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The Market Might Care This Week

Jul 24, 2023 | Stansberry Digest | Corey McLaughlin

Different day, same direction... What's worth worrying about... The market might
care this week... A Super Bowl of financial activity... The self-destruction of
Twitter is nearly complete... Giving up your verb...

--------------------------------------------------------------------------------


THE RUN HIGHER FOR STOCKS CONTINUES...

The pace of the recent move for the U.S. stock indexes may have slowed slightly
in the past few trading days, but the direction remains largely the same – up.

The benchmark S&P 500 Index closed half a percentage point higher, to within a
whisker of its 2023 high set last week. And maybe most notably, the boring ol'
Dow Jones Industrial Average has broken out to its highest level since April of
last year.

The tech-heavy Nasdaq Composite Index and the small-cap Russell 2000 each
finished up roughly 0.2%.

I (Corey McLaughlin) wrote last week that it looked like the animal spirits were
returning to the stock market, and they might stick around until further notice.
The story hasn't changed materially as we begin another week, but we'll keep
watching our indicators...


IT BEATS READING THE HEADLINES...

We were reminded of this idea today while listening to the latest episode of
Stansberry Research senior analyst Matt McCall's podcast. Matt welcomed noted
market analyst Jim Bianco, who noted that reading the mainstream media can be
tough these days.

Indeed, scrolling through the major news headlines – financial or otherwise –
can be depressing, frustrating, or anger-inducing.

But the stock market doesn't care... As Jim told Matt on his Making Money
podcast...

> For all the issues and all the things you worry about, you have to ask
> yourself, 'Does that change the earnings of the S&P 500?' And for a lot of
> them, the answer is no.
> 
> Yes, you can be worried and pessimistic about certain things. But don't let it
> bleed into what you think the outlook for the economy might be, or for the
> earnings of a company, or the outlook for the market. Those can be two
> different things.
> 
> The market is going to be driven by financial and economic-related factors,
> like interest rates, the outlook for the economy, taxes...

So, speaking of that...


THE NEXT FEW DAYS WILL BE LIKE A SUPER BOWL OF FINANCIAL ACTIVITY...

First off, this week, more than 150 S&P 500 companies totaling more than $25
trillion in market cap will report their quarterly financials.

The list includes several members of the "Magnificent Seven," such as Microsoft
(MSFT) and Alphabet (GOOGL), which report after hours on Tuesday, then Meta
Platforms (META) following Wednesday's close.

With all the focus on these names and the returns generated by them this year,
an earnings "surprise" one way or another could send a jolt into their shares,
and thus the indexes.

As we mentioned a few weeks ago, the bar for companies this quarter was
relatively low heading into this earnings season. Wall Street analysts said they
expected a decline of close to 7% year-over-year decline in earnings for the S&P
500.

As of Friday, three-quarters of the companies that had reported – which was
roughly 20% of the S&P 500 – beat earnings per share estimates. If mega-caps and
others beat that projection this week, share prices are likely to head higher.

Secondly, the Federal Reserve, the European Central Bank, and the Bank of Japan
each meet and will announce policy decisions this week. The Fed decision comes
first on Wednesday afternoon, followed by the ECB on Thursday morning, and the
BoJ late Thursday night.

The consensus bet among bond traders is that the Fed will hike its benchmark
bank-lending rate by 25 basis points to a range of 5.25% to 5.50%. Leaving
current rates in place or raising them further would each be a complete shock.
So rather than pondering such an unlikely outcome, I'm expecting to pay
attention more to the messages Fed Chair Jerome Powell sends in his post-meeting
press conference about two points...

 * His thoughts on future rate hikes and his best guess on inflation. The
   central bank has previously indicated two more hikes to come by the end of
   the year and that the pace of inflation hasn't come down as quickly as it
   wants. Is that still the plan?

 * How the Fed perceives the current economy today. Is it strong or weak? Is the
   central bank still expecting a "mild recession" like it had earlier in the
   year? Does it expect the jobs market – at least by official statistics – to
   break anytime soon?

Amid all these central bank meetings, a second-quarter U.S. gross domestic
product estimate will be published Thursday morning and the latest core personal
consumption expenditures ("PCE") measure – the Fed's preferred inflation measure
– comes out Friday morning.


MOVING ON TO SELF-DESTRUCTION...

Elon Musk, the owner of the formerly publicly traded company known as Twitter,
just rebranded the social media platform as "X." How appropriate... and another
step in what has been a gradual self-destruction of the social media platform.

