Gold has all the potential to go unprecedentedly high. But silver will be gold on
Site:
Precious metals news
EXPLODING U.S. GOVT DEFICITS: Crucial For Investors To Protect Wealth & Purchasing Power In SilverApril 12, 2023
The U.S. Treasury released a "Shockingly High" monthly account deficit report for March. Also, the U.S. government budget for Fiscal 2023 is now totally useless. With U.S. deficits exploding, it's crucial for investors to protect wealth and purchasing power in silver...
Apr 11, 2023 - 13:21:00 PDT
“I view gold as the primary global currency. It is the only currency, along with silver, that does not require a counterparty signature.” Alan Greenspan
Central banks accumulated gold at the fastest pace on record in the first two months of 2023, according to a report by the World Gold Council’s (WGC) Krishan Gopaul. In January and February, central banks collectively bought a net 125 tonnes of the metal, the highest amount for the year-to-date period since banks became net buyers in 2010.
Gold-backed ETFs and similar products account for a significant part of the gold market, with institutional and individual investors using them to implement many of their investment strategies.
Under-Allocated: With gold making yet another attempt at breaking out through that all-important US$2000 level, it’s worth reflecting on this pair of charts. Firstly, as discussed in the latest report, gold has been (and likely will continue to be) boosted by falling bond yields and a weaker US dollar. From a technical standpoint it has so far managed to hold onto the $2000 level, and has seen its 200-day moving average turn up with strong cross-currency breadth.
With the price of gold peaking at its highest level in Korea, sales of gold bars at major local banks exceeded 2.49 billion won ($1.89 million) during the four days from last Monday to last Thursday. According to the local banking industry, the aggregate amount of gold bars sold at four major banks...
Inflation, economy-wide instability and rising interest rates are putting stress on U.S. adults.
Our kids will inherit a nation less financially sound than it was when we were born.
Federal Reserve Bank of New York President John Williams said policymakers still have more work to do to bring down inflation and suggested they won’t change course despite uncertainty from turmoil in the banking sector.
Fed Official: ‘We Need to Be Cautious’ on Raising Rates After Bank Failures: WSJApr 11, 2023 - 12:19:03 PDT
“At moments like this of financial stress, the right monetary approach calls for prudence and patience,” said Chicago Fed President Austan Goolsbee.
Higher interest rates could force the Federal Reserve to incur greater operating losses on its portfolio of assets and pause remittance payments to the US Treasury Department for “some time,” undercutting a source of government revenue, according to new projections from the New York Fed.
The following chart, via The Daily Shot, highlights the record move by US banks to dump low yielding mortgage backed securities.
The statutory deadline for Congress to complete action on a concurrent budget resolution for Fiscal Year (FY) 2024 is April 15.
In the United States, though, "money" has a constitutional basis so firm that, despite its name, a US government CBDC would not be "money" or even "currency." It could exist as one payment system among many, but without violating the US Constitution it could not be forced on Americans as the sole final means of payment…
"Given the increasing use of the dollar as a means of imposing sanctions, some foreign powers see a pressing need to develop the capability to transact outside of US-dollar-based systems. We are witnessing the development of financial contingency plans." ~ Peter C. Earle
Companies on the S&P 500 index are expected to report a 6.8 per cent decline in first-quarter earnings compared with the same period a year earlier, according to analyst estimates compiled by FactSet. That would be the biggest fall since the more than 30 per cent plunge in the second quarter of 2020, which came as the rapid spread of Covid-19 led to a widespread economic shutdown.
I captured those charts early this morning. The odds have shifted a bit but the result is still a hike in May and a cut in July.
Inside The Credit Crunch: Biggest Drop For Small Business Credit Availability In Over 20 YearsApr 11, 2023 - 11:42:36 PDT
Over the weekend we reported that the credit crunch had entered the crash phase when we showed that in the last two weeks of April, a record $105 billion in commercial bank loans and leases were either sold, discharged or otherwise transferred from bank balance sheets...
Fed Budget Deficit Hits $1.1 Trillion First Half of Fiscal 2023, $430 Billion Higher Than Last YearApr 11, 2023 - 08:31:18 PDT
Government spending was 13% higher so far this year compared to 2022, while revenues dropped 3%, the CBO said. Higher interest rates are a main driver of this year's higher deficit, as the government paid $90 billion more in interest payments in the first half of fiscal year 2023 compared to 2022.
Still, the world is saying to the U.S.: “Dollars? We don’t need no stinking dollars.” Indeed.