Precious metals news

Gold has surged to its highest level ever, surpassing $2,400 per troy ounce, driven by geopolitical uncertainties and significant purchases by global central banks, especially from emerging markets. Despite rising real interest rates, which typically dampen gold's appeal, central banks have bought around 2,200 tons since late 2022, accounting for over a fifth of global demand. This trend highlights gold's allure as a sanctions-proof asset amid geopolitical instability.

Governor Christopher J. Waller delivered welcoming remarks at the Third Conference on the International Roles of the U.S. Dollar, hosted by the Federal Reserve Board in Washington, D.C.

A recession appears imminent, with 19 states already showing signs of economic distress, warns economist Nancy Lazar. These states, which contribute 40% of the US GDP, have seen a 0.5 percentage point rise in unemployment over three months, historically a precursor to nationwide recessions. Lazar points to the delayed effects of Federal Reserve rate hikes and tightened credit as key factors, noting that such conditions typically lead to a hard economic landing.

Gold and silver prices continue to hover near record highs amid rising geopolitical tensions. Both gold and silver futures reached record levels last week and remain strong as global uncertainty persists. Yahoo Finance Senior Markets Reporter Jared Blikre discusses these movements and their implications for the commodity market.

The Biden administration released a memo outlining its efforts to combat inflation and blaming Republicans for hindering these actions. The memo emphasizes President Biden's focus on reducing costs and fighting corporate price gouging, despite inflation still being a concern. It highlights that while the economy and labor market are strong, Biden struggles to receive credit for economic progress, with former President Trump polling better on economic issues. The memo argues that inflation would worsen under Trump's policies, and it details steps taken to address price gouging by companies.

Amid ongoing high food prices, many Americans are accumulating debt to afford groceries. Elevated costs have led families to use savings, credit cards, buy now, pay later programs, or payday loans, as highlighted by new Urban Institute research. Although these methods provide immediate relief, they can cause financial instability. Kassandra Martinchek from the Urban Institute notes that while food price increases are slowing, households still face higher grocery bills than last year, leading them to rely on financial sources beyond their income to meet basic needs.

The recent rally in gold prices has puzzled wealth managers due to its disconnect from the typically correlated US dollar and inflation-adjusted US Treasury yields. A significant factor behind this anomaly is the unprecedented rate at which central banks have been increasing their gold reserves since early 2022 to mitigate the risk of western sanctions. With gold trading at all-time highs, investors like Chris Forgan from Fidelity are questioning whether the current price levels are justified.

Oil prices dropped by more than $1 on Tuesday as concerns over prolonged high U.S. interest rates, driven by persistent inflation, led to fears of weakened consumer and industrial demand. Brent crude fell to $82.17 a barrel, and U.S. West Texas Intermediate (WTI) slipped to $78.31 for June. The more active July contract also decreased. The decline follows statements from Federal Reserve officials indicating that more signs of slowing inflation are needed before considering rate cuts.

Federal Reserve Governor Christopher Waller stated that while recent data indicates inflation is easing and further interest rate hikes may not be needed, he requires several months of positive inflation data before supporting any rate cuts. Speaking at the Peterson Institute for International Economics, Waller noted the impact of higher rates on reducing demand and cooling the labor market, but remains cautious about reducing rates prematurely.

Target is reducing prices on over 5,000 items, including household staples and name brands, to attract shoppers deterred by inflation. Starting immediately, cuts on more than 1,500 items are in effect, with more reductions throughout the summer, saving consumers millions. This move follows similar actions by other retailers like Ikea and Aldi, as inflation has caused consumers to cut back on spending over the past year.

Amid ongoing tension in the Middle East, Iranian President Ebrahim Raisi and the foreign minister have been confirmed dead Monday after a helicopter crash. The officials’ shocking demise casts additional investor doubt on a region already plagued by economic upheaval, with supply chain uncertainties fueling record-high metal prices this week.

While the Top Silver Miners barely broke even in Q1 2024, they are certainly rolling in the Dough now with silver over $30.  It's incredible how quickly the silver price ran up to nearly $32 on Friday for the first time in over a decade.  So, what does this mean for the primary silver miners...

Silver had a spectacular day on Friday, with a closing price of around $31.50/oz. This is the highest close for the metal since February of 2013. In response to this impressive rise, Peter recorded a special video on Friday for SchiffGold.

This week Peter’s back to discuss new economic data, Powell’s recent remarks in the Netherlands, and the Biden administration’s new tariffs. More and more signs point to economic stagflation, but Biden, Powell, and their cronies continue to deflect the blame and increase everyday Americans’ taxes.

Gold prices initially surged to an all-time high on Monday due to safe-haven demand amid increased geopolitical tensions following the death of Iran's president. However, comments from Fed Vice Chair Michael Barr, indicating that interest rates would need to remain high to combat inflation, caused gold to pare its gains, trading around $2,410. Barr's remarks also boosted the US dollar slightly.

Copper prices reached record highs on Monday due to a rally driven by short covering and speculative bets. Copper, primarily used in power, construction, and increasingly in green energy applications like electric vehicles and AI data centers, saw global consumption rise from 10 million metric tons in the late 1980s to 26.5 million tons in 2023. Asia, particularly China, is the largest consumer, with China alone using 14.7 million tons as of 2022.

In a recent appearance on Schwab TV, Alan Hibbard from GoldSilver.com shared valuable insights as to why gold and silver prices...

Fed Vice Chair Michael Barr expressed disappointment with the inflation data for early 2024, indicating that the central bank lacks sufficient evidence to ease monetary policy. He emphasized the need for more time under current restrictive policies to achieve the Fed's 2% inflation target. The Personal Consumption Expenditures price index, the Fed's preferred inflation measure, was 2.7% in March, with little change in recent months.

Gold surged to a record high of $2,450.07 an ounce, driven by rising expectations that the Federal Reserve will cut interest rates this year and by increasing geopolitical tensions in the Middle East. The recent decline in the US dollar and lower Treasury yields, following better-than-expected inflation data, also supported the precious metal's rise.

This was my interview with Tom at Palisades Radio, during which I shared my Bitcoin Mining Ponzi Scheme presentation.  I highly recommend it if you haven't yet watched it.  The Bitcoin Mining Industry is using the shareholder as a piggy bank to fund the Bitcoin Red Queen Syndrome...