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Key Gold Headlines

June Silver News

POSTED ON July 1, 2015  - POSTED IN Key Gold Headlines

The Silver Institute has released its June newsletter. The publication features interesting and educational articles about the latest technology in the silver industry, as well as new silver investment products on the market. This edition notes that industrial demand for silver continues to grow in Asia and developing countries:

Industrial applications accounted for 56 percent of all silver demand in 2014. On a regional basis, a modest increase in industrial demand in developing countries, led by 4 percent growth in China and Taiwan, was offset by weaker demand in advanced countries in 2014. This marks the fifth consecutive year of Chinese industrial demand growth. Last year’s industrial demand total for Taiwan was 23 percent above their 2009 figure.”

15 07 01 chinese silver industrial growth

BIS Warns Central Banks Won’t Be Able to Deal with Next Crisis

POSTED ON June 30, 2015  - POSTED IN Key Gold Headlines

Bank of International Settlements issued a blunt report on Sunday, warning that over-reliance on monetary policy has left central banks with little capacity to deal with the next global crisis.

15 06 30 BIS

As the Telegraph reports, BIS asserts that central banks have “backed themselves into a corner” by repeatedly cutting interest rates in order to stimulate flagging economies.

These low interest rates have in turn fueled economic booms, encouraging excessive risk taking. Booms have then turned to busts, which policymakers have responded to with even lower rates.”

Chinese Gold Price Fix by End of 2015

POSTED ON June 29, 2015  - POSTED IN Key Gold Headlines

China will reportedly create a yuan-denominated physical gold price setting mechanism through the Shanghai Gold Exchange (SGE) by the end of the year.

Chinese-gold-bullion-close-up

According to a Reuters report, the plan aims to give China more influence over gold pricing. The country already leads the world in production and consumption of gold bullion.

Greek Bank Closures & Capital Controls; Puerto Rico Heads Towards Default

POSTED ON June 29, 2015  - POSTED IN Key Gold Headlines

Greece has closed its banks and instituted capital controls. The measures will remain in effect until at least July 6th, the day after a popular referendum on European bailout aid is due to take place.

Rather than agree to further austerity measures in exchange for an extension of financial aid from its international creditors, Prime Minister Alexis Tsipras surprised markets by putting the decision to a popular vote. Greece’s current bailout program expires tomorrow, when a 1.6 billion euro payment to the International Monetary Fund also comes due.

Stock markets across the globe fell on the news, and gold rose about 0.7%.

15 06 29 greek bank closure

Bloomberg reports that Greece’s capital controls include:

  • Banks are closed up to and including July 6.
  • International payments and transfers are banned.
  • Daily ATM withdrawals are limited to 60 euros ($67; £42).

Silver Bullion – Just $1 an Ounce! (Video)

POSTED ON June 25, 2015  - POSTED IN Key Gold Headlines, Videos

Mark Dice walked around downtown Encinitas, California and tried to sell a 10-ounce bar of silver for only $10. At today’s prices, that bar is worth about $160. He asked men and women, young and old, if they’d like to buy it. He even lowered the price to $1 while standing directly out front of a gold dealer. How many people do you think took him up on the offer?

This is a great video to show the naysayers who argue that precious metals are in a bubble. There are many people who think the prices of gold and silver are ready to plummet at any time. They predict gold could drop as low as $700 an ounce and silver could fall into the single digits.

However, bubbles are often associated with a certain amount mania. The asset or market in a bubble is often widely considered to be a valuable investment.

SchiffGold on YouTube (Video)

POSTED ON June 25, 2015  - POSTED IN Key Gold Headlines

Did you know SchiffGold has a YouTube channel with exclusive videos from Peter Schiff? When you subscribe, you’ll be the first to see:

  • Peter’s latest analysis of the gold market.
  • Interviews with experts like Jim Rickards and Axel Merk.
  • High-definition videos of our gold & silver products.

Watch Peter’s introduction to our channel below, then follow the links to subscribe.

Or click here to visit our YouTube channel right now and subscribe.

If Gold Backed the World’s Debt

POSTED ON June 22, 2015  - POSTED IN Guest Commentaries, Key Gold Headlines

If all the world’s debt were backed by gold, the US dollar price of the yellow metal would be nearly $34,000. Frank Holmes of US Global Investors explains the math in an insightful article.

  • 5.9 billion ounces = total above-ground gold in world.
  • At $1,181 per ounce, that’s about $7 trillion.
  • Total global debt = $200 trillion.
  • $200 trillion divided by 5.9 billion = $33,898.

It’s an eye-opening number in a world where the gold standard reigned supreme for most of modern history.

15 06 22 gold to debt

Price Alert: Gold Up 1.5% – Breaks $1200

POSTED ON June 18, 2015  - POSTED IN Key Gold Headlines

The price of gold shot up about 1.5% today, breaking through the technically significant barrier of $1200. Gold closed around $1185 on Wednesday, and rallied today to a peak of $1206. It now hovers around $1202.

The jump in price comes on the news that the Federal Reserve is likely to keep the federal funds interest rate at zero for some time. In a press conference yesterday, Janet Yellen hinted at rate hikes later in the year, but ultimately reaffirmed that any rise in rates is entirely data dependent.

In case you missed it earlier, here’s Peter Schiff’s analysis of the FOMC’s meeting and Yellen’s statements:

Get Peter Schiff’s latest gold market analysis – click here for a free subscription to his exclusive monthly Gold Videocast.
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China Joins the New London Gold Fix

POSTED ON June 18, 2015  - POSTED IN Key Gold Headlines

It’s official: China now plays a small role in directly setting the price of gold in Western markets. For the first time ever, a Chinese bank has joined the twice-daily gold price fixing process run by the London Bullion Market Association (LBMA).

15 06 18 bank of china

As we reported back in February, this news was anticipated. The LBMA has replaced the old London Gold Fix with a new, electronic mechanism in an effort to increase transparency in the gold markets.

Texas to Create Unique Bullion Depository; May Repatriate Gold Reserves

POSTED ON June 15, 2015  - POSTED IN Key Gold Headlines

On Friday, Texas Governor Greg Abbott approved a law creating the Texas Bullion Depository – the first state-level precious metals depository in the United States. The bill would also allow Texas to repatriate $1 billion of gold back into the state. The law will go into effect immediately, though it is still unknown exactly where and when the Depository will be built.

15 06 15 texas gold

In passing this law, Texas joins the ranks of major global economies that want to bring their gold home. Germany, Austria, the Netherlands, and other European nations have already begun to repatriate gold from the New York Federal Reserve or have proposed to begin doing so.