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Money Daily has been providing business and financial market news, views, and coverage on a nearly continuous basis since 2006. Complete archives are available at moneydaily.blogspot.com.
PRIOR COVERAGE:
11/21-11/27/2021
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Non-Farm Payrolls' Big Miss is a Big Nothing; US is Already at Full Employment Friday, December 3, 2021, 9:05 am ET It's really not about jobs. Despite today's non-farm payroll report showing an estimated 210,000 jobs created in November, the unemployment rate now stands at 4.2%, which is generally regarded as full employment, or, at least it used to be. In other words, just about anybody who wants to work, is working, or should be. Falling far short of the estimated 550,000 analysts were expecting, this "miss" shouldn't be regarded as market-moving in any way, because there are more pressing issues facing the economy, primarily inflation, supply chain breakdowns, and the leadership failure in the US congress. The House and Senate got together on another stop-gap bill to fund the government into February, while still unable to come up with the votes to raise or suspend the debt ceiling or pass the ambitious social infrastructure bill that's been stalled since summer. Pundits and various other half-wits will try to explain stock market movement on Omicron or some other variant, but all Wall Street cares about is money and profit. If companies can't produce profits that are better than the prior quarter or year ago figures, then downside risk becomes more and more pronounced. With holiday sales and traffic at big box stores and malls down already, there's a case to be made that the US economy is slowing rather than recovering. The wild movements in markets over the past week demonstrate an uneasiness even among top investors. Even wilder speculation at what comes next year from the likes of Goldman Sachs, Morgan Stanley, and others gives the impression that the Fed doesn't have complete control of interest rates or inflation and that poses serious problems in 2022. As for the markets this week, post the Black Friday rout, the Dow is down 259 points, the NASDAQ is off 110, the S&P lower by 17.52, and the NYSE Composite down 150. If there's no significant upside today, the Dow will register its fourth straight weekly loss, the Composite, its third, while the NASDAQ and S&P will be down two consecutive weeks. That doesn't exactly inspire confidence, nor does the VIX sitting at 26 as Friday's trading is about to start. The jobs report was meaningless and employment figures will continue to be so until companies either start hiring on a huge basis or laying off people en masse. Until then... Happy Hunting.
At the Close, Thursday, December 2, 2021:
Thursday, December 2, 2021, 8:44 am ET Since Thanksgiving:
Friday: DOWN Sensing a pattern here? The worst part of the recent volatility in equity markets is that it is being attributed to one thing: OMICRON, the corona-variant that has supposedly infected exactly one US citizen, has a mortality rate of something along the lines of one in a million, but is supposed to cause all manner of disruption and displeasure to the global economy. It will, because the media - and those who control it - desires that. It's enough to make one want to sell all stocks and buy gold, silver, or bitcoin, or, just convert to cash. It might not be such a bad idea. Gold was up $6.90 on the day. Silver lost 55 cents, down to $22.30 per ounce, which is fine, because it's MONEY, and now on sale. Bitcoin fell from nearly $58,000 to around $56,500. Bitcoin's a moving target. It trades continuously, and it is MONEY. Just in case you haven't noticed, the world has gone completely bonkers and it doesn't seem to be getting any better. The narrative has changed from enjoying peace and prosperity to wondering what the globalist cabal has next up their collectivist sleeves. That doesn't seem to be a productive way to spend one's time. Wall Street tells us on the one hand to invest for the future, for a retirement that seems more and more unlikely and far less enjoyable than a few years ago. The myth-makers have poisoned the well. The future does not appear to be any less pleasurable then the present. From all-time highs (less than a few weeks ago), the Dow is down 2430 points (6.62%). Since making an ATH on November 18th, the S&P has dropped 190 points, or 4.08%. The NASDAQ, since it's ATH (16,057.44) November 19, has lost a little more than 800 points (5.00%). By the way, to literally no fanfare, the national debt, brought to you exclusively by your federal government, crested above $29 trillion early Wednesday morning. If you didn't know that, it's because you weren't supposed to know. Now you do. According to legend and widely-accepted economic thought, that $29 trillion is owed by the US citizenry, because they voted for the politicians who borrowed the money and did nothing to stop them. It amounts to more than $87,000 per citizen. Is there any wonder why taxes are so high, or why Americans are taxed more on their income than virtually every other place in the world? These kinds of things usually end badly. The party's just getting started. Happy Hunting.