Musk says the change is part of a sweeping plan to create an "everything app"
for audio, video, messaging, and payments. But for now, all it means is that the
company logo doesn't match its name anymore and that the company seems to be
searching for an identity.

If you go to twitter.com today, you won't see the familiar bird logo, but a
stylized X. Yet language on the platform still refers to the old name, like the
giant "tweet" button to write a post. If this were a school project, a computer
programming student would lose significant points for the mixed messaging.

Twitter CEO Linda Yaccarino, hired in May, wrote a post on Twitter/X on Sunday
about the vision moving ahead... She even included the buzzword "artificial
intelligence," surely in an effort of generating some AI-related hope around the
business...

> X is the future state of unlimited interactivity – centered in audio, video,
> messaging, payments/banking – creating a global marketplace for ideas, goods,
> services, and opportunities. Powered by AI, X will connect us all in ways
> we're just beginning to imagine.

Oh, is that all?

Musk declared from on high that "tweets" will now be referred to as "x's," which
I bet just about nobody will do anytime soon, if ever. We could be wrong, but
it's as if Musk really wants to end Twitter for good... and burn the last of the
$44 billion he spent on the company last year. That's what our friend and
colleague Dave Lashmet, editor of Stansberry Venture Technology, wrote here in
January that Musk was already doing.

Dave compared Musk gutting Twitter's staff to reducing a professional football
team to a roster of a placekicker and one defensive player. As Dave wrote...

> Granted, you still own the stadium, merchandising rights to the team logo, and
> the mascot's costume... But you got rid of 90% of the players... and 90% of
> the marketing department, 90% of the coaching staff, and even 90% of the
> janitors.
> 
> That'll save you some labor costs, sure. But good luck putting a competitive
> team on the football field... or selling tickets, merchandise, or new
> advertising in the stadium or on television... or keeping anything clean.
> 
> That's an obvious way to turn a $4.4 billion investment, which is in the
> ballpark of what NFL teams are worth these days, into a dumpster fire.
> 
> Now imagine doing this at 10 times the scale...
> 
> If you did this 10 times over – and shed 90% of thousands of staffers – that's
> what Elon Musk did to Twitter.

Today, most businesses would love to have the brand recognition that Twitter has
(or had). It's rare for your business to become its own popular verb in the way
"tweet" has been, or how "Googling" refers to search or "Xeroxing" meant making
photocopies. Twitter is now voluntarily giving up unpaid brand awareness at a
time when its paid advertising has cratered.


THIS ISN'T A PERSONAL CRITICISM OF MUSK, THOUGH...

It's about business.

First off, in general with eccentric billionaires, you take the bad with the
good. Secondly, remember, Musk tried to backstep out of agreeing to buy Twitter
once he learned more about the company but decided it wasn't worth the legal
fight or costs. He knew it was a mess, a media business that had found tweets
and users difficult to monetize.

I give Musk credit for building Tesla (TSLA) into what it has become... and for
co-founding what became PayPal (PYPL) way back when... and for being a
billionaire... And Twitter still reportedly has more than 200 million daily
users. (I use it less often, but I still find useful ideas on the platform.)

But since Musk took over, Twitter users have experienced a variety of puzzling
developments. Notably, these include the removal of the once-free "blue check"
verification status, which led to instant growth in parody accounts and
obviously not enough revenue after asking folks to pay for it. Users' feeds also
became cluttered by posts served by algorithms rather than their own followed
accounts.

There is obviously an appetite in the market for an alternative to the platform.
More than 100 million people recently signed up for Meta Platforms' Threads app,
a Twitter clone, in just five days. (Herb Greenberg over at our corporate
affiliate Empire Financial Research wrote a great "open letter" a few weeks ago
to Musk describing why this may be.)

Maybe "X" can develop its business model into something worthwhile, but I won't
be holding my breath... and will probably spend less time on whatever X is and
more time researching publicly traded companies. Twitter/X is now privately
held, and its financials won't be publicly disclosed in any routine fashion.


BUT IT IS LOSING MONEY...

In March, Musk wrote in an eventually leaked memo to the company's staff that
Twitter was valued at less than $20 billion, less than half of his purchase
price six months earlier.

And earlier this month, Musk disclosed on Twitter that the company's cash flows
are negative, it carries a "heavy debt load," and paid advertising had dropped
50% on the platform.

This is what Dave referred to in a January Digest shortly after Musk took
over...

