Jim Rickards: The Golden Rule Is Real

The Golden Rule Is Real:

There’s so much to discuss right now, from the upcoming election to geopolitical instability. But today I want to talk about gold. I call it the once — and future — money.

The use of gold as money existed from antiquity until gold backing broke down entirely in 1971. Still, central banks and finance ministries hold over 37,000 metric tonnes of gold in reserve.

Why? The answer is that gold is still at the base of global monetary systems. It’s simply the case that no government wants to admit this because the shortage of gold relative to bank notes would be exposed if they did.

But gold is coming to the fore of the monetary system again. Central banks are buying gold as fast as they can. Let’s look at some pertinent data before turning to the key geo-economic trends that will drive the dollar price of gold much higher in the near future.

The dollar price of gold today is $2,754 per ounce (subject to the usual daily fluctuations). As recently as Nov. 3, 2022, gold was $1,630. That’s a 69% gain in under two years. Gold was $1,375 per ounce in early June 2019.

That means the dollar price of gold has doubled in just over five years.

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US Supreme Court Lets Virginia Purge Noncitizens From Voter Rolls

US Supreme Court Lets Virginia Purge Noncitizens From Voter Rolls:

The US Supreme Court has granted a request by Virginia officials to move forward with its removal of roughly 1,600 alleged noncitizens from the state’s voter rolls – granting a request from state officials to pause a lower court order that blocked Virginia from continuing a systematic voter removal program launched in August.

“The application for stay presented to The Chief Justice and by him referred to the Court is granted. The October 25, 2024 order of the United States District Court for the Eastern District of Virginia … is stayed pending the disposition of the appeal in the United States Court of Appeals for the Fourth Circuit…” reads the order, which passed by a vote of 6-3.

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“I Strongly Disagree”: Harris Distances From Biden ‘Garbage’ Comment

“I Strongly Disagree”: Harris Distances From Biden ‘Garbage’ Comment:

Update (1045ET): Vice President Kamala Harris has responded to Biden’s ‘garbage’ comment – saying “first of all, he clarified his comment” – referring to the ham-fisted attempt to suggest he was talking about one Trump supporter, Tony Hinchcliffe, and not what we all heard.

I strongly disagree with any criticism of people based on who they vote for,” Harris continued, before launching into word salad mode.

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80,000 Evacuate Ancient Lebanese City Of Baalbek As Israel Unleashes Huge Airstrikes

80,000 Evacuate Ancient Lebanese City Of Baalbek As Israel Unleashes Huge Airstrikes:

Huge Israeli airstrikes rocked Lebanon’s eastern city of Baalbek on Wednesday, nearly 70km northeast of Beirut, after Israel warned some 80,000 residents to evacuate.

It was the first such call to evacuate on such a large scale from Israel’s military (IDF) in this location (and so far north, significantly away from frontlines in southern Lebanon) since the war began, and main roads out of the city have been jammed and chaotic throughout the day.

“The city is almost empty,” an AFP correspondent described soon after the evacuation warning. Prior bombings in the same area (Bekaa Valley) left at least 60 people dead on Monday.

The IDF published a map alongside the warning to evacuate which included the entire extended city situated in the eastern Bekaa Valley – long known as a Hezbollah stronghold.

“The (Israeli army) will act forcefully against Hezbollah interests within your city and villages,” an Israeli military spokesman said on X.

The fresh Wednesday air raids on Baalbek, an ancient city and UNESCO site with many Roman ruins, began within just minutes after newly named Hezbollah chief, Sheikh Naim Qassem, started speaking in his first address as the Iran-backed paramilitary group’s Secretary-General.

Read more80,000 Evacuate Ancient Lebanese City Of Baalbek As Israel Unleashes Huge Airstrikes

Why Nobody Believes The “Data”: Surging Prices Of Everyday Items Are Excluded From CPI

Why Nobody Believes The “Data”: Surging Prices Of Everyday Items Are Excluded From CPI:

As inflation remains painfully high for American consumers, the Consumer Price Index (CPI) is woefully inadequate in terms of reflecting reality.

For starters, CPI excludes several significant costs faced by households today – ranging from property taxes to soaring interest payments.

While price levels remain notably higher than before the pandemic, according to the CPI, inflation has slowed – reaching a 2.4% increase for the year ending in September. That’s only part of the picture, Bloomberg reports.

“The CPI is capturing the goods and services that you purchased for consumption, but there are things that affect your cost of living that are outside of that,” explains Steve Reed, a BLS economist. For instance, interest charges on rising consumer debt are largely absent from the CPI. Roughly $628 billion in revolving credit card debt now bears an average interest rate of about 22%, yet these costs aren’t reflected in consumer inflation data.

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Putin Oversees Sweeping Exercise Of Russia’s Nuclear Forces Days Before US Election

– Putin Oversees Sweeping Exercise Of Russia’s Nuclear Forces Days Before US Election:

On Tuesday Russia launched a massive exercise of the country’s nuclear forces. The drills were ordered by President Vladimir Putin, notably just days before the US election. “Today we are conducting another exercise of strategic deterrence forces,” he announced.

Putin in a video call with top defense officials detailed that the drills simulate using nuclear weapons, and featured practice launches of nuclear-capable ballistic and cruise missiles, as cited in The Associated Press via Russian media.

