Gold Standard News Daily

10.15.24 - $34B owed to customers at AmEx, Chase and Capital One

Gold last traded at $2,661 an ounce. Silver at $31.49 an ounce.

EDITOR'S NOTE: As they say, "use it or lose it". This is an interesting new twist on the topic of inflation. Customers of some major financial companies have over $34 billion worth of earned miles or rewards that are losing value. How you ask, inflation.

$34,000,000,000 Owed To Customers at American Express, JPMorgan Chase and Capital One As Reward Hoarders Get Squeezed: Report -The Daily Hodl

Customers at American Express, JPMorgan Chase and Capital One have racked up billions of dollars in unspent credit card points – but the value of those rewards is decaying.

The financial giants’ customers are sitting on a staggering $34 billion worth of unused rewards as of 2023, reports the Wall Street Journal, citing annual reports.

And the value of those rewards is falling due largely to inflation, as goods and services now require more points than they used to.

The end result is that someone who gathered 100,000 Capital One points in 2020 and left it alone now has a pile that’s effectively worth about 82,600 points.

Airlines and hotels have also quietly tweaked the number of points required for redemptions through dynamic pricing models, which tie prices to the current cash price.

Overall, the number of points or miles needed to book a flight has surged 28% since 2019, according to a study from the aviation consultancy firm IdeaWorks. READ MORE

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10.14.24 - North American Countries Joining BRICS?

Gold last traded at $2,650 an ounce. Silver at $31.28 an ounce.

EDITOR'S NOTE: The financial wildfire, affectionately known as BRICS, continues to burn out of control. The latest development is North American nations looking to get on board. This is frightening, when one considers the central focus of this alliance is total de-dollarization

North American Countries Start Applying For BRICS Membership -Watcher.Guru

by Vinod Dsouza

The BRICS alliance received applications for membership from countries in Asia, Africa, South America, and Eastern Europe. For the first time, BRICS has officially received an application to join the bloc from a developing country in North America. This puts the spotlight on the US as neighboring nations are finding the de-dollarization agenda lucrative.

Around 48 countries have now applied to join BRICS before the October 2024 summit. While 27 countries have formally applied to join the alliance, 21 nations have informally expressed their interest in BRICS membership.

The North American country Cuba has officially applied for BRICS membership in October 2024 on the heels of the upcoming summit. Russian Ambassador to Cuba Viktor Coronelli confirmed that the North American country has applied to join the alliance.

“Cuba has shown interest in joining the BRICS association,” confirmed Coronelli. “Moreover, they have already submitted an official application to the Russian side for partner status, as Russia is chairing BRICS this year. The Cubans have interest and the corresponding application has been formalized,” he said. It is now up to the other member countries to decide if Cuba will be given BRICS membership. READ MORE

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10.11.24 - The Gold Bull Cycle Has Just Begun

Gold last traded at $2,656 an ounce. Silver at $31.54 an ounce.

EDITOR'S NOTE: As this author puts it, "periods where gold outperforms tend to be chaotic." We are most assuredly living in chaotic times and the chaos is increasing by the day. Now is a time to diversify into safe havens and weather the storm.

The Gold Bull Cycle Has Just Begun -Daily Reckoning

by Adam Sharp

Cycles surround us. In markets, astronomy, and our lives.

Every day is a circadian cycle for us all. Our bodies move through phases based on our exposure to light or darkness.

Markets are also remarkably cyclical, responding to the environment around them. Interest rates, regulation, monetary policy and investor psychology all play important roles.

Precious metals are no different. The sector’s performance ebbs and flows over time.

From 2000 to 2011, gold crushed the S&P 500.

An even better example is from 1972 to 1980 when gold returned 1,256% to the S&P 500’s 97%.

Of course, stocks take their turn in the spotlight too.

From 2012 to 2021, stocks returned 336% vs gold’s 16%. And from 1980 to 1999, stocks were absolutely dominant as gold went dormant for nearly two decades.

Over the past few years, both have done well.

The point here is that it’s a cycle.

Just take a look at the chart below. It shows the ratio of S&P 500 performance vs gold through 2021. VIEW CHARTS AND READ MORE

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10.10.24 - Silver Reaches All-Time Highs in Most Global Currencies

Gold last traded at $2,629 an ounce. Silver at $31.17 an ounce.

EDITOR'S NOTE: Silver is still going. At this pace, $50 an ounce silver will be here soon. It speaks to the mounting uncertainties over the future of our country, government and economy. If our government does indeed "reboot", physical metals are the place you will want your assets to be.

Silver Reaches All-Time Highs in Most Global Currencies… Silver in USD is Next! -Investing Haven

We compare silver in USD with silver in other global currencies. Out of 10 currencies, silver is setting new ATH in 4 and silver is inches below ATH in 3 currencies.

