Gold bars are now $1 million bars

• Currencies and Silver rally on Monday.

• Gov't programs... UGH!

Good Day... And a Tom Terrific Tuesday to you! No baseball for Chuck last night, so he had to settle on watching a Little League World Series game... Hey! It's baseball.. Sort of... Well, today is my darling daughter Dawn's, birthday... The Boo! Dawnie has always been the light of my life, her smile can light up a room, and her ability to reach children is amazing... She chose the correct profession, as she's a kindergarten teacher... I'm not going to talk about her age, but... She's starting to get up there, but she still looks 20 years younger than she is! Happy Birthday, Dawnie! R.E.M. Greets me this morning, with their song: It's The End Of The World... 

Well, the dollar selling that began on Friday last week, and then filtered over the overnight markets Sunday night, continued on Monday, with the BBDXY losing 4 index points... The currencies all look much healthier this morning... The Aussie dollar (A$) has climbed to trade above .67=cents, and the Asian currencies, which I talked about recently, are continuing their climb VS the dollar... Shoot Rudy, even the Chinese renminbi is participating in the Asian currency rally... 

I think the thought process that the Fed/ Cabal/ Cartel is about to debase the dollar, has finally sunk in to traders all around the world... The last time the dollar index was this low was in 2022, and then, the dollar was on the upswing, now it's on a downswing, and heading lower... I'm just saying

Gold tried the Dickens to get back to a positive position yesterday, but every time it appears Gold would push forward, the short paper traders saw to it that it didn't... And so, Gold ended the day down $3.70 to close at $2,504.80... Silver didn't see the short paper traders throughout the day, which was very strange, but I'll take it, and Silver gained 32-cents on the day, and close at $29.34

The price of Oil keeps slipping downward, and looks to be in trouble here, as it ended the day yesterday trading with a $74 handle... And the 10-year's yield ended the day at 3.86%... 

In the overnight markets last night... The dollar didn't get sold but it didn't get bought either, and the BBDXY starts the day at its closing price yesterday of 1.3262... A pause for the cause, as the band used to say to the crowd... I told you all last week, that I thought the dollar was in trouble going forward, and as long as the PPT keeps their collective hands out of the cookie jar, the dollar may just be heading to a long weak trend...  

Gold has shaken off the profit taking and short paper trading to bust out of its shackles and get moving in the right direction. Gold is up $21 to start the day today, and Silver is kicking tail and taking names later as it moves ahead, with a 41-cent gain this morning... 

Got Gold? What more can I ask? I read yesterday that the Chinese have told their banks to go ahead and buy Gold again, and to not worry about the high price of Gold right now... That's a good sign for Gold, that China is back, buying physical Gold... 

And going deeper with Gold here... Did you hear this? That the 400-ounce Gold bars are now with a cool $1 Million? Here's Bloomberg.com with an explanation: "when the precious metal’s spot price surpassed $2,500 per troy ounce, an all-time high. With gold bars typically weighing about 400 ounces, that would make each one worth more than $1 million."

Chuck again... Ok, I've got to say that I've seen a couple of these 400 ounce Gold Bars, and plenty of the Silver Bars of the same size... I get a smile on my face thinking back in the day, when I held one of those Gold Bars in my hands, that I one day it would be worth $1 Million! 

Ok, wake up Chuck, you're daydreaming again! Ok, coffee please! 

Well, longtime friend, not seen very often, Bill Bonner was talking about how both U.S. Presidential Candidates had dumb programs they insist will make the voters more well off... Bill points out that neither one would do any of that, and then he wrote this in his letter: "But this is politics. And politics is like French cheese. The slogans are attractive — ‘Tax cuts!’…‘Make the rich pay!’… Or, ‘make the foreigners pay!’

Later, they turn rancid and foul."

Chuck again... Yes, politicians don't care about your problems, folks... The rent is coming due, and you have to use your disposable income on new tires for your car, and the kids need new clothes for back to school, and the credit card is maxed out... Yes, part of that is your problem, but most of it is a problem that the Gov't created... Thank you, Gov't for participating in my demise... I'm just thinking out loud... 

I'm thinking that we need to be backing up the truck to the Gold, Silver and currencies dock... And load up the truck until it sags over the rear axle... You know, a long time ago, when the World Currency Desk at EverBank was very young, and growing, I would make a comment like that, like I just made, and a week later the stacks of envelopes with checks in them would be piled up on the Operations desk... These days, I sit on cornerstone, and count the time in quartertones... Which means I'm not on a currency trading desk any longer, and I'm afraid that folks read something like this and think, I need to act, but who do I send my money to? 

