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Key Gold Headlines

POSTED ON December 13, 2020  - POSTED IN Key Gold Headlines

The US government kicked off fiscal 2021 with the biggest October deficit in history. But with the first of November falling on a weekend, some November spending got shifted into October, inflating that month’s deficit. Now that we have the November monthly Treasury Statement, we have a better sense of how big deficits are running in the new fiscal year.

In two words — really big.

POSTED ON December 10, 2020  - POSTED IN Key Gold Headlines

Last summer, the Chinese government launched a pilot program for a digital version of the yuan. The virtual currency ups the ante in the war on cash and creates the potential for the government to track and even control consumer spending.

Last week, the digital yuan got a boost when China’s biggest online retailer announced it has developed the first virtual platform to accept the Chinese digital currency.

POSTED ON December 9, 2020  - POSTED IN Key Gold Headlines

Senate Minority Leader Chuck Schumer recently suggested that as one of his first acts as president, Joe Biden should wipe out $50,000 of student loan debt for every borrower by executive order. But what kind of impact would this have on the US economy?

It would certainly benefit a lot of people. But somebody would have to pay the bill. And that somebody is everybody else.

POSTED ON December 8, 2020  - POSTED IN Key Gold Headlines

Demand for silver jewelry is expected to rebound sharply in 2021, according to a report released by the Silver Institute.

The COVID-19 pandemic crushed silver jewelry demand this year. The economic slowdown, coupled with record silver prices in India and higher US dollar prices, is expected to drive a 23% decline in silver jewelry demand in 2020. But the Silver Institute report anticipates a bounceback in 2021, with a projected 13% recovery even with the expectation of higher silver prices.

POSTED ON December 8, 2020  - POSTED IN Key Gold Headlines

When unemployment began to quickly shrink over the summer as governments loosened up on the economic lockdowns in response to COVID-19, everybody got giddy and assumed we were in for a quick recovery. But we’ve been saying that the quick turnaround was an illusion and that the lockdowns caused deep wounds in the labor market. The numbers are starting to hint at this reality.

POSTED ON December 7, 2020  - POSTED IN Key Gold Headlines

A lot of people have a vague sense that too much inflation might be a bad thing. But in a world where central banks and governments promote and implement policies intended to increase inflation by 2% annually, most people don’t seem to really understand just how much inflation erodes their purchasing power over time. After all, 2% doesn’t sound like a lot.

But you have to remember that this decrease in the value of your money compounds over time and it ultimately devastates savers and those on fixed incomes. Looking at Social Security benefits drives this reality home.

POSTED ON December 3, 2020  - POSTED IN Key Gold Headlines

After two months of net global declines in gold holdings, central banks became net buyers again in October.

Gold-buying by central banks has slowed from the record pace we saw in 2018 and 2019, but many countries continue to load up on the yellow metal. In October, central banks added a net 22.8 tons of gold to their reserves, according to the latest data compiled by the World Gold Council.

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