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Updated: 79 Analysts Now Forecast Gold Going To $3,000 Or More

Many analysts are projecting that gold will be going at least as high as $3,000/ozt over the next few years. One analyst even claims that gold will spike…

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More and more analysts are projecting that gold will be going at least as high as $3,000/ozt over the next few years. One even claims that gold will spike up to $87,500/ozt.! Below is a revised list of their names and stated rationale for each of their forecasts.

By Lorimer Wilson, editor of munKNEE.com – Your Key To Making Money!

$50,000+ Gold

1. Jim Sinclair: $50,000 in 2025 and to $87,500 by 2032

  • @$In a recent YouTube video Sinclair said that, with so many U.S. Dollars being printed to uphold the economy as a result of COVID-19, that Gold will rise to $50,000/ozt. (i.e. go “straight up” in Sinclair’s words) at the end of the 45-year gold cycle which is coming up in 2025 and rise up to $87,500/ozt. by the end of 2032. Source

$25,000 Gold

1. Erik Lytikainen: $25,000 by 2030

  • @$“We will not be surprised to see $25,000 per troy ounce of gold by the year 2030.  It will likely be a volatile ride higher, with large drawdowns along the way.” Source

2. Martin Armstrong: $25,000

  • “Gold should theoretically sell for $25,000 a troy ounce, given the monetary prolificacy since 1980”…in reference to the ever soaring $3.3 Trillion U.S. budget this year, alone. Source
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$20,000 Gold

1. Goldrunner: $20,000 between mid-2028 and end of 2029

  • @$“As a result of the recent massive paper money printing, our chart work suggests that gold could possibly spike up to as high as $20,000 per troy ounce – or even a bit higher – some time between mid-2028 and the end of 2029.” Source

2. Pierre Lassonde: $20,000 in 2 – 5 years

  • “Gold prices should skyrocket to much higher levels, even $20,000/ozt. in two to five years’ time, as gold reaches a price level close to the level of the Dow Jones Industrial Index.” Source

3. Egon Von Greyerz: $20,000

  • “I believe a gold price of $20,000/ozt. is very probable, even without high inflation.” Source

4. Leigh Goehring: $10,000-$15,000 by 2027-28

  • “Our target is between $10,000-$15,000 per troy ounce.,,[by] 2027-28.” Source

5.  Briton Hill: $5,000-$20,000 in next 5 to 10 years

  • “You can’t produce trillions of dollars with 0% interest rates and not introduce inflation. Long-term, we could be entering a cycle similar to the 1970s, where the precious metal sector rose by thousands of percentage points, and if we see something like that happen again in the next 5-10 years, we could easily see $5,000, $10,000, even $20,000 gold,” he said. “Gold could easily hit $20,000 per troy ounce in the next decade.” Source

6. Stephen Leeb: $20,000

  • Believes gold could easily vault to $5,000/ozt. overnight if the metal starts to be mentioned as forming part of a new monetary system and will ultimately reach $20,000/ozt.. Source

$10,000 Gold

1. James Rickards: $10,000

  • “$10,000 per troy ounce is not pie in the sky. It’s not a number I pulled out of a hat to get headlines. It’s the actual mathematical implied non-deflationary price of gold.” Source

2. Daniel Oliver: $10,000

  • “The money to push gold over $10,000 per troy ounce has already been printed and now they are going to print more…No doubt strong fiscal and monetary intervention may extend its life for a time, but then the ultimate price objective for gold will then be markedly higher.” Source

3. Max Keiser: $10,000

  • To deal with the disaster of “trash fiat money” choking the global economy, a new gold standard will need to be introduced “and to make it work, we will see gold’s price top $10,000 per troy ounce.” Source

4. Adam O’Dell: $10,000

  • “The price is guaranteed to hit near $10,000/ozt..” Source

5. AG Thorson: $7,000 – $10,000

  •  “By the end of this decade, we expect gold to reach $7,500 – $10,000 per troy ounce.” Source

6. Peter Schiff: $5,000 to $10,000

  • Schiff projects a price of between $5,000 and $10,000 per troy ounce, and says the Dow Jones Industrial Average, which is now valued at about 12 times the price of gold, will trade at just 7.5 times instead. Eventually, he sees gold and the Dow trading at even money. Source