We conclude that the global trend of silver is up. Silver is in a global bull market despite the fact that silver in USD did not hit new all-time highs (ATH).

Take-away – Is this an epic opportunity for silver in USD investors? The most likely answer is YES; it is a matter of time, most likely, until silver in USD is going to test its ATH.

This is the secular silver chart (silver in USD) without annotations. This chart has a clear setup that any analyst and chartist will recognize as a bullish cup and handle – the chart says that it’s on its way to $50 an Ounce. It’s a matter of time. VIEW CHARTS AND READ MORE

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10.9.24 - Warren Buffett's BofA Dump-A-Thon Tops $10 Billion

Gold last traded at $2,609 an ounce. Silver at $30.47 an ounce.

Billionaire Hedge Fund Manager John Paulson Predicts a Market Crash If Harris Wins – Here's What He Said -Yahoo! Finance

As we draw nearer to the Presidential election, the theories are building on how markets will react to the chosen President-Elect. This couldn't be a more pivotal moment, given the fragility surrounding our economy today. Billionaire Hedge Fund Manager John Paulson believes if Kamala wins, our markets are going to lose ... and lose big.

by Aditi Ganguly

John Paulson, the founder and President of the hedge fund turned family office Paulson & Co., has been one of the most vocal supporters of former President and Republican nominee Donald Trump. He was also reportedly under consideration as the Treasury Secretary provided Trump succeeds in the upcoming election.

The billionaire hedge fund manager first rose to prominence in 2008 after making nearly $15 billion by shorting the housing market, making him legendary on Wall Street.

Paulson has long supported Trump and was one of the biggest donors to his 2016 and 2024 campaigns. The 68-year-old Harvard graduate is estimated to have raised $48 million for Trump's current reelection campaign.

Paulson distrusts Harris because of her plans to increase corporate and personal taxes. Furthermore, the current vice president and Democratic nominee's plans to implement a "billionaire minimum tax" on unrealized capital gains have also been a source of contempt for the hedge fund manager. READ MORE

Warren Buffett's BofA Dump-A-Thon Tops $10 Billion, Nears Key 10% Non-Reporting Level -ZeroHedge

It would appear Warren Buffett hasn't changed his sentiment on his BofA stock as he continues to unload it by the truckload. Billionaire Buffett has been pretty vocal when it comes to the problems that lie ahead for BofA; along with our stock market in general. Yet another reason to be diversified into metals.

by Tyler Durden

94-year-old Warren Buffett's Berkshire Hathaway has been on a multi-month dump-a-thon of Bank of America shares. The reason for the abrupt selling, which began in mid-July, has yet to be officially disclosed but should be viewed as an ominous sign that the 'Oracle of Omaha' foresees economic trouble ahead.

The latest Bloomberg data shows that Berkshire's total proceeds from selling BofA shares have now topped a whopping $10bln.

Traders at Berkshire began paring down the massive investment in mid-July, pressuring the bank's shares ever since. In the last three trading days, Berkshire sold $383mln worth of shares.

The latest selling is the first round of Berkshire selling BofA shares since right before the pandemic. READ MORE

BRICS Make De-Dollarization New Member Entry Rule -Watcher.Guru

If you were wondering whether or not the BRICS alliance was intent on dethroning the dollar by way of de-dollarization, wonder no more. It's now a requirement for the growing list of nations that have been jumping on board this bandwagon. This could prove to be the death blow to the dollar.

by Joshua Ramos

With a plethora of nations looking to join the ever-growing BRICS bloc, the collective is set to implement new de-dollarization rules for new members. Indeed, the alliance’s 2024 chairmanship holder, Russia, announced the increased standards it will place upon nations wanting to join.

Continued expansion has been a prevailing question for the bloc. In 2023, it grew for the first time in more than two decades. Moreover, it has continued to embrace projects that oppose Western dominance in global economics. Now, the bloc is assuring any future members are on board.

The BRICS bloc has grown massively over the last two years. Since 2022, it has enjoyed a far more prominent role on the global stage. Additionally, it grew in numbers, issuing a four-nation expansion effort at its 2023 summit.

Last year, the bloc welcomed the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran as its first expansion nations since South Africa in 2001. There are many who predict that could be echoed this year. Yet, it appears as though the collective is seeking to implement some new standards. READ MORE

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10.8.24 - Can America Survive Global De-Dollarization?

Gold last traded at $2,622 an ounce. Silver at $30.66 an ounce.

EDITOR'S NOTE: Can America survive global de-dollarization? In my opinion, no. I suppose 'survive' is a relative term though. It's not going to physically destroy us, but the likely financial consequences will be devastating.

