Precious metals news

We dive deep into the ultimate anti-fragile assets that can safeguard your wealth in these uncertain times: gold, silver, and Bitcoin.

China controls 80% of the solar silver supply chain, highlighting its dominance in the solar industry. This control spans from mining and refining to the creation and installation of solar panels. A recent report by Bank of America underscores this dominance, raising concerns amid Janet Yellen's trip to China. As silver is crucial for solar panels, the supply chain is critical to understanding future demand trends, with potential silver shortages predicted within five years due to increased consumption for net-zero energy applications.

Tether has launched Alloy, a gold-backed stablecoin developed by Moon Gold NA and Moon Gold El Salvador. This new digital asset combines the stability of gold with the convenience of digital currency, marking a significant step in asset-backed cryptocurrencies. Alloy aims to provide a secure, stable investment option amidst growing distrust in traditional financial systems and volatility in the cryptocurrency market, appealing to both traditional investors and crypto enthusiasts.

U.S. crude oil prices remained above $80 per barrel on Tuesday, continuing strong gains from Monday despite mixed economic data from China. West Texas Intermediate futures rose over 2% on Monday, driven by higher-than-expected retail sales in China, though industrial output and investment fell short. Analysts attribute the recent rally to speculators covering short positions and expect market tightening in the third quarter due to summer fuel demand.

US retail sales rose by 0.1% in May, missing expectations due to lower gasoline prices affecting service station receipts. This follows a revised 0.2% drop in April. Economists had forecast a 0.3% increase. The trend shows slowing sales growth as households focus on essentials amid higher prices and interest rates. Banks are tightening credit access, and while the labor market is still strong, job seekers are finding it harder to secure new positions quickly, and wage growth is slowing.

Treasury yields fell following weaker-than-expected US retail sales data, increasing expectations for Federal Reserve interest rate cuts this year. The two-year note's yield dropped by up to 6 basis points to 4.70%. Market odds of a rate cut by September rose to 68%, with a full cut anticipated by November. The weak retail sales and revised April figures indicate consumer fatigue, supporting recent Treasury rallies. Goldman Sachs' Lindsay Rosner noted that consumer spending may be slowing, suggesting potential rate cuts in September.

A record percentage of central bankers plan to increase their gold holdings, according to the World Gold Council's annual survey. The survey, which included 70 central bankers, revealed that 29% intend to boost their gold reserves in the next year, the highest level since 2018. This trend follows significant gold purchases in the past two years, driven by strategic rebalancing and financial market concerns. Additionally, nearly two-thirds of respondents expect the US dollar's share of global reserves to decline over the next five years.

Central banks worldwide are expected to increase their gold reserves this year amid growing pessimism about the US dollar, according to a World Gold Council report. Over 80% of surveyed reserve managers anticipate higher global gold holdings, with nearly 30% planning to add to their reserves. The shift is driven by economic and political uncertainties and the desire to mitigate risks. The US dollar's decline in favor is due to concerns over its use in geopolitical conflicts and domestic issues.

As the U.S. economy progresses toward monetary catastrophe, individual states are taking action to preserve and enable the use of sound money. Utah recently passed HB 348, which took effect in May and authorizes the state to invest a portion of its funds in precious metals. State Representative Ken Ivory sponsored the bill, and in an exclusive correspondence with SchiffGold, he explains why the new law is needed and discusses the next steps Utah is taking to weather the coming storm of inflation and federal monetary disaster. Below are Representative Ivory’s statements. 

The market isn't prepared for the stunning increase in global silver demand and annual deficits by 2030 as mine supply and recycling remain flat.  With PV Solar silver forecasted consumption to nearly double by 2030 and strong investment demand, be prepared for much higher prices...

The big silver rally of 2024 stalled as an overwhelming number of speculators took long positions, creating a consensus trade that the market did not reward. Despite the recent pause, silver is expected to reach $50 eventually. Historical analysis, such as the 2011 rally, shows that sustainable price increases occur without heavy speculative participation. The current decline in speculator interest is a positive sign for future silver price rallies.

India's forex reserves reached a record high of $655.8 billion on June 7, with a $4.307 billion increase from the previous week. This growth includes a rise in gold reserves to $57 billion and foreign currency assets to $576.3 billion. Special Drawing Rights (SDRs) also increased to $18.2 billion. The reserves, crucial for economic stability, have seen significant growth recently.

The longstanding US-Saudi petrodollar agreement is unraveling, with Riyadh inching towards diversified currency deals including the yuan. Our guest commentator sheds light on the history and present challenge to the petrodollar, and what this means for US dollar decline.

Oil prices rose on Monday, following their best week since April, as traders analyzed mixed economic data from China. U.S. crude and Brent oil closed last week nearly 4% higher, with analysts predicting a tightening market in the third quarter due to increased summer fuel demand. RBC's Helima Croft expects oil inventories to fall by 850,000 barrels per day. Current energy prices show gains for West Texas Intermediate, Brent, and RBOB gasoline, while natural gas saw a slight decline.

The latest inflation data, showing lower-than-expected consumer and wholesale prices, is fueling the ongoing stock market rally. Julian Emanuel of Evercore ISI raised his year-end S&P 500 target to 6,000, citing the positive inflation trend and early AI market opportunities. Similarly, UBS's Jonathan Golub sees potential for further gains, given the implications for future interest rate cuts. Both strategists highlight inflation's pivotal role in the current bull market.

Gold ended a three-week losing streak with a rally on Friday, despite the strong US dollar and political unrest in Europe, which bolstered its appeal as a safe-haven asset. Technical analysis suggests that gold is in a consolidation phase, with strong support at $2300. The Bank of Japan's bond purchase policy and potential future interest rate cuts by the US Federal Reserve could further boost gold prices. Despite a slight pullback at the start of this week, gold remains a preferred hedge against inflation.

The Supreme Court is currently reviewing a case that could impact your individual liberty. And you probably haven’t heard about it.
The case began in November 2022, when Loper Bright Enterprises, a fishery based out of Cape May, New Jersey, appealed a district court opinion to the Supreme Court. The conflict between Loper Bright and the National Marine Fisheries Service (NMFS) started after the agency decided to require private fisheries like Loper Bright to pay their regulatory inspectors for their time observing fishery practices.

The Federal Reserve may manipulate its inflation targets and implement rate cuts irrespective of actual economic conditions, bending to political will. By creatively interpreting the two-percent inflation target as a flexible average, the Fed can cloak its true agenda: artificially suppressing interest rates to finance burgeoning federal deficits.

The Biden Administration’s Consumer Financial Protection Bureau (CFPB) just issued a proposal to ban medical debt from factoring into your credit score. But for free-money socialists and their Keynesian bedfellows, this doesn’t go nearly far enough: short of canceling medical debt entirely, nothing else is acceptable.

Why did Donald Trump totally reverse his stance on Bitcoin as a "Scam" and now totally support the Bitcoin Mining Industry?  Well, it seems to come down to Big Money and much-needed votes.  Also, are we seeing another Bullish Setup in the silver price...