7. Don Durrett: $3,000 to $10,000

  • “My price target for gold is somewhere between $3,000 and $10,000 per troy ounce.” Source

8. Investors Alley: $3,000 -$10,000/ozt. in 5 years time

  • Given the current environment of rising inflation, negative real yields, a weaker dollar, and ongoing monetary dilution, gold should rise to $3,000 -$10,000/ozt. in 5 years time. Source

9. David Smith: $10,000

  • “Gold could reach US$10,000 per troy ounce by the end of the bull market.” Source

10. Bob Kirtley: $10,000

  • “My target has been $10,000/ozt. since June 2006, so at that point, an exit strategy will be executed, hopefully with some handsome profits.” Source:

11. Scott Minerd: $5,000 to $10,000

  • “As chaotic price swings of the crypto world push investors back into gold and silver, the precious metals will start to build momentum, with the ultimate gold price target set at $5,000-$10,000 per troy ounce.” Source

12. Nick Barisheff: $10,000

  • “I think it will hit $10,000 per troy ounce, as described in my book.” Source

13. Arthur Hayes: +$10,000

  • He argues that central banks will choose to load up on gold instead of dollars causing gold to rise beyond $10,000/ozt.. Source

14. Chris Waltzek: $10,000

  • Waltzek maintains that $10,000 gold may merely be the opening salvo of an explosive new bull market for PMs. Source

$7,000 -$9,000 Gold

1. Florian Grummes$8,000 to $9,000 in 5 to 10 years

  • “We could end up having gold at $8,000 to $9,000 per troy ounce in five to 10 years.” Source

2. Ronald-Peter Stoeferle and Mark Valek: $4,800 to $8,900 by 2030

  • “The proprietary valuation model shows a gold price of $4,800/ozt. at the end of this decade, even with conservative calibration. Should money supply growth develop in a similar inflationary manner to that of the 1970s, a gold price of $8,900/ozt. is conceivable by 2030.” Source

3. Graham Summers: $8,000

  • “Gold first rallied about 630% from 2003-2011. It then corrected about 43% before bottoming in 2015 at $1,060/ozt.. If it follows a similar second leg up this time around, it’s going to ~$8,000 per troy ounce before it peaks.” Source

4. Hubert Moolman: $7,758

  • “In my opinion, it is virtually guaranteed that gold will again catch up with the Dow’s performance since 1913, and significantly surpass it just like in the 70s. This means we will likely see gold reach $7,758/ozt. (in the near future) and eventually go on to reach multiples of that high.” Source

5. Gov Capital: $5,837 by 2023; $7,220 by 2024; $8,531 by 2025

  • “5 year gold forecast: $8530.74/ozt.” Source

6. Jason Hamlin: $4,000 to $8,000 by 2025

  • “We fully expect to see the gold price close out the year 2025 somewhere between $4,000 and $8,000 per troy ounce.” Source

7. Jeff Clark: $3,000 to $8,000 in 5 years

  • “Potential 5-year high: $3,000 to $8,000 per troy ounce.” Source

8. Charlie Morris: $7,166

  • “A bullish target of $7,166/ozt. is both logical and plausible.” Source

9. Tom Fitzpatrick: $4,000 to $8,000

  • “We see no reason why this bull market cannot be as strong as the prior two averaging a multiple of eight times over an average of 7 years. Translating that to the $1,046/ozt. low in 2015 would come up with a number north of $8,000/ozt. possibly in as little as the next 2-3 years. Even if that sounds aggressive, a move similar to what we saw in 2009-2011 would suggest close to $4,000/ozt..”