Can America Survive Global De-Dollarization? -The Mises Institute

by Daniel Kowalski

“Money does not grow on trees” is an old expression of wisdom that seems to have been disregarded by 21st century American policymakers. People all over the world and throughout time base their decisions primarily through lived experience. The US dollar became the world’s reserve currency in the aftermath of World War II, which is now almost eighty years ago. There is virtually no one in power at the American government or in leading institutions who has a living memory from before that period.

In fact, the elite status of US currency has been taken for granted and is being eroded by policies that create inflation as well as sanctions that exclude other nations from participating in the global economy that America dominates through its money. There is the danger that the constant erosion could precipitate an avalanche that could cause the dollar to lose its status.

This would shock the United States economy with massive price increases on consumer goods while crippling the local, state, and federal governments because deficit spending will no longer be possible if no one buys the debt. In this scenario, states like California and New York might find themselves turning to the federal government for some type of bailout while smaller states with more balanced budgets might find themselves wondering why they should be paying the bill for someone else’s reckless spending that they had no part of, which in turn could create a crisis of unity among the United States of America. READ MORE

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10.7.24 - Silver: Most Powerful Bullish Reversal In History

Gold last traded at $2,643 an ounce. Silver at $31.64 an ounce.

EDITOR'S NOTE: If a picture is worth a thousand words, this picture (read: chart) strongly suggests value increases worth far more than just words. Silver has been quietly posting steady gains and could be getting ready to explode. Get in now before it does!

Silver: Long Term Chart Now Officially The Most Powerful Bullish Reversal In History -Investing Haven

Arguably, the long term silver chart qualifies as the most powerful bullish reversal ever, especially because of its unusual length.

One thing is clear – this chart pattern is immensely powerful.

What is not clear, however, is when silver will set new all-time highs.

While a test of current ATH is likely to happen late 2024 or the first half of 2025, it remains unclear if/when/how silver will break out to new ATH.

We had a theory about this, and explained it here: Can The Silver Price Rise To $100?

Silver chart bullish reversal

While the intellectual part of solving the question ‘when will silver hit $50‘ and ‘will silver ever hit $100‘ is challenging (hence fun to do), the bigger picture point is the current silver chart setup.

In order to see and appreciate the power of silver, one has to zoom out.

Remember – short term chart views create 100% noise in 100% of occurrences. Yet, the web is full of it, just scroll down to find that most of the ‘silver trade ideas‘ are short term oriented.

As seen on below chart, a giant cup and handle formation is unfolding on the silver chart. The current outcome is consistent without 2024 silver prediction written 12 months ago! VIEW CHART AND READ MORE

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10.4.24 - Silver's Biggest Bull Market Ever?

Gold last traded at $2,650 an ounce. Silver at $32.18 an ounce.

EDITOR'S NOTE: Who's ready for another bull market in silver? We've been hearing rumblings over the last several months and it appears the time is finally here. The stars have aligned and, more importantly, the economic factors; this could usher in some of the biggest gains the market has ever seen.

Silver: So Much Bigger Than 2011 - Daily Reckoning

by Adam Sharp

I remember the 2011 silver bull market like it was yesterday.

We had already experienced two rounds of money printing (QE) by then, and the bank bailouts were still fresh on everyone’s mind.

Silver prices shot up from $9.40 per ounce in October 2008 to over $49 in April 2011.

It was a beautiful run, but ended much too quickly for my liking. Silver stayed above $30 for almost two more years, but as the economy improved, investors lost interest for a time.

Looking back, I can see now why the 2011 rally faded. First, the Chicago Mercantile Exchange (CME) hiked margin requirements, punishing long speculators. Moreover, the U.S. was still in relatively good economic shape then. The Fed’s drastic actions hadn’t yet caused major inflation. We were “saved”, for a while.

Investment demand for silver petered out and the supply deficit never got too serious, as we’ll see below.

In today’s bull market, I see none of these issues. Silver’s current move is set to be far more durable and stronger than in 2011. And today is the perfect time to explore why. READ MORE

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10.3.24 - BofA Customers Report Zero Balances

Gold last traded at $2,656 an ounce. Silver at $32.06 an ounce.

EDITOR'S NOTE: As we move into the Halloween season, we see all kinds of friendly scares everywhere we look. A not so friendly scare became a reality for many Bank of America customers yesterday; as they found zero balances showing in their online bank accounts. More evidence that our banking system is no longer completely safe, or completely sound.

Bank Of America Customers Report Widespread Outage, Zero Balances -ZeroHedge

by Tyler Durden

{ZeroHedge}

The outage started at around 12:30 p.m. E.T. on Wednesday, according to the tracking website Downdetector.

