Precious metals news

The U.S. national debt has reached a staggering $35 trillion in 2024, increasing by $1 trillion since January alone. This milestone pushes the debt-to-GDP ratio to 98%, with projections suggesting it could exceed 140% by 2032 under current policies. The rapid accumulation of debt, which has grown by $11.8 trillion since 2020, raises concerns about fiscal sustainability. Despite the alarming figures, neither major political party has shown significant initiative to address the issue, highlighting a lack of political will to tackle the growing debt problem.

India's gold industry has established a self-regulatory organization called the Indian Association for Gold Excellence and Standards (IAGES), with support from the World Gold Council (WGC). This initiative aims to enhance consumer confidence and trust in the industry by promoting fair, transparent, and sustainable practices. IAGES will provide accreditation based on strict audits, allowing members to display the IAGES logo. Major industry bodies will participate, and the WGC will finance and promote the initiative to retail consumers.

Google searches for "buy gold" surged nearly 64% at the start of August, driven by recession fears following the Federal Open Market Committee meeting and a disappointing U.S. jobs report. This spike in interest highlights gold's role as a safe-haven asset during economic uncertainty, with Hawaiian investors showing the highest interest. Despite the recent market volatility, gold maintains its appeal due to its historical value and industrial uses.

Gold prices stabilized on Tuesday after experiencing a sharp selloff on Monday, which saw the biggest intraday drop since early June. The recovery came as global stock markets normalized and exchange-traded funds added gold to their holdings. Despite the recent volatility, gold remains up over 15% this year, supported by expectations of Federal Reserve rate cuts and central bank buying. Analysts at Goldman Sachs maintain a bullish outlook on gold, citing its hedging value against various economic and geopolitical risks.

Oil prices dipped on Tuesday as concerns over weak demand, especially after a global market sell-off and disappointing economic data from the U.S. and China, outweighed fears of supply disruptions from escalating Middle East tensions and a drop in Libyan production. Despite an early session rally, both Brent and U.S. crude futures fell, reflecting the market's focus on demand issues over geopolitical risks.

The Bank of Japan's recent interest rate hike has sparked controversy and market turmoil. The decision, made despite poor economic data, led to a historic plunge in Japanese stocks and global market instability. Critics argue the BOJ acted prematurely, potentially jeopardizing future rate increases. The yen's rapid surge following the hike has negatively impacted exporters' earnings prospects, further destabilizing the market. This unexpected volatility has forced economists to reassess their expectations for future BOJ policy moves, with many now believing additional rate hikes are off the table for the near future.

Join Mike Maloney as he covers the major market news from ‘Black Monday’, and tells what he has been doing to prepare for this event.

Is the world's largest silver mining company's future supply in jeopardy?  And, when I say in jeopardy, is growth over with further declines on the horizon?  I was quite surprised by what I found, which now seems to confirm why Fresnillo PLC's share price continues to underperform...

Chicago Federal Reserve President Austan Goolsbee stated that the central bank is prepared to address any signs of economic weakness, emphasizing the Fed's commitment to maximizing employment, stabilizing prices, and maintaining financial stability. He noted that interest rates might currently be too restrictive but did not commit to an emergency rate cut. Goolsbee's comments came amid market turmoil triggered by a disappointing July jobs report, which raised recession fears and led to significant stock market declines. Despite the weak job numbers, Goolsbee expressed that the economy is not yet in a recession but highlighted the need for a forward-looking approach in policymaking.

The Bank of Japan's June policy meeting minutes reveal a growing hawkish sentiment among board members, with at least two calling for an early interest rate increase. Discussions focused on the yen's weakness pushing up inflation and the need for close attention to currency movements in monetary policy decisions. These concerns led to the BOJ's July decision to raise interest rates to 15-year highs. However, the recent sharp appreciation of the yen to a 7-month high may influence future rate hike decisions. Markets are now looking to Deputy Governor Shinichi Uchida's upcoming speech for clues on the pace of future rate increases, with some economists expecting a more gradual approach to tightening.