That's a tricky question, because I'm published by the good folks at Battle Bank, and when they open they will have a currency & metals desk, but, they're not open just yet... So, that means you'll need to contact my former colleague, Chris Gaffney at 1-800-926-4922, and inquire as to where to send your checks... Do it now! Don't dawdle! The time is now, to act....  Did I sound badass enough there?  

The U.S. Data Cupboard yesterday had the July Leading Indicators, which I told you yesterday, that I thought they would be negative, and U.S. Leading Economic Indicators printed down for their 29th straight month -- at a level worse than the trough of COVID lockdowns... I'm surprised that the markets don't make much of a deal with this data set... I do! I was taught that this is one of two pieces of data that are forward looking... And that's what the markets do, look forward... So, what's the disconnect here?  

I'm not sure, but you would think that when a data set shows that outside of the great financial crisis, this is the worst decline in the Leading Indicators data set, since the 1970's, the markets would sit up and notice this data set.. I'm just saying...

To Recap... The dollar continued to get sold on Monday, but in the overnight markets the selling stopped, but there was no buying either... Gold had to fight off the short paper traders all day yesterday, and closed down on the day, but in the overnight markets has gained $21 to start our day today... Chuck thinks that the dollar is real trouble right now, and it could lead to a long term weak trend... He also thinks that the truck should be backed up to the dock right now...  

For What It's Worth.... Ok, it's Gold Day! I spent a lot of time talking about Gold this morning, so I thought this article would be the dessert this morning... 

Here's your snippet: "Gold is in record-setting form, topping $2,500 an ounce on expectations that the Federal Reserve is poised to cut US interest rates.

The precious metal’s 21% year-to-date surge has made it one of the best performing major commodities in 2024, and banks including UBS Group AG and ANZ Group Holdings Ltd. say that there’s still scope for further gains.

Prices are “heading toward $2,700 an ounce by around the middle of 2025,” said Wayne Gordon, commodities strategist at UBS Global Wealth Management, citing the Fed’s shift, central-bank buying, and demand for portfolio hedges.

With Fed Chair Jerome Powell set to offer clues on the outlook for monetary policy at the Jackson Hole symposium later this week, here are five charts that map out some of the main drivers that’ll shape the metal’s outlook.

Gold’s latest surge has come largely courtesy of expectations that US policymakers will start lowering rates soon, with a cut seen at their gathering next month. That narrative has dragged real rates lower, creating a more favorable environment for bullion, which doesn’t pay interest."

Chuck again... Ok, so yesterday I featured an article that talked about Gold being revalued at $20,000 per oz, and today I feature an article that talks about Gold reaching $2,700 by mid-2025... That's a wide range of prices... Personally, I'll pin my colors to the talk for $2,700... Like I said yesterday, the revaluation talk is nice, but I just don't see it coming to fruition, because the numbskulls in Congress can't see the forest from the trees! I'm just saying!

Market Prices 8/20/2024: American Style: A$ .6738, kiwi .6142, C$ .7348, euro 1.1087, sterling 1.3016, Swiss $1.1687, European Style: rand 17.8023, krone 10.5326, SEK 10.2694, forint 354.97, zloty 3.8497, koruna 22.7034, RUB 91.40, yen 146.80, sing 1.3077, HKD 7.7901, INR 83.79, China 7.1440, peso 18.83, BRL 5.4460, BBDXY 1,3232, Dollar Index 101.75, Oil $74.44, 10-year 3.86%, Silver $29.80, Platinum $966.00, Palladium $948.00, Copper $4.23, and Gold... $2,525.20.

That's it for today... Man did I ever have a better night's sleep last night... I only woke up once coughing, and then right back to sleep... A month ago, my beloved Cardinals were 6 games out of first place but had 6 games left with the first place Brewers, so I thought, we'll there's still a chance! But now the lead for the Brewers has widened out to 10 games, and waters down the 3-games series here in St. Louis with the Brewers coming to town... The Cardinals need a sweep, and nothing else... The dog days of summer here in the Mid West have not materialized this summer... This week we won't get above 90... When I was a kid we had a week in August that it never got below 90! Donnie Iris takes us to the finish line today with his song: Ah! Leah! A one hit wonder there... I hope you have a Tom Terrific Tuesday today, and please Be Good To Yourself!