Gold opens at new record of $3,635
Another Fed rate cut appears to be in the works, so that is likely to lead to further declines in the dollar, and increases in the gold price.
Notes in the Margin
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Central banks now hold more gold than US Treasuries for the first time in 30 years
For the first time since 1996, central banks’ foreign exchange holdings hold more gold than US Treasuries.
Major conservative split over Israel spills out into the open at NatCon
Conservatives increasingly oppose the socialist State of Israel, and want out of the US's pro-Israel wars. The old guard is very mad about this.
DOJ Opens Criminal Investigation Into FOMC’s Lisa Cook
Cook allegedly committed mortgage fraud, but the prosecution is really part of an effort to put more Trump personnel on the Fed Board of Governors.
Most Trump tariffs are not legal, US appeals court rules
Trump claimed he could single-handedly raise taxes (tariffs) under the International Emergency Economic Powers Act. The appeals court disagreed.
New-Home Sales Dip in July as Homebuilders Struggle To Entice Reluctant Buyers
The median sales price of new houses sold in July was $403,800, down 5.9% from a year earlier and the lowest price since November 2024.
Full text of Jerome Powell’s Jackson Hole speech
Rate cut to "stimulate" jobs? Powell: "while the labor market appears to be in balance, it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers."
Israel’s Man Inside the CIA Betrayed the US, New Files Show
The files provide a fresh and often disturbing look at a spy described by historian Jefferson Morley as “a leading architect of America’s strategic relationship with Israel.”
Go Ahead and Rage at Boomers, But the Problem Is the Entire Economic Order
Our corrupt economic system was created by people born decades before the Boomers were adults. The boomers just got lucky in a system that created vast wealth inequality.