> Industry data from November show new advertising dollars coming into Twitter
> were down nearly 50%. And the best way to monetize a social media network is
> through advertising. It's not clear how Twitter will recover.

More likely than "X" developing into a winner, I could see it maintaining its
status as a media arm or a continued idea sandbox for Musk's other interests,
like SpaceX or the new AI startup he recently launched called xAI, whose goal is
to "understand the true nature of the universe."

This all sounds less like business than like religion. In any case, Dave sure
was right when he wrote about the inevitable demise of Twitter back in January –
and explained where the company was headed... gone, by its own doing.

THE ZERO-RATE YEARS ARE GONE

Market analyst Jim Bianco thinks inflation will remain "sticky" and the Fed will
raise interest rates even more, but this scenario isn't necessarily bad for all
stocks...



Click here to watch this video right now. For more free video content, subscribe
to our Stansberry Research YouTube channel... and don't forget to follow us on
Facebook, Instagram, LinkedIn, and Twitter.

New 52-week highs (as of 7/21/23): ABB (ABBNY), Abbott Laboratories (ABT), Brown
& Brown (BRO), CBOE Global Markets (CBOE), Cintas (CTAS), Expeditors
International of Washington (EXPD), Roper Technologies (ROP), Sprouts Farmers
Market (SFM), Shell (SHEL), Sherwin-Williams (SHW), Constellation Brands (STZ),
United States Commodity Index Fund (USCI), Verisk Analytics (VRSK), and Walmart
(WMT).

In today's mailbag, feedback on Crypto Capital editor Eric Wade's Friday essay
about the launch of FedNow, which began with a recent suggestion by presidential
candidate Robert F. Kennedy Jr... Do you have a comment or question? As always,
e-mail us at feedback@stansberryresearch.com.

"RFK is absolutely right. Backing our paper money with hard assets is many
decades overdue. Ever since Nixon took us off the gold standard, our money value
has continued to go straight into the toilet bowl. So much so that the dollar is
now only worth cents. And the biggest value killer is that by taking us off the
gold standard, politicians can do whatever they want to do with our tax dollars.
Which they have been doing for decades with reckless abandon. Now our financial
situation, inflation, and debt level is so dire that the only way to get some
control over it is to go back to backing the buck with hard assets." –
Subscriber John M.

" 'Backing dollars and U.S. debt obligations with hard assets could help restore
strength back to the dollar, rein in inflation, and usher in a new era of
American financial stability, peace, and prosperity.'

"'Yeah, but what about us?' – The Elite." – Subscriber Mark P.

