_{FINANCIAL NEWS}

Could the BRICS Summit Spark a $150K Gold Boom?

Andy Schectman, President of Miles Franklin Precious Metals, recently sat down with Kitco News’ Michelle Makori to discuss the potential for a massive global financial reset, which he believes could drive gold prices as high as $150,000 an ounce. Schectman highlighted the upcoming BRICS summit in Kazan, Russia, as a critical turning point, where nations may explore the creation of a new gold-backed currency to challenge the dominance of the U.S. dollar. This move, coupled with ongoing de-dollarization efforts and central bank digital currencies (CBDCs), signals a potential shift in the global financial system.

Schectman warns that the reliance on the U.S. dollar as the world's reserve currency is at risk, citing its mismanagement, weaponization, and excessive money printing. He explains how BRICS countries aim to reduce dependence on the dollar through alternative payment systems and a gold-backed currency, which could reshape international trade and diminish the dollar's dominance. Central banks' unprecedented gold purchases further hint at this changing landscape.

The discussion touches on how these changes could impact global economic stability, U.S. economic power, and potentially higher inflation rates. Schectman even suggests that revaluing gold could offer the U.S. a way to stabilize its economy by improving its balance sheet.

For insights on how these potential changes could redefine the global monetary system and impact your financial future, read the full discussion.

_{ECONOMIC NEW}

Fed’s Key Inflation Gauge Surges; Government Handouts Rise as Savings Plunge

In September, the Federal Reserve's preferred measure of inflation, the Core PCE (Personal Consumption Expenditures), remained higher than anticipated, at 2.7%, holding steady with August's rate. The overall PCE rose 0.2% month-over-month, reducing the year-over-year increase to its lowest since February 2021 at 2.1%. However, month-over-month inflation appears to be gaining momentum, driven by rising costs for durable goods and services.

The "SuperCore" PCE, which excludes shelter costs, showed a persistent increase of 0.3% month-over-month, keeping annual changes elevated at 3.2%. Cyclical inflation remains stubbornly high, even as other inflation segments return to normal levels. Meanwhile, personal spending outpaced income growth in September, with a notable drop in the personal savings rate as Americans dipped into their reserves for the seventh time in eight months.

This complex economic picture highlights challenges facing the Federal Reserve and its ability to cut rates anytime soon. To understand the implications for your wallet and the broader economy, read the full analysis.