Daily Gold Market Report

Jamie Dimon’s Stark Warning:
U.S. Debt Nears ‘Cliff’ with Global Fallout Imminent

(USAGOLD – 1/30/2024) Gold prices are higher in early trading Tuesday, as the world anxiously awaits the U.S. military’s response. Gold is trading at $2045.90, up $12.67. Silver is trading at $23.26, up 6 cents. JPMorgan Chase CEO Jamie Dimon warns of a potential global market crisis due to the escalating U.S. government debt. He expressed these concerns at a Bipartisan Policy Center event, alongside former Speaker Paul Ryan. Dimon compares the current economic situation to the 1980s, highlighting the significantly higher debt-to-GDP ratio now, which is around 100% compared to 35% back then. He predicts that by 2035, this ratio could reach 130%. Dimon also emphasized the global impact of the U.S. debt, noting that countries like Japan, China, and the U.K. hold substantial portions of it. He stressed the importance of a stronger America and military for global security, and advocated for closer collaboration between the public and private sectors.

“Currently the American national debt stands at $34.14 trillion—about $100,000 for every person in the U.S.—with the debt ceiling currently suspended until 2025 courtesy of a deal passed in the summer of 2023.”