What Costco’s Gold Bar Bonanza Tells Us About the Economy

Last December, wholesale retailer Costco announced that they had sold over $100 million worth of gold in Q3 2023. “You’ve probably read about the fact that we’re selling one-ounce gold bars. We sold over $100 million of gold during the quarter,” sad CFO Richard Galenti. Now, Wells Fargo estimates that Costco “may now be running at” $100 million to $200 million per month in gold sales. “Our work suggests there has been significant interest given COST’s aggressive pricing and high level of customer trust,” said analyst Edward Kelly in a Tuesday…

Read more at: https://oilprice.com/Metals/Gold/What-Costcos-Gold-Bar-Bonanza-Tells-Us-About-the-Economy.html

Market Sentiment Shifts as Buyers Resist Steelmaker Price Increases

Via Metal Miner The Raw Steels Monthly Metals Index (MMI) moved sideways, with a modest 1.38% decline in steel prices from March to April. U.S. flat rolled steel prices continued to trade down throughout March. Meanwhile, HRC prices fell 8.35% to close the month at a new lower low. However, hot rolled coil prices traded up during the first week of April, returning to where they stood in early March. Steel Prices Flatten After Price Hikes Steelmaker price hikes throughout March offered a visible hurdle to the flat rolled downtrends as steel prices…

Read more at: https://oilprice.com/Metals/Commodities/Market-Sentiment-Shifts-as-Buyers-Resist-Steelmaker-Price-Increases.html

Fed Rate Cuts in Question As Gasoline-Driven Inflation for March Soars

U.S. inflation for March has surged more than anticipated thanks to soaring gas prices and top-dollar mortgage rates, creating concern that the Federal Reserve may scrap its plans for a rate cut in June.  U.S. consumer prices increased 3.5% for the 12 months ended in March, according to the Bureau of Labor Statistics (BLS) Consumer Price Index (CPI) released on Wednesday. The 3.5% increase for March compares to a 3.2% increase for the previous month. The primary driver of higher inflation for March was gasoline prices.   The Federal…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Fed-Rate-Cuts-in-Question-As-Gasoline-Driven-Inflation-for-March-Soars.html

China’s Mediation Efforts: A Closer Look at Beijing’s Ukraine Strategy

Russian Foreign Minister Sergei Lavrov recently wrapped up a trip to Beijing where he met with his Chinese counterpart, Wang Yi, for talks on a series of “hot topics” amid Moscow’s grinding war against Ukraine. Finding Perspective: China has emerged as a close diplomatic ally for Russia and visits like this are becoming increasingly common. Among those hot topics explored on April 8, Lavrov and Wang discussed bilateral ties and big issues like the war in Ukraine and tensions in the Asia-Pacific. The pair also said their governments had agreed to…

Read more at: https://oilprice.com/Geopolitics/International/Chinas-Mediation-Efforts-A-Closer-Look-at-Beijings-Ukraine-Strategy.html

Search Continues for Missing in Italy After Deadly Hydroelectric Plant Explosion

At least three people have been reported dead and five more injured following an explosion at a hydroelectric plant in northern Italy, the Associated Press reported on Wednesday, noting that at least four others remain missing in the accident in the latest update.   “We are working, but with a few hopes of finding missing people alive,” a firefighter spokesperson told AP on Wednesday, adding that. “We are working in very complex and difficult conditions. The floor hit by the explosion was dry and now has 50 centimeters…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Search-Continues-for-Missing-in-Italy-After-Deadly-Hydroelectric-Plant-Explosion.html

Shell’s Undervalued London Listing a “Major Issue,” Says Ex-Chief

The Shell share price hit another all-time high this week as the company continued its positive run. The firm, already the largest by market capitalisation on the London Stock Exchange, saw its share price jump to a then all-time high of 2,832p on Tuesday morning, after chief Wael Sawan said the company was “undervalued”. The rally has continued today. The Shell share price has hit another all-time high above 2,860p. The jump followed additional comments from its former chief Ben van Beurden yesterday at a summit in Switzerland. Van…

Read more at: https://oilprice.com/Energy/Energy-General/Shells-Undervalued-London-Listing-a-Major-Issue-Says-Ex-Chief.html