10. Mike McGlone: $7,000 by 2025

“From 2001-2011, gold advanced about 7.5 times, which if repeated would bring it to around $7,000/ozt. in 2025.” Source

11. Equity Management Academy: $5,500 in 2024

“Gold will then hit the delusion phase and in a new paradigm gold will hit $5,500 in 2024. After that high, gold will enter another bull trap and fear will drive gold down below $4,000. Gold will then return to its mean at about $1,500 to $2,000.” Source

12. Chris Vermeulen: $7,400 in 5 years.

$4,000 – $5,000 Gold

1. Rob McEwen: $5,000

  • The founder of Goldcorp Inc., McEwen predicts that gold will soar to $5,000 a troy ounce, bolstered by a weaker dollar and waning demand for trendy assets like pot stocks. Source

2. Victor Dergunov: $5,000 in 3-5 years

  • “Gold at $5,000/ozt. in 3-5 years seems plausible, and it is likely to continue to go higher after that.” Source

3. Dan Popescu: $5,000 in 5 years

  •  “Gold price could break above $5,000/ozt. in the next 5 years.” Source

4. David Morgan: $5,000 before the end of the decade

  •  “Gold could hit $5,000 a troy ounce this decade, especially as the greenback loses purchasing power.” Source

5. Moe Zulfiqar: $5,000 by 2030

  • ” It wouldn’t be shocking to see gold at $5,000 per troy ounce, or more, by 2030. ” Source

6. Brian Whitfield: $5,000 by 2030

  • “I feel I am safe, and being conservative, in saying that gold should be trading between $3000 – $5000 per troy ounce in ten years. Should the U.S. dollar fail and/or the U.S. dollar loses the coveted global reserve currency status and/or even the loss of the petrodollar, gold could hit these level far sooner.” Source

7. Chris Wood: $5,386

  • “The gold price of US$850/ozt. at the peak of the last secular bull market in gold in January 1980 was then equivalent to 9.9% of US disposable income per capita. The gold price is now just 3.6% of US disposable income per capita. Therefore, to reach 9.9% of US disposable income per capita means gold should rise to US$5,386/ozt.. Source

8. Ole Hansen: $4,000

  • “$4,000/ozt. probably is a little bit far-fetched as the world looks right now, but if you look years into the future, then that is possible because the repercussions of what we’re going through right now with the pandemic and the aftermath is going to be something that’s going to be felt for at least this generation and potentially beyond.”  Source

9. Geraldo Del Real: $3,000 to $5,000

  • “I actually think $3,000 to $5,000 per troy ounce is very reasonable.” Source

10. Thomas Kaplan: $3,000 to $5,000 by 2030

  • “Gold prices could rally as high as $3,000 to $5,000 per troy ounce within a decade.” Source

11. David Rosenberg: $3,000 to $5,000

  • “A $3,000 to $5,000 per troy ounce target.is fundamentally justified based on the facts we have today.” Source

12. Gary Christenson: $5,000 by 2022

  • “a gold price of $5,000/ozt. in 2022 is plausible.” Source

13. Shaun Djie: $3,000 to $4,000 within 10 years

  • “In the next 10 years, gold will continue to be volatile. Gold could trade anywhere between the levels of $3,000 or $4,000 per troy ounce in the next ten years given how much cash will be potentially put into the economy.” Source

14. Frank Holmes$4,000 in 3 years

  • “The yellow metal is set to rally in the same fashion as in the aftermath of the last recession and, if cycles are exactly the same, gold could go to $4,000/ozt.”. Source

15. Diego Parrilla: $3,000 to $5,000 in the next 3 to 5 years

  • Unprecedented monetary stimulus is fueling asset bubbles and corporate debt addiction — rendering interest-rate hikes impossible without an economic crash. In the ensuing market mania gold could rise to $3,000 to $5,000 per troy ounce in the next three to five years. Source

16. Massimiliano Bondurri: $3,000 to $5,000 in 3 to 5 years

  • Massimiliano Bondurri, a capital founder and a CEО of SGMC, believes an ounce of gold will rise in price to $3,000 -$5,000 per troy ounce in the next 3-5 years. Source

17. Eric Fry: $3,000 to $4,000

  • ‘When this ballgame ends, gold with be trading for at least $3,000 a troy ounce, and an extra-inning affair would not surprise me — lifting the gold price past $4,000/ozt..” Source

18. Michael Cuggino: $4,000

  • Cuggino, CEO of the Permanent Portfolio Family of Funds, a $1.9 billion mutual fund that is conservatively run and rated four stars by Morningstar, says it would “not be an unreasonable move” for gold to breach $4,000/ozt.. Source

