Last month, Zimbabwe officials introduced a gold-backed currency in an effort to stabilize the country’s economy. At the time, I warned that a gold-backed currency would be a great step, but that it wasn’t going to solve Zimbabwe’s problems unless the government changed its ways. So far, things don’t look good.
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Steve Forbes believes that “the world is beginning to lurch toward a gold-based monetary system. This, despite the fact that the historical gold standard is held in almost universal contempt by economists and financial officials…” Should we be excited? Concerned?
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If you listen to government officials and central bankers talk about price inflation, you might think they don’t have the foggiest idea of what caused it. It might have been supply chain problems, or perhaps it was Putin’s fault. Maybe greedy corporations are jacking up prices. Or it could be that consumer expectations are driving prices higher…
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Dominic Raab, who once dispensed justice as the Lord Chancellor, has now struck a different pot of gold as a senior strategic advisor to the World Gold Council (WGC) and Appian Capital LLP. With a gleam in his eye and a smile worthy of a ‘golden boy,’ Raab is ready to navigate the murky waters of international mining and global affairs.
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Every time the rate of inflation has been released each month over the last few months, the Biden Administration and some media outlets appear to claim economic victory. But any small “victories” are equivalent to squeezing a fire hose so less water comes out. Unfortunately, the liquidity is still coming out at high pressure.
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More than 80% of largest fund managers own gold in their portfolios because hedge funds see gold as asset that can help minimize risk and maximize return. Leading asset manager: This is the “most fraught global environment since World War II” with “Big Short” legend Michael Burry making a large commitment to gold.
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Could the world REALLY be creeping closer to a monetary gold standard? Steve Forbes sees signs that it is. In a recent article published by Forbes Magazine, Steve Forbes wrote that it may seem hard to believe, but the world is “beginning to lurch toward a gold-based monetary system.”
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Are the central bankers at the Federal Reserve just winging it? It sure seems that way if you step back and take a long view of their decision-making. Fed officials project this aura of authority. You might imagine them as hyper-intelligent experts in the field of economics and finance making carefully calculated monetary policy decisions… but.
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This week, Your News to Know rounds up the latest top stories involving precious metals and the overall economy. Stories include: $2,400 proves strong support as gold shifts gears towards $2,500, silver’s biggest move above $30 in a decade, and ways to interpret central banks’ portfolio theory today.
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All that glitters isn’t gold. Silver also has quite a shine lately. While gold has gotten the headlines, silver has had a solid bull run over the last several months. In fact, the white metal has outperformed gold in this gold bull market. Last week, silver charted an 11 percent gain, cracking $30 an ounce for the first time in over a decade.
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Last week, Rep. Thomas Massie (R-KY) introduced the Federal Reserve Board Abolition Act (HR 8421). The bill would do exactly as its title suggests: abolish the Fed. “Americans would be better off if the Federal Reserve did not exist,” Massie said. “The Fed devalues our currency by monetizing the debt, causing inflation.”
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Alabama Governor Key Ivey today signed a bill that removes all income taxes on capital gains from the sale of gold and silver, enabling the state to take an important step forward in reinforcing sound money principles and joins a growing number of states prioritizing the protection of citizens against inflation and mounting federal debt.
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These days, between bank runs and debt defaults and trade wars, trust is in short supply. When the global financial system relies on trust to function, we have to ask – without trust, what are we left with? Almost no one in their right mind trusts what is going on in today’s chaotic economy.
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It’s rare when a target is reached so perfectly as it’s the case in the USDX right now. In yesterday’s analysis, I provided a lot of contexts for the current prices moves. Today, I’ll focus on the short-term price moves and I’ll start with the market where we saw the clearest, immediate-term indication: the USD Index
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Could we see $27,000 gold? That seems far-fetched but financial analyst and investment banker Jim Rickards makes the case that it could happen. Gold charted a big rally in recent months, hitting a new all-time high of over $2,400 an ounce last month. Even with the higher prices, gold demand has remained robust.
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This week, Your News to Know rounds up the latest top stories involving precious metals and the overall economy. We may be witnessing a once-in-a-lifetime repricing of financial assets (including gold); Britain’s £21 billion decision to liquidate gold early; and Zimbabwe’s currency issues aren’t gold’s fault.
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Thanks to sweeping spending cuts enacted this year, the government has posted three consecutive monthly budget surpluses – leading to a reduction in money supply growth and a marked lessening of inflation pressures. This hopeful state of affairs doesn’t apply to the government of the United States, of course, but Argentina…
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The total debt owed by the United States federal government has reached incredible levels. Today, the total is $34,541,727,970,599.17 – but by the time you read this article, it’ll probably be higher. I say “probably” because the debt is growing exponentially so when you read this, another few hundred billion will have been added
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Bars of gold are flying off the shelves in South Korean convenience stores. This is yet another example of the movement of gold from West to East. Korea’s largest convenience store chain, CU, has teamed up with Korea Minting and Security Printing Corporation (KOMSCO) to offer customers fingernail-sized gold bars.
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Gold was up 4 percent in April, despite some profit-taking, along with headwinds from a strong dollar and waning hope for an interest rate cut. Gold hit a new all-time high of 2,431 in April, but pulled back later in the month as hopes the Federal Reserve would cut interest rates in the near future faded.
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Factoring in sizeable over-the-counter (OTC) buying, gold demand charted its strongest first quarter since 2016. By including over-the-counter buying by investors, gold demand grew by 3 percent year-on-year, reaching 1,238 tons, according to data compiled by the World Gold Council.
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In a major legal victory, the SEC has secured a $76 million judgment against Red Rock Secured LLC and its top executives for defrauding retirement account holders. The judgment includes significant fines and permanent bans from certain financial activities for the individuals involved.
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There are cracks in the foundation of dollar dominance. Could Chinese gold be the straw that breaks the dollar’s back? In a column published by the Telegraph, economist Julian Jessop points out that people have been predicting the dollar’s demise for decades. Eventually, they’ll be right.
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Confidence in institutions such as the Federal Reserve may be falling, but it hasn’t fallen nearly as far or as fast as it should. Trillions of dollars, yen, euros, and yuan are invested according to central bank policy and propaganda. It isn’t going well. The U.S. economy is massively distorted, unhealthy, and hopelessly dependent on Fed stimulus.
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This week, Your News to Know rounds up the latest top stories involving precious metals and the overall economy. Stories include: Has gold been performing due to high inflation?, Iran gold sellers go on strike over sales taxes and the list of countries bringing their gold home grows (again). Gold’s price defies “hawkish” sentiment from the Fed
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“Pretty much everybody on the FOMC is talking from the same script right now,” said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott. “With maybe one or two exceptions, policymakers pretty universally agree that the last few months of inflation data are too warm to justify action in the near term.”
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Central banks continued to steadily add gold to their reserves in March. On net, central banks globally increased their gold holdings by 16 tons, according to the latest data compiled by the World Gold Council. Buyers added 40 tons of gold to their reserves. This was offset by a net 25 tons in sales.
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If the hotter-than-expected March CPI data wasn’t enough to convince you, there is more evidence that the “cooling inflation” we saw late last year was transitory. The PCE data for March came out Friday – hotter than expected. You might be picking up on a theme here…
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