All the best,

Corey McLaughlin
Baltimore, Maryland
July 24, 2023



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LATEST ARTICLES

--------------------------------------------------------------------------------

Everyone Expects a Housing Crash... Here's Why They're Wrong

Jul 25, 2023

The housing bears are having a viral moment... Late in June, Nick Gerli of
Reventure Consulting took to Twitter to describe a possible 2008-style housing
crash. His warning focused on a specific catalyst – the collapse of Airbnb
(ABNB). In his Twitter thread, Gerli claimed that Airbnb's revenues had suffered
massive year-over-year declines in May... And he predicted that a wave of
distressed inventory would soon hit the market, driving down prices. This
dovetails perfectly with the general fear surrounding U.S. housing. Most folks
are surprised that housing prices have held strong over the past year. Everyone
is still waiting for what seems like an inevitable crash. In reality, though,
the housing market is far from going bust – and even a viral tweet can't change
that. Let me explain... It's not hard to see why Gerli's proposition struck a
chord. Millions of would-be homebuyers are stuck on the sidelines today, waiting
for home affordability to improve. If a "wave of forced selling" crashed the
market, these folks would finally have a ticket to homeownership. The Twitter
thread racked up more than 35 million views in only two weeks. Take a look...
These declines look like the start of a massive bust. But unfortunately for the
housing bears, this narrative doesn't hold up to scrutiny... First, Gerli's
numbers come from short-term rental analytics company AllTheRooms. But other
sources – like AirDNA, a similar company that tracks the short-term rental
market – show much smaller dips in revenue. These are the nine worst declines in
Airbnb's revenue per listing over the same period, based on AirDNA's data...
Again, these are the worst of the declines. According to AirDNA's numbers,
Airbnb revenues actually grew in some of the cities from the original Twitter
thread. These numbers paint a far different picture than a once-in-a-generation,
2008-style crash. Most important, if Airbnb owners were caught in a revenue
slide like the one Gerli presents, the "wave of forced selling" wouldn't be on
the horizon... It would be upon us today. Let's say Airbnb owners faced a
slow-moving, 30%-plus crash like the tweet describes. Sure, some of those owners
would hang on to their falling assets the whole way down... But a significant
number would be flooding the market with property already. As revenue dried up
throughout 2022, we would have seen a steady drip of Airbnb homes hitting the
market. The inventory picture would have softened... But that couldn't be
further from the truth today. Instead, this year, we are facing the tightest
housing inventory in American history. Take a look... America's housing
inventory collapsed 39% from May 2019 to May this year. Supply is even lower now
than it was during the post-pandemic housing boom. At the same time, more
homebuyers are looking to enter the market... So we shouldn't expect a fall in
demand, either. According to a recent Bank of America poll, 56% of millennials
and 56% of Generation Z respondents plan to buy a home in the next two years.
Many of them want to buy sooner rather than later. Instead of putting off their
plans to buy, 55% of millennials and 62% of Gen Zers want to either speed up
their home purchases or buy when they originally intended. Simply put, demand is
high, and supply is low. That's why housing hasn't crashed... And it's why it's
unlikely to crash anytime soon. The "Airbnb collapse" hasn't loosened the supply
of U.S. housing... because the collapse isn't happening. Anyone who claims
otherwise is probably fishing for clicks. Good investing, Sean Michael Cummings
Further Reading "The supply-and-demand equation is out of whack," Brett Eversole
writes. You've heard about the shortage of U.S. housing inventory – but a
specific quirk in the housing supply is giving us even more evidence that prices
could stay high for years... Read more here. The slowdown in housing hit a major
pain point last year. A key measure of home sales plummeted, falling to rare
levels. In the past, though, similar moves have signaled major bottoms in the
real estate market... And it could mean that now is a great time to put money to
work. Get the full story here.

Keep reading...

The Data We'll Receive This Week Is Invaluable...