The CBOE Volatility Index (VIX), often called the "fear index," surged to its highest level since March 2020, reflecting intensifying anxieties in global markets. This spike was triggered by a weaker-than-expected U.S. jobs report, which raised concerns about a slowing economy. The VIX climbed 142% to $56.55, nearly doubling its previous 52-week high. This volatility was mirrored in global stock markets, with Japan's Nikkei 225 experiencing its worst day since the 1987 Black Monday crash, and U.S. futures showing significant declines across major indices. The market reaction highlights growing fears about economic stability and potential recession risks.

Jeremy Siegel, a professor at the Wharton School, is advocating for aggressive interest rate cuts by the Federal Reserve. He suggests an immediate 75 basis point emergency cut, followed by another 75 basis point reduction at the September meeting. Siegel argues that the target federal funds rate should be between 3.5% and 4%, significantly lower than the current 5.25% to 5.5% range. This recommendation comes in response to current economic conditions and suggests a dramatic shift in monetary policy.

Gold prices fell by as much as 1.2% in early Asian trading on Monday, driven down by a global stock market selloff that overshadowed concerns about rising tensions in the Middle East. Spot gold dropped towards $2,425 an ounce as Asian shares tumbled, reflecting fears of a deepening U.S. economic slowdown and potential delays in Federal Reserve interest rate cuts. Despite the drop, gold remains one of the top-performing commodities this year, bolstered by central bank purchases and expectations of rate cuts. However, the current market volatility has led investors to liquidate gold positions to cover losses in other assets.

Global stock markets experienced a significant sell-off, triggered by concerns about a potential slowdown in the U.S. economy and uncertain global monetary policy. The Nasdaq, S&P 500, and Dow Jones Industrial Average all saw substantial declines, with tech stocks particularly hard hit. This market turmoil followed disappointing U.S. jobs data and an unexpected interest rate hike in Japan. Investors are worried that the Federal Reserve may have delayed rate cuts too long, risking a recession. The sell-off has spread across Asian and European markets, reflecting growing anxiety about global economic growth and monetary policy directions.

Silver prices plunged more than 5% on Monday, falling below $28.00 per ounce, due to fears of a global economic slowdown. Weaker-than-expected US employment and manufacturing data have heightened concerns about a recession, prompting investors to liquidate silver positions to cover stock market losses. Despite expectations of Federal Reserve rate cuts, which usually support precious metals, the pressure from the broader market selloff overshadowed these factors. The decline in US bond yields and the dollar also failed to lift silver prices, which reached their lowest level in nearly three months.

Gold prices experienced a significant drop on Monday, falling as much as 3.2%, in response to a major global stock market selloff. The decline is attributed to traders liquidating gold positions to cover margin calls on stock losses. Despite this setback, gold remains up about 15% for the year, supported by factors such as central bank buying, Asian consumer demand, and geopolitical tensions. Analysts suggest that this drop is likely temporary, with investors expected to repurchase gold once market volatility subsides.

Gold prices have reached record highs in 2024, with spot gold ending at $2,443.29 an ounce on August 2. While overall demand has increased, the surge in prices may be impacting consumer buying patterns. The World Gold Council's quarterly report shows a significant rise in institutional investor demand, but a decline in jewelry consumption and official coin purchases. This shift suggests that while gold remains attractive for portfolio diversification, high prices may be deterring traditional consumer demand, potentially leading to a slowdown in overall demand in the coming quarters.

Global financial markets experienced a significant selloff as investors grappled with mounting concerns about the U.S. economy and other potential risks. The downturn affected stock markets worldwide, with U.S. futures, particularly the Nasdaq, showing substantial declines. Asian markets were hit hard enough to trigger circuit breakers, while European markets also saw losses, albeit less severe. The heightened uncertainty led to increased bets on central bank rate cuts and caused the Cboe Volatility Index, known as Wall Street's "fear gauge," to surge to levels not seen since the early days of the pandemic.

With the U.S. unemployment rate finally rising, it looks like the recession has finally arrived.  This will likely lead to a broader market selloff, which will bring down other assets with it, especially Bitcoin, as the carnage continues this weekend...

The much-awaited "Whistlin Diesel" Tesla Cybertruck durability Test was released yesterday... and what an absolute "Riot."  The Host of Whistlin Diesel put the Tesla Cypertruck & Ford F-150 pickup up against some brutal bone-crushing tests.  This is a MUST-WATCH. I have heard about this Tesla Cybertruck vs. Ford 150 Durability...