To date, gold is up nearly 10% in 2017, but as Ron Paul pointed out in his recent Market Update video, most people aren’t paying much attention.
Because a lot of other things such as the stock market and cryptocurrencies are going up faster. Nevertheless, Paul thinks there are good reasons to believe what he calls the “third bull market” in gold has started.
Russia’s gold holdings have topped 1,800 tons.
To put that into perspective, between 2000 and 2007, the Russian central bank held just 400 tons of gold. At that point, the country launched an aggressive gold acquisition program. In October of this year alone, the Bank of Russia bought 21.8 tons of gold. At 1,801 tons, the yellow metal now accounts for 17.3% of the country’s reserves. In the second quarter of 2017, Russia accounted for 38% of all gold purchased by central banks. Russia ranks sixth in the world in gold holdings behind the United States, Germany, Italy, France, and China.
Russia’s growing gold hoard is helping to establish economic and political stability and independence for the country.
Would you open up a box of cursed gold?
Some archeologists in Germany decided it would be a good idea.
Pres. Donald Trump has nominated another swamp creature to sit on the Federal Reserve board of governors.
Marvin Goodfriend does not come from the ranks of politicians. He’s an academic – an economics professor at Carnegie Mellon University. But he’s perfectly suited for the role of central planner. He fits right in with the other central bankers running what investment guru Jim Grant once called “the Ph.D. standard” monetary system, as opposed to the gold standard.
Since pushing above $1,300 in late August and then falling back below that level again in September, gold has been trading within a very narrow range and volatility in the market has remained low. But during an interview on CNBC Futures Now, metals expert Michael Dudas of Vertical Research said he sees a breakout on the horizon.
Loose monetary policy has dumped billions of dollars of easy money into the world’s financial systems over the last eight years, pumping up a whole slew of bubbles. We are still on the upside of the business cycle, with stock markets hitting record levels it seems like on a daily basis. But if history serves as any kind of indicator, a crisis is on the horizon.
What will precipitate it? That’s the proverbial $64,000 question.
Jim Rickards has compared financial crises to an avalanche. Snow piles up becoming increasingly unstable. Eventually, it reaches the point when all it takes is one more snowflake to set off an avalanche.
In a recent column, Rickards highlights three potential “snowflakes” that could set off the next deluge.
Earlier this month, Mint Capital strategist Bill Blain warned that the bond bubble is about to burst.
A crash in the bond market would likely take stocks down with it, but there is another impact that is less obvious. It could have a huge impact on the United States’ ability to finance its massive debt.
It looks like Trump’s pick to chair the Federal Reserve plans to walk in the footsteps of his predecessors.
In other words, we can expect the legacy of Ben Bernanke and Janet Yellen to continue unbroken. That means a continuation of interventionist monetary policy, artificially low interest rates into the foreseeable future, and plenty of quantitative easing when the time comes.
In all of the talk about tax reform, nobody is considering the more fundamental problem facing America – the size and scope of the federal government.
Peter Schiff has described the Republican tax plan as “tax cuts masquerading as reform.” When it’s all said and done, Americans aren’t going to get tax relief. They are going to get big government on a credit card. The balance will come due down the road.
The real issue is the total cost of government. In an article originally published on the Mises Wire, Ryan McMaken argues that if Republicans really want to ease the burden of government, they need to cut spending.