Gold production in South Africa dropped by 19% year-on-year in September, according to a report at Fin24.
This continues a trend of monthly gold mine production drops. South African gold output fell by 15% in August and 15.5% in July.
The country once led the world in gold production. The precipitous drop in output over the last few years could signal an overall drop in global mine output.
Gold holdings in gold-backed ETFs rose globally by 16.5 tons in October. It was the first monthly net inflow of the yellow metal into ETFs in four months.
According to a report by the World Gold Council, positive gold price performance for the month (+2.3% in USD) was a key driver of inflows in North American and European funds. Global assets under management rose by 3.1% in US dollars relative to September.
The Russians have an alternative money transfer system up and running, and according to a report in RT, it has now surpassed SWIFT in popularity in that country. This is part of a broader effort by countries like Russia and China to limit their dependence on the US dollar and set up alternative financial channels outside of the global dollar system.
For centuries, gold jewelry was not only something beautiful to wear, it was also a store of wealth and value. But the 14-karat gold jewelry found in your local store isn’t the best option for investment. Now there is an alternative for people who want to own beautiful jewelry that will also serve as a store of value.
Mene is an ancient word for money. A new company by that name prices its jewelry by weight and a transparent premium. Mene also allows customers to track the value of their jewelry like an investment portfolio and sell back or exchange pieces back to the company.
In this special episode of the Schiff Report, Peter Schiff interviews Mene founder and CEO Roy Sebag. They not only talk about the company and this unique way to invest, but they also talk about the fundamental reasons you want to own gold.
October jobs numbers came out on Friday and everybody was all giddy about healthy growth. But in his most recent podcast, Peter Schiff said jobs are just another bubble about to burst.
Overall, gold used in technological applications grew 1% to 85.3 tons in the third quarter. That marked the eighth consecutive quarter of year-on-year growth. Strong demand in the electronics sector helped drive overall industrial and tech demand for the yellow metal higher.
Pull up a chair and grab a cup of coffee because it’s time for some Fun on Friday. And if you really want to enjoy that cup of Joe, I highly recommend adding some gold.
Actually, I don’t recommend that at all. As I’ve made clear in several Fun on Friday posts, I don’t really get the appeal of eating gold.
Get ready for higher prices.
According to a recent report by the Wall Street Journal, US consumers are about to be hit by a wave of inflation. ZeroHedge summed up the report.
Many US consumer staple and industry-leading companies are either already in the process of raising prices, or have set concrete plans to do so in the very near future.”