Moscow Calls on Producers to Up Domestic Fuel Deliveries

Moscow is demanding that Russian producers step up gasoline and diesel deliveries to the domestic market and for exchange trading, TASS reported on Wednesday, after the Energy Ministry said Russian fuel market supplies are now stable. “Deputy Prime Minister asked oil companies to maximize deliveries of gasoline and diesel fuel to the domestic market and for exchange trading, and to proactively utilize capacities of refiners becoming free as a result of timely exports of oil products,” the government. Moscow views the situation as having stabilities…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Moscow-Calls-on-Producers-to-Up-Domestic-Fuel-Deliveries.html

Tanker Markets Set to Soar As ‘Final Frontiers’ Heat Up

Back in February, crude tankers and product carrier company International Seaways (NYSE:INSW) predicted that tanker freight will remain healthy in the short and long term going forward, thanks to oil supply growth currently concentrated in the Atlantic Basin funneling into major oil demand centers in the East.   “We expect a great run over the next few years, as mentioned regional imbalances of oil should continue to increase the need for tankers as growth in oil production coming from the West and the oil demand from non-OECD…

Read more at: https://oilprice.com/Energy/Energy-General/Tanker-Markets-Set-to-Soar-As-Final-Frontiers-Heat-Up.html

Top U.S. Utilities Prepare for AI-Driven Surge in Power Demand

The biggest utilities in the United States expect exponential growth in electricity demand in the coming years from data centers and new technologies such as generative AI.   So great is electricity consumption from data centers that U.S. utilities and regulators have raised significantly their forecasts for peak power demand in the coming decade.   After more than a decade of flatlining power consumption in America, the AI boom and the chip and other tech manufacturing are leading to higher U.S. electricity demand. As a result,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Top-US-Utilities-Prepare-for-AI-Driven-Surge-in-Power-Demand.html

Oil Ticks Lower on EIA Inventory Report

Crude oil prices moved lower today after the Energy Information Administration reported an estimated inventory build of 5.8 million barrels for the week to April 5. The authority also reported builds in fuel inventories. This compared with a build of 3.2 million barrels for the previous week, which also saw substantial drawdowns in gasoline and middle distillate inventories. A day before the EIA report, the American Petroleum Institute estimated a build of over 3 million barrels in crude oil stocks, along with a moderate…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Ticks-Lower-on-EIA-Inventory-Report.html

High Energy Costs Have Put German Industry at a Disadvantage

Germany’s industry is unlikely to fully recover from the energy price shock and return to the competitiveness from before the Russian invasion of Ukraine, the chief executive of Germany’s top utility, RWE, told the Financial Times on Wednesday. “The German industry has a disadvantage,” RWE’s chief executive officer Markus Krebber told FT, noting that Germany is now seeing structurally higher energy prices as it depends on LNG imports. Despite reducing significantly its dependence on Russian gas, Europe remains…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/High-Energy-Costs-Have-Put-German-Industry-at-a-Disadvantage.html

Russia’s Crude Is Trading at $15 Above the Price Cap

Russia’s flagship crude grade, Urals, is currently being exported at a price of around $75 per barrel, per Argus Media data cited by Bloomberg—a price that’s $15 a barrel above the $60 price cap set by the G7 and partners if the oil is to be moved with the help of Western shippers, insurers, and financiers. The price cap mechanism set by the G7 and the EU says that Russian crude shipments to third countries can use Western insurance and financing if cargoes are sold at or below the $60-a-barrel ceiling. The measure took…

Read more at: https://oilprice.com/Energy/Energy-General/Russias-Crude-Is-Trading-at-15-Above-the-Price-Cap.html

China Heavily Subsidized BYD to Expand Its EV Market Share

The Chinese government has granted direct subsidies of at least $3.7 billion (3.4 billion euros) to EV manufacturer BYD, which has been one of the main beneficiaries of China’s massive subsidies for green technologies, a German think tank that advises the government said in a new report on Wednesday. China has recently hiked direct government subsidies to some of the dominant Chinese green-tech companies, the Kiel Institute for the World Economy, IfW, said in the report. For example, direct subsidies to the car maker BYD, a…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Heavily-Subsidized-BYD-to-Expand-Its-EV-Market-Share.html

