The battle is raging at the $1,800 level in the gold market. Plus inflation and massive layoffs.
Gold Battle At $1,800
August 10 (King World News) – Fred Hickey: $1800 battle for gold continues – currently $1799. When (not if) gold breaks through definitively, will unleash torrent of buying from grossly underweight North American buyers. This entire $120+ rally off lows 3 wks. ago came with no ETF inflows (actually outflows) and no net futures adds.
$1,800 Foiled…For Now
Fred Hickey: $1800 gold breakout foiled (for now) by hawkish comments from uber-dove Fed President Charles Evans: “I expect that we will be increasing rates the rest of this year and into next year to make sure inflation gets back to our 2% objective.” Gold & silver sold off following Evan’s “hawkish” comments and U.S. dollar rallied (all turned exactly at the same time), giving the precious metals bears what they needed to keep gold below $1800. Of course, the wilding on the stock market barely stopped for a breather…
Billionaire and mining legend Ross Beaty, Chairman of Pan American Silver, just spoke about what he expects to see in the gold and silver markets and also shared one of his top stock picks in the mining sector CLICK HERE OR ON THE IMAGE BELOW TO HEAR BEATY’S INTERVIEW.
Now That’s Some “Transitory” Inflation!
Holger Zschaepitz: Good Morning from Germany, where supermarket prices are rising much faster than in other Eurozone countries. Food CPI jumped 14.8% YoY in July, the highest food price inflation since the start of the statistic.
Grocery Inflation In Germany!
Layoffs Increasing As Economy Tanks
Gerald Celente: Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses.
Initial claims totaled 251,000 for the week ended July 16, up 7,000 from the week before and above the 240,000 Dow Jones estimate. The Philadelphia Fed manufacturing index fell to a reading of -12.3, and produced the lowest employment reading since May 2021.
- 7-Eleven cuts 880 jobs as part of restructuring
- Arrival considers 800 job cuts in response to “the challenging economic environment”
- Vero bank cuts 75 jobs
- Just Eat eliminates 350 delivery jobs in France
- Capsule has cut an undisclosed amount of its workforce
- Hydrow cut 75 staff members or 35 percent of its workforce
- Flyhomes loses 150 staff or 20 percent
- Lyft fired another 60 employees
- The Mom Project laid off 54 workers
- Olive cut 450 jobs
- Invitae let go of 1000 employees
- Gemini cut another 68 jobs
- Lusha fired 30 workers
- Microsoft Corp. is eliminating many open jobs, including in its Azure cloud business and its security software unit
- Shopify plans to lay off 10 percent of its global workforce, close to 1000 employees
- Re/Max slashed 17 percent of its workforce
- Vimeo is firing 6 percent of its staff
- Rivian will fire 5 percent
- Thrasio cut 20 percent of its employees
- Canopy Growth will let go of 250 workers
- Facebook is preparing for staff cuts up to 10 percent
- Vox Media cuts 39 employees
- Clearco has announced multiple waves of firing
- Co-op Group cuts 400 jobs
- Amazon shrinks staff by 100,000 workers
- Netflix cut another 300 people in June
- Twitter laid off 100 members
- Tesla cut another 200 jobs
- Whoop is cutting 15 percent of its workforce
- Ford plans to cut 8,000 workers in its gas-fueled vehicle division
- Asurion laid off 750 employees
- OpenSea cuts 20 percent of its staff
- ChowNow cut 100 jobs
- Hopin laid off 29 percent
- U.S. startups have laid off 6,000 employees since the start of July
- Robinhood slashing nearly 25 percent of jobs
In Case You Missed It…
BIG NEWS: Monster 10.8 Million Ounce Gold Equivalent Maiden Resource at Blue Lake!
K92 Mining, one of the highest grade gold producers in the world, just announced a maiden resource at its Blue Lake Gold-Copper Porphyry – a monstrous 10.8 million ounce gold equivalent / 4.7 billion lbs copper equivalent resource! Blue Lake is near K92’s high-grade producing underground mine and has the potential to get much bigger – it only took 17 kilometers of drilling done to define, nearly every hole hit, the discovery cost was super low at <$1/oz and the highest grade portion is open at depth!!!
John Lewins, K92 CEO & Director: “The maiden resource estimate at Blue Lake is a major accomplishment, defining a large-scale, potentially commerical gold-copper porphyry proximal to our high-grade Kainantu underground mine. Blue Lake was also defined efficiently, leveraging our team’s extensive exploration experience in Papua New Guinea, with nearly all holes intersecting mineralization.
10.8 Million Ounces Of Gold Only The Tip Of The Iceberg
Importantly, we believe Blue Lake is only the tip of the porphyry iceberg at Kainantu and have gained a tremendous amount of knowledge for our porphyry exploration programs going forward. In Papua New Guinea, porphyries tend to cluster and there are five other porphyry targets proximal to Blue Lake, with A1 being of the highest priority. Soil sampling at A1 is expected to commence imminently, with diamond drilling planned afterwards. Between our intrusion related gold/copper exploration at Kora, Judd, Kora South and Judd South and our porphyry exploration, we are very excited about the potential at Kainantu.” K92 Mining, symbol KNT in Canada and KNTNF in the US.
ALSO JUST RELEASED: Inflation Still Worse Than The 1970s, Plus A Look At The Housing Market CLICK HERE.
ALSO JUST RELEASED: WTF? 233 Million New Credit Card Accounts Opened Since April! Plus A Gold Shocker CLICK HERE.
ALSO JUST RELEASED: This Just Collapsed To The Lowest Level In History CLICK HERE.
ALSO JUST RELEASED: Gold, War And A Doomsday Clock Approaching Midnight CLICK HERE.
ALSO JUST RELEASED: SPROTT: Signs Of Capitulation Everywhere In The Gold Market CLICK HERE.
ALSO JUST RELEASED: INFLATION HELL: US Fed Created 50% More Money Out Of Thin Air In 2 Years Than Ever Existed In The Previous 256 Years CLICK HERE.
***To listen to Egon von Greyerz discuss the upheaval the world will experience in the coming months CLICK HERE OR ON THE IMAGE BELOW.
***To listen to Alasdair Macleod discuss the mother of all short squeezes in the gold market CLICK HERE OR ON THE IMAGE BELOW.
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