Economy

Two reports and a balance sheet: Payrolls: headline +253k, expected +178k; avg hourly earnings +0.5%, expected +0.3%.  Expansionary. PMI Manufacturing: 50.2, expected 50.4; weak – contractionary. Fed Balance Sheet: -58.7B w/w, previous -30.5B.  Deflationary. The Fed raised rates at this week’s meeting by 25 bp to 5.08%.  Is Powell going to raise rates again?  CME […]

There were a bunch of reports this week: Q1 2023 GDP: 0.26% q/q, expected 2.0%, +1.25% y/y.  Recessionary.  Allegedly adjusted for inflation. Durable Goods: New orders: +3.2% m/m, expected 0.9%, previous -1.2%.  Expansionary. Dallas Fed Mfg: Actual: -23.4, expected -11.5, prior -15.7.  Recessionary. New Home Sales: Actual: 683k, expected 634k, prior 640k. Consumer Sentiment: Actual: […]

What is silver ‘telling’ us?  Well, we’re experiencing something highly unusual in my long career of buying and tracking silver. So-called ‘junk silver’ which is pre-1965 US coinage (dimes, quarters and half dollars) used to trade at or often below the spot price of silver. If silver was $10 and ounce, you could buy silver […]