Investors Dump Renewable Energy Funds Amid U.S. Policy Uncertainty

Uncertainty about the pace of renewable energy growth with the U.S. presidential election approaching has pushed investors to withdraw money from funds invested in renewables stocks—so much that these funds booked the biggest quarterly withdrawal ever in the first quarter of the year. Exchange traded funds that invest in stocks of renewable energy firms saw a combined outflow of $4.8 billion during the first quarter, according to LSEG Lipper data cited by Reuters.   On top of policy uncertainty in the U.S. energy sector with the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Investors-Dump-Renewable-Energy-Funds-Amid-US-Policy-Uncertainty.html

China Sees EU Probe Into Wind Turbine Subsidies as Discriminatory

The European Union’s decision to open an investigation into Chinese subsidies for its domestic wind turbine manufacturers is a discriminatory measure against China, Beijing said on Wednesday. On Tuesday, the European Commission’s Executive Vice-President and Anti-Trust Commissioner Margrethe Vestager said that the EU is launching a new inquiry into Chinese suppliers of wind turbines. “We are investigating the conditions for the development of wind parks in Spain, Greece, France, Romania and Bulgaria,”…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Sees-EU-Probe-Into-Wind-Turbine-Subsidies-as-Discriminatory.html

Dow closes 400 points lower Wednesday as hot consumer inflation report incites selloff: Live updates

Stocks tanked after March inflation data came in hotter than expected, likely pushing off interest rate cuts investors have been expecting.

Read more at: https://www.cnbc.com/2024/04/09/stock-market-today-live-updates.html

The ‘supercore’ inflation measure shows Fed may have a real problem on its hands

Bringing down inflation is being frustrated by sticky services prices. Experts say the Fed may have a meaningful problem on its hands.

Read more at: https://www.cnbc.com/2024/04/10/the-supercore-inflation-measure-shows-fed-may-have-a-real-problem-on-its-hands.html

Here’s the inflation breakdown for March 2024 — in one chart

The consumer price index rose 3.5% in the past year. Housing and gasoline prices kept inflation elevated in March.

Read more at: https://www.cnbc.com/2024/04/10/heres-the-inflation-breakdown-for-march-2024-in-one-chart.html

Fed wants more confidence that inflation is moving toward 2% target, meeting minutes indicate

The Fed released the minutes from its March meeting.

Read more at: https://www.cnbc.com/2024/04/10/fed-meeting-minutes-point-to-caution-on-inflation.html

Why the next 10 trading days are a make-or-break moment for this bull market

The reaction to the hot inflation data Wednesday isn’t as important as the next 10 trading days.

Read more at: https://www.cnbc.com/2024/04/10/why-the-next-10-trading-days-are-a-make-or-break-moment-for-this-bull-market.html

Consumer prices rose 3.5% from a year ago in March, more than expected

The consumer price index in March was expected to increase 3.4% from a year ago, according to the Dow Jones consensus estimate.

Read more at: https://www.cnbc.com/2024/04/10/cpi-inflation-march-2024-consumer-prices-rose-3point5percent-from-a-year-ago-in-march.html

New York Community Bank’s online arm is paying the nation’s highest interest rate

NYCB raised the rate offered via its online arm My Banking Direct to 5.55%, higher than any other U.S. savings account, weeks after needing a capital infusion.

Read more at: https://www.cnbc.com/2024/04/10/nycb-is-paying-the-nations-highest-interest-rate-apy.html

Alibaba shares jump after founder Jack Ma reemerges with praise of Chinese giant’s ‘transformations’

In the past year, Alibaba underwent a historic reorganization and sweeping management changes in a bid to return the Chinese technology giant to growth.

Read more at: https://www.cnbc.com/2024/04/10/alibaba-founder-jack-ma-re-emerges-with-praise-of-transformations.html

New EPA limits on ‘forever chemicals’ in drinking water could cost $1.5 billion to implement

The Environmental Protection Agency released regulations on some toxic “forever chemicals” found in drinking water that can cause cancer.

