Precious metals news

Gold-backed ETFs closed H1 with a record US$40bn of net inflows. In June gold ETFs added 104t, taking global holdings to all-time highs of 3,621t.

Tesla is now bigger than Exxon. BlackRock has taken over Wall Street. Even unprofitable, Uber and Lyft are threatening to overtake the $1-trillion auto industry and they’ve only scratched the surface. Now, the worldwide $2-trillion auto industry is next in line for disruption.

The rial has lost about 70% of its value following the U.S. withdrawal from Iran's 2015 nuclear pact with six powers in 2018 and reimposition of sanctions.

The White House wants Congress to pass another stimulus package by the first week in August, before lawmakers head home for their annual summer recess, and to keep the cost at $1 trillion or less, according to Vice President Mike Pence’s top aide.

Putting this into context is important: We're in the midst of a recession and global public health crisis. As millions of Americans are financially strained and banks have cut back on lending...

Europe needs a scheme similar to the U.S. Troubled Asset Relief Programme (TARP), adopted during the 2008 subprime crisis, to help its banks cope with the fallout from the COVID-19 pandemic, European Central Bank policymaker Carlos Costa said on Tuesday.

The individuals and companies that received more than $150,000, included large companies and billionaires that had access to other sources of capital and have recovered quickly from the coronavirus pandemic.

U.K. Chancellor of the Exchequer Rishi Sunak will deliver a fresh set of policy initiatives on Wednesday as Britain looks to spark an economic recovery from the coronavirus pandemic.

Every state now faces a budget gap, with estimates that revenue shortfalls could total more $200 billion through this fiscal year. States are weighing cuts in basic services including education, health care and public safety.

...coin production for circulation has actually decreased during the last couple of years.

Lebanon’s economic crisis is fast slipping out of control, driven by a currency collapse that’s decimating businesses and plunging families into destitution. While politicians and bankers trade blame on the airwaves, the country’s pound has lost nearly 60% of its value on the black market...

The world’s second-largest silver producer saw its mine supply fall by one-third due to lockdowns stemming from the global contagion. When the Peru Ministry of Mines released its metals production figures last month for April, the country’s domestic silver mine supply fell by a stunning 74%.

The Fed could strengthen its forward guidance later this year. Given its dovish bias and the fresh viral outbreaks, will this be positive for gold prices?

Economists at UBS don't see any new scenario for a sharp global economic recovery. This environment will remain supportive for gold and investors will see any significant drop in the gold price as buying opportunity.

Last month we reported that the Chinese government has launched a pilot program for a digital version of the yuan. The virtual currency ups the ante in the war on cash and creates the potential for the government to track and even control consumer spending.
China isn't alone in using COVID-19 as an excuse to push people away from physical cash. Other countries are pushing narratives to drive the movement toward a completely digital economy - one where governments can track and even control what we buy.  The war on cash has been going on for years, but the pandemic has put efforts on hyperdrive.

At this stage market are basically just a liquidity meth lab, an artificial behemoth constructed and subsidized by the Fed stepping in on any downside in markets. Following $3 trillion in liquidity…

The measures implemented by governments in the eurozone have one common denominator: a massive increase in debt from governments and the private sector.

The ideological agenda of central banks to digitise the entirety of the world’s financial system and to maintain their power base is being spearheaded by the BIS...

Direct cash payments can improve financial security, boost consumer spending and may speed up the recovery, according to a letter from a group of economists calling on U.S. policymakers to keep providing direct cash payments to Americans until the economy is stronger.

The danger of mortgage forbearances turning into foreclosures is rising as COVID infections surge, according to the Federal Reserve Bank of Atlanta.