Jul 24, 2023

By now, you know that the Federal Reserve is meeting tomorrow and Wednesday to
decide what to do with interest rates. Will it raise rates by 25 basis points
(0.25%) or continue its June pause? But you may not know that two other major
central banks are meeting later this week to discuss the same question... Plus,
earnings season is in full swing. As long-term investors, the data we'll receive
in the coming days is priceless. And as always, I've got everything you need to
know right here in Daily Insight. Headline No. 1: Bearish investments are now at
the highest level ever as asset managers increase their bets on a weakening U.S.
dollar. McCall's Call: The dollar appears to have begun a downward trend. And
I'm not the only one who has noticed... Asset managers are placing higher odds
on the U.S. dollar declining in value. You can see the increase in short
positions against the dollar in the chart below. This trend began to accelerate
in mid-2017. And in that time, the U.S. Dollar Spot Index is about flat. The
recent increase in bearish bets means that a large portion of institutional
investors believe that inflation will continue to ease and lead to a more
permanent pause by the Fed in the near future. As you know, the central bank
will meet this week to determine its next move regarding rate hikes. The market
expects it to raise rates by 25 basis points. This is important because the
greenback tends to move in the same direction as interest rates. That's because
lower rates make the currency and investments denominated in it less attractive.
Meanwhile, higher interest rates mean higher yields on bonds and investments
that pay income based on those rates. So, what does this mean for individual
investors? Well, if asset managers' big bearish bet is correct, it could be
bullish for certain investment trends... The first trend that comes to mind is
commodities – specifically gold. The yellow metal is up 8% year to date but
still lags the overall return on U.S. stocks. Regular readers know that I'm not
a huge fan of the "buy and ignore" strategy when it comes to gold. But there are
times when it can be a good investment. Believe it or not, I have been bullish
on gold at times in my 20-plus-year career. And I have even bought it for my
money-management clients. Now, I can't say I'm there yet. But the combination of
what we're seeing with the dollar and gold's chart action has me adding the
metal to my watch list as a potential short-term trade. As always, my loyal
subscribers will be the first to know if it's time to buy. Headline No. 2: Three
of the largest central banks in the world are meeting this week to nail down a
path forward on interest rates. McCall's Call: The Federal Reserve, European
Central Bank ("ECB"), and Bank of Japan ("BOJ") have big meetings this week.
It's rare for these events to happen so close together. And it's incredibly
important because all three subsequent announcements could sway the global
market. The Fed is up first. Chairman Jerome Powell will speak on Wednesday
afternoon to announce the bank's interest-rate decision. And odds are high that
he'll unveil another 25-basis-point hike. Such a move would come on the back of
the June pause, which followed 10 consecutive rate hikes. The bank is expected
to raise rates one more time – even as inflation continues to slow – before
pausing again and possibly even cutting rates in the first quarter of 2024. Now,
it's too soon to assume the Fed's early-2024 moves. There's simply too much that
can happen between now and then, and the job market and economy have remained
very resilient. So we'll just have to wait and see. The ECB will make its
announcement on Thursday. Again, investors are nearly certain they'll see
interest rates increase by 25 basis points. The wild card will be the bank's
commentary regarding its next meeting in September. Unlike the Fed, the ECB
didn't pause its rate-hike cycle the last time it met. So September could be its
first pause with inflation in the region having hit its lowest level since
January 2022. The BOJ wraps up the week with its announcement on Friday. The
Japanese economy has been humming along. It posted gross domestic product growth
of 2.7% in the first quarter. And inflation has held consistently above its 2%
target – hitting 3.3% in June. So, will the central bank keep interest rates at
negative 0.1% or begin raising? Odds are that the BOJ will hold steady. But
there's some speculation that it could start discussing the possibility of
changing its stance in future meetings. So buckle up, folks. When we take these
three meetings and add in that 30% of the S&P 500 and 40% of the Dow Jones
Industrial Average are set to report quarterly earnings this week, it could
certainly be a bumpy week. As long-term investors, these daily and weekly swings
aren't overly important. But it's always important to watch and analyze the
information we're given. The announcements from three major central banks and
earnings figures from large-cap companies will give us a sense of where the
economy and stock market are heading in the second half of 2023... And that's
information we can't afford to ignore. Here's to the future, Matt McCallEditor,
Daily InsightJuly 24, 2023 Did You Miss My Latest Podcast? Most people in the
market believe that inflation is on its way down and will continue to drift
lower into next year. But on the latest episode of Making Money With Matt
McCall, I welcome a guest who has a differing opinion. Jim Bianco thinks that
inflation will remain "sticky." That may sound like an ominous view on the
economy and market. But Jim remains positive. He explains his viewpoints and
discusses whether it could all lead to a recession. We also look at the bigger
picture – diving into tech stocks and the artificial intelligence ("AI") boom.
Jim even shares some great insight on investing in a few AI-related stocks you
probably haven't heard of. Find out their names by tuning in now.

Keep reading...

