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June 18: Wheat & Silver Shortages, Electric Vehicles pollute more than Gas, Banking Crisis Worse than 2008 (Recap ep232)

In today’s recap, Marcello talks about the droughts that are probably going to cause a reduced wheat and corn harvest. The production of electric vehicles generates more greenhouse gas emissions than that of a gas car. The actual banking crisis has already reached levels worse than those of 2008.

Silver’s short-term performance has outperformed recent gains in gold. The percentage gain in silver has been almost 3X of that seen in gold since May 26.
The U.S. Federal Reserve is taking a pause from a rapid stretch of interest rate hikes as it approaches a critical crossroads in its battle with inflation. The central bank’s rate-setting committee announced Wednesday, it will keep its baseline interest rate unchanged for the 1st time since January 2022. The Fed funds rate range will remain at 5 to 5.25% still, the highest level since 2008.
There’s been a steady growth in millionaire migration over the past decade, with global figures for 2023 & 2024 expected to be 122K and 128K, respectively. Australia may outrank the UAE this year, in welcoming the highest net number of millionaires this year. Australia is expected to see an influx of a net 5,200 millionaires, while the UAE comes in 2nd with 4,500. Singapore ranks 3rd & could see a net 3,200 millionaires. Western nations, as a whole, remain an attractive destination for millionaires, according to research, with the U.S. in line for 2,100, Switzerland 1,800 & Canada 1,600, all in the top 10.
Virgin Galactic announces the beginning of commercial operations as soon as June 27th. The flight, called Galactic 01, will include 3 crew members who will conduct micro-gravity research with scientific payloads. It’ll also be the precursor of monthly flights of private astronauts that should begin in early August. Numerous delays & technical challenges have seen Virgin Galactic’s stock dwindle in value since hitting an all-time high of nearly $60 in 2021. The latest developments have shares surge over 40% in the pre-market on Thursday to $5.75 less than an hour before the U.S. open.
President Putin says that any further mobilization would depend on what Russia wanted to achieve in the war in Ukraine, adding that he faced a question only he could answer whether Russia should try to take Kyiv, the Ukrainian capital again. More than 15 months since Putin sent troops into Ukraine, Russian & Ukrainian forces are still battling with artillery, tanks & drones along a 1,000-km (600-mile) front line, though well away from the capital Kyiv. Though Russia now controls about 18% of Ukraine’s territory, they have been unable to bring the war to an end.

Kansas Wheat Harvest Will Smallest Since 1957; US Corn Is Being Absolutely Devastated By Drought.George Soros at 92, is ceding control of his $25B empire to a younger son, Alexander Soros; 20 new countries apply to join BRICS alliance. Egypt to settle trade with China, Russia, and India in local currencies, ditching the US dollar.

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