Monthly Archives: August 2019
The two words from Jerome Powell that rocked the financial markets
“Stocks cratered, the dollar hit a more than two-year high and bond yields ripped higher after Fed Chairman Jerome Powell suggested that policymakers were not embarking on a new cycle of rate cutting, after it trimmed the fed funds rate by a quarter point Wednesday.”
USAGOLD note: Gold did not take too kindly to the “midcycle adjustment” comment either. As mentioned yesterday, perhaps now would be a good time for the Fed to issue a clarification although we would be surprised if one were forthcoming.
Facebook’s fake money
Degussa/Thorsten Polleit/7-18-2019
“The critical question, however, is this: Is the Libra really good – or sound – money? Unfortunately, this question cannot be answered in the affirmative. The reason is this: The quality of the Libra depends on the quality of the underlying fiat currencies –and fiat currencies do not make for good money, as should be well known by now.”
USAGOLD note: A crypto-currency is only as good as the foundation upon which it is built . . . . Degussa recommends a 100%-gold-backed Libra (assuming of course it even gets off the ground).