Last week, Donald Trump told Fox Business that he no longer buys gold. Dr. Ron Paul later rebutted Mr. Trump’s position, explaining the logic for long-term investment in the yellow metal. Much like Peter Schiff, Dr. Paul has been a consistent advocate for sound money and an opponent of the Federal Reserve. Watch and read some of Dr. Paul’s recent commentary here, here, and here.
I don’t think about these daily changes [in the price of gold]. I think about what happened in 1933. When you turned in an ounce of gold, you got 20 federal reserve notes that are worth 2 federal reserve notes now. If you kept your gold and turned it in today, you would get 1,170 federal reserve notes. That’s what counts.”
It appears likely the yuan will join the International Monetary Fund benchmark currency basket this year, according to sources close to the process.
Reuters reports IMF staff plan to give the all-clear for yuan inclusion, laying the groundwork for a favorable decision by policymakers. Three people briefed on IMF discussions said a draft report from the staff reached a favorable conclusion on including the Chinese currency. One officer said the path forward appears clear:
Everything is on course technically and there is no obvious political obstacle. The report leans clearly towards including the RMB in the (basket) but leaves the decision for the board.”
Russia and other countries formerly part of the Soviet Union continue to increase gold reserves at a steady pace.
Russia added another 34.2 tons of the precious metal in September. This follows on the heels of a 1 million ounce increase in Russian gold reserves in August, and continues a steady buying spree by the world’s seventh largest holder of gold.
Since the global financial crisis, Russia has increased its gold reserves at an average pace of about 300,000 ounces per month.
Nowadays, the mainstream assumption is that everyone is better off getting a college degree, no matter what. The economics of this logic are actually far more complicated. In a detailed video analyzing the cost of higher education, Stefan Molyneux of Freedomain Radio reviews some important studies debunking this new American myth. Molyneux has interviewed Peter Schiff in the past, which you can watch here.
One of the most notable parts of Molyneux’s video begins at 23:30, when he compares the average salaries of various careers and the costs of achieving that career. For instance, a plumber at age 50 will earn about $71K a year with just a couple years of apprenticeship or trade school.
Axel Merk spoke with Greg Hunter of USAWatchdog about his reasons for buying gold. For Merk, it comes down to two things. First, the Federal Reserve and other central banks have trapped themselves – real interest rates need to remain near zero or negative. Second, basic valuations are way overextended – US stocks and the dollar are both due for painful corrections.
The dollar isn’t has healthy as it used to be. The story line had been that rates are going to go through the roof, because everything is fantastic in the US and everywhere else is going to go to hell. The real world is more tones of grey. In that sort of environment, the dollar, just like the stock market, is way over extended…”
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The mainstream media trumpeted the latest data on housing starts as good news for the economy, but there is a dark side they aren’t talking much about.
Reuters reports housing starts rose more than expected in September, driven by high demand for rental units.
Groundbreaking increased 6.5% to a seasonally adjusted annual pace of 1.21 million units, the Commerce Department said on Tuesday. It was the sixth straight month that starts remained above 1 million units, pointing to a sustainable housing recovery. Starts increased to a 1.13 million-unit rate in August. Economists polled by Reuters had forecast groundbreaking on new homes rising to a 1.15 million-unit pace last month.”
A Chinese bank will soon join the London Bullion Market Associations (LBMA) silver price-setting process.
According to a Reuters report, China Construction Bank signed a memorandum of understanding with CME Group. It will join HSBC, JPMorgan Chase, Mitsui & Co Precious Metals, Bank of Nova Scotia – ScotiaMocatta, Toronto Dominion Bank, and UBS in taking part in the daily auction process hosted by CME and Thomson Reuters.
Irwin Schiff passed away on Friday, chained to his hospital bed. In this tribute to his life, Peter Schiff shares his personal thoughts about his father, a true American hero.
My father, Irwin A. Schiff, was born Feb. 23rd 1928, the 8th child and only son of Jewish immigrants, who had crossed the Atlantic twenty years earlier in search of freedom. As a result of their hope and courage, my father was fortunate to have been born into the freest nation in the history of the world. But when he passed away on Oct. 16th, 2015 at the age of 87, a political prisoner of that same nation, legally blind and shackled to a hospital bed in a guarded room in intensive care, the free nation he was born into had itself died years earlier.
The Chinese central bank continues to increase its gold holdings at a steady pace.
Figures released by the People’s Bank of China indicate its gold stash went up another 1% in September, according to a Reuters report:
Gold reserves rose by 480,000 fine troy ounces, or 14.9 tons, to 54.93 million ounces, or 1,708.5 tons at the end of September, the People’s Bank of China (PBOC) said.”
This follows a trend we’ve seen ever since China announced its gold holdings for the first time in nearly six years last summer. The central bank added 16.2 tons in August and nearly 19 tons in July, a steady 1% increase each month.
