Get the latest headlines, market analysis, and original content from SchiffGold.
News keeps coming in of central banks increasing their gold reserves. From Russia to Korea to Iraq, it seems bankers around the world are preparing for the worst as governments continue to crank out fiat currency. Brazil is leading the pack by more than doubling their gold holdings since August:
Schiff: Gold Will Pass $2,000/oz ABC News – Gold will go much higher than $2,000 an ounce, says Peter Schiff, CEO of Euro Pacific Precious Metals. The reason it hasn’t gotten there yet, argues Schiff, is because most people have yet to fully grasp the true scale of the economic predicament the US faces. However, […]
China’s Currency Rises in US Backyard Financial Times – Two scholars from the Peterson Institute of International Economics write: “Would-be US leaders would do well to note that for probably the first time since the Second World War the dollar bloc in East Asia has been displaced. In its wake a currency bloc based on China’s renminbi is emerging.” Seven out […]
Bridgewater’s Dalio Likes Gold, Breaks From Buffett Forbes – Ray Dalio, manager of one of the world’s most profitable hedge funds – the $120 billion Bridgewater Associates – likes gold, sees it as a useful inflation hedge, and thinks it belongs in any well-diversified portfolio. For Dalio, gold is “the alternative money.” Concerning Warren Buffett’s […]
Gold Investment Demand in China to Advance 10% Bloomberg – China’s largest bullion bank expects domestic investment demand to increase by 10% this year. Zheng Zhiguang, general manager of the precious metals department at the Industrial and Commercial Bank of China Ltd. (ICBC), said currency debasement and the European debt crisis are driving safe-haven demand […]
Emerging Market Central Banks Add More Gold to Reserves MarketWatch – The latest data from April shows emerging market central banks continued to add to their gold reserves. Among the top buyers, Mexico added 94,000 ounces, bringing its total gold reserves to 4.04 million ounces; Kazakhstan added 65,000 ounces, bringing its total to 3.16 million […]
Bernanke: Fed Stands Ready to Do More The Wall Street Journal – Federal Reserve Chairman Ben Bernanke reaffirmed the ‘Bernanke put’ this month, otherwise known as music to the ears of precious metals investors. Appearing after the Fed’s latest rate-setting meeting, Bernanke said that another round of bond purchases remains “very much on the table […]
Central Banks Vigorously Buying the Dip Financial Times – At least one central bank, and likely more, took advantage of this month’s correction in gold to further diversify their reserve holdings away from the US dollar. According to several estimates from traders familiar with the purchases, the Bank for International Settlements – which buys gold […]
Emerging Market Central Banks Driving Gold Higher CNBC – Mark Bristow, CEO of Randgold Resources, a miner with operations in western Africa, says that emerging market central banks are underpinning today’s elevated and rising gold price. In a financially volatile world, Bristow maintains, emerging market central banks are using gold to mitigate their foreign exchange […]
Gold Again Above $1,700 on Fed’s Extended Zero-Rate Pledge Reuters – Gold rallied hard on January 25, climbing 2.5% intraday to above $1,700 an ounce, on news that the Fed is extending its promise to maintain near-zero interest rates until late 2014. The Fed’s previous low-rate pledge was set to expire in mid-2013. The rally […]
