Gold prices are closing in on an all-time high amid banking turmoil and the global de-dollarization movement. The precious metal passed $2,000 per ounce last week, trading just 21 cents below its all-time high. With spot prices increasing by 8% since the collapse of Silicon Valley Bank, investors continue to flock to gold as a safe-haven asset. Central banks bought a record-breaking 228 metric tons of gold in the first quarter due to a continued global move away from the dollar. As the debt-ceiling crisis ramps up, many unusual solutions, including minting a trillion-dollar coin and invoking the 14th Amendment, are grabbing attention. While Biden says he’s “not gotten there yet,” proponents of these ideas are desperately trying to avoid the economy-wrecking debt default that is getting closer every day. In other news, 2020 Census data shows that nearly half of working-age Americans do not have any retirement savings. According to Fidelity, the average retirement account lost one-fifth of its value in 2022, and the share of retirees with no savings jumped from 30 percent to 37 percent.
Markets Insider/George Glover
Gold closes in on an all-time high thanks to de-dollarization and banking uncertainty
Gold prices are closing in on an all-time high with ongoing banking turmoil and the de-dollarization movement fueling demand for the precious metal.
Spot prices have jumped 8% since Silicon Valley Bank collapsed on March 10, according to Refinitiv, trading at around $2,028 per ounce at last check.
Investors tend to see the yellow metal as a so-called “safe haven” that they can rely on for steady returns in times of heightened volatility – so it’s benefited from investors’ fears about the health of US regional banks.
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Yahoo Finance/Ben Werschkul
Trillion dollar coin? 14th Amendment? Some argue for far-out fixes to the debt ceiling crisis
Minting a trillion-dollar coin? Invoking the 14th Amendment? Even getting rid of the debt ceiling altogether?
A number of unusual solutions to the ongoing debt-ceiling crisis have gotten new attention in the past week as skepticism abounds that a bipartisan agreement can be reached ahead of a key deadline on June 1.
All are considered long shots but advocates say there is an opportunity in the current chaos as President Biden and House Speaker Kevin McCarthy prepare to sit down next Tuesday for the first time in months.
You can read the full article, here.
The Hill/Daniel de Visé
Nearly half of baby boomers have no retirement savings
More than two-fifths of baby boomers are nearing retirement with no retirement savings.
That fact may surprise you if you are a typical white-collar worker, dwelling in a corporate culture of near-universal retirement coverage, encouraged to save a half-million dollars or more before taking the gold watch.
But many Americans work for smaller companies that don’t offer retirement savings, or are self-employed, or live paycheck to paycheck.
You can read the full article, here.
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