Precious metals news

Russian Foreign Minister Sergei Lavrov touted Russia's progress with not only Turkey, but also Iran and China, in normalizing native-currency trade between his nation and other willing partners who hold a negative view of the US dollar's world dominance as de facto trade currency.

"The International Currency Exchange (ICE) said that it had run out of Turkish lira on Tuesday, after a surge in demand as an unprecedented number of Britons travel to Turkey to make the most of the weak Lira. Orders for Turkish Lira to its UK website www.iceplc.com jumped by 24,000% compared to the average last month."

"The reality, based on recent high-frequency economic data, is that the global economy is slowing in its trajectory and that growth in corporate profits will tail off shortly. Tops are processes and it is my continued view that a 2018 high in the S&P 500 Index was made in late January. I remain at my largest net short exposure in quite a long time."

Dave Kranzler provides a very critical update today on what is going on with gold, silver, and the broader markets. Here are the details...

Silver is trading below $15 for the first time since 2016. Take advantage of this flash sale in silver, courtesy of the silver market itself, now! The gold/silver ratio, our favorite silver buy indicator, is now at 82. Invariably, when it has moved above 80 in the past, its marked a highly profitable time to buy silver.

Steve St. Angelo from SRSrocco REPORT describes why he doesn't see precious metals falling much in the next market crash.

SD Midweek: The bottom is falling out of gold & silver. The situation is dire, but the stock market doesn't know it yet. Here's an update...

Official US government statistics currently count only 12% of the able-bodied, unemployed adult workforce as "unemployed." Been out of the workforce for over 6 months because you can't find a job? Congratulations! You're no longer "unemployed"! And oh yeah, we also totally screwed up our own rigged calculations for the past 7 years.

"Paulson & Co left its stake in SPDR Gold Trust (GLD.P) unchanged at 4.3 million shares, though the value decreased to $512.6 million from $543.4 million in the prior quarter, a U.S. Securities and Exchange Commission filing showed on Tuesday."

Price inflation, the sinister byproduct of printing more and more fiat currency (which is the literal definition of 'inflation'), means that even though the average US hourly wage has risen from about $4 in 1971 to $22.65 today, in actually buys less.

"Add it all up and the Chinese financial sector is caught in a vise. The result could very well be a financial meltdown of unprecedented magnitude in China with the potential to go global and cause a market collapse in Europe and the U.S. as well."

File under: The Most Predictable Thing. When currencies crater, not just investors, but entire sovereign populations instinctually know what to do. Gold's unique property as a surefire store of value, earned over so many thousands of years, always comes to the fore when all else fails.

Steve says not to expect a repeat of 2008 with the metals crashing alongside the stock market. Here's why we'll see a much different outcome...

Stewart says it's a great time to get into gold as gold has formed the most massive bullish chart pattern in the entire history of markets. Here are the details...

While mainstream pundits and talking heads cluck about great jobs number and amazing economic growth, by and large, they completely ignore the fact that the entire economy is built on giant piles of debt.
In our Friday Gold Wrap podcast last week, Mike Maharrey talked about the fact that the economy is drowning in debt, focusing on ever-increasing consumer debt and government debt. He didn't even get into corporate debt.
So, just how much debt is really out there? The following bullet points will give you a good birdseye view of the debt stretching from horizon to horizon. 

Gold imports into India jumped for the first time in seven months in July as jewelers replenished stocks.
Indian gold purchases surged 44.2% year-on-year to 75 tons.
India ranks as the number two consumer of gold in the world. According to a Reuters report, increased demand, "could support global prices," which are struggling to hold ground in a strong dollar environment.

In the afternoon, US stocks held most of their gains (S&P ended +18 to 2840), while the US 10-year bond yield was steady around 2.89%. The DX pulled back to 96.67, and gold rebounded to $1194.50. Gold was $1194 bid at 4PM – unchanged.

David says that while August is almost always the worst month for the metals, now is the time for contrarians to look at gold & silver. Here's why...

"Americans' borrowing reached $13.29 trillion in the second quarter, up $454 billion from a year ago, marking a 16th consecutive quarter of increases, a New York Federal Reserve report released on Tuesday showed."

As the fallout from the Turkish lira collapse continues to ripple out, India joined South Africa and Argentina in seeing their native currency freefall against the greenback.