Gold Nears $2,800 New All Time High: SchiffGold Friday Gold Wrap November 1 2024
Gold hit an all-time high of nearly $2,800 this week, closing at $2,735 (down $11 since last week) and silver at $32.44 (down $1.25). JD and Joel discuss gold’s new all-time high, how economic weakness, elections, and central bank moves are impacting demand for gold and silver.
OTHER TOPICS DISCUSSED
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- Consumer confidence rose significantly in October, reaching 108.7.
- The U.S. economy expanded at a 2.8% annual rate in Q3.
- Only 12,000 jobs were added in October, far below expectations.
- Market reactions to economic data can influence gold and silver prices.
- Upcoming elections may create volatility in precious metal markets.
- Central banks are increasingly buying gold as a hedge.
- Understanding intrinsic and melt value can protect investors from scams.
- The Economist recently published a special report on gold.
- Key headlines for next week
Quote of the Week:
The fundamental problem is that, while we might wish to delegate all problems to government, there are many which the government is simply incapable of solving. A government can enforce rules and provide a framework within which people can work together, but it can neither foresee nor direct all of the effects of individual choices within the market.”
– Friedrich Hayek
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- Jobs: Headline Report is a Disaster, Household Survey is a Train Wreck
- Growing Momentum: More Republicans Join the Anti-Fed Movement
- Schiff W/ Mitchell: Fed Policy is Backfiring
- Schiff on Reinvent Money: It’s Time for an Honest Default
- Peter Schiff: Consumers Trust in Trump
- China’s Role in Shaping the Future of Gold Markets
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.
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The above references an opinion and is for information purposes only. It is not intended to be investment advice.
