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POSTED ON August 31, 2013  - POSTED IN Key Gold Headlines

Singapore Opens 200 Metric Ton Silver Vault
Bloomberg – Malca-Amit Global Ltd. added a 200 metric ton silver vault to its five existing gold vaults at the Singapore FreePort. The new silver vault will be an affordable storage alternative for the less expensive white metal, since the gold vaults are already fully reserved due to ongoing demand for physical precious metals from wealthy Asians. The number of Asia-Pacific high-net-worth individuals increased by 9.4% last year, and 43% of global economic growth from 2007-2012 is attributed to China. Singapore has been rebranding itself as a bullion-trading hub, with UBS, Deutsche Bank, and JPMorgan Chase also opening Singapore metals vaults over the past few years.
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China May Become World’s Biggest Gold Consumer
Reuters – Chinese gold demand could reach a record 1,000 metric tons this year, surpassing India as the largest global bullion consumer, according to the World Gold Council. India’s gold demand is expected to reach about 850 metric tons. The Shanghai Gold Exchange delivered more physical gold in the first half of 2013 than in all of last year, even in the face of huge premiums. While jewelry will be the larger Chinese demand segment, the fastest growing will be investment demand. “Jewelry demand is likely to increase globally this year as a proportion of overall gold demand for the first time in 12 years,” said Marcus Grubbs, managing director of investment for the WGC.
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New “Stretchy” Gold Developed for Medical Implants
Wired – Chemical engineers at the University of Michigan have invented a stretchy material made from gold and polyurethane that could be used for pacemakers or brain implants. Unlike traditional circuits, this new material can still conduct electricity when stretched. The stretchy gold could solve the engineering problem of implanting electronic systems into the curved and irregular surfaces of the human body. The research team plans to test prototype implants in rat brains.
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Detroit Files for Record-Breaking Bankruptcy
Toronto Star – Detroit has filed the largest municipal bankruptcy, both in terms of debt and city size, in the history of the Unites States. Since the 1950s, a mere 60 Chapter 9 municipal bankruptcies have been filed. The municipal bond market, public unions, and other struggling cities will carefully watch how Detroit structures its debt reduction and recovery plan. In particular, the restructuring of retirement benefits could set an important precedent in municipal bankruptcies. Detroit’s debt is estimated to be as high as $20 billion, and the bankruptcy process could take years to complete.
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Brazilians Protest Sky-High Consumer Prices
New York Times – Sparked by unusually high public transportation fees in Sao Paolo and Rio de Janeiro, Brazilian consumers have been protesting extremely high consumer prices. Some smart phones cost twice as much as in the US, Ikea-like furniture costs six times more, and a cheese pizza can run $30. The high prices are blamed on protectionist manufacturing policies, transportation bottlenecks, and a tax system that favors consumer taxes over income taxes.
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POSTED ON August 2, 2013  - POSTED IN Key Gold Headlines, Videos

SchiffGold is excited to announce an exclusive new product – Silver Barter Bags. In this five minute video, Peter Schiff demonstrates the product and explains the advantages of 1/2 troy ounce silver barter rounds.

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POSTED ON July 31, 2013  - POSTED IN Key Gold Headlines

