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South Koreans have embarked on a gold buying spree. Residents of the Asian country are on pace to purchase a record amount of gold in 2015. By year’s end, total sales will likely top 1 trillion won ($860 million) based on first-half sales through Korea Gold Exchange 3M Co Ltd, the country’s largest gold merchant.
The New York Times ran a surprising op-ed on Sunday highlighting some structural problems in the US economy. The issues raised in the column titled “We’re Making Life Too Hard for Millennials” by Wall Street executive and NYT contributing opinion writer Steven Rattner won’t surprise our regular readers. In fact, you will find the analysis […]
Coin Sales Soar, Driven by Greek Crisis and Low Prices Reuters – The sale of gold and silver coins soared in July, with the Greek financial crisis and low prices pushing demand. With more than a week left until the end of the month, sales of US Mint American Eagle gold coins had already vaulted above […]
You go to the bank, deposit your paycheck and walk away thinking your money will remain safe and secure, ready for you to withdraw whenever the need arises. But as Greeks have discovered, that’s not necessarily the case. In the event of a crisis, you may not be able to access your money. According to […]
The Chinese yuan continues to gain stature in the world financial system. Earlier this week, the London Metal Exchange announced it will begin accepting yuan as collateral for banks and brokers trading on its platform. The LME is the largest metal trading venue in the world. It facilitated some $15 trillion in metal trades last […]
This article was written by Dickson Buchanan, SchiffGold Precious Metals Specialist. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold. The month of July has seen the most intense demand for physical gold and silver since April of 2013, setting numerous records for the year. On […]
Banks in Greece reopened on Monday, and even with strict withdrawal limits in effect, it at least gave the appearance of a return to normalcy. But Greeks also woke up Monday to a painful new reality that should serve as a warning to Americans. Massive tax hikes went into effect, part of the austerity measures […]
Gold is power. We know that gold historically holds its value over time and serves to preserve wealth, especially in times of economic chaos. But gold also offers its holder political power. Countries that stockpile gold create a foundation of stability for their monetary systems. This is precisely why China is increasing its gold holdings. […]
In his podcast released yesterday evening, Peter Schiff explains why the price of gold plunged on Sunday night. More importantly, he reminds investors why gold is not a faith-based asset, like fiat money. He also reviews China’s relationship to gold, and compares the current market to the last time a bear market in gold ended. […]
Gold fell to about $1,090 an ounce last night after the biggest single-day decline in its price in two years. It is now hovering around $1,110 an ounce. Market consensus is that the sharp drop in price was triggered by major selling in the Shanghai gold market by gold speculators. The drop in price is […]
