What's Going on with Gold and Bitcoin?

Updated: Dec 17, 2020



State of Election

The General Services Administration, GSA, officially approved funding for President-elect Joe Biden to begin his transition toward presidency. However, there are many legal challenges upon us.


One hurdle takes the form of state legislature “hearings.” Republican-controlled state legislatures have been holding hearings to review evidence in of voter fraud presented by the Trump legal team. Meanwhile, many media companies are either not covering the hearings or challenging the term “hearings,” arguing the terminology is irrelevant. The point of the hearingsis to sway state legislatures to reclaim their constitutional authority and NOT post Electoral College voters to the Senate or post a republican slate instead. The claim of “no evidence” is no longer accurate, as the Trump team has provided evidence. Whether that evidence is proven valid remains to be seen. So, the new term is that the evidence is “baseless.”


Also, the argument that courts do not find the evidence compelling is not accurate. The court cases, often from individuals not on the Trump Legal Team, are being dismissed because they lack standing or the item is moot. You do not deny a legal challenge based on evidence. Rather, it is the legal process in court that decides the merit of evidence. Here is a 2-minute video from a popular video blog on legal matters.


State “hearings” have been conducted over the course of this past week, along with court cases. The Republicans are controlling the majority of State Delegations.

The FBI may have requested data alleging voter Fraud from Matt Braynard, a former data chief and strategist for the Trump campaign. Here is the best statistical analysis on election presented as of yet. This does NOT prove fraud. It only demonstrates significant irregularities.


Also, here is a long video on transferring votes. We would need to pull the data ourselves to verify, but if this is true and found elsewhere, it would be a “smoking gun.”


Perception is Reality

When the Republicans lost in the past, they thought the election was free and fair. So what makes it different this time?

The Trump administration is saying if the GOP does not act against the “fraud,” it will never win another election. We believe this is grandstanding. It may be the GOP is surging and the demographics are shifting in their favor. Rumors are Trump will begin 2024 Campaign on January 20th if he does not secure a 2nd term.


COVID-19

Adherence to the CDC guidelines continue to decrease. Many feared Thanksgiving travel on Wednesday thinking it could be super spreader event. However, Europe may have broken the 2nd wave and the US is seeing a drop in the seven-day average.


A John Hopkins student posted a detail analysis of deaths in the United States compared to previous years and noted there has NOT been a statistical increase in total deaths. John Hopkins pulled the article and said it was a student project; however, the source is irrelevant if the data is correct. She posted a video on her findings and how to replicate (a requirement of the scientific method).


The Economy

You’ve likely seen the headlines: Home Prices Climb the Most on Record.” With record-low mortgage rates fueling demand for housing, prices jumped 3.1% compared to the prior quarter. That was the biggest gain in records dating to 1991, according to FHFA. Joseph Carson, former Chief Economist at Alliance Bernsteing, CPI would have registered a 3% gain in the past year if it was based off of house prices versus rents.


Other economic headlines this week included:

  • Illinois plans to borrow another $2 billion from federal reserve in an effort to prop up its already-struggling finances as the state’s bills rise amid the pandemic.

  • President Elect, Joe Biden, nominated Janet Yellen as our next Treasury Secretary.

The latest weekly total for initial jobless benefit claims rose sharply to 778,000, currently stuck in a pandemic purgatory.


The Market

Economist Dambisa Moyo, who serves on the boards of Chevron Corporation and the 3M Company and worked for two years at the World Bank and eight years at Goldman Sachs, warned in a Foreign Policy essay about the developing global debt crisis. Here is a key snippet:

Also, twenty states have not taken out loans to pay their unemployed.

Automation

KFC launched autonomous 5G food trucks in China and White Castle to automate kitchens, as contactless shift will accelerate job loss. The United States needs automation to increase manufacturing. Also, Boston dynamics' robot dog starts new work on the BP Oil Rig, accelerating how robots take over humans in the workforce.


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For real-time updates, be sure to tune in on Tuesday – Thursday on Facebook and YouTube live for our “Daily 3x3” livestreams and Wednesday for “Market Insights.” Follow GWS on Facebook and YouTube so you never miss a broadcast!


Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful. All investing involves risk including the possible loss of principal. No strategy assures success or protects against loss. Dollar cost averaging involves continuous investment in securities regardless of fluctuation in price levels of such securities. An investor should consider their ability to continue purchasing through fluctuating price levels. Such a plan does not assure a profit and does not protect against loss in declining markets.

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