The US and China are reportedly getting closer to working out a trade deal. The Chinese have indicated they will import more US natural gas, semiconductors and soybeans. Peter Schiff recently appeared on RT to talk about it. He said that no matter what ultimately comes out of these trade negotiations, it’s not going to make America great again.
Russia is considering eliminating its value-added tax (VAT) on gold purchases. According to a Russian paper, this could increase gold demand in the country by 50 to 100 tons per year.
Russia currently charges a 20% tax on all gold bar purchases, and investors do not get the tax back when they sell their gold.
Even as the Federal Reserve and the financial news network pundits continue to dangle the prospect of a booming economy in front of us, we’re seeing more and more bad news that undermines this narrative and reveals the rotting foundation of the US economy. The wholesale inventory report that came out yesterday is the latest gloomy example.
Investors are gobbling up American Silver Eagle coins. Sales were so brisk last week that the US Mint temporarily suspended orders when its inventory ran out.
February sales this year have already doubled 2018 levels. As of Feb. 26. the mint had sold 2,157,500 Silver Eagles this month. That compares with 942,500 coins in February 2018. This represents a whopping 118% year-on-year sales increase.
Silver often gets lost in gold’s shadow, but it’s important in its own right – both as an industrial and a monetary metal. In this episode of It’s Your Dime, Mike Maharrey talks all things silver with Silver Institute Executive Director Michael DiRienzo.
There was a lot of Fed-talk on Friday and the big theme was inflation.
For quite a while, Peter has been asking an important question: what is the Federal Reserve going to do when the inflation level gets above 2%? Well, it looks like its setting the stage.
Everybody wants gold. Some people want it so bad that they’re willing to break the law to get it. That’s why we have police. They stop the bad guys.
At least that’s how it’s supposed to work. But don’t miss what I said. Everybody wants gold. Police officers fall into the category of “everybody.” So, it should come as no surprise that every once in a while, you run into a cop willing to break the law to get his hands on some sparkling yellow metal.
This, in fact, happened recently in India.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Was Ben Bernanke lying or just wildly mistaken when he claimed the Federal Reserve wasn’t monetizing the debt in the early days of the financial crisis?
The Fed released the minutes from its January Federal Open Market Committee meeting yesterday. There really weren’t any surprises. The minutes emphasized the central bank will exercise “patience” in raising rates and also signaled that its balance sheet reduction program will end soon. A number of figures at the Fed have hinted that quantitative tightening will end in the near future, including Federal Reserve Governor Lael Brainard and Cleveland Fed President Loretta Mester.
Analysts expect continued strong investment demand for gold in China this year.
According to Xinhua News, gold as an investment will likely “glitter” in 2019 and gold jewelry sales are expected to get a boost in the Chinese lunar Year of the Pig. It also appears the People’s Bank of China is on a buying spree.
China ranks as the world’s top gold consumer.