19. Kirk Spano: $3,000 by mid-decade; $5,000 possible

  • “$3,000/ozt. mid-decade [with] upside potential to $5,000 per troy ounce.” Source

20. Jordan Roy-Byrne: $4,000 by end of 2024

  • “Gold will hit my $4,000 target by the end of 2024.” Source

21. Stan Bharti: $4,000-$5,000/ozt. in this cycle

  • Believes gold is going to between $4,000-$5,000/ozt. in this cycle. Source

22. Ralph Wakerly: $5,000/ozt., maybe more, within 3-6 years

  • Believes gold could easily reach $5,000/ozt., maybe more, within 3-6 years. Source

23. GoldPriceForecasts.com: $3,000 within the year of 2027, $3,500 in 2029 and $4,000 in 2031. Source

$3,000 – $3,500 Gold

1. Charles Gibson$3,281

  • “Since 1967, the price of gold has shown an extremely strong (0.909) correlation with the total U.S. monetary base. The more dollars that either are, or could be, in circulation, the higher the expected gold price. With the total US monetary base now closing in on US$5.5tn the gold price could very reasonably be expected to rise to as high as US$3,281/ozt.” Source

2. WingCapital Investments: $3,000

  • “Using the post-2008 bull market as a guideline during which gold more than doubled within the ensuing 3 years, $3,000/ozt. would be a reasonable long-term target in our opinion.” Source

3. Barry Dawes: $3,000 within 2 to 3 years

  • “I expect to see $3,000/ozt. in gold over the next 30 months.” Source

4. Brian Lundin: $3,000 by 2024

  •  “I think we’ll set a new record in real terms, exceeding $3,000/ozt., at some point over the next four years or so.” Source

5. Byron King: $3,000

  • “I think Bank of America is on track. I don’t think there’s any question gold will see $3,000/ozt.. As with all things in life, it’s just a question of how long it will take.” Source 

6/7. Ben Morris and Drew McConnell: $3,000

  • “$3,000 per troy ounce isn’t a long shot.” Source

8. Robert Kiyosaki: $3,000 within 1 year

  • “I predict $3,000/ozt. gold in 1 year.” Source

9. Stewart Thomson: $3,000

  •  “Queen Gold is assured of launching above the key $2,000/ozt. price zone, ready to begin a rocket blast towards my medium-term $3,000/ozt. target!” Source

10. Mark O’Byrne: $3,000 in next 12 months

  • “Gold is quite likely to climb to $3,000/ozt. in the next 12 months.” Source

11. John Ing: Higher than $3,000

  • “We expect gold to trade higher than $3,000 a troy ounce due to a lower greenback and solvency concerns.” Source

12. Joe Foster: $3,200 to $3,400

  • “We…believe this to be a deflationary cycle and both recent deflationary gold bull markets suggest that a price over $3,000 per troy ounce is reasonable. In fact, if one believes, as we do, that the current central bank stimulus to fight the impacts of the COVID-19 virus, along with elevated levels of systemic risks, are similar to those during the global financial crisis, then $3,400/ozt. may be the target for this bull market.” Source

13. SomaBull: $3,000

  • “The money supply is quickly heading to levels that would support a $3,000/ozt. gold price well in excess of fair value by the time this bull market is exhausted.” Source

14/15. Yvo Timmermans and Paul Van den Noord: $1,900 to $3,000 over next 18 months

  • “We anticipate gold will fall within a bandwidth of $1,900 and $3,000 per troy ounce over the next 18 months.” Source

16. Adam Trexler: $3,000

  • “With inflation coming, we’ll see gold over $2,500/ozt. in real dollar terms but we’ll see a devaluing of the dollar…[and] if you see 10% inflation, the dollar number value of gold could be much higher. I don’t think $3,000/ozt. gold is impossible and, if we see a hyperinflation scenario, it could be significantly higher.” Source

17. Adam Hamilton: $3,450

  • “Gold prices ought to at least double before this raging inflation runs its course, which would carry it up around $3,450 sometime in the coming years!” Source

18. Lawrence Lepard: $3,000 within 2 years

19. Tony Dobra: $3,000

  • Dobra believes the situation in Ukraine should see gold topping $2,100/ozt. later this year and then that, anything is possible with $3,000/ozt. more likely than not. Source

20. Trevor Gerszt: $3,000 by 2025

  • Gerszt believes the prospect for $3,000 gold by mid-decade is not outlandish. Source

21. Clem Chambers: $3,000

What do you think of the above price forecasts? Have your say in the “Comments” section below. Also, if I have missed other analyst forecasts (they must be within the last year) please mentioned them below and I will include them in a future article.