At the Close, Wednesday, December 1, 2021: Wednesday, December 1, 2021, 9:40 am ET Here's a recap of the past three trading sessions:
Friday: DOWN Wednesday morning, futures are wildly positive. Seems Omicron isn't deadly after all... until tomorrow. If you're still invested in stocks, good luck. It looks to be all downhill from here. Here's a handy chart. Copy/paste it and look back on April 30.
Even if any of these assets rise beyond their ATHs, there's a good chance inflation will be the proximate cause, the purchasing power of the US$ depreciating rapidly. DELTA OMICRON anagram = MEDIA CONTROL
At the Close, Tuesday, November 30, 2021:
Tuesday, November 30, 2021, 8:55 am ET Down. Up. Down. US and most globally-linked equity markets are completely captured by central banks and their cohorts. The news media plays along with the likes of Goldman Sachs, Deutsche Bank and other financial mouthpieces. Just like the original pandemic, the Omicron scare is a tool by which the globalists move markets, scare the public and subjugate populations of entire nations. It doesn't have to be this way. On Monday, after Goldman Sachs signaled a risk-on party in the aftermath of Friday's half-day blood-bathing, stocks got the lift treatment from the usual suspects. The NASDAQ performed the best, gaining back more than 80% of Friday's losses. The S&P recovered about 60%, but the Dow Industrials were not so fortunate. Blue chips only caught up a third of Friday's dump. So, come Tuesday morning and what do we have? Indices once again tumbling in the pre-market as US stock futures are down across the board. European bourses down around one percent, Japan's NIKKEI and Hong Kong's Hang Seng off by roughly 1.5 percent. It's all a big farce. The omicron scare is just another way for the big boys to steal lunch money from retail investors. We've all seen it before. Wash, rinse, repeat. In a couple of weeks there will be the annual "Santa Claus Rally," another fraud dreamt up by Wall Street crooks. Meanwhile, gold held its own, but silver was whacked dow below $23 an ounce. That's a buy in anybody's book. Late on Monday, after the pant-shitter-in-chief said that no lockdowns would be necessary with "omnicron" (his pronunciation), Bitcoin moved from around $56,000 to $58,000 and seems to be holding that level. All the talk is about the Fed cutting short their tapering of asset purchases or delaying interest rate hikes further out into 2022. Whatever the financial media spoon-feeds, rest assured nobody knows anything other than those at the forefront of the Build Back Better Great Reset where you will own nothing and be happy. In that regard, it would make sense to move some of your assets out of stock markets, out of dollars, and into anything the government has trouble touching, because, if they can touch it, they may take it. That's the reality of the current condition. Nothing you own is really far removed from the clutches of a government that is almost $29 trillion in debt and posturing for more. Congress still has to pass Joe Biden's human infrastructure bill and extend the debt ceiling. Those particular losers are just getting back from their holidays and don't plan to do any legislating until later this week at the earliest. After a full week in session between December 6 (Monday) and the 10th (Friday), they all plan on going away for what appears to be at least three weeks, returning some time after January 2nd. The House and Senate's inability to produce coherent, useful legislation is testament to their deferential treatment of the people they're supposed to be serving. Congress is only there as a palliative, to calm the jitters most of the country feels. (It's not working.) El Salvador has announced plans for a $1 Billion Bitcoin Bond and Bitcoin City. To anyone awake and aware, that qualifies as real news and a bold initiative. El Salvador is the first country in the world to adopt Bitcoin as legal tender, alongside the US dollar. It's a fascinating duopoly.
At the Close, Monday, November 29, 2021: Sunday, November 28, 2021, 9:50 am ET With all due respect to OMICRON (anagram for MORONIC), a brief comment, and just the numbers. Money Daily is committed to self-sufficiency. To that end, some direction is offered, but readers are advised to make their own investment and money management decisions. Brief comment: HOLD. Give it a few days. Don't go buying or selling all the gold or bitcoin or stocks. That's called PANIC. Hang on until at least 2:00 pm ET Monday before making any decisions, and even that may be too soon. Think long term. Note that EVERYTHING except gold was down Friday. Stocks got whacked on Black Friday, but that was nothing compared to the rally in treasuries (yields down, prices up). Oil got sent to into correction territory.
WTI Crude Oil/barrel: US National Average price 1 gallon unleaded gas: $3.397 (roughly unchanged from a week ago: $3.399)
Treasuries:
Cryptos:
Precious Metals:
Silver price 11/19: $24.56 Here are the latest prices for common one ounce gold and silver items sold on eBay (numismatics excluded, shipping - often free - included):
Happy Hunting!
At the Close, Friday, November 26, 2021:
For the Week:
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