Gold has all the potential to go unprecedentedly high. But silver will be gold on
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Precious metals news
Feb 28, 2023 - 13:09:35 PST
The trend line growth is not surprising, but the growth projected by the study’s authors is dramatic. The Silver Institute’s World Silver Survey 2022 reported that silver offtake for photovoltaics reached a record 113.7 million ounces in 2021, compared to only 50.5 million ounces in 2013, with 2022 estimates of 127 million ounces.
2022 was a milestone year for the gold market, in that we witnessed the largest volume of central bank gold buying ever recorded. As inflation grew and international sanctions were applied, central banks began building larger gold reserves. Of the 1136MT purchased by central banks last year, 800Mt were bought in the second half alone*. To put this into perspective, when central banks previously purchased gold, the average would normally be between 400-600MT
Gold buying has increased since the holiday, as in-store sales picked up after China relaxed its Covid-19 controls late last year. The wave of Covid-19 cases in the fourth quarter of 2022 led to a drop in footfall -- people prefer to buy gold in physical stores -- and a subsequent decline in sales.
Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday on high inflation in major European countries.
President Biden is preparing to run for re-election with a relentless, aggressive focus on the economy — convinced the data cuts in his favor, even as vast swathes of the public remain skeptical that conditions have improved.
Speaking at the Kempsville Recreation Center, Biden will point to GOP proposals to repeal the Affordable Care Act and cut funding to Medicaid.
U.S. Treasury yields rose Tuesday, adding to their sharp February gains, as traders weigh the prospects of higher tighter monetary policy for longer.
Apart from the dangerous and bullying nature of such tactics, and its negative effects on US-China relations and American soft power, such apparent power to redistribute and rearrange reality at will by government fiat produces less than impressive results in reality.
"The problem is not so much our reliance on economics as our reliance on politics. Politics insists that we must pretend to believe in the fiction of central direction of markets as effective policy." ~ Michael C. Munger
There is not going to be any increase in productivity from this. It's just more money in people's pockets supporting consumption. Regarding wages, either corporate profits sink, or prices go up. And wage increases will be sticky even if the Fed manages to tame housing inflation.
U.S. payment giants Visa and Mastercard are slamming the brakes on plans to forge new partnerships with crypto firms after a string of high-profile collapses shook faith in the industry, people familiar with the matter told Reuters.
I used to write that the US is fast becoming Venezuela or Argentina. But its now official — the US has greater default risk than Peru!
ESG, an acronym for Environmental, Social, and Governance, is everywhere. If you work for, advise, invest in, regulate, study, or otherwise care about one or more corporations, you’ve likely encountered the term. Consultancies, banks, investment funds, managers, governments, and international organizations trip over themselves touting their ESG scores and credentials.
In the worst political showdown over the US debt limit to date, a little-known former Treasury official in 2011 helped convince lawmakers that raising the ceiling was the only option. He’s back at it now, but from a much higher perch: chair of the Federal Reserve.
"Feckless Leadership... Is Killing Us" - 'Soft Data' Survey Data Continues To DisappointFeb 28, 2023 - 08:24:38 PST
After Philly's Fed business outlook survey collapsed, the string of regional 'soft data' has continued to weaken.
Fighter jets were deployed near St. Petersburg and an oil depot was set ablaze as authorities reported drones striking multiple regions.
China Is Rolling Out the Red Carpet for a Key Putin Ally as US Warns Against Aiding Russia’s WarFeb 28, 2023 - 08:08:38 PST
China is preparing to welcome a key autocratic ally of Russian President Vladimir Putin for a state visit, amid warnings from United States officials that Beijing may be considering aiding Moscow in its ongoing assault on Ukraine.
Feb 28, 2023 - 08:04:25 PST
Former Russian President Dmitry Medvedev warned in an op-ed published on Sunday that the Western policy of pouring weapons into Ukraine could lead to “apocalypse.” “One could continue to pump weapons into the neo-fascist Kiev regime and block any opportunity to revive negotiations,” Medvedev wrote in the Russian newspaper Izvestiya. “Our enemies are doing just...
Feb 28, 2023 - 07:59:49 PST
Treasury Secretary Janet Yellen visited Ukraine on Monday to discuss an additional $10 billion in new budgetary aid for the country, assistance that goes directly to the government to pay for things like government services and pensions. While in Kyiv, Yellen announced that Ukraine would be receiving $1.2 billion as the first tranche of the …
Feb 28, 2023 - 07:58:21 PST
Authorities in 35 countries instituted internet shutdowns at least 187 times in 2022, according to rights group Access Now, with India doing so the most.