As we reported a couple of weeks ago, mining companies worldwide face increasing obsticals, and analysts expect gold production to drop for the first time since 2008.
Now Bloomberg provides us with a concrete example of the struggles facing many gold mining operations.
According to the largest industry lobby group in the country, gold producers in Zimbabwe recently asked the government to lower royalties and electricity tariffs to stave off mine closures.
SchiffGold has a new tool to help you analyze the price of gold, silver, and platinum in real time. It also provides you with the detailed information you need for in-depth historical research.
The new SchiffGold Price Charts page features an easy to read, live table with up-to-the-minute precious metals pricing. But the tools on the page allow you to do far more than simply see current prices. Graphical charts allow you to study how the price has moved hour-by-hour, month-by-month or year-by-year, over time. Bookmark this page in your web browser so you always know exactly where to find the current price of all the precious metals.
The Federal Reserve Bank of Atlanta’s GDPNow estimate released today reveals a terrible early forecast for third quarter gross domestic product (GDP) growth. It’s especially bad when compared to Wall Street expectations.
The GDPNow model puts Q3 2015 GDP growth at 0.9% – that’s a 50% drop from just three days ago. The Atlanta Fed explains:
The model’s nowcast for the contribution of net exports to third-quarter real GDP growth fell 0.7 percentage points to -0.9 percentage points on September 29 following the advance report on U.S. international trade in goods from the U.S. Census Bureau.”
What’s most telling about this report is how different the GDPNow forecast is from the “Blue Chip consensus,” which is the expectations of mainstream business economists followed by Wall Street. Check out this chart:
The demand for physical silver is absolutely through the roof.
The global silver-coin market is in the grips of an unprecedented supply squeeze, forcing some mints to ration sales and step up overtime while sending U.S. buyers racing abroad to fulfill a sudden surge in demand. The U.S. Mint began setting weekly sales quotas for its flagship American Eagle silver coins in July because it can’t meet demand, and the Canadian mint followed suit after record monthly sales in July. In Australia, the Perth Mint sold a record of more than 2.5 million ounces of silver this month, nearly four times more than in August, and has begun rationing supply of a new line of coins this month, a mint official said.”
Investors have withdrawn a record amount of gold from the Shanghai Gold Exchange over the past year, signaling a steady increase in demand in the world’s largest gold consuming country.
Bloomberg reported the most recent numbers:
Withdrawals jumped 37% to 1,891.9 metric tons through Sept. 18 from 1,380.9 tons a year earlier, according to data on the bourse website. Trading increased 150% in the first eight months, said Liu Liang, a spokesman for the exchange, the world’s largest spot bullion market.”
Every week, various government agencies trot out economic facts and figures, and every week, the media breathlessly reports the “good news.” Here is some of the news beyond the news reported by the mainstream media over the last week.
As USA Today reported, consumer spending and personal income rose last month. But while Commerce Department numbers show healthy gains in consumer spending (0.4% in August), a Gallup poll asking actual people about their spending indicates a continual decline. According to the poll, daily spending averaged just $89 in August, down from the same time period in both 2014 and 2013. It was the fourth month in a row the poll indicated a year-on-year decline. Spending was at its lowest since March, based on the poll.
Physical silver and gold isn’t just for preserving your savings. It’s also the world’s oldest form of money.
You can bypass the Federal Reserve’s worthless paper dollars by spending precious metals with friends, neighbors, and businesses which accept sound money. We’ve created a brand new Barter Metals page with all of the information you need to get started conducting business using physical gold and silver – and links to our most popular barterable products.
Barter may seem outdated, but as Peter Schiff points out, it has a long history in the US:
India will soon have its own national gold coins.
Metals and Minerals Trading Corporation (MMTC) will manufacture and market the gold coins, set for release in October.
According to the Times of India, MMTC managing director Ved Prakash said the company plans to produce two gold coins, one weighing 5 grams and the other 10. The coins will feature engravings of Ashok Chakra and the face of Mahatma Gandhi.
While many countries have their national coins, India did not have one. These gold coins will be regarded as the national coin of India.”
Of course, gold’s value lies in its scarcity.
But just how scarce is it, really? We all have a vague idea, but you will probably still find the reality quite shocking.
A series of 12 stunning visualizations of gold published by Visual Capitalists puts the rarity of gold into vivid perspective.
Demonocracy.info put together this series of 3D visualizations showcasing all of the world’s gold mined thus far using gold bullion bars. (Note: these visualizations are a couple of years old and optimistically have the value of gold pegged at $2,000 per ounce, presumably for the ease of calculations.)
For months, Peter Schiff has argued that the Federal Reserve cannot and will not raise the interest rate.
Most recently, Peter told CNBC Asia the Fed is pulling a “long con” on the global markets when it comes to its monetary policy. The Fed wants people to believe that a rate hike is coming, but Peter argues that we will actually see a fourth round of quantitative easing.
Now we’re beginning to hear echoes of Peter’s position on interest rate hikes from other global analysts.