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Key Gold Headlines

POSTED ON August 15, 2019  - POSTED IN Key Gold Headlines

The yield on the 10-year Treasury fell below the yield on the 2-year for the first time in 12 years, stoking recession fears and tanking stock markets.

Yield curve inversions have preceded all nine recessions since 1955.  This was the first time the 10-year Treasury yield has dropped below the 2-year yield since June 2007 – the cusp of the Great Recession.

POSTED ON August 14, 2019  - POSTED IN Key Gold Headlines

China bought gold for the eighth straight month in July, adding another 10 tons to its rapidly growing hoard.

The recent purchases boosted the People’s Bank of China’s gold reserves to 62.26 million ounces – about 1, 945 tons.  China has added about 94 tons of gold to its stash over the past eight months.

POSTED ON August 13, 2019  - POSTED IN Key Gold Headlines

The federal government continues to spend America into a black hole and has already topped last year’s budget deficit with two months left in the fiscal year.

The US budget deficit in July came in at $120 billion thanks to a surge in spending, according to data released by the Treasury Department.

Uncle Sam spent $371 billion in July. That was 23% more than the government spent in July 2018. The Treasury brought in $251 billion. That number was up 12% compared to July 2018.

POSTED ON August 12, 2019  - POSTED IN Key Gold Headlines

In a podcast a couple of weeks ago, Peter Schiff said we now have all the elements of a gold bull market. Well, it looks like the mainstream might be starting to catch on. A headline at Bloomberg on Friday proclaimed “Hedge Funds Go All-In on Gold.”

According to the Bloomberg report, hedge funds increased their gold net-long position by 23% to 285,082 futures and options, this according to US Commodity Futures Trading Commission data that was published on Friday. This figure measures the difference between bets on the price of gold going up and bets on a decline. It was the highest since July 2016.

POSTED ON August 12, 2019  - POSTED IN Key Gold Headlines

Consumer debt is driving American economic growth.

Total outstanding consumer debt surged over $4.1 trillion in the second quarter of 2019, according to the latest data released by the Federal Reserve.

American indebtedness grew by 4.9 over the year, and the quarterly gain from Q1 to Q2 came in at $60 billion — the biggest second-quarter increase since Q2 2016.  Over the last 12 months, American consumers have piled on an additional $208 billion of debt.

POSTED ON August 8, 2019  - POSTED IN Key Gold Headlines

Gold holdings in gold-backed ETFs globally surged to the highest level in over six years in July.

Gold-backed ETFs added 52 tons of gold last month, with net inflows totaling $2.6 billion, according to the latest data released by the World Gold Council. This follows on the heels of a June increase that totaled 127 tons.

Globally, gold-backed funds now hold 2,600 tons of gold. That’s the highest level since March 2013.

POSTED ON August 6, 2019  - POSTED IN Key Gold Headlines

Gold hit record highs in a number of currencies on Monday as trade war worries, geopolitical uncertainty and expectations of a slowing economy drove investors to seek safe haven.

During a recent interview on Fox Business, Peter Schiff said the trade is to get out of the dollar and look at gold. As if to prove him right, gold shot up about 1.5% Monday in dollar terms, hitting a six-year high. The yellow metal pushed to $1,469,60 before some profit-taking stalled the rally.

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