Read more at: https://www.cnbc.com/2024/04/10/forever-chemical-pfas-pfos-regulation-to-cost-1point5-billion-annually-.html

Bitcoin swings after hot inflation data pushes rate cut expectations to September: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Ari Juels, author and chief scientist at Chainlink Labs, discusses what he thinks are the misleading narratives tied to the convergence of AI and blockchain technology.

Read more at: https://www.cnbc.com/video/2024/04/10/bitcoin-swings-after-hot-inflation-data-pushes-rate-cut-expectations-september-cnbc-crypto-world.html

Biden’s new student loan forgiveness plan could start eliminating debts before the 2024 presidential election

The Biden administration is moving ahead quickly with its new student loan forgiveness plan, with hopes to start wiping out people’s debts this fall.

Read more at: https://www.cnbc.com/2024/04/10/biden-administration-could-start-forgiving-student-debt-this-year.html

The rich are getting second passports, citing risk of instability

The top destinations for supplemental passports among Americans are Portugal, Malta, Greece and Italy, according to a leading law firm.

Read more at: https://www.cnbc.com/2024/04/10/rich-americans-get-second-passports-citing-risk-of-instability.html

Sierra Space CEO unveils new satellite product ahead of Dream Chaser launch, possible IPO

CEO Tom Vice tells CNBC that the company’s NASA-contracted space plane Dream Chaser is on pace to make its first flight in the fourth quarter.

Read more at: https://www.cnbc.com/2024/04/10/sierra-space-ceo-talks-ipo-plans-satellite-launch-and-dream-chaser.html

Could US Treasuries Become The Trade Of The Decade?

Authored by Charles Hugh Smith via OfTwoMinds blog,

The expediencies and policy extremes have yet to be explored, much less exploited.

Napoleon is reputed to have said, “Do you know what amazes me more than anything else? The impotence of force to organize anything.” This is the lament of someone holding the reins of power: that this earthly power has limits.

Two things amaze me:

1. The public’s complacent confidence in the permanence of the global financial system. Put another way, what amazes me is the scarcity of awareness of the financial system’s fragility and vulnerability to collapse, a fragility that has increased as a result of policy extremes enacted to maintain a facade of security and confidence.

2. A general lack of appreciation for how few steps we’ve taken on the path of extreme central state/bank policies, a path that stretches over the horizon, beyond what we conceive as possible.

This complacency extends to proposed solutions to this systemic fragility. For example, many believe that all we need to do to fix the system is return to sound money such as the gold standard or a bitcoin-based system.

The possibility that there are no solutions doesn’t compute, as it goes against the zeitgeist of optimism: of course there’s a solution, preferably a technological solution that enables a trillion-dollar monopoly or cartel.

The widespread …

Read more at: https://www.zerohedge.com/markets/could-us-treasuries-become-trade-decade

MSM Fails To Mention ‘Showers With Dad’ , Molestation After Ashley Biden Diary Leaker Jailed

On Tuesday, a Florida woman was sentenced to a month in prison and three months of home confinement for stealing and selling the diary of Ashley Biden, President Joe Biden’s daughter.

Harris pleaded guilty to a conspiracy charge in August 2022, admitting that she received $20,000 of the $40,000 paid by Project Veritas for the diary. And while Veritas elected not to publish the diary, the National File did – revealing that Joe Biden took ‘probably not appropriate’ showers with Ashley, who also questions whether she was molested, and wrote that she was “Hyper-sexualized @ a young age.”

Biden’s kids called him “p*do peter” and his dau …

Read more at: https://www.zerohedge.com/political/msm-fails-mention-showers-dad-molestation-after-ashley-biden-diary-leaker-jailed

Is Gold Overpriced Or Can Its Price Go Even Higher?

Authored by Claudio Grass via The Mises Institute,

This question has been at the center of a great many conversations I’ve been recently having with clients and friends. The way I like to answer it is with another question: Expensive compared to what?

Despite its recent surge to record highs, there are compelling reasons why purchasing gold right now is a prudent decision, with strong indications that its value is poised to climb even higher. Making investment decisions solely based on the current price of any asset without considering its underlying value or future potential can be prove to be a very costly mistake.

