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7.16.19 - Recession fears rise for middle-class families

Gold last traded at $1,411 an ounce. Silver at $15.67 an ounce.

NEWS SUMMARY: Precious metal prices traded mixed Tuesday on mild profit-taking and a firmer dollar. U.S. stocks slipped after President Trump said trade progress between China and the U.S. has a 'long way to go'.

 

 

 

Gold Prices Rocket to 5-Year High

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GoldLifoffGold Achieves Liftoff as Prices Rocket Toward $1,400 an Ounce -Bloomberg
"Gold rose as much as 2.5% Thursday to the highest since September 2013, and traded at $1,381.64 an ounce at 1:03 p.m. in London. Over the past few weeks, a clear bull case has started to emerge. A key resistance level has broken. Investors are pouring money into exchange-traded funds.

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'We want a cashless society' -BofA

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credit card 1080074 640Bank of America CEO: 'We want a cashless society' -Yahoo Finance
"Bank of America CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has 'more to gain than anybody' from the booming trend of non-cash transactions. 'We want a cashless society,' Moynihan, who heads up the second largest U.S. bank, told attendees at Fortune's Brainstorm Finance conference.

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"The US Dollar Is Becoming Toxic"

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dollar 499481 640"The Dollar Is Becoming Toxic" - Russian Intel Chief Slams "Aggressive, Unpredictable" US Behavior -Zero Hedge
"China is following Russia's lead and reducing its US Treasury exposure (to two-year lows), as it increases its gold reserves (for six straight months), the unipolar US hegemon faces an ugly trend among the 'rest of the world' attempting to de-dollarize, as Sergey Naryshkin, director of the Russian Foreign Intelligence Service, calls the US dollar is an anachronism of the modern world economy.

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Gold to Trade at $1,425/oz. - Goldman

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bars business global intergold 335265smGold To Trade At $1,425 In 12 Months, Boosted By EM Demand -Goldman/Kitco
"Goldman Sachs is upbeat about gold prices, looking for the metal to draw support from emerging-market demand and rise to around $1,425 in 12 months. In a research report late Monday, Goldman was bullish on commodities generally due to easier monetary conditions, calling for a 10% three-month return on the S&P Goldman Sachs Index and a 9% return on a 12-month basis.

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Capitalism's 'Creative Destruction'

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CapitalismCapitalism gets rid of stuff that doesn't work -P.J. O'Rourke/American Consequences
"The amazing thing about free-market capitalism is that it gets rid of stuff that doesn't work. You say, 'Amazing? When stuff doesn't work, of course you get rid of it!' If you've got a washing machine and - no matter how many times the supposedly lonely Maytag Man has been to your house - it just can't be fixed…

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