Deutsche Bank Opens Asian Gold Vault
The Wall Street Journal – Deutsche Bank has opened a gold vault in Singapore with a 200 metric ton capacity in order to capitalize on rising Asian demand for the metal. The opening goes hand-in-hand with Singapore’s goal of becomeing a new center for bullion trading. Last year, Singapore dropped its goods-and-services tax on gold and now hopes to increase its share of world gold demand to 10-15% in the next decade. “Gold has traditionally been stored in London, Zurich, and New York, but there is a serious shift in dynamics going on as the global financial crisis continues to evolve,” said Mark Smallwood, head of Asian-Pacific wealth planning for Deutsche Asset & Wealth Management.
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Platinum Demand Likely to Increase in 2013
Forbes – CPM Group predicts that platinum demand will increase in 2013, outstripping supply once again and supporting an increase in the price. The rising demand is attributed to positive investor sentiment and increased industrial demand. Demand grew only 0.1% in 2012, but should increase about 0.9% this year. Platinum supply dropped 10.6% from 2011 to 2012, largely due to a 12% drop in South African production. In 2013, CPM Group expects South African production to rise again so long as no prolonged labor strikes occur.
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Moscow Exchange to Trade Physical Gold & Silver
Russia Today – The Moscow Exchange will begin trading physical gold and silver by the end of 2013 and plans to add platinum and palladium in 2014. Right now, the market only trades futures. The hope is that adding physical metals will increase liquidity and the number of participants in the exchange. “We are a gold-exporting country. We produce a large number of precious metals. However, the trade volume is still significantly lagging behind our peers. Our commodity market is not transparent,” said Mikhail Orlenko, director of the Moscow Exchange commodity market.
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IMF: Fed Has “No Clue” How to End QE
Reuters – The International Monetary Fund said that global markets overreacted to Ben Bernanke’s statement that the Federal Reserve will end its quantitative easing by mid-2014 if the US economy continues to improve. “The Fed has no clue what will happen when it starts selling assets,” said Olivier Blanchard, IMF’s Chief Economist. Contrary to Bernanke’s statements, other Fed officials backpedaled on the idea of ending QE any time soon. Nevertheless, equity, bond, and commodities markets around the world plunged on Bernanke’s comments. Blanchard noted that the dramatic reaction is largely due to the speed of the supposed halt to QE, which would inevitably provoke volatility if the Fed were to make good on its claims. The IMF has recommended the Fed maintain QE until at least the end of 2013.
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POSTED ON July 17, 2013  - POSTED IN Key Gold Headlines, Original Analysis, Videos

Peter Schiff has just released a new research report – The Powerful Case for Silver. The report gives an in-depth analysis of silver’s fundamentals and its unique potential to grow your wealth. Watch Peter introduce the new report in the video below, or:

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POSTED ON June 30, 2013  - POSTED IN Key Gold Headlines

Asian Gold Demand to Hit Second Quarter Record
Reuters – According to the latest report from the World Gold Council, Asian gold demand is on its way to breaking a second quarter record in 2013. Gold’s April price drop triggered huge liquidations of ETF positions in the West, while Asian consumers took advantage of the low prices to buy physical gold. Q2 Indian gold imports are expected to be 200% higher than last year, reaching almost half of last year’s total imports. China’s gold imports may also beat previous forecasts, with a record amount of imports in the first quarter. WGC Managing Director Marcus Grubb said, “Even if ETF outflows continue in the United States, it is quite likely that the gold previously held in ETFs will find a ready market among Indian, Chinese, and Middle Eastern consumers.”
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Regulations Might Push London Metal Exchange to Hong Kong
Reuters – New EU financial market regulations have London Metal Exchange members talking about moving the LME to Hong Kong. The regulations will increase costs for clients by restricting the amount of credit brokers can extend, which translates to reduced volume and liquidity. While LME Chief Executive Martin Abbott made it clear there were no plans to relocate, other exchange members say the move is a possibility within the next decade. The Hong Kong Exchange bought the LME last year and China consumes about 50% of global metals.
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Platinum Supplies Hit 12-Year Low in 2012
MarketWatch – Platinum supplies dropped 13% last year, reaching a 12-year low, reported metals refiner Johnson Matthey. Labor disputes that halted production in South Africa are the main culprit for the supply deficit, because South Africa is the largest platinum source in the world. Palladium also saw a deficit in 2012 after a 2011 surplus. Palladium supplies were drained by increased investment demand, record high demand for auto catalysts, and a 2/3 reduction in sales of Russian stock. Both platinum and palladium are likely to have deficits again this year.
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Used Gold Supplies at Five-Year Low
Bloomberg – Consumers will sell 4% less old jewelry and metals in 2013 compared to last year, the lowest amount since 2008. Gold’s sudden April price drop has forced buyers of used jewelry to hold onto their stock until prices rebound significantly. Jewelry shops and refiners are struggling to deal with the drop in scrap inventory and are turning to alternative sources, such as new jewelry and by-products from copper smelting. Used gold usually accounts for about one-third of total global gold supply every year.
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Asian Gold Bar Premiums at Record Highs
Reuters – Hong Kong and Singapore gold bar premiums saw all-time highs in May, reaching $5-6 over London spot prices in Hong Kong and $3.50 in Singapore. In Tokyo, premiums are tracking Hong Kong’s rates and are now the highest since 2011. The spike in premiums was driven by a supply shortage due to huge physical demand after April’s price drop. China, the world’s second-largest gold consumer after India, is responsible for the majority of the new Asian demand, with record-high gold imports in Q1.
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POSTED ON June 27, 2013  - POSTED IN Key Gold Headlines, Videos

