Mike Maharrey

Gold is being boosted by a “debasement trade,” and according to JPMorgan analysts, this dynamic “may have legs.” According to a team of JPMorgan strategists led by Nikolaos Panigirtzoglou, the gold price has climbed above what should be expected, given these factors.

According to Bank of America, gold has overtaken the euro to become the world’s second-largest central bank reserve asset. With the central bank gold buying spree over the last several years, along with the rapid rise in price in 2024, the yellow metal now makes up about 16 percent of total reserve assets, just ahead of the euro.

Well, that didn’t take long. In April, Zimbabwe introduced a gold-backed currency in an effort to stabilize the country’s financial system. Less than six months later, the Reserve Bank of Zimbabwe has already devalued the new money. I hate to say, “I told you so,” but, well, I told you so.

Talking heads and politicians laud the “resilience” of American consumers. They managed to keep spending despite rapidly rising prices thanks to post-pandemic price inflation. But they rarely talk about how Americans have weathered the inflationary storm. When you look hard, it’s not a story of resilience but one of desperation.

According to the Russian website Russia’s Pivot to Asia, Russian businesses are buying physical gold in Russia and then transporting it to Hong Kong via courier. There, the gold is sold, and the cash is deposited into the bank accounts of Chinese suppliers to pay for goods and services.

Nassim Taleb, best known for his book The Black Swan, said on X that “people are not seeing the real de-dollarization in progress.” He pointed out that global transactions are still generally labeled in dollars “as an anchor currency. But central banks (particularly BRICS) have been storing, that is putting their reserves, in Gold.”

ING Bank has revised its short and midterm gold price forecast higher, saying the gold rally is “just getting started.” The Dutch financial group cites the prospect of a Federal Reserve rate-cutting cycle, geopolitical risks, and uncertainty going into the presidential election as potential catalysts to drive gold to new record highs.

Gold demand in China has been strong this year, reflecting a broader movement of the yellow metal from the West to the East. But the Chinese aren’t just accumulating gold. They have also been hoarding silver in recent months. Is China deliberately driving up the price of silver to drain the West’s resources?

There has been quite a bit of pushback against central bank digital currencies. But in the scramble to block CBDCs, some people seem to have forgotten that there is a more fundamental problem: government-issued paper fiat is the parent of a CBDC, and whether it is in physical or digital form, fiat currency isn’t real money.

For the first time ever, a 400-ounce bar of gold is worth $1 million. We hit the $1 million gold bar milestone on Friday when the price of gold topped $2,500 for the first time. The price of gold is up about 22 percent on the year and has set several new records along the way.

Rapidly increasing industrial and military demand for silver is depleting global inventories, and the rate may well accelerate quickly. Silver demand has outstripped supply for three straight years and the Silver Institute projects another market deficit this year.

Many central banks are opting for a “stateless currency” – gold. That’s how a recent article published by Nikkei Asia put it, noting that “central banks are diversifying away from the dollar and yuan.” Central banks globally added a net 483 tons of gold through the first six months of this year, 5 percent above the record of 460 tons in H1 2023.

The idea is pretty simple. The U.S. Treasury could mint a $1 trillion platinum coin, deposit it at the Federal Reserve, and then the federal government could write checks against that asset. Voila! Budget problem solved. Now, it may sound a little bit like creating money out of thin air… That’s because it is.

I Thought Gold Was a Safe Haven! Why Did It Tank With Stocks? It was a bloody Monday in the stock market as analysts digested the dreary jobs report released Friday and suddenly discovered the rot in the economy’s foundation. So, What Happened to Gold?

Central Bank and Over-the-Counter Buying Pushed Gold Demand to Record Levels in Q2. Gold demand was up 4 percent to 1,258 tons in the second quarter, the highest level on record since the World Gold Council started compiling data. Demand for gold was strong in the second quarter despite record gold prices.

On July 26, the national debt blew past $35 trillion for the first time. We are now cursed with a debt of $35,001,278,179,208.67. This milestone will likely raise some eyebrows, but nobody will do anything about it. And sadly, most people don’t care.

The 2024 Summer Olympics kicked off over the weekend. Thousands of athletes from all over the world have converged on Paris with one goal in mind. Win silver! Now, you’re probably thinking, ‘Umm… Mike, they’re going for gold.’ And technically, you’re correct. But did you know that gold medals are mostly made from silver?

How will the upcoming presidential election impact the gold market? Biden has dropped out of the presidential race. It appears Kamala Harris has the inside track to the Democratic Party nomination, but that isn’t a foregone conclusion. Polling currently shows Trump and the Republicans holding an edge, but we are a long way from November…

On July 16, a jury convicted Senator Bob Menendez (D-N.J.) on 16 counts, including wire fraud, bribery, and extortion. At least he accepted bribes that would retain their value. Let me be clear: you really shouldn’t take bribes. But if you do (don’t), get it in gold.

The federal government ran another big deficit in June, as the national debt inches closer to $35 trillion. $35 trillion USD. Trillion with a ‘T.’ That’s an unfathomable number. It’s meaningless to most people. We simply can’t comprehend a number that big.

Gold-backed exchange-traded funds (ETFs) reported net inflows of gold for the second straight month in June. With European funds leading the way, net gold holdings by ETFs globally increased by 17.5 tons last month. May was the first month of positive flows into ETFs in 12 months.

I’ve written a lot about the fact that silver appears to be underpriced given both technical factors and the supply and demand dynamics. Platinum may be even more undervalued, hovering around $1,000 an ounce. To put that into perspective, platinum hit an all-time high of $2,213 an ounce in March 2008…

How do you safely and securely move billions of dollars worth of gold? Very quietly. De Nederlandsche Bank (the Dutch central bank) did just that, moving over 220 tons of gold coins and bars over 45 miles of public highway. Officials spent four weeks shuttling gold and cash from a vault in Haarlem to the new Cash Centre in Zeist.

Investors are also gobbling up gold in Thailand for many of the same reasons. A Thai gold dealer said he has never seen such strong demand for gold during a period of rising prices. “At this price, people should be selling but everybody is buying. People are actually fighting to buy. The local consumers are very smart.”

People like Paul Krugman keep saying Americans don’t realize how good they have it. Janet Yellen recently said she doesn’t experience sticker shock when she goes to the grocery. The White House spokesperson tells us how great the economy is. Inflation is coming down! Meanwhile, the rest of us are struggling to pay the bills…

As war wages across their eastern border, Poles seek safety. And they’re finding it in gold. Russian troops stormed across the Ukrainian border on Feb. 24, 2022. It was Fat Tuesday; a day Poles typically line up for jelly-filled donuts called pączki. Instead, they lined up to buy gold.

Even Bank of America is now talking about $3,000 gold. According to a report released by the big bank, gold prices could potentially hit $3,000 an ounce in the near term as the Federal Reserve begins cutting interest rates and rising debt drives economic uncertainty.

You know gold is doing well when the mainstream sits up and takes notice. The mainstream financial pundits specifically, and the media in general, are typically apathetic about gold at best. More often than not, they’re downright antagonistic. The problem is that gold isn’t good for the regime.