We continue to see amazing new technical applications for gold.
Now scientists have used the yellow metal to develop thermal camouflage that can make a person invisible to night vision cameras.
You’ve probably heard about economic troubles in Turkey. But what’s really going on and what caused it?
In simplest terms, Turkey is in the midst of a currency crisis. The value of the lira has dropped to record lows. Year-to-date, the Turkish currency has fallen 45% against the US dollar. The official inflation rate is over 15%, but economics professor Steve Hanke said the real annual inflation measured for today tops out at 101%.
While mainstream pundits and talking heads cluck about great jobs number and amazing economic growth, by and large, they completely ignore the fact that the entire economy is built on giant piles of debt.
In our Friday Gold Wrap podcast last week, Mike Maharrey talked about the fact that the economy is drowning in debt, focusing on ever-increasing consumer debt and government debt. He didn’t even get into corporate debt.
So, just how much debt is really out there? The following bullet points will give you a good birdseye view of the debt stretching from horizon to horizon.
Gold imports into India jumped for the first time in seven months in July as jewelers replenished stocks.
Indian gold purchases surged 44.2% year-on-year to 75 tons.
India ranks as the number two consumer of gold in the world. According to a Reuters report, increased demand, “could support global prices,” which are struggling to hold ground in a strong dollar environment.
Does gold still matter?
A lot of people dismiss gold and precious metals as irrelevant to the world monetary system. But how can money be irrelevant?
Liechtenstein-based Incrementum AG managing partner Ronald-Peter Stöferle joined Mises Institute president Jeff Deist to talk about all things gold, including why it is still money and an important part of the global financial system.
Gold has had a tough few months. A dollar rally and rising interest rates have weighed on the yellow metal, driving the price down nearly 8% over the last three months. But as Mike Maharrey pointed out on last week’s Friday Gold Wrap podcast, gold is on sale right now and that means a buying opportunity. Smart shoppers shop sales. Now may the be the perfect time to buy gold.
Mike isn’t the only one who sees opportunity in the gold market right now. Some people in the mainstream see it too. In fact, a CNBC Trading Nations headline yesterday declared that even though gold is having an “ugly year,” it has led investors to a buying opportunity.
The second quarter GDP number released Friday came in at 4.1%. It represents the fastest rate of growth since 2014. President Trump called the number “amazing,” bragging that, “We’ve accomplished an economic turnaround of historic proportions.”
Peter Schiff wasn’t quite as impressed. In his latest podcast, he said this “peak GDP” is an aberration and it’s setting the stage for a major economic fail.
The International Monetary Fund dissed the dollar in its annual External Sector Report, saying the greenback is overvalued.
According to a Reuters report, the IMF report also said that “nearly half of global current account balances are now excessive, adding to growth risks and trade tensions.”
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Could China be secretly pumping up its gold reserves?
Officially, the People’s Bank of China hasn’t added any gold to its hoard since October 2016. But some analysts don’t think the Chinese have stopped accumulating gold. They think they’ve just gone silent.
