Precious metals are apparently waking up. And here is where you can find the best deals.
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Which countries hold the most gold?Central banks around the world have been piling up gold. After a record-setting 2022, central bank gold reserves increased by 228 tons through the first three months of 2023, a Q1 record. This was 38% higher than the previous first-quarter record set in 2013.
We saw a big selloff in the gold market last week and the price dropped below $2,000 an ounce. The catalyst for that selloff was tough talk from several Federal Reserve officials and an increasing expectation that the central bank will raise rates again in June. As Peter Schiff explained in his podcast, everybody thinks the Fed is going to win the inflation fight because it is going to be even tougher. In reality, they are talking tougher because they are losing the fight.
Banks have restocked gold recently, but with the massive drawdown in inventories over the last year, the recent increase has done little to actually replenish those supplies.This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to show the physical movement of metal into and out of Comex vaults.
While the U.S. and the world are facing a recessionary slowdown, Major Inflationary forces are still on the horizon. Why? For one... with oil being the economy's primary driver, we are now seeing Big Trouble in the U.S. Shale Industry. How Bad? Pretty bad...
Gold rallied 1% on Friday, recouping some losses from earlier this week, on renewed worries about the stability of the banking sector, while traders slashed bets for another interest rate hike following remarks from the U.S. Federal Reserve chairman.
Gold fell on Thursday. If you like it UBS Global Wealth Management outline three reasons to buy.
1. Central bank demand should remain robust...
Sales of Australian bullion in April diverged, according to figures from The Perth Mint of Australia. Gold products experienced a decrease, while silver products saw the highest gains in six months.
The accumulative gold metal reserve of Xiling gold mine in Laizhou, East China’s Shandong Province reached 580 tons after latest detection, becoming China’s largest single structured gold mine, local media press Qilu Evening News reported on Thursday.
Remember, the Federal Reserve is supposedly pulling out all the stops right now to tame inflation. And as part of that campaign, they’ve been aggressively raising interest rates for more than a year without any regard or even awareness for the consequences.
"They're Just Unreasonable": Debt Ceiling Talks Collapse As Republicans "Abruptly" Walk Out Of NegotiationsMay 19, 2023 - 12:21:35 PDT
... it was - as we warned repeatedly - all a lie, and moments ago Bloomberg reported what we all know would come out sooner or later (it ended up being sooner), that the talks have pretty much collapsed after House Speaker Kevin McCarthy’s top debt-ceiling negotiators "abruptly left a closed-door meeting with White House representatives soon after it began Friday morning, throwing the status of talks to avoid a US default into doubt."
Could massive monetary support have softened the deep bear market many expected? It is an interesting question given the Fed rate hikes.
May 19, 2023 - 08:46:05 PDT
I was recently asked what I thought of the debt ceiling debate. To answer that question, I will first explain what I think is likely to happen, and then I’ll explain where I am coming from, which will give you background for my explanation of what I think should be done.
May 19, 2023 - 08:38:45 PDT
Yes, the clock is ticking on a possible debt default and Biden is off in Hiroshima Japan instead of negotiating with House Speaker McCarthy. The treasury cash balance is only $18 billion away from Yellen’s minimum balance redline of $50 billion. That’s one day of spending in crazy spending Washington DC.
May 19, 2023 - 08:32:14 PDT
Reminder, the US already has $32 TRILLION in debt and politicians have promised $188 TRILLION in entitlement spending.
May 19, 2023 - 08:18:29 PDT
Most nations don’t have a fixed debt ceiling. But Washington’s fight over raising the cap carries global implications.
During Thursday’s meeting with the CEOs of large banks, Treasury Secretary Janet Yellen told executives that more bank mergers may be necessary as the industry continues to navigate through a crisis, two people familiar with the matter told CNN.
RBC Capital markets last week suggested that “gold looks like one of the few likely candidates that would bear the burden of resulting market flows” from default anxiety. And a survey from Bloomberg this week echoes this. Gold is the top safety choice for professional and retail investors, by a long margin, with 52 and 46 per cent, respectively, citing this.
Gold prices were muted on Friday after falling sharply below key levels this week as improving sentiment over a U.S. debt deal saw traders dump safe havens, with focus now turning to more cues on monetary policy from the Federal Reserve.
Democratic Senators Urge Biden to Use 14th Amendment to Avoid Debt DefaultMay 19, 2023 - 06:20:48 PDT
A group of U.S. Senate Democrats called on President Joe Biden to prepare to invoke the U.S. Constitution's 14th Amendment to avoid a debt default if negotiations with Republicans fail, according to a letter released on Thursday.
While President Joe Biden, House Speaker Kevin McCarthy, and other politicians in Washington strive to reach a deal to raise the US federal government’s $31.4 trillion debt ceiling, the US Treasury’s cash balance fell to $87 billion on Monday (May 15), the lowest it’s been since April 12.