Chinese gold demand was up 7.3% year on year through the first nine months of 2023.
China ranks as the world’s biggest gold market, and Chinese demand has a significant impact on the global gold market.
Will the Federal Reserve raise interest rates again? Or is this hiking cycle over? Will it really hold rates higher longer, or will it cut in the near future? Everybody in the financial world is trying to predict the central bank’s next move.
Fed members insist they are data-dependent and will go where the numbers lead them. But in an interview on CNBC, financial analyst Jim Grant said data alone isn’t enough. You need to put the data into context.
Last week, Federal Reserve Chairman Jerome Powell delivered a speech at the Economic Club of New York luncheon. In his podcast, Peter Schiff broke down some of the Fed chair’s comments and concluded that Powell is not qualified to be a member of any economic club.
The mainstream continues to insist that the economy is fine. Inflation is beat. A soft landing is in play. But in his podcast, Peter Schiff said we’re in the early stages of a financial crisis. It should be obvious, but very few people see it coming.
The economy is strong. The American consumer is resilient. Everything is great. At least that’s the mainstream narrative. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey explains why it’s all just an illusion of prosperity. Along the way, he covers the September retail sales data, Federal Reserve Chairman Jerome Powell’s speech this week, and the recent gold rally.
Every time retail sales come in higher than expected, the mainstream media breathlessly reports this as proof that the American consumer is strong and resilient. In his podcast, Peter Schiff explained that these retail sales numbers aren’t a sign of a strong economy. They just reflect Americans paying more for less. And what’s worse, they’re burying themselves in debt to do it.
The House recently ousted House Speaker Kevin McCarthy in the wake of the continuing resolution to keep spending money and avoid a government shutdown. Dissatisfied Republicans frustrated with the GOP’s unwillingness to address the federal spending problem banded together with Democrats to send McCarthy packing.
While the outcome might be politically satisfying to some, it’s not going to solve the underlying problem.
There is a persistent myth that inflation was “low” in the decade following the 2008 financial crisis.
It’s time to bust that myth.
After the CPI data came out last week, gold rallied. On his podcast, Peter Schiff talked about the rally and the trajectory of gold. He said we can expect even bigger moves up when the markets figure out the inflation problem isn’t solved.
The CPI has cooled in recent months, but Americans say they’re still struggling with rising prices and they’re worried about inflation. Why is there this dichotomy between people’s perceptions and the official data?
Peter Schiff recently appeared on Real America with Dan Ball to talk about the economy. He said the problem is the government isn’t being honest about inflation.