Friday, August 8, 2025
Mad King Ludwig tariffs gold bars, making liquidity more expensive for big banks
Gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.S. interest rate-cut hopes. ...
U.S. gold futures for December delivery were up 0.9% at $3,484.10, after hitting an all-time high of $3,534.10.
The price spread between New York futures and spot prices widened by more than $100 after the Financial Times reported on Thursday that the United States had imposed tariffs on imports of 1-kg gold bars, citing a letter from Customs and Border Protection.
The letter, dated July 31, said 1-kg and 100-ounce gold bars should be classified under a customs code subject to higher tariffs, a move that could impact Switzerland, the world’s largest gold refining hub.
The tariffs on gold bars “will create a dislocation or rather some issues in terms of settlement by big banks” and this was reflected in liquidity prices this morning, with prices jumping everywhere, said Brian Lan, managing director at GoldSilver Central, Singapore. ...
Thursday, August 7, 2025
The Treasury Secretary is such a kiss-ass and knows damn well that the Fed's so-called full employment mandate was a set of handcuffs put on the Fed in 1978
And why did the Congress do that to the Fed?
So the Congress could evade responsibility for high unemployment as well as for high inflation, that's why.
A bunch of cowards six ways to Sunday they are.
Besides, core personal consumption expenditures is the Fed's key metric, as everyone knows, and that is an inflation metric, not an employment metric.
And The Humphrey-Hawkins Full Employment Act specifically recognizes that reducing inflation is the Fed's main job, actually mandating ZERO inflation, not 2% inflation as widely misinterpreted.
Meanwhile there is another report of employment besides the total non-farm payrolls report which the Fed can consult, and it shows employment continues near all-time highs in July.
No change to DFF was the appropriate response of the Fed to persistent core inflation way above 2%.
Oh well, I guess you'll just have to become your own brain surgeon
Learn to code, they said.
Student loan caps a ‘punch in the face’ for aspiring doctors: American Medical Association president
... Starting next year, the legislation caps the amount of federal loans students can borrow for graduate school at $100,000 over a lifetime — and sets a lifetime loan limit of $200,000 for professional programs, such as medical, dental or law school. Grad PLUS loans will also be eliminated entirely. Those changes go into effect for new borrowers on July 1, 2026. ...
However, for aspiring doctors, the limits may mean drastic changes. The average cost of medical school already exceeds $200,000. At private institutions, the average cost is more than $300,000, according to 2024 data from the Association of American Medical Colleges. ...
Wednesday, August 6, 2025
Giant prick sprouts in Texas
It's Pritzker's party: Hell yes, he's messing with Texas...
... Newsom is offering voters a professor at the very moment they want to elevate a brawler. Pritzker’s primetime slugfest with Abbott and Paxton is designed to leave no doubt in voters’ minds that he’s a brawler.
There’s also the practical fact that the billionaire governor’s stacks of cash are a more immediate help to Texas Democrats than they are to Newsom’s longer-term play. State Democrats had ruled out a “quorum bust” due to cost and logistical challenges, until Pritzker offered to finance and organize the operation. Now they give official press conferences in front of Pritzker’s campaign logo. If Pritzker wants to be seen as the party’s “can-do” Democrat, this is a great way to start. ...
Tuesday, August 5, 2025
Monday, August 4, 2025
The cost of groceries is a major source of stress for 53% of US adults according to AP-NORC poll, followed by the cost of housing
... Esther Bland, 78, who lives in Buckley, Washington, said groceries are a “minor” source of stress — but only because her local food banks fill the gap. Bland relies on her Social Security and disability payments each month to cover her rent and other expenses — such as veterinary care for her dogs — in retirement, after decades working in an office processing product orders.
“I have no savings,” she said. “I’m not sure what’s going on politically when it comes to the food banks, but if I lost that, groceries would absolutely be a major source of stress.”
Bland’s monthly income mainly goes toward her electric, water and cable bills, she said, as well as care of her dogs and other household needs.
“Soap, paper towels, toilet paper. I buy gas at Costco, but we haven’t seen $3 a gallon here in a long time,” she said. “I stay home a lot. I only put about 50 miles on my car a week.” ...
Bland, the Washington state retiree, said she’s paid for pet surgery with a pay-later plan. ...
More.
Sunday, August 3, 2025
Saturday, August 2, 2025
Mike Shedlock, veteran critic of the BLS since the Great Recession: This is a clear case of shoot the messenger
Did Trump Fire the BLS Head for Cause, Being the Messenger, or Something Else?
... “The process of obtaining the numbers is decentralized by design to avoid opportunities for interference.”
Trump wants you to believe hundreds if not thousands of people are in on the scheme and they are all silent.
The Cult sucks it up as if that makes sense.
I do not defend the antiquated procedures of the BLS. I have been writing about the flaws for years.
Yet, I can say that in all my conversations with BLS technicians (dozens over the years), I have found BLS [personnel] to be knowledgeable, courteous, and helpful. ...
Sorry Cultists and conspiracy theorists, the data is not rigged. And don’t pee your panties because it won’t be under Trump either (or someone will point it out).
Regardless, Trump’s tariffs ensure it will get worse. I expect many small businesses will go under. Trump has only himself to blame.
US Treasury yields retreated 3% from their July average in the aggregate on Friday in a flight to safety
The July average yield of the aggregate of eleven US Treasury issues was 4.2927. Friday's 3% retreat left the aggregate at 4.1636.
Yields on Bills pulled back to 4.2175 from 4.2925 in July, or 1.7%.
Yields on Notes pulled back to 3.866 from 4.042 in July, or 4.3%.
Yields on Bonds pulled back to 4.80 from 4.92 in July, or 2.4%.
VFSTX is now ahead 4.45% year to date.
VFICX is now ahead 6.37% year to date.
VWESX is now ahead 4.47% year to date.
VBTLX is now ahead 4.67% year to date.
VTSAX is now ahead 6.26% year to date.
Friday, August 1, 2025
Mad King Ludwig fires BLS commissioner in a fit of rage over his bad jobs numbers, blaming the messenger
I don't recall Obama firing anybody at BLS in 2011 when there were ZERO jobs created in August.
Banana republic stuff from the Banana Republican.
Trump is unfit to be president.
Trump fires commissioner of labor statistics after weaker-than-expected jobs figures slam markets
... “I can’t believe what I just saw,” said Peter Mallouk, president and
chief investment officer of Creative Planning. Trump’s social media post
seemed like a parody or satire at first, Mallouk said.
“This is
not healthy,” he added. “We can’t have a set of numbers come out and
fire somebody that served under numerous administrations in various
roles because you don’t like the numbers.”
William Beach, a 2017 Trump appointee and McEntarfer’s immediate predecessor at BLS, also sharply criticized her firing.
“The totally groundless firing of Dr. Erika McEntarfer, my successor as Commissioner of Labor Statistics at BLS, sets a dangerous precedent and undermines the statistical mission of the Bureau,” Beach posted on X.
“This escalates the President’s unprecedented attacks on the independence and integrity of the federal statistical system,” Beach added in a statement. “The President seeks to blame someone for unwelcome economic news.” ...
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