Get Ready for Some SERIOUS Sticker Shock as Inflation Heats Up

By Mike Gleason – Re-Blogged From Money Metals

Gold and silver markets are inching closer to achieving major upside breakouts.

On Thursday, gold rallied above a near-term consolidation pattern to close at $1,747 an ounce. That put the monetary metal about $30 away from making new highs for the year. As of this Friday recording, gold prices are marching higher again and come in at $1,761, up 2.5% for the week.

Turning to silver, the white metal gained nearly 3% yesterday to touch a major resistance line just above the $16 per ounce level and the momentum is carrying over into today. A strong weekly close above yesterday’s high could trigger a wave of technical buying that propels prices much higher in the days ahead – and it looks as though such a close is in fact going to happen.

Continue reading

U.S. dairy farmers dump milk as pandemic upends food markets

By P.J. Huffstutter – Re-Blogged From Yahoo!

CHICAGO (Reuters) – Dairy farmer Jason Leedle felt his stomach churn when he got the call on Tuesday evening.

“We need you to start dumping your milk,” said his contact from Dairy Farmers of America (DFA), the largest U.S. dairy cooperative.

Despite strong demand for basic foods like dairy products amid the coronavirus pandemic, the milk supply chain has seen a host of disruptions that are preventing dairy farmers from getting their products to market.

Continue reading

Even The Best-Case Scenario Is Pretty Grim

By John Rubino – Re-Blogged From Silver Phoenix

Let’s say President Trump is right about the coronavirus “miraculously” fading away as temperatures rise in the Summer. Will things then go back to the old normal of globalization, free trade and finance-driven “growth”?

Almost certainly not, because the psychological damage has already been done. Over the past couple of weeks the modern globalized economy with its multi-nation supply chains and just-in-time inventory systems has been forced to recognize that such a system only works in a nearly-perfect environment. Take the iPhone: It is designed in the US, its constituent raw materials are mined and processed in numerous other countries and the resulting components are then shipped for assembly to vast Chinese factories.

Continue reading