In his latest exclusive video on the gold market, Peter Schiff answers the question on everybody’s mind: “Where is the bottom in gold and is it time to sell?” Peter explains how speculative money drove the current decline in the price and why the strong fundamentals of gold indicate the price may rise even faster than it has fallen.

If [gold] does [drop to $1,000], I don’t think it’s going to stay there very long. I think the price is going much higher. Not only than where it is now, but higher than $1,900, which was the peak of this recent move. I think this decline is being driven entirely by speculators.”

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POSTED ON May 31, 2013  - POSTED IN Key Gold Headlines, Peter's Blog

Gold Boasts Biggest Weekly Gain Since 2011
Reuters – From a two-year low of $1,321 on April 16th, gold climbed to $1,471.05 on April 25th, making for the largest weekly price gain since October 2011. Continued strong fundamentals have contributed to gold’s recovery, including huge physical demand in Asia that has depleted supplies and raised premiums. Central bank purchasing has also supported gold’s price, with Turkey’s April gold imports reaching the highest level since July of last year.
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Eastern Hemisphere Physical Gold Rush Strains Supplies, Raises Premiums
Bloomberg & Reuters – Retail consumers worldwide scrambled to buy gold at its lowest price in two years, even as holdings in gold ETFs dropped dramatically. China and India, the world’s largest gold consumers, had the greatest growth in demand, with retailers struggling to cope with dwindling and delayed supplies. The new demand is responsible for gold premiums soaring across Asia. In Turkey and the Middle East, which represented almost 10% of global gold demand last year, premiums are their highest in years. While large portfolio investors are selling gold on fears of a price collapse, physical buyers see an opportunity to invest before the price rises again.
Read Full Article On Middle East>> On Asia>>

Mint Gold Sales Skyrocket Worldwide
Bloomberg – After the biggest gold price drop in thirty years, mints around the world have experienced an explosion in gold sales. The US Mint’s April gold coin sales are their highest since December 2009, forcing it to suspend sales of its 1/10-ounce gold coin, which had seen a doubling of demand from last year. In Australia, the Perth Mint remained open through the last weekend of the month in order to meet demand, due to the highest sales since 2008.  
Read Full Article On US Mint>> On Perth Mint>> (link unavailable for “On Royal Mint”. Took out final sentence of “In the United Kingdom, the Royal Mint’s April gold sales more than tripled from last year, and it is increasing production to meet demand.”)

Bond Dealers See No Quick End to QE
Bloomberg – The primary bond dealers that trade with the Federal Reserve do not expect the Fed’s monthly $85 billion quantitative easing program to end by the last quarter of 2013, according to a Bloomberg News survey. Many of the dealers don’t expect the bond purchasing to end until mid-2014 or later, and predict the record low interest rate target won’t be raised to 0.25% until June 2015. While some dealers say QE is necessary to hold inflation in check, critics maintain that the program doesn’t create jobs and raises the risk of asset bubbles. The Fed has already injected $2.5 trillion into the economy in an attempt to achieve full employment and price stability, but the economy remains stagnant.
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