Economist Jeffrey Sachs got in trouble at Bloomberg on Monday after suggesting that the U.S. was behind the deliberate sabotage event on the Nord Stream pipeline. Despite sharing various facts that point to U.S. involvement in the attack, Bloomberg hosts were not having any of it. Here is the hilarious clip: Shocking moment of truth […]
Archives for October 2022
U.S. coal prices top $200 per ton as energy commodities start rallying again
Amazing. For the first time in history, U.S. coal prices have rallied past $200 per ton. Although U.S. natural gas output is the highest on record, the energy industry will need to sustain its production efforts to ensure there is enough liquefied natural gas (LNG) to satisfy domestic and foreign demand. Until then, let’s hope […]
Central banks were net buyers of gold, World Gold Council data show
Gold prices have tanked since March, driven by the Federal Reserve’s tightening crusade that has lifted the US dollar. Central banks took advantage of the discounts by adding more than 20 tons of gold to their reserves in August, according to the World Gold Council (WGC). The report found that three institutions drove the buying […]
Recession? Manufacturing PMI slips, construction spending falls
It was bad news for the U.S. economy on Monday, which turned out to be good news for the financial markets. The Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers’ Index (PMI) weakened to 50.9 in September, surprising everyone as economists anticipated a reading of 52.2. This is down from 52.8 in August. The monthly […]
Crude futures rally as OPEC could slash oil output by 1.5 million barrels a day on Wednesday
Crude oil futures are rallying on news that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, could slash production levels, according to Bloomberg and The Wall Street Journal. After last month’s decision to cut output by a tepid 100,000 barrels per day, new reports suggest that the world’s biggest 23-nation oil […]