For one thing, it is obvious that there is a reason why gold has skyrocketed to these new levels. Actually, there are many reasons, and all of them are bound to become increasingly important and clear to more and more people in the months and years to come. For exa …

Read more at: https://www.zerohedge.com/markets/gold-overpriced-or-can-its-price-go-even-higher

Biden (Yes, Biden) Promises Rate-Cut By Year-End As Fed Minutes Signal Caution But QT Taper ‘Fairly Soon’

Thanks to today’s magnificent unwind, the market and monetary-policy landscape has changed dramatically since the last FOMC meeting on March 20th. Gold is still the biggest winner while bonds are a bloodbath with stocks flat and the dollar and oil up…

Source: Bloomberg

But that’s just the start as expectations for rate-cut expectations (and timing) have collapsed in the three weeks since The Fed met…

From three cuts fully priced-in, the market is now pricing in one, with a 50% chance of second….

Read more at: https://www.zerohedge.com/markets/biden-yes-biden-promises-rate-cut-year-end-fed-minutes-signal-caution-slowing-qt

Vennells accused of false statement on postmasters

The former Post Office boss has been accused of giving a false statement about postmaster cases to a minister.

Read more at: https://www.bbc.co.uk/news/business-68779080

Passport price to rise for second time in 14 months

The cost of applying for a new passport, as well as renewing one, goes up from midnight on Thursday.

Read more at: https://www.bbc.co.uk/news/business-68778006

US inflation jumps as fuel and housing costs rise

Inflation was 3.5% in March, a sign that cooling has stalled and interest rate cuts may be delayed.

Read more at: https://www.bbc.co.uk/news/business-68781482

Timeline: Look, how Sensex moved since inception to 75,000

Sensex hit 75,000, giving a 13.8% CAGR return since inception on January 2nd, 1986. Here are the key milestones for the benchmark index: (Source | ET NOW)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/timeline-look-how-sensex-moved-since-inception-to-75000/charting-historic-rise/slideshow/109196633.cms

5 smallcap mutual funds gave over 25% in 5 years. Have you invested in any?

ETMutualFunds analysed daily rolling returns of 199 equity schemes that have completed five years of existence in the market and found that the toppers were from the smallcap category.

Read more at: https://economictimes.indiatimes.com/mf/analysis/5-smallcap-mutual-funds-gave-over-25-in-5-years-have-you-invested-in-any/betting-on-minnows/slideshow/109190504.cms

Zerodha’s investors hold Rs 4.5 lakh cr assets as retail investors swamp markets

The post-pandemic boom for India’s markets is well documented as millions of retail investors switched to capital markets from traditional avenues to grow their wealth.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/zerodhas-investors-hold-rs-4-5-lakh-cr-assets-as-retail-investors-swamp-markets/articleshow/109199597.cms

Treasury yields jump by most since 2022-2023 after hotter-than-expected CPI inflation report

Two- and 10-year Treasury yields leapt by the most in at least a year on Wednesday, after March’s hotter-than-expected consumer-price index report threw doubts on the Federal Reserve’s ability to cut interest rates by June.

Read more at: https://www.marketwatch.com/story/treasury-yields-steady-as-traders-await-crucial-inflation-report-76a74887?mod=mw_rss_topstories

Arizona abortion ruling could hurt Trump, even as latest inflation report weighs on Biden

A hotter-than-expected reading on inflation and a swing state’s moves on abortion appeared to be having an impact on the 2024 White House race on Wednesday — but they were pulling in different directions.

Read more at: https://www.marketwatch.com/story/arizona-abortion-ruling-could-hurt-trump-but-latest-inflation-report-weighs-on-biden-5653c087?mod=mw_rss_topstories

USDA cuts July cattle report due to budget woes, frustrating market participants

Cattle producers fret about market transparency after USDA cancels its July cattle report due to budget constraints.

Read more at: https://www.marketwatch.com/story/usda-cuts-july-cattle-report-due-to-budget-woes-frustrating-market-participants-b8c24508?mod=mw_rss_topstories