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The Bank of Canada joined the "one and done" bandwagon moments ago when the central bank hiked rates by 25bps - as expected by most strategists - for an eight consecutive, but also perhaps final time, because the central bank says it "expects to hold" rates "while it assesses the impact of the cumulative interest rate increases." The hike brought the benchmark overnight rate to 4.5%, the highest level in 15 years... and where it was back in 2007 when it rapidly plunged to a record low one year later.

This is scary. 😬KB Homes, a large home builder, just reported a 68% CANCEL RATE. Meaning that over 2/3 of Homebuyers walked away [...]

Home prices in Canada dropped 1.2% in December from November, the ninth month-to-month decline in a row, and are now down 17.4% from the peak in March 2022, and down by 7.5% from a year ago, according to the Canada MLS Home Price Index by the Canadian Real Estate Association (CREA). Sales plunged by 39% year-over-year. In the two years from the beginning of the Bank of Canada’s money-printing binge in March 2020 to the beginning of the rate-hike cycle in March 2022, the composite benchmark price had spiked by 54%. This spectacular housing bubble, on top of an existing housing bubble, was entirely fabricated by central bank money-printing and interest rate repression. This was a global phenomenon, triggering massive global inflation. So now comes the invoice for the drunken money-printing party.

(Bloomberg) -- Saudi Arabia is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister. “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Mohammed Al-Jadaan told Bloomberg TV on Tuesday in an interview in Davos. “I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world,” Al-Jadaan said.

Dear investors, advisory board members and friends, We hereby want to inform you that as of the beginning of January, our proprietary inflation indicator has reached its maximum level, indicating rising inflation momentum for the first time since June 2022. Since mid-September, the signal has been rising continuously until it finally reached its maximum level again at the beginning of January 2023, indicating rising inflation momentum. Is the second inflation wave already ahead of us? Let us explain our view and provide a brief outlook:

The central bank introduced the gold coins to halt a collapse of the Zimbabwean dollar and to help ease demand for US dollars. Smaller units were brought into circulation in November. The International Monetary Fund urged authorities last month to wind down the use of the gold coins and to use appropriate interest-bearing instruments to carry out monetary policy.

The first consignment of the Gold for Oil Policy by the government to stem the increasing depreciation of the cedi against the major currencies has arrived at the Tema Port and discharged into the receptacles of Bulk Oil Storage and Transportation Company (BOST), Graphic Online has gathered. The 41,000 metric tonnes of the petroleum products delivered by SCF YENISEI would be sold by BOST to bulk distributing companies (BDCs) around Ghana, a source has told Graphic Online. Valued at $40 million, it was brokered by the Economic Management Team led by Vice President Dr Mahamudu Bawumia.

https://youtu.be/PXsUyr3w-AU

Interesting fact:Last time silver went up as much as today was November 2008. That was the bottom and silver went up 400% in [...]