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POSTED ON September 18, 2017  - POSTED IN Key Gold Headlines

The US national debt was in the news last week as Pres. Trump signed a spending bill that raised the debt ceiling limit for the next three months and added approximately $318 billion to the national debt. Officially, the US debt surged to to $20.16 trillion. Of course, the actual figure for government unfunded liabilities runs even higher. And Trump wants to do away with the debt ceiling altogether.

The US debt makes up just one part of a rapidly growing worldwide debt problem. Earlier this summer, US Global Investors CEO Frank Holmes called global debt “the mother of all bubbles.” Now we have a report from the Bank of International Settlements saying worldwide debt may actually be understated by $13 trillion. Reuters reports the understatement is because “traditional accounting practices exclude foreign exchange derivatives used to hedge international trade and foreign currency bonds.”

POSTED ON September 18, 2017  - POSTED IN Key Gold Headlines

Despite rising prices, a tax increase, and government attempts to tighten regulation of the jewelry industry, gold continues to flow into India.

Gold imports into the country nearly tripled year-on-year in August. An estimated 60 tons of the yellow metal flowed into the Asian nation last month, up from 22.3 tons in August 2017. This continues a trend for the year. Over the first 8 months of 2017, India’s gold imports climbed to 617.5 tons, a 158% increase over 2016.

POSTED ON May 8, 2017  - POSTED IN Key Gold Headlines

Last week, the Texas House unanimously passed a bill that would facilitate the establishment and operation of the Texas Bullion Depository; helping to undermine the Federal Reserve’s monopoly on money.

The creation of a state gold depository in Texas represents a power shift away from the federal government to the state, and it provides a blueprint that could ultimately end the Fed. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies, and even other countries to to store gold and other precious metals, the law also creates a mechanism to facilitate the everyday use of gold and silver in business transactions. In short, a person will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money.

POSTED ON May 8, 2017  - POSTED IN Key Gold Headlines

Many Indians have thwarted a government policy to bring the underground economy out of the shadows by converting their “black money” into gold.

Last fall, the Indian government announced a surprise demonetization policy meant to drive so-called black money out of the shadows, declaring current 1,000 and 500 rupee notes would no longer be valid. The suddenly worthless note notes made up 86% of the currency in circulation in the country at the time. The move made virtually all of the cash in India valueless.

POSTED ON May 5, 2017  - POSTED IN Key Gold Headlines

Puerto Rico officially plunged into bankruptcy this week. Years of accumulating debt and misguided government policies finally reached their inevitable end.

The bankruptcy means more pain for the people of Puerto Rico, as well as bondholders who have virtually no hope of ever getting their money back. But beyond that, it serves as a giant, flashing warning sign, because the truth is, the financial condition of the the US isn’t fundamentally different than that of her island territory.

POSTED ON May 4, 2017  - POSTED IN Key Gold Headlines

The Federal Reserve held pat on interest rates at its May meeting. The Federal Open Market Committee unanimously voted to keep the benchmark rate target at 0.75 percent to 1 percent. The Fed continued to express optimism about the state of the US economy despite the recent slowdown in growth and hinted future hikes remain on the table. But will they come to pass?

POSTED ON May 4, 2017  - POSTED IN Key Gold Headlines

Global demand for physical gold increased by 9% year-on-year in the first quarter of 2017, according to the latest demand report from the World Gold Council.

The sale of gold bars and gold coins hit 289.8 tons worldwide in Q1, driven by Asia’s appetite for gold. The WGC said the strength of the retail investment market in the first quarter built on 2016’s exceptionally strong finish.

Demand in China soared in the first quarter. Chinese investors gobbled up 105.9 tons of gold. That represents a 30% year-on-year increase, and was the fourth strongest quarter on record.

POSTED ON May 3, 2017  - POSTED IN Key Gold Headlines

The Silver Institute has released the April issue of Silver News. This edition highlights rising silver prices pushed by strong institutional investment.

The price of silver had increased by about 11% as of April 25. According to the Silver Institute, improving sentiment among institutional investors has helped drive up the price.

Changing expectations towards the outlook for U.S. interest rates and the proliferation of negative policy rates across other key reserve currencies has
rekindled institutional investor interest in precious metals. Meanwhile, a marked improvement in silver industrial offtake, led by photovoltaics, which achieved a record high last year, is also helping. All these factors in turn have fueled investment inflows into silver futures, options, exchange traded products (ETPs) and over-the-counter products.”
POSTED ON May 3, 2017  - POSTED IN Key Gold Headlines

As predicted, festival-goers rushed to buy gold in celebration of Akshay Tritiya in India this year. According to the Economic Times, gold sales increased more than 30% during the important Hindu holiday celebrated on April 28. All-told, Indians bought more than 23 tons of gold that day.

Akshay Tritiya ranks as one of the four most important days for Hindus. The word Akshay roughly translates to “the never diminishing.” The day is believed to bring good luck and success. It is also considered one of the most auspicious occasions to buy precious metals, including gold.

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