Bill’s Commentary:
“A Russian parody… but it’s all true!”
Bill’s Commentary:
“Suspicious much?”
Bill’s Commentary:
“If you have been led to believe Vladimir Putin is a madman, please scroll down as all of his major speeches have been catalogued. Do you disagree with much, if any, of what he has said?”
Putin Speaks – Hear the Russian president like never before
Back in August 1999, Vladimir Putin was unexpectedly appointed as Russia’s Prime Minister.
A former director of the FSB, who had cut his teeth in the chaotic politics of St Petersburg, he was the fifth man to hold the post in 16 months.
Given the country was gripped by political and economic turmoil at the time, most observers thought he’d be doing well to still be in frontline politics by the end of the year.
Instead, a visibly tired then leader Boris Yeltsin stunned the world by leaving office on New Years Eve, and appointing Putin as acting president and endorsing him as his successor. Just five months later, he won a national election and assumed office for his first full term.
Bill’s Commentary:
“Tapped out?”
Consumers Crack: Credit Card Debt Suddenly Plunges Most Since Covid As APRs Hit Record High
Last month, we – and many others – were stunned when after several months of progressively declining revolving credit growth, in July credit card debt unexpectedly soared by the most since January, sending total consumer credit growth surging by just under $27 billion, the single biggest monthly increase since 2022. We called it a “Last Hurrah” moment (literally “In “Last Hurrah”, Credit Card Debt Unexpectedly Soars Despite Record High APRs As Savings Rate Hits Record Low“) and said that “with consumers ever more strapped for actual cash and equity, as the personal savings rate in the US collapses from over 5% to 2.9% – the lowest since the Lehman bankruptcy – in just one year, as all the excess savings from covid are long gone there is only so much more credit card maxing out that can take place before reality finally sets in.“
One month later, reality has set in with a bang, because just a month after a bizarre surge in revolving credit, the Fed reported that in August, total consumer credit growth plunged by more than half to just $8.9 billion, below the $12 billion estimate…
Bill’s Commentary:
“The supply demand deficit is already enormous. Do you not believe Mr. Putin knows this?”
Will Russian Buying Drive Silver Beyond $50
A report from the Russian news agency Interfax last week reveals Russia’s plans to substantially increase its precious metals reserves in the coming years. The report states that Russia’s State Fund plans to acquire gold, silver, platinum, palladium, and gemstones. Russia’s decision to add silver to its reserves distinguishes it from most other central banks, which have largely focused on accumulating gold while overlooking silver. Along with several other bullish factors, Russia’s silver purchases could be a key driver in pushing prices to $50 and beyond.
Bloomberg’s translation of the original Interfax report reveals that Russia’s State Fund plans to allocate 51.5 billion rubles (or $538.7 million) to precious metals and gemstones in 2025, with the same amount set for 2026 and 2027:
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