This Stock Market Myth Could Be Holding You Back

Jul 24, 2023

Doc's note: Millions of Americans don't take advantage of the greatest
wealth-creation tool in history... the stock market. Today, Keith Kaplan, CEO of
our corporate affiliate TradeSmith, details one of the biggest myths that keeps
folks from investing and why you shouldn't buy into it... ***** How do some of
the myths about the stock market even start? One would guess it comes from
simple perception. But the myth we need to debunk today is downright
infuriating. It's the belief that you need a lot of starting money to be a
successful investor. That couldn't be further from the truth. You don't need $1
million to start investing the right way. You don't even need $1,000. All you
need is a small stake and the right level of confidence... The stock market is
not just for rich people. It's not just for brokers and people with big boats
sitting off the docks of Manhattan or Miami. It's a genuine wealth-building tool
for America's middle class. But many people don't take advantage of it... It
hasn't helped that three major financial crises occurred in the last 20 years...
The dot-com bubble, the great financial crisis of 2008, and the COVID crash of
2020 have turned many 401(k)s into "201(k)s." These sharp downturns have shaken
confidence in U.S. and global markets. As a result, middle-class investors – who
are typically loss averse and prone to selling stocks in times of crisis – have
walked away from stock market investing. When it comes to who owns stocks and
who doesn't, the numbers are staggering... The top 1% of households by wealth
have controlled 70% to 80% of the market since 1989. But the Federal Reserve
reports that as of early 2020, the top 10% of households by wealth were near
their highest levels of stock ownership ever... controlling 87.2% of U.S.
equities. In 2007, roughly 66% of Americans owned stock. Today, according to a
recent Gallup survey, that figure is roughly 61%. Wall Street, meanwhile, isn't
doing anything to bring more Americans into the market. Hedge funds,
private-equity firms, family offices, and certain institutions are typically
designed for accredited investors. Who is an "accredited investor?" These are
individuals who only qualify for certain asset classes that are heavily focused
on the markets. Accredited investors must earn at least $200,000 per year or
have a net worth (minus their primary residence) of $1 million or more. Big
banks and big money managers love these investors because they generate massive
fees for their bottom line. But they've also contributed to the ongoing
consolidation of assets among the wealthiest people in America. According to a
Federal Reserve report, the top 1% of households in the U.S. own 52% of the
stocks. No wonder there is this ongoing misconception that the stock market is a
machine built for rich people. However, don't buy into that myth. The stock
market is your tool to find success and build wealth. I've had many
conversations with people about where and how to start investing. And I always
try to get people to think in terms of "rules." So here it goes... Rule one:
Don't think that you don't have enough money to get started. For example, I
listen to people say that they need to hit a particular savings milestone before
they start investing. Some people say they need $10,000 or $15,000 in their
savings account before they start investing. No. Start now. Instead of putting
$100 or $200 away each week or month into a savings account, put it in the
market. The savings account will pay you a paltry 0.08% interest, which is lower
than the inflation rate. You're actually losing purchasing power by parking your
money in that savings account. Think of it this way... You'd need 866 years to
double your money at 0.08%. If you were earning 10% a year, you'd need just over
seven years to double your money. There are undervalued stocks that you can buy
for $50 or $100. They might be trading even lower than the amount of money you
have to start building a portfolio, which allows you to buy multiple shares. If
you have $50 and the stock is at $5, buy 10 shares. If you have $50 and it
trades at $10, buy five shares. All you need to do is start small. If you're out
of the market – or just starting to dip your toe into it for the first or second
time – you're in the right place. Or maybe this applies to someone you know...
Maybe you have a college graduate in your family who's just getting their
financial start in life. Regardless, you should start small if you're learning
how to trade and invest. And even if you do have a lot of capital, you shouldn't
dive into the markets with both feet. You don't need to worry about buying every
single stock that interests you at once. Start with a few ideas and pick your
best ones. But for now... have confidence in the fact that the markets are not
just for the wealthy. Regards, Keith Kaplan Editor's note: During last week's AI
Race Event, Keith explained an incredible new way for you to build your
portfolio... through harnessing the power of artificial intelligence ("AI"). If
you've been wondering how you can use AI in your portfolio, click here to catch
up on all the details.

Keep reading...

Episode 320: The Achilles Heel of the Green-Energy Transition

Jul 24, 2023

On this week's Stansberry Investor Hour, investing veteran Rick Rule returns to
the show for the fifth time. Rick is president and CEO of Rule Investment Media
and a director at Sprott. He joins Dan and Corey to talk about the trend of
global electrification and all things copper. Dan and Corey kick off the podcast
by discussing a crucial topic – the global net-zero-emissions target set by
institutions, corporations, and governments. To achieve this ambitious goal by
2050, there will need to be an increase in green-power generation and electric
vehicles. Notably, both of these innovations heavily rely on copper. A
significant rise in demand for this essential resource would lead to higher
copper prices. Corey adds... This just contributes my idea of commodity prices
being higher in general for the next decade or two. Rick then joins the
conversation to share his profound insights on the electrification of the world.
The copper talk continues, with Rick passionately emphasizing that achieving
net-zero emissions is an inevitable and vital goal. Dan raises pertinent
questions about copper production not being able to keep pace with demand. Rick
agrees with him about this concerning trend... Our economy has underinvested in
copper exploration, copper development, and copper production for a very long
time, because copper has been too cheap no matter what we do. We're going to run
into supply problems around copper. The discussion later progresses to the issue
of copper being priced in U.S. dollars. Rick points out that the purchasing
power of the U.S. dollar has decreased by a staggering 98% since the
establishment of the Federal Reserve, rendering copper almost absurdly cheap.
However, this situation won't last forever. As the quality of copper deposits
diminishes over time and the industry faces the challenges of extracting
lower-grade ore, prices should climb. Finally, Dan and Rick cover the two major
copper-producing nations that have been at the forefront of meeting this
demand... Chile and Peru. While Chile's mining industry is threatened by
shifting political priorities, Peru grapples with the influence of
nongovernmental organizations. To hear them explore the challenges and
opportunities that lie ahead for copper mining in these crucial regions, listen
to this week's podcast. Click here or on the image below to start listening
right now. (Additional past episodes are located here.) The transcript will be
on the website soon.

Listen to the episode



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