This is why the price of gold has been surging, plus a look at grocery price inflation.
The Rally In Gold
August 6 (King World News) – Peter Boockvar: The rally in gold over the past two days I attribute to two things. The set up was late last week when the World Gold Council said that central banks bought 289 tons of gold in Q2, a sharp rebound from Q1 that reflected the beginning of the war. Secondly, and my own speculation, I’m beginning to think that the rally is a byproduct of what the US Treasury is doing with the yen/dollar. I think it reflects the belief that foreign holdings of US Treasuries are now in weak hands. We’ll see if the rally continues and we remain long.
More “Transitory” Inflation
Gerald Celente: U.S. grocery prices have risen by a third in the past seven years, the Bureau of Labor Statistics (BLS) reported.
Most of the increase came during inflation’s three-year rampage in the wake of the COVID War. However, prices have climbed steadily even as the rate of inflation has since slowed. Ground beef averaged $6.82 a pound in June, the BLS noted, up 79 percent since 2019.
In contrast, food prices rose just 6.4 percent from 2012 through 2019. The COVID chaos sent the cost up 21 percent from the beginning of 2021 through the end of 2022. Prices have risen another 10 percent since then.
“Food prices have effectively reset to a permanently higher level after years of supply chain disruptions, labor shortages, transportation costs, and broad inflationary pressures,” partner Scott Martin at Kingsview Wealth Management explained to the New York Post.
“Grocery prices have…stayed high due to cattle disease and bad growing conditions,” Douglas Holtz-Eakin, president of the American Action Forum, told the NYP. “The war in Ukraine hurt as well because it’s essentially the grain basket of the world.”
The price spike has “fundamentally” changed Americans’ shopping patterns, Martin noted. “Households are increasingly purchasing private label brands, buying in bulk when discounts are available, and cutting back on discretionary food purchases.”
TREND FORECAST:
Like home prices, food prices will not return to pre-COVID levels. Weather is more volatile, farmland is surrendering to construction as populations expand, and clean water is becoming an increasingly scarce resource.
Efforts to regenerate spent soils and research to amplify the nutritional content of produce will expand, as will urban, indoor, and rooftop farming.
Higher food prices and increasing bouts of shortages will lead to greater political unrest and social disturbances, as we have forecasted in our long-standing New World Disorder top trend.
The Public Will Panic Into Gold & Miners
Michael Oliver, Founder of MSA Research: “The price of gold has to go to $8,000 or $9,000 just to match the gains we saw in the 1970s. There will be a point where the public will panic into gold and miners, and oil will go into the hundreds of dollars. There is…stop what you are doing immediately and listen to Michael Oliver discuss why gold and silver are poised to skyrocket while the mining stocks become the new tech stocks and head into a mania CLICK HERE OR ON THE IMAGE BELOW.
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To listen to Alasdair Macleod discuss gold and silver coiling to explode higher as all hell breaks loose in the US bond market CLICK HERE OR ON THE IMAGE BELOW.
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