Russia’s oil revenues have fallen each of the last ten months to barely half what they were shortly after the invasion began, and gold reserves have fallen by half over fifteen months.
Cortez highlighted seven legislative victories in 2024, where states across the U.S. adopted policies to remove taxes on precious metals and reaffirm gold and silver as legal tender.
Presumably the shrinkage of the BIS' gold banking business shows that even central banks now prefer to hold their own gold or hold it in earmarked form -- that is, as allocated gold.
The increase in debt was nearly double expectations. It was the biggest jump in consumer debt since July. American consumers now owe over $5.1 trillion in consumer debt.
Defeating the competition posed by gold to the dollar long has been the primary objective of the Federal Reserve, U.S. Treasury Department, and Western central banking generally.
The market has been floating on the hopium of a string of rate cuts, while inflation will hold the Fed’s feet to the fire, making the interest-cutting scenario less likely than the market believes.
Authors Wischer and Dwivedi declare the most secure source of energy and minerals is domestic production. “Ultimately, the pursuit of US energy dominance could coincide with a push for US mineral independence,” the authors conclude.
