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One of America’s largest online retailers has prepared for a financial crisis. Have you? During a recent speech (see video below) at the United Precious Metals Association, Overstock.com Chairman Jonathan Johnson said the company has stockpiled $10 million in gold and silver outside of the banking system. He said most of the gold is in […]
Sales of American Silver Eagle bullion coins shot through the roof over the past several months and will likely break a record in 2015. According to a Newsmax Finance report, 2015 sales year-to-date are ahead of last year’s pace. Through the third week in October, sales stood at 38,986,000 ounces. That compares to last year’s […]
Swedes are reportedly hiding money in microwave ovens in a desperate attempt shield it from the negative effects their central bank’s “war on cash.” As Business Insider puts it, the Nordic country is “shaping up to be the first country to plunge its citizens into a fascinating — and terrifying — economic experiment: negative interest […]
Gold-backed exchange-traded funds (ETFs) generally follow the price of gold. As a result, they have been underperforming relative to the general stock market this year. For instance, SPDR Gold Trust (GLD) lost about 28.3% of its value in 2013, fell another 2.2% in 2014 and yet another 3.8% so far this year. It was recently […]
Investors and central banks around the world are buying gold. Overall worldwide demand for the yellow metal surged during the third quarter. According to a Reuters report, demand for gold coins and gold bars, along with buying by central banks, drove a 7% Q3 increase. Demand for gold coins and bars jumped by 26% year-on-year […]
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 […]
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 […]
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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 […]
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 […]