He further declared that the country’s strategic forces remain a “reliable guarantor of the country’s sovereignty and security.”

Read morePutin Oversees Sweeping Exercise Of Russia’s Nuclear Forces Days Before US Election

Hezbollah Names New Leader, & Israel Warns “Countdown” To His Death Has Begun

Hezbollah Names New Leader, & Israel Warns “Countdown” To His Death Has Begun

Hezbollah has named a new leader, appointing Deputy Secretary-General Sheikh Naim Qassem to take over the Shia paramilitary group allied to Iran. He replaces Hassan Nasrallah as secretary-general, who was killed by heavy Israeli airstrikes in southern Beirut on September 27.

The man widely believed to have been initially ready to take the top spot, Hezbollah official Hashem Safieddine, was also killed in Israeli airstrikes earlier this month.

According to Hezbollah, Qassem has selected due to his “adherence to the principles and goals of Hezbollah,” as quoted in Al Jazeera. The Shia Muslim group said it would ask “God Almighty to guide him in this noble mission in leading Hezbollah and its Islamic resistance.”

The 71-year-old Qassem is a cleric who helped found Hezbollah in the early 1980s and he was already long dubbed Hezbollah’s number two leader.

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Whoopi Goldberg: Trump Will Break Up Interracial Marriages, Deport The Non-White Person

Whoopi Goldberg: Trump Will Break Up Interracial Marriages, Deport The Non-White Person:

The media continues to make absurd assertions against Donald Trump in a desperate effort to derail his campaign just a week out from the election. The latest came via Whoopi Goldberg on The View who claimed that Trump plans to break up interracial married couples and deport the person who is not white.

Not only that, but Golderberg also claimed that Trump would then “put the white guy with someone else.”

It’s completely absurd claim that resides only in her warped reality.

“He’s not gonna be — he’s not gonna say, ‘Oh, you’re with a white guy, I’m gonna keep you from being deported,’” Goldberg blurted.

“No, he’s gonna deport you and put the white guy with someone else,” she ridiculously asserted.

“The man is out there!” she screamed wide eyed.

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Ballot Drop-Boxes Torched In Portland, Vancouver – Could Affect Tightest US House Race

Ballot Drop-Boxes Torched In Portland, Vancouver – Could Affect Tightest US House Race:

As pre-election passions intensify down the stretch to Election Day, two ballot drop-boxes in the adjacent cities of Portland, Oregon and Vancouver, Washington were torched with incendiary devices on Monday morning, incinerating hundreds of ballots and potentially affecting the outcome of one of the tightest US House races in the country. “I strongly denounce any acts of terror that aim to disrupt lawful and fair elections in Washington state,” said Washington Secretary of State Steve Hobbs in a statement.

The box in Portland fared better by far: Thanks to the successful activation of its internal fire-suppression system, only three ballots were damaged. However, in Vancouver, hundreds of ballots were fully destroyed as that box’s anti-arson technology failed. Both boxes had systems designed to release a flame-suppressing powder when a certain temperature in the box is detected. The Vancouver box had last been emptied at 8:00 am on Sunday.

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“We’ve Reached Our Limit!” Berlin Police Chief Warns Of Unsustainable Immigration Amid Soaring Migrant Crime

“We’ve Reached Our Limit!” Berlin Police Chief Warns Of Unsustainable Immigration Amid Soaring Migrant Crime:

Germany has reached its limit on immigration with migrant-related violent crime on the rise and resources strained, a leading law enforcement chief has claimed.

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World’s Most Consumed Vegetable Oil Hits Two-Year High Amid Sticky Food Inflation

World’s Most Consumed Vegetable Oil Hits Two-Year High Amid Sticky Food Inflation:

Palm oil futures surged to a two-year high on Monday amid mounting concerns over tightening supplies. As a staple edible oil for over three billion people, especially in Asia, soaring prices are a worrisome trend: global food inflation may be sticky.

Bloomberg reports palm oil futures reached the highest level since July 2022 on Monday morning. The vegetable oil has jumped more than 15% this month and is on track for the third consecutive month of gains on production woes across top-growing regions.

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“We Are At Breaking Point!” – Greeks Demand Action As Rhodes Suffers Under Weight Of Migrant Crisis

“We Are At Breaking Point!” – Greeks Demand Action As Rhodes Suffers Under Weight Of Migrant Crisis:

The picturesque Greek island of Rhodes is increasingly marred by the presence of illegal immigrants, sparking frustration among local residents who feel neglected by government inaction.

With an excess of more than 700 undocumented migrants above the asylum accommodation capacity limit reportedly settled in the city, many are now living in makeshift camps on sidewalks, in parks, and in cardboard boxes, creating an eyesore in the center of the island’s Old Town.

Manolis Androulakis, president of the South Dodecanese Police Officers Union, expressed the growing despair among law enforcement, stating, “The situation is at a breaking point. The police services are in danger of being disbanded. For an escort from Rhodes to other areas of the country, it takes us even 20 days!”

Read more“We Are At Breaking Point!” – Greeks Demand Action As Rhodes Suffers Under Weight Of Migrant Crisis