Last week, I asked the question: is the US undermining the dollar’s credibility? It appears the answer is — yes. In another blow for dollar dominance, Saudi Arabia is reportedly considering pricing at least some of its Chinese oil sales in yuan. According to the Wall Street Journal, the move would “dent the US dollar’s […]
The post Blog first appeared on SchiffGold.
In another sign that the inflation train is far from running out of steam, producer prices were up big again in February. The Producer Price Index (PPI) for final demand surged 0.8% month on month. This was close to the expectation. The annual increase in producer prices came in at 10%, tying the all-time record. […]
The post Blog first appeared on SchiffGold.
TradingEconomics/Staff/3-14-2022
“The FAO Food Price Index averaged 140.7 points in February 2022, a new all-time high, up 3.9% from January and as much as 20.7% above its level a year ago. The rise was led by large increases in vegetable oil and dairy price sub-indices. Cereals and meat prices were also up, while the sugar price sub-index fell for the third consecutive month. “Concerns over crop conditions and adequate export availabilities explain only a part of the current global food price increases. A much bigger push for food price inflation comes from outside food production, particularly the energy, fertilizer and feed sectors,” said FAO economist Upali Aratchilage. “All these factors tend to squeeze profit margins of food producers, discouraging them from investing and expanding production.” As the Food Price Index measures average prices over the month, the February reading only partly incorporates market effects stemming from the conflict in Ukraine.”
USAGOLD note: In short, the Russo-Ukraine war only partially accounts for rising food prices. The rest, we assume, is the result of the massive money printing operations just about everywhere to counter the negative economic effects of the pandemic. When food prices rise disproportionately, we will add, the possibility of social unrest rises with it.
Source: tradingeconomics.com
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Moneyweb/Ciaran Ryan/3-14-2022
“This is not yet reflected in the price of gold due to paper shorting of the metal. Could a short squeeze be imminent?”
USAGOLD note: The explosion in physical gold demand was well underway long before the war began. The war made it headline material – likewise for silver. In our view, we have already seen the beginnings of the short-covering Ryan mentions.
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