Precious metals news

Americans continue to pile up debt, adding to numbers that were already at record levels.
US consumer debt increased by $20.1 billion in August, pushing total consumer credit to a record $3.94 trillion, according to the latest numbers from the Federal Reserve. That comes to a 6.2% annual growth rate.

The 10-year yield ticked down to 3.203%, and the DX slid to the 95.63-95.70 range. Gold recovered to $1,190.50 and was $1,190 bid at 4PM with a gain of $2.

If investors try to wait until the stock market is crashing to sell their stocks and buy gold, it will already be too late. Here's why...

There are several reasons to be bullish on gold right now, and it's not just about sovereign gold purchases. Here are a handful of the reasons...

Why has the Chinese yuan been tracking the gold price so closely lately, and could it have anything to do with the trade war? Here's some insight...

The citizens of a lot of countries have to worry about the purchasing power of their fiat currency being significantly eroded over time. Few need to worry that the price of a dozen eggs will double between the time they walk into the store and when they try to pay for them.

A dig shrouded in secrecy and bureaucratic stonewalling, as the FBI removes the treasure hunters from the site 3 feet away from the buried mass, then claims nothing was found. "The fact they wouldn’t let them be there for the dig, it’s suspicious as hell and it doesn’t have to be."

Official gold reserves in mainland China stood at 1,843 tonnes in the second quarter of 2018. Total sovereign gold holdings are up over 80% since 2015.

Harvey has run the numbers, and there is twice as much gold standing for delivery as there is registered gold at the COMEX. Here are the details...

"The Swiss Federal Tax Administration (FTA) said on Friday it had for the first time exchanged financial account data at the end of September under global standards that aim to crack down on tax cheats."

"Donald Trump promised to 'make America great again,' but he might make America Great Britain. To re-industrialize the U.S. economy, President Trump must avoid the mistake that de-industrialized Britain: namely, he must end the dollar’s role as the world’s chief reserve currency."

Perhaps most importantly, gold sentiment is at record lows. The last time it was this negative was December 2015, just prior to gold rising over 30%.

Hopelessly overpromised and underfunded pensions. A "new normal" low-interest-rate environment that makes non-speculative saving for retirement impossible. And Social Security set to suffer double-digit payout cuts in coming years.

A recurring theme: crises begin at the extremes, at the edges, in emerging markets. The Philippine Stock Market Index is down 18% on the year; the current torrent of outflows follows a 27-straight-session streak in June.

You know it's getting late-stage in the global fiat-printing-without-consequence central bank fantasy world when even Japan starts to recognize the sham can't go on interminably.

Investors need to start bracing themselves for unwelcome surprises in the cost of adjustable-rate debt. As the bond market reopened after its Columbus Day holiday, the 30-year Treasury bond was also higher to 3.4364%.

"The global economy is now expected to grow at 3.7 percent this year and next year — down 0.2 percentage points from an earlier forecast, according to the fund’s latest World Economic Outlook report released on Tuesday."

SchiffGold’s It’s Your Dime features “straight talk” interviews with movers and shakers in the world of precious metals, investing and economics.
In this episode, host Mike Maharrey talks with economist Bob Murphy about his Contra Krugman book, how Keynesian economics goes off the rails, the time Paul Krugman ridiculously compared HealthCare.gov to UPS, the trade war, the gold standard and the Great Depression, Bob’s favorite Krugman flip-flops, and more.

The end of last week was tough on US stock markets. The Dow fell off about 200 points on Thursday and another 180 on Friday. But despite those drops, the Dow was only down slightly on the week. The NASDAQ, on the other hand, fell more than 3% last week and the S&P 500 was off about 1%.
As Peter Schiff pointed out in his most recent podcast, the catalyst was rising interest rates, which the markets have been basically ignoring up until last week. Granted, the stock market drops weren't steep compared to an October crash, but there is still plenty of time left in the month. Peter noted that high interest rates served as the backdrop for Black Monday in October 1987.

Gold clawed back above the trendline at $1,185 and the 50% retracement level at $1,187 to reach $1,189. The yellow metal was $1,188 bid at 4PM with a loss of $15.