Precious metals news

In this enlightening video, join our host Mike Maloney and esteemed guest Lobo Tiggre from Independent Speculator.com

It’s no secret that the American public is wildly ignorant of many issues that are central to the success of our nation. Just a generation ago it would have been unthinkable that less than half of the American population could recognize all three branches of government. America is in most cases far less educated about its government than citizens of even less freedom-oriented nations.

Gold has recently reached a new all-time high, surpassing the $2,400 mark, influenced by ongoing geopolitical tensions and the anticipation of U.S. interest rate cuts. On Friday, gold futures for June delivery climbed 1.7%, reaching $2,414 per ounce, closely following a record close at $2,372.70 on Thursday. This marks a significant year-to-date increase of over 14%. Concurrently, silver also saw a notable rise, increasing by 3.3% to $29.18 an ounce. The upward trend in precious metals, which began in early March, is largely driven by market reactions to potential threats of conflict between Iran and Israel, as well as mixed economic data from the U.S. that could influence Federal Reserve policies.

Silver prices have recently surged, overtaking the gains made by gold this year, with the metal reaching its highest price in nearly three years. Despite a general downturn in both metals during part of Thursday's trading session, silver’s recovered nicely on Friday peaking at $29.50/oz. Gold also saw significant gains, with futures climbing by to a record high of $2,417 an ounce on Comex, marking a 14.5% increase year to date. This upward trend in precious metals comes despite the pressures of rising Treasury yields and a strong U.S. dollar, which have traditionally acted as obstacles to such gains.

In the first two months of 2024, Hong Kong experienced a modest increase in jewelry exports and retail sales, signaling a steady recovery in business and consumer sentiment. According to the Census and Statistics Department, jewelry shipments rose by 6% year-over-year to approximately US$4.4 billion. Retail sales of jewelry, watches, clocks, and valuable gifts also increased by 8.8% to around US$1.3 billion during the same period, despite a slight dip in February's sales. This growth is attributed to improved exports to China and the US, enhanced household incomes, and government efforts to boost consumer spending, although changing consumption patterns continue to challenge the sector.

Gold prices soared to a new record high, surpassing $2,400 per ounce, amid escalating Middle East tensions and fears of retaliation following an Israeli strike in Syria. The surge in demand for gold, seen as a more reliable hedge against geopolitical risks than government bonds, was further fueled by U.S. inflation concerns, according to Mohamed A. El-Erian. Additionally, gold's rise has been supported by increased purchases by central banks, including China, and speculation about potential Federal Reserve rate cuts in 2024, despite recent robust U.S. inflation data complicating the economic forecast.

JPMorgan Chase CEO Jamie Dimon issued a warning about looming threats to the economy, citing persistent inflation, global conflicts, and the Federal Reserve's tightening policies. Dimon's concerns come amidst ongoing worries about inflation, which has remained consistently higher than expected and above the Fed's 2% target. As a result, market expectations for interest rate cuts have significantly decreased, with forecasts now anticipating only one or two cuts totaling at most half a percentage point, compared to earlier expectations of up to seven cuts.

Demand for safe-haven assets has propelled gold to an unprecedented rally, reaching all-time highs. On Friday, spot gold increased by 0.9% to $2,395.66 per ounce and even touched a record peak of $2,400.35, culminating in a nearly 3% rise for the week. U.S. gold futures also saw a significant jump, rising 1.8% to $2,414.30. This surge in gold prices is driven by escalating geopolitical tensions in the Middle East and economic uncertainties surrounding China. Ricardo Evangelista, a senior analyst at ActivTrades, notes that gold prices may continue to climb due to increased central bank purchases and a heightened investor demand for safe-haven assets amid growing geopolitical conflicts.

In this insightful video, we explore the complex relationship between silver and gold markets, highlighted by historical spikes in silver prices.

JD and Joel discuss gold's underrated new all-time high, silver nearing $30 per oz, higher-than-expected inflation, the Fed's response, and why buyers today can expect to pay lower premiums.

