While the price analysis last month was very neutral, the data this month points to a bit more positive momentum in the gold and silver markets.
Last month I highlighted that gold was trapped between long-term support and resistance.
December gold is having the weakest major delivery month since February. This is surprising given the recent strength in gold and considering that last December saw quite a large number of contracts deliver (36k). I commented on this a few weeks ago, suggesting that the lower volume was a result of thinner supplies. I think the silver shortage is well underway and it is just starting in gold. This is why gold is showing signs that silver showed 6-12 months ago.
Are the people who are predicting a big economic crash right? Or are they just crying wolf? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey explains why it’s hard to predict the exact timing of a crash even if you’re certain it’s on the horizon. He also talks about a couple of news items this week that caused the price of gold to yo-yo.
The Federal Reserve would like you to think that it is scientifically guiding the economy with carefully calculated monetary policy.
The truth is the Fed is making things up as it goes along.
The US housing bubble continues to lose air at a rapid rate. Existing home sales fell for the 10th straight month in November. This stretch of declining home sales is longer than the housing bust preceding the 2008 financial crisis.
Peter Schiff recently appeared on the Jay Martin Show. During the interview, he explains how the private sector can ultimately lead the world back to a gold standard.
While most central banks around the world have tightened monetary policy in an attempt to bring price inflation under control, Japan has done the exact opposite. But in a surprise move, the Bank of Japan widened its target range for 10-year Japanese bond yields, effectively raising the interest rate.
The move strengthened the yen, put more pressure on a weakening dollar, and rattled the global bond market.
‘Tis the season for Christmas specials.
I’m not going to lie – even as a grown man, I love watching Christmas specials. Snoopy decorating his dog house. The Grinch folding up the Christmas tree like an umbrella and stuffing it up the chimney. And Frosty the snowman melting in the greenhouse.
For months, Peter Schiff, me, and a few others have been saying the economy is teetering on the brink of a collapse.
But nothing has happened.
Are we just wrong?
Last week, CPI data came in cooler than expected but Jerome Powell’s rhetoric remained hot. The Federal Reserve raised rates by 50 basis points and the Fed chair maintained a hawkish tone. Peter talked about the CPI data and the Fed meeting in his podcast. He said the bottom line is the Fed is still completely oblivious to the disaster it has created.
