocket to $26,000 Amid Economic Turmoil
“If gold can go from $20 an ounce to $2,600 an ounce, it can go from $2,600 to $26,000.”
Source | Submitted by PhilH
Bukele Defends El Salvador’s Anti-Gang Reforms at UN, Criticizes Global Crime Policies
“We made our nation that was the homicide capital of the world, the safest country in the entire Western Hemisphere. It was the greatest challenge that our nation has overcome,” he added.
Source | Submitted by rhollenb
Fed Faces Internal Dissent as Labor Market Signals Looming Recession
The labor market is in a deep freeze, with the latest JOLTS estimate showing hiring has crashed for the second time in three months.
Source | Submitted by rhollenb
Israel Calls for Lebanon Evacuations Amid Explosions Near Embassy and Regional Escalations
Israel calls for Lebanon evacuations
Source | Submitted by permiegirl
EMA Criticized for Restricting Direct Aid to Helene Victims, Demands Monetary Donations Onl
Apparently, FEMA (TEMA) doesn’t want individuals and businesses to directly help U.S. citizens suffering from the effects of Helene. If we want to help, we need to go through TEMA ONLY with MONEY ONLY.
Source | Submitted by thecountmc
Iran Launches Largest Missile Strike on Israel in History; Netanyahu Vows Retaliation
The waves of launches constituted the largest missile strike on Israel by Iran in history.
Source | Submitted by thecountmc