Economist Harry Dent warns of an impending U.S. recession due to high levels of national debt and financial mismanagement. In a recent interview, Dent called for a necessary "debt detox" to navigate out of the current financial bubble and onto a path toward economic growth, referencing the massive $27 trillion in accumulated debt and deficits since the 2008 financial crisis. He criticized the excessive economic stimuli, particularly during the COVID pandemic, as misguided efforts that have exacerbated the debt situation. Dent forecasts that millennials will drive significant spending from 2024 to 2037, but stresses that current debt levels must be addressed to prevent further economic downturns.

Despite maintaining steady interest rates for the fifth consecutive meeting, the European Central Bank (ECB) signaled potential forthcoming rate cuts if inflation trends toward their 2% target. ECB President Christine Lagarde emphasized the independence of the euro area's economic policy from the U.S., following intense speculation about how recent U.S. inflation figures might influence the Federal Reserve. This declaration marks the ECB’s clearest hint yet at a possible shift in monetary policy amid differing economic trajectories between the euro area and the U.S.

Recent data reveals a concerning trend in the "supercore" inflation measure, a specific gauge focusing on services inflation minus food, energy, and housing costs. This metric surged 4.8% year-over-year in March, and its three-month annualized pace exceeded 8%. The increase is particularly alarming as it includes essential services such as car and housing insurance and property taxes, which are notoriously resistant to downward price adjustments. This suggests that the Federal Reserve faces significant challenges in controlling inflation within these critical sectors.

East Hampton police successfully thwarted a gold scam operation, arresting two men posing as a Homeland Security agent to deceive a local resident. The fraudulent scheme involved convincing the resident they owed a substantial debt payable in gold. Police Chief Dennis Woessner reported that after launching a fraud investigation on April 4, officers conducted an undercover sting at the resident’s home, capturing the suspects during their attempt to collect the gold. More than $100,000 in gold was recovered and returned to the victim.

Since 1980, the gold/silver ratio has been out of whack. Does it even make sense for modern investors to pay attention to it anymore?

The US labor market outperformed expectations last week, with fewer Americans applying for unemployment benefits than anticipated. Despite a backdrop of aggressive Federal Reserve rate hikes aiming to cool inflation, initial jobless claims surprisingly fell to 211,000 from an expected 215,000. This decline hints at a persistently tight labor market, albeit with a slight increase in the time it takes for some to find new employment post-layoff.

In this video, Alan Hibbard explores the current trends and future outlooks in the gold and silver markets, emphasizing the dramatic price increases.

Zimbabwe has debuted the new ZiG, its new gold-backed currency. Launching with a robust start, the ZiG appreciated to $13.45 from its initial $13.56 against the U.S. dollar in just a week, marking a promising 0.8% gain. This early success is a beacon of hope for an economy previously marred by inflation and currency instability. Backed by significant gold and foreign currency reserves, the ZiG is more than just currency; it's a cornerstone of Zimbabwe's strategy for economic stabilization and growth.

Recent data indicating persistent inflation has impacted financial markets, with a notable rise in consumer price index (CPI) causing stocks and bonds to fall. In response, investors have turned to gold, oil, and cryptocurrencies as safeguards against inflation, leading to a rally in these assets. This movement has raised the yields on 10-year Treasuries to their highest since November and decreased the S&P 500 by about 1%. Energy companies, benefiting from the situation, remind us of strategies used in previous inflationary periods. The increasing prices in commodities, combined with geopolitical tensions, have fueled doubts about Federal Reserve Chair Jerome Powell's ability to achieve a "soft landing" for the economy. Critics argue that the recent surge in asset values is counterproductive to the Fed's efforts to control inflation, encouraging excessive spending among consumers and investors.

Gold's recent trading saw a downturn after hitting nine consecutive intraday record highs, influenced by March’s CPI indicating persistently high prices. Francisco Blanch of Bank of America Securities highlighted the significant role of central bank and Chinese retail buying in gold's surge, attributing it partly to cyclical factors but mainly to a structural trend driven by geopolitical tensions between the West and countries like Russia and China.