Last week, officials broke ground for construction of the country’s first state gold depository in Texas. The creation of the Texas Bullion Depository represents a power-shift away from the federal government, provides a mechanism for the state to establish a higher level of economic independence, and sets the foundation to undermine the Federal Reserve’s monopoly on money.
This is shaping up to be a December to remember.
Wall Street is on pace for its worst December since 1980.
The mainstream has finally uttered the B-word.
I mean bear. As in bear market.
DoubleLine Capital founder Jeffrey Gundlach sparked mainstream talk of bears on Monday when he asserted that we have indeed entered a bear market during an interview on CNBC.
Stocks continued to get pummeled and pundits continue to claim there’s nothing to worry about. They say the economy is fundamentally strong. But is it? Really?
Peter Schiff doesn’t think so.
How much gold does China really have?
The short answer is we don’t really know.
Officially, the Chinese central bank’s reserves stand at 1,842.6 tons. But the People’s Bank of China has not announced an increase in its gold hoard since October 2016. But it has almost certainly added gold to its reserves since then. Just how much is anybody’s guess.
Bling isn’t really my thing. But a lot of people enjoy sporting gold jewelry. Well, a 36-year-old businessman in Vietnam takes bling to a whole new level.
Tran Ngoc Phuc wears a total of 13kg of gold wherever he goes. If you don’t have your kilograms to pounds calculator handy, that about 28.7 pounds of gold.
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.
Washington D.C. just keeps right on spending.
The U.S. federal government ran a $204.9 billion deficit in November, according to the most recent Treasury Department report. That set a record for the month of November.
Stock markets have been extremely volatile this week, with massive swings in both directions. The markets rallied on Wednesday, primarily due to optimism about progress in the trade war. On the week, the Dow is up around 100 points, but it also put in new lows.
In his most recent podcast, Peter Schiff said he thinks the volatility will continue. It’s a sign of trouble in the economy – trouble ultimately created by Federal Reserve monetary policy.
Remember back when Janet Yellen was heading up the Federal Reserve and she claimed there won’t be another financial crisis “in our lifetime?” You don’t have to think back too far. It was just about 18 months ago. Tuesday, June 27, 2017, to be precise. But now that Yellen has vacated the Eccles building and taken up residence at the Brookings Institute, she’s changed her tune. In fact, she’s singing an entirely different song.
During a talk at the City University New York, this week, Yellen said she fears there will be another financial crisis.
Assuming she doesn’t plan on dying any time soon, she apparently means within her lifetime.
