Tariffs have made imports so expensive that nobody can afford to buy anything anymore. It’s another sign of shrinking standards of living. The US dollar finally caught a bid on the news.

Private sector job creation turned positive in December, though at a bit softer pace than expected, payrolls processing firm ADP reported Wednesday. Companies added 41,000 hires for the month, a reversal from the loss of 29,000 in November, providing a positive sign for a labor market that otherwise struggled as 2025 came to a close. Private company payrolls had declined in three of the four months before the December release. It’s further confirmation of a slowing economy.

after the ballistic December performance. Gold is up more than 64% year-to-date, on track for its best annual performance since 1979 and its third straight positive year. The rally has been supported by a multitude of factors, including the impact of US interest rate cuts, tariff tensions, and robust demand from exchange-traded funds and central banks.  Silver has far outpaced gold in 2025. The metal, which has endured wild price swings in recent days, is on course for annual gains of nearly 150%. Like gold, this would be silver's best yearly performance since 1979. Silver's price boom has stemmed from a mix of low supply and high demand from India, as well as industrial needs and tariffs. The long-awaited consolidation is here. Avoid (GLD) and (SLV) for the short term.

to offset a billion in funding cuts from Washington. The Billionaire Tax Act, which could be added to the state's general election ballot in November, would impose a one-time tax of 5% on the total wealth of California tax residents whose net worth is $1 billion or more. These people come into the Golden State and leave rich, and this has been going on for decades.

Continuing claims rose 56,000 to 1.914 million. Worker productivity grew at its fastest pace in two years in the third quarter, according to other data from the Labor Department released on Thursday, suggesting a boost from increased artificial intelligence investment was underway. The surge in productivity, which depressed unit labor costs, underscored what economists have termed a jobless economic expansion. It followed on the heels of robust economic growth in the third quarter.