The next 5 weeks are considered the most dangerous in US history, with potential for chaos, war, terrorism, and a longshoreman strike causing widespread shortages of medicine and food, especially in the East and South.
A potential longshoreman strike could cause $5 million per day in losses, with unions demanding a $5 per hour increase over 7 years, while ship owners offer only $2.50 per hour.
The gold market is moving up 36% despite chaos and uncertainty, potentially as an insurance policy against risks, while oil prices remain low at $71, indicating possible market de-risking.
According to Bob Moriarty, gold could potentially rise from $260/oz in 1999 to $26,000 if it replicates its 1971-2024 performance, with silver being even more undervalued.
The 2024 US presidential election is a key factor in current global events, with allegations of the FBI, CIA, and DOJ working to prevent Trump’s re-election through potential terrorism or false flags.
The ILWU strike has paralyzed American ports, blocking goods worth $5 billion per day and leaving 100,000 containers idle in the New York area alone.
The strike is causing farm produce from the Mississippi River region to rot in fields, resulting in significant economic damage.
The ILWU is demanding a 77% raise for its 100,000+ members, some of whom already earn $400,000-$500,000 annually, which is 10 times the salary of non-union crane operators.
The union’s resistance to port automation is a major issue, as a 2021 World Bank study found America’s union-dominated ports to be among the least efficient globally, ranking in the worst 5%.
Despite the Taft-Hartley Act allowing President Biden to order the ILWU back to work for 80 days, pressure from the 1.3 million-member Teamsters Union and the upcoming election make government intervention unlikely.
Central banks have purchased 150 metric tons of gold worth $80 billion over the past 2.5 years, equivalent to 5-6 times their total gold holdings, as a portfolio diversifier and geopolitical hedge.
If central banks convert 5% of their $8 trillion dollar holdings to gold, it would add $3-400 billion to the gold market, potentially pushing prices up to $10,000.
UBS and Goldman Sachs project gold prices to reach $2750/oz by year-end 2024 and $2900/oz by Q3 2025, with Goldman Sachs expecting $3000/oz by year-end 2025.
The Fed’s rate cut in 2024 has historically led to a 10% rally in gold within 6 months, according to the World Gold Council.
A massive dock workers strike on the East Coast, affecting 45,000 workers, will significantly disrupt supply chains, causing shortages of perishable goods, medicine, and cars.
The proposed 28th Amendment would allow immediate replacement of 100+ members of Congress without an election in the event of a mass casualty, requiring each House member to submit 5 names to their state governor for potential replacement.
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