Gold is glittering again. Last year, central banks purchased a record amount of the precious metal. But who did the buying, and who maintains the largest global gold reserve holdings? For now, the United States still leads the world in reserves, with more than 8,000 tons. The next closest is Germany, with roughly 3,500 tons. […]
Russia to slash crude oil production by 500k barrels per day in March
Is it time to say hello (again) to $100 this summer? Russia announced on Friday that it would slash production levels by 500,000 barrels per day (bpd) in March following Western bans on Moscow’s crude oil and petroleum products. This will represent approximately five percent of Russia’s total volumes. Deputy Prime Minister Alexander Novak stated […]
University of Michigan: Consumer sentiment jumps, inflation expectations surge
The monthly University of Michigan consumer report was mixed in February. First, on the sentiment side, UMich’s Consumer Sentiment Index (CSI) climbed to 66.4 this month, up from 64.9 in January. This also topped market estimates of 65. The Consumer Expectations Index fell to 62.3, while the Current Conditions Index increased to 72.6. Second, here […]
Recession canceled? Atlanta Fed Bank’s GDPNow Q1 model raised to 2.2%
Has the recession been canceled? The Federal Reserve Bank of Atlanta released an update to its first-quarter GDPNow model, and it was raised to 2.2 percent, up from 0.7 percent just a week ago. “The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2023 is 2.2 percent […]
Uh, CNN? Joe Biden just said something racist again
Well, it’s another day that ends in “y,” so it is not surprising that President Joe Biden delivered another gaffe. This time, he tapped into his inner racism. “The three congressmen you have here, two of them look like they really could and did play ball, and the other one looks like he can bomb […]