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4.18.19 - Trump Fed Picks Favor Gold Standard

Gold last traded at $1,276 an ounce. Silver at $14.95 an ounce.

NEWS SUMMARY: Precious metal prices traded steady Thursday despite a stronger dollar. U.S. stocks traded mixed as 'Medicare for All' proposals resulted in steep health-care sector losses for a third straight day.

 

 

 

NYT Mag: A Misunderstood Case of Poverty

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A Misunderstood Case of Poverty -National Review
"I often am perplexed by the ways in which we try to put poverty into a social and economic context. For example, once a year or so, the newspapers will be full of stories about a study concluding that a minimum-wage worker cannot afford the rent on a two-bedroom apartment in any American city. Dig in just a little bit and the claim is clarified: A minimum-wage worker cannot afford the rent on a two-bedroom apartment at the 40th percentile or above without spending more than 30 percent of his income on rent. It is difficult to imagine a more useless datum....Matthew Desmond is the author of Evicted, for which he won the Pulitzer Prize in 2017. He has an essay in The New York Times Magazine this week that is by turns touching and maddening....Desmond tells the story of Vanessa Solivan and her three children and their economic struggles.

One Analyst Makes a 'Rare' Call to Buy Gold

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coins 2183470 640Here’s why one analyst just made a ‘rare’ call to buy some gold -Marketwatch
"Gold prices have dropped this year, but it could be a hedge against a market correction, analyst writes....'Investors do not seem prepared for anything but a continuation of the current upward trend, something that is hard to fathom if U.S. tariffs on $200 billion in Chinese goods go into effect,' wrote Lisa Shalett, head of investment and portfolio strategies at Morgan Stanley Wealth Management.

America Moving Closer to a Cashless Society

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CashlessAmerica moves closer to being a cashless society -Marketwatch
"Cashless commerce is popping up around the country, particularly in restaurants catering to a younger crowd, which is likely to leave home without any greenbacks, or even a wallet, and instead choose to live life with a smartphone and a few credit or debit cards attached. Businesses who've gone cashless rave about the results....Cash sure seems to be on the ropes. The dollar value of cash transactions sank 7% from 2010 to 2015, according to The Nilson Report, while credit and debit card payments rose nearly 50%. Meanwhile, ATMs, which had their 50th birthday last year, are disappearing around the block and around the world, signaling the decline of the 'cash run.' So you’re saying cash is over? Not exactly.

Crypto's 80% Plunge Worse Than Dot-Com Crash

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bitcoin 2643159 640Crypto's 80% Plunge Is Now Worse Than the Dot-Com Crash -Bloomberg Quint
"As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst in 2000. Like their predecessors during the Internet-stock boom almost two decades ago, cryptocurrency investors who bet big on a seemingly revolutionary technology are suffering a painful reality check, particularly those in many secondary tokens, so-called alt-coins. 'It just shows what a massive, speculative bubble the whole crypto thing was - as many of us at the time warned,' said Neil Wilson, chief market analyst in London for Markets.com, a foreign-exchange trading platform....

Warren Buffett: Why Market Bubbles Happen

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Warren Buffett in 2010Warren Buffett on why bubbles happen: People see neighbors 'dumber than they are' getting rich -CNBC
"Warren Buffett warns that another financial crisis is inevitable....This week marks the 10th anniversary of Lehman Brothers' bankruptcy, which many investors regard as the seminal event of the financial crisis. Buffett was asked by CNBC's Andrew Ross Sorkin if he is worried another crisis will happen again.