On Monday, President Joe Biden reappointed Jerome Powell to head up the Federal Reserve and nominated Lael Brainard to serve as the vice-chair. In his podcast, Peter Schiff talked about Biden’s decision, the markets’ reaction and what the Fed will (or will not) do moving forward. Ultimately, Peter said the devil you know is still a devil.
Every key area of silver demand is forecast to rise in 2021, according to the Silver Institute’s Interim Silver Market Review.
The institute projects silver demand will come in at 1.029 billion ounces this year. That would mark the first year demand has exceeded 1 billion ounces since 2015.
President Joe Biden has tapped Jerome Powell to serve a second term as chairman of the Federal Reserve.
Biden said Powell’s “steady leadership” helped calm markets as governments shut down the economy due to coronavirus, and he expressed confidence in Powell’s future leadership. “I believe Jay is the right person to see us through,” Biden said.
The Federal Reserve pulled off a magnificent manipulation of the junk bond market, facilitated a massive wealth transfer from savers to speculators, pocketed millions of dollars, and then washed its hands of the matter.
In March 2020, as governments shut down the economy for coronavirus, the Fed slashed interest rates and launched a massive quantitative easing program. But that wasn’t enough, so the central bank took the unprecedented step of announcing it would purchase $750 billion in corporate bonds, junk bonds, bond exchange-traded funds (ETFs), and junk-bond ETFs.
During a recent interview, Bank of Poland President Adam Glapiński said the central bank plans to add 100 tons of gold to its reserves in 2022.
In 2018, the National Bank of Poland began aggressively adding gold to its reserves. Through the first half of 2019, the Polish central bank added more than 100 tons of gold, nearly doubling its reserves.
Gold finally broke through the $1,800 resistance after yet another sizzling hot CPI read. Could $1,900 be next?
The analysis last month and the month before showed that a breakout in the price of gold looked to be very close.
It happened!
The retail sales numbers for October came in even better than expected. The mainstream reported this as fantastic news — proof that the economy is booming. Meanwhile, Janet Yellen went on national TV and put a new spin on the transitory inflation narrative. In this week’s Friday Gold Wrap, host Mike Maharrey explains why you shouldn’t fall for all this mainstream and government spin.
Gold stocks in the Comex vaults have recorded another significant drop since the beginning of the month. Silver inventories have also dropped over the last few months.
This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to show the physical movement of metal into and out of Comex vaults.
A Peter Schiff put it, double-barrel inflation is locked and loaded. But after yet another month of hotter thane expected CPI, the central bankers at the Federal Reserve continue to insist that inflation is “transitory” and blame it on everything except their monetary policy.
These central bankers lack any sense of self-awareness. If they did, they would recognize, as Ron Paul does, that their policies are a complete and utter failure.
The Federal Reserve has held interest rates artificially low for decades. This causes all kinds of distortions and misallocations in the economy.
And it’s creating quite a problem for the Social Security Administration.
