The seasonally adjusted Money Supply in February fell $121B and the Money Supply in January was revised from positive $31B to -$142B. This is a major revision and now means the Money Supply has fallen for seven straight months.
Central banks have been gobbling up gold. On net, central banks bought 1,136 tons of gold in 2022. It was the highest level of net purchases on record dating back to 1950 and the 13th straight year of net gold purchases.
The question is will central banks continue to have an appetite for gold through 2023?
In the aftermath of the failure of Silicon Valley Bank and Signature Bank, everybody is trying to figure out what happened, who’s to blame, and what can be done to prevent it from happening again. One of the most popular “solutions” is more bank regulations. But in his podcast, Peter Schiff explained why regulations are the problem, not the solution.
Jewelry production is an important driver of overall silver demand. In 2022, the amount of silver used in jewelry was up around 29% as overall silver demand hit record levels. Silver jewelry production used around 235 million ounces of silver.
And according to a recent survey by the Silver Institute, silver jewelry sales are on the rise.
Peter Schiff appeared on NTD News to talk about the bank bailout and the March Federal Reserve meeting. During the conversation, Peter explained that everybody is going to pay for these bailouts because they will ultimately devalue the dollar as inflation skyrockets.
In the week before it raised interest rates another 25 basis points to fight inflation, the Federal Reserve added more than $94 billion to its balance sheet. This was on top of the nearly $300 billion it piled onto the balance sheet in the first week of its bank bailout.
The balance sheet reveals that Fed has loaned banks nearly $400 billion in money created out of thin air in just two weeks.
Peter Schiff appeared on Real America with Dan Ball to talk about the bank bailout, the unfolding financial crisis, the Fed and inflation. He said this is a sequel to 2008 and like all sequels, it’s going to be worse.
Gold is wrapping up March, which is a minor delivery month. While it was a decent delivery month, it was the smallest minor month since November 2021.
On Wednesday, the Federal Reserve raised interest rates again despite the problems in the banking system. In this episode of the Friday Gold Wrap, host Mike Maharrey talks about the Fed’s inflationary efforts to paper over the problems in the financial system while still keeping up the pretense of an inflation fight. He says it’s like trying to thread a needle with rope.
After the Federal Reserve raised interest rates another 25 basis points, Fed Chairman Jerome Powell assured everybody that the collapse of SVB and Signature Bank “are not weaknesses that are at all broadly through the banking system.” That raises a question: if that’s true, why did the Fed bail out the entire banking system?
The fact is Powell’s spin isn’t true. Furthermore, the breakdown in the banking system is a sign of a much bigger problem, as Ron Paul points out.