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Wendy’s teases new $3 offer for upcoming holiday

The Daylight Savings Time promotion slashes prices on breakfast.

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Daylight Savings Time, or the practice of advancing clocks an hour in the spring to maximize natural daylight, is a controversial practice because of the way it leaves many feeling off-sync and tired on the second Sunday in March when the change is made and one has one less hour to sleep in.

Despite annual "Abolish Daylight Savings Time" think pieces and online arguments that crop up with unwavering regularity, Daylight Savings in North America begins on March 10 this year.

Related: Coca-Cola has a new soda for Diet Coke fans

Tapping into some people's very vocal dislike of Daylight Savings Time, fast-food chain Wendy's  (WEN)  is launching a daylight savings promotion that is jokingly designed to make losing an hour of sleep less painful and encourage fans to order breakfast anyway.

Wendy's has recently made a big push to expand its breakfast menu.

Image source: Wendy's.

Promotion wants you to compensate for lost sleep with cheaper breakfast

As it is also meant to drive traffic to the Wendy's app, the promotion allows anyone who makes a purchase of $3 or more through the platform to get a free hot coffee, cold coffee or Frosty Cream Cold Brew.

More Food + Dining:

Available during the Wendy's breakfast hours of 6 a.m. and 10:30 a.m. (which, naturally, will feel even earlier due to Daylight Savings), the deal also allows customers to buy any of its breakfast sandwiches for $3. Items like the Sausage, Egg and Cheese Biscuit, Breakfast Baconator and Maple Bacon Chicken Croissant normally range in price between $4.50 and $7.

The choice of the latter is quite wide since, in the years following the pandemic, Wendy's has made a concerted effort to expand its breakfast menu with a range of new sandwiches with egg in them and sweet items such as the French Toast Sticks. The goal was both to stand out from competitors with a wider breakfast menu and increase traffic to its stores during early-morning hours.

Wendy's deal comes after controversy over 'dynamic pricing'

But last month, the chain known for the square shape of its burger patties ignited controversy after saying that it wanted to introduce "dynamic pricing" in which the cost of many of the items on its menu will vary depending on the time of day. In an earnings call, chief executive Kirk Tanner said that electronic billboards would allow restaurants to display various deals and promotions during slower times in the early morning and late at night.

Outcry was swift and Wendy's ended up walking back its plans with words that they were "misconstrued" as an intent to surge prices during its most popular periods.

While the company issued a statement saying that any changes were meant as "discounts and value offers" during quiet periods rather than raised prices during busy ones, the reputational damage was already done since many saw the clarification as another way to obfuscate its pricing model.

"We said these menuboards would give us more flexibility to change the display of featured items," Wendy's said in its statement. "This was misconstrued in some media reports as an intent to raise prices when demand is highest at our restaurants."

The Daylight Savings Time promotion, in turn, is also a way to demonstrate the kinds of deals Wendy's wants to promote in its stores without putting up full-sized advertising or posters for what is only relevant for a few days.

Related: Veteran fund manager picks favorite stocks for 2024

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Inside The Most Ridiculous Jobs Report In Recent History: Record 1.2 Million Immigrant Jobs Added In One Month

Inside The Most Ridiculous Jobs Report In Recent History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the…

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Inside The Most Ridiculous Jobs Report In Recent History: Record 1.2 Million Immigrant Jobs Added In One Month

Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush. 

What happened? Let's take a closer look.

On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.

Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.

Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K,  a 124K revision, which was the biggest one-month negative revision in two years!

Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.

To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).

And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...

... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...

... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.

While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.

But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).

This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.

There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).

Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!

But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!

The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!

Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...

