The Daily Valet. - 8/6/20, Thursday

✔️ Now This Is Expensive

August 06, 2020

Thursday, August 6th Edition

Cory Ohlendorf, Editor in Chief of Valet.

I can’t believe I don’t own a single gold bar.

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s Big Story

Gold’s Never Been More Expensive

Price rockets past $2,000 per ounce. What does that mean?

The price of gold has reached a new high. As of Wednesday, the metal was valued at $2,041 per ounce, breaking the $2,000 mark for the first time ever.

According to Business Insider, gold prices have soared due to geopolitical uncertainty and weakness in the dollar.

Analysts at AJ Bell said: “While the markets continue on a cautious recovery path, the big move for gold through the $2,000 per ounce threshold is a reminder of the lingering fears over coronavirus and geo-political tensions linked to China.”

There’s good reason to believe that prices will keep climbing too. Demand for bars and coins has shot up during the pandemic—as it does during any uncertain time. And Goldman Sachs predicts that the U.S. dollar will weaken another 5% during the next 12 months, partly due to a stronger economic comeback from outside the U.S.

But with no inflation in sight due to the deep recession well underway (inflation fears usually fuel gold prices), clearly gold’s run-up is being fueled by something else.

According to strategists who spoke to Yahoo! Finance, the rising prices could be something of a “fear gauge” and investors are wagering on a presidential election whose results may not be known that day.

↦ FYI: In 1933, President Roosevelt ordered Americans to hand over all gold coins and bars to banks, seeking to staunch a rush to exchange paper money for bullion during the Great Depression.

If Congress Reaches a Stimulus Deal ...

This is what happens next

While the White House discussions with Congressional Democrats and Republicans have yet to reach an agreement on the next stimulus package, both sides have said that they're optimistic that will happen by tomorrow.

According to CNN, things are finally starting to move forward after seven meetings, totaling more than a dozen hours. Majority Leader Mitch McConnell said on Wednesday afternoon that senators will “certainly be in next week,” delaying the start of the chamber's August recess.

So far the two camps have been unable to find common ground on a few key issues, including how to extend two central benefits that expired in July. One possibility, according to the Washington Post, is for the two sides to renew enhanced unemployment benefits and eviction protections as they work on other parts of the bill.

And while return-to-work payments and rental assistance are still being debated, a second stimulus check is all but guaranteed. As for when Americans might actually see it ... that remains up in the air.

Have You Hit a Pandemic Wall?

New data show that Americans are suffering from record levels of mental distress

We're living in stressful times. While COVID-19 cases spike around the country and the future of our economy remains uncertain, more than a third of Americans report related depression and anxiety.

Last week, the Kaiser Family Foundation released a tracking poll showing that for the first time, a majority of American adults—53 percent—believes that the pandemic is taking a toll on their mental health. Jennifer Senior in the New York Times calls it the pandemic wall.

“Call it pandemic fatigue; call it the summer poop-out; call it whatever you wish. Any label, at this point, would probably be too trivializing, belying what is in fact a far deeper problem. We are not, as a nation, all right.”

It makes sense. We've all been through a lot and I think most of us figured that at some point, life would be able to return to some semblance of normal. But that doesn't seem to be on the horizon yet, does it?

↦ Track It: UCLA just announced a three-year study using Apple Watches to learn more about depression.

Instagram’s Answer to TikTok Is Here

The 15-second video platform that looks exactly like that other 15-second video platform

Facebook's TikTok competitor Reels was made available in the United States on Wednesday.

Just like TikTok, Reels lets people record 15-second clips, sync them with music or audio effects, and share them. But there is a crucial difference: Reels isn't a separate app—it’s built right into Instagram, an app we all open and scroll constantly. (No? Just me?)

Will it work? Well, the strategy seemed to work when they copied Snapchat's functionality and introduced Insta Stories.

According to Axios, Reels is the first product Instagram has created that focuses more on creators than everyday users. Reels' video distribution algorithm will resemble TikTok's: users will see the most popular videos at the moment, rather than a selection tailored to their individual profile.

↦ FYI: The Wall Street Journal reported that Instagram offered popular TikTok creators "hundreds of thousands of dollars" to start using Reels.

In Other News

Other Things We’re Talking About Today

The return of ‘Ren & Stimpy’

This interview with JJJJound’s founder

Pretending to be smart

5 Shoes to Know About

The latest footwear you should have on your radar

The world is a mess. And while there's not much that's in our control, one thing you can do is invest in your own happiness. What that means, of course, will be different for everyone. But there's no denying that buying yourself a new pair of shoes comes with a unique sense of indulgent accomplishment.

With so many great shoes dropping these days, we thought we'd pull a few of our current favorites to showcase.

Nike updated their most popular workout shoe, the Metcon cross-trainer and Oak Street Bootmakers introduced some handsome suede loafers that have been made to be more durable and stain-resistant.

Then there's the NYC-based brand that's turning out understated sneakers in a sustainable way, made from quality materials that are as comfortable as they are hardwearing.

↦ Buy: Check out the new pairs to consider right now.