At a peachy-pink palace that remained from a bygone era beside the sea in a land of decaying swamps, the king of Deep State gathered with the richest of his rich subjects to celebrate his former accomplishments and greatness.
With the mainstream media still obsessing about the January 6th “violent coup attempt” at the US Capitol Building, the incoming Biden Administration looks to be chock full of actual purveyors of violent coups. Don’t look to the mainstream media to report on this, however.
To top it off, at half-a-trillion dollars, the US budget deficit for the first fiscal quarter just came in 61% higher than the already scorching previous year … and it’s about to rise even faster as Joe manages to pass all the stimulus under the new Demo-run congress that Trump wished he could.
Imagine when that tower of debt falls!
The $4.5 trillion increase in the U.S. national debt in 2020 was so large as to be almost incomprehensible for the average person. Yet, every dollar of the new debt was entirely real. It will likely be with us for the rest of our lifetimes, and may profoundly change every aspect of our financial lives.
I see better than 60–70% odds that the robust recovery scenarios many see for the latter half of 2021 will prove too optimistic. I desperately hope to be wrong, but restarting 150,000+ small businesses is no trivial matter.
While certainly uncommon, sharp selloffs naturally freak out traders crushing any bullish sentiment. Serious gold down days are nearly always driven by heavy speculator selling in super-leveraged gold futures.
As investors await the incoming Biden administration and the uncertainties that a transition of power may bring, precious metals markets regained some ground through Thursday’s close but have pulled back again on Friday, especially silver and platinum.