Source: St Louis Fed FRED Native Born and Foreign Born

... but there has been zero job-creation for native born workers since June 2018!

This is a huge issue - especially at a time of an illegal alien flood at the southwest border...

... and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin.

Which is also why Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.

Tyler Durden Fri, 03/08/2024 - 13:30

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Shipping company files surprise Chapter 7 bankruptcy, liquidation

While demand for trucking has increased, so have costs and competition, which have forced a number of players to close.

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The U.S. economy is built on trucks.

As a nation we have relatively limited train assets, and while in recent years planes have played an expanded role in moving goods, trucks still represent the backbone of how everything — food, gasoline, commodities, and pretty much anything else — moves around the country.

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"Trucks moved 61.1% of the tonnage and 64.9% of the value of these shipments. The average shipment by truck was 63 miles compared to an average of 640 miles by rail," according to the U.S. Bureau of Transportation Statistics 2023 numbers.

But running a trucking company has been tricky because the largest players have economies of scale that smaller operators don't. That puts any trucking company that's not a massive player very sensitive to increases in gas prices or drops in freight rates.

And that in turn has led a number of trucking companies, including Yellow Freight, the third-largest less-than-truckload operator; J.J. & Sons Logistics, Meadow Lark, and Boateng Logistics, to close while freight brokerage Convoy shut down in October.

Aside from Convoy, none of these brands are household names. but with the demand for trucking increasing, every company that goes out of business puts more pressure on those that remain, which contributes to increased prices.

Demand for trucking has continued to increase.

Image source: Shutterstock

Another freight company closes and plans to liquidate

Not every bankruptcy filing explains why a company has gone out of business. In the trucking industry, multiple recent Chapter 7 bankruptcies have been tied to lawsuits that pushed otherwise successful companies into insolvency.

In the case of TBL Logistics, a Virginia-based national freight company, its Feb. 29 bankruptcy filing in U.S. Bankruptcy Court for the Western District of Virginia appears to be death by too much debt.

"In its filing, TBL Logistics listed its assets and liabilities as between $1 million and $10 million. The company stated that it has up to 49 creditors and maintains that no funds will be available for unsecured creditors once it pays administrative fees," Freightwaves reported.

The company's owners, Christopher and Melinda Bradner, did not respond to the website's request for comment.

Before it closed, TBL Logistics specialized in refrigerated and oversized loads. The company described its business on its website.

"TBL Logistics is a non-asset-based third-party logistics freight broker company providing reliable and efficient transportation solutions, management, and storage for businesses of all sizes. With our extensive network of carriers and industry expertise, we streamline the shipping process, ensuring your goods reach their destination safely and on time."

The world has a truck-driver shortage

The covid pandemic forced companies to consider their supply chain in ways they never had to before. Increased demand showed the weakness in the trucking industry and drew attention to how difficult life for truck drivers can be.

That was an issue HBO's John Oliver highlighted on his "Last Week Tonight" show in October 2022. In the episode, the host suggested that the U.S. would basically start to starve if the trucking industry shut down for three days.

"Sorry, three days, every produce department in America would go from a fully stocked market to an all-you-can-eat raccoon buffet," he said. "So it’s no wonder trucking’s a huge industry, with more than 3.5 million people in America working as drivers, from port truckers who bring goods off ships to railyards and warehouses, to long-haul truckers who move them across the country, to 'last-mile' drivers, who take care of local delivery." 

The show highlighted how many truck drivers face low pay, difficult working conditions and, in many cases, crushing debt.

"Hundreds of thousands of people become truck drivers every year. But hundreds of thousands also quit. Job turnover for truckers averages over 100%, and at some companies it’s as high as 300%, meaning they’re hiring three people for a single job over the course of a year. And when a field this important has a level of job satisfaction that low, it sure seems like there’s a huge problem," Oliver shared.

The truck-driver shortage is not just a U.S. problem; it's a global issue, according to IRU.org.

"IRU’s 2023 driver shortage report has found that over three million truck driver jobs are unfilled, or 7% of total positions, in 36 countries studied," the global transportation trade association reported. 

"With the huge gap between young and old drivers growing, it will get much worse over the next five years without significant action."

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