About an hour later, more than 20,000 user complaints were submitted via the website.

The Epoch Times' Jack Phillips reports that numerous Bank of America users have posted screenshots of empty account balances on social media.

An Epoch Times staff member also reported not being able to log in to their Bank of America account.

Some users on social media stated that Bank of America had not yet alerted them to the issue.

Meanwhile, some users have reported having problems with Zelle, the digital payment system that is used by multiple banks and is owned by Bank of America and several other banks.

It’s not clear how many customers were impacted or when the problem will be resolved. READ MORE

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10.2.24 - What does the port strike mean for the economy?

Gold last traded at $2,661 an ounce. Silver at $31.87 an ounce.

Rickards: Biggest Monetary Shock In 50 Years -Daily Reckoning

We may be getting ready to face the biggest monetary shock in 50 years if Mr. Rickards is correct; and I fear he might be. Our economy has been painfully unraveling over the last few years and it may be BRICS who delivers the final blow.

By James Rickards

I’d like to start today’s issue by extending my thoughts and prayers to those impacted by Hurricane Helene, which has devastated significant portions of the southeast with massive flooding.

The death toll is over 100 and may increase significantly. Let’s all hope the affected areas will recover.

Moving on, with so much attention focused on the U.S. presidential election, the war in Ukraine and the war in Gaza, which is spreading to Lebanon, it’s easy to lose sight of other geopolitical developments that may be even more significant in the long run.

One of these developments is the rise of the new BRICS currency and its potential role in the global monetary system.

I’ve been warning readers about the collapse of the dollar for years and I was one of the first people to alert you to the rise of BRICS.

It’s a monetary shock about to hit the global financial system, and something I consider the most significant development in international finance in over half a century.

The annual leaders’ summit of BRICS nations is being held in Kazan, Russia from Oct. 22–24, and will include announcements moving the BRICS currency plans forward in material ways. READ MORE

This is how badly the port strike could wreck the US economy -Business Insider

As if we here in the US weren't already dealing with enough economic uncertainty, our ports going on strike present an obstacle even greater than paying more at the register ... having nothing available to purchase.

by Tim Paradis

A strike involving port workers from Maine to Texas could inflict major damage on the US economy.

How high the economic wreckage piles up will depend on how long dockworkers are on the picket line, logistics experts told Business Insider.

Adam Kamins, an economist at Moody's Analytics, said a strike lasting a week or two would create backlogs but have minimal economic costs outside of areas that depend on port activity. But "anything longer will lead to shortages and upward price pressures," Kamins said.

He added that shipments of food and automobiles could take a big hit because they tend to move through the affected ports, where some 45,000 workers are striking for better wages, among other demands.

Kamins said a jump in inflation isn't likely even with a longer strike. But he added that if prices start to heat up, that could make the Federal Reserve "more cautious" about trimming interest rates. The Fed lowered rates in September for the first time in four years following its effort to knock down price growth that surged during the pandemic. READ MORE

BRICS: BlackRock Secretly Prepares for US Dollar Collapse -Watcher.Guru

In other BRICS news, a fund manager from BlackRock is also preparing for a dollar crash. It's a wonder the media isn't paying closer attention to the growth in the power bloc, because it seems like the rest of the world is doing exactly that. Much like all other market reporting, it seems we will be told just in time to let us know it has already happened.

by Jaxon Gaines

With the BRICS bloc actively seeking the demise of the US dollar, one trillion dollar asset manager in the US is secretly preparing for the greenback’s collapse. Indeed, BlackRock may be looking to protect itself and its clients with a new investment fund it has created. The $9 trillion asset manager recently launched a fund to back a new crypto stablecoin created by Ethena Labs, UStb.

Last week, the Ethena stablecoin developers said that BlackRock established a tokenized fund for the new stablecoin. The asset manager has been a strong proponent of cryptocurrencies such as Bitcoin, calling BTC a “safe haven” against global financial disasters. One of the biggest global threats to the US dollar is BRICS: the bloc consisting of numerous nations opposing the US dollar’s dominance. The bloc promotes de-dollarization and has begun executing trades with other nations without the greenback involved.

The UStb stablecoin will be backed by BlackRock’s tokenized BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which offers a stable value of $1 per token. UStb will be a separate fiat stablecoin product alongside Ethena’s USDe (USDE), a synthetic dollar stablecoin the developer launched in February.

Meanwhile, the BRICS alliance is giving hope to developing countries that want to break away from the clutches of the US dollar. Emerging economies are facing challenges from carrying the burden of the US dollar on their backs. It appears that not only is the US dollar falling outside of the US: but inside the US doubts are growing around the asset’s future. READ MORE

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