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POSTED ON July 9, 2019  - POSTED IN Key Gold Headlines

For the seventh straight month, China added a significant amount of gold to its official reserves.

The People’s Bank of China’s gold hoard grew another 10.3 tons in June, according to information released by the bank. Over the last seven months, the Chinese have increased their gold reserves by just over 84 tons.

POSTED ON July 2, 2019  - POSTED IN Videos

SchiffGold’s own Mike Maharrey recently appeared on RT to talk about the potential consequences of US policies that effectively weaponize the dollar.

We’ve been reporting extensively on efforts by Russia, China and other countries to minimize their exposure to the dollar. Russia and China recently agreed to increase trade using their own national currencies. This is another in a series of moves globally to reduce dependence on the US dollar. Currently, about 10% of trade between Russia and China is conducted in yuan and rubbles. Under the new deal, it will increase to about 50%.

POSTED ON June 21, 2019  - POSTED IN Friday Gold Wrap

The Federal Reserve held its June Open Market Committee Meeting this week and it looks like Powell and company are fresh out of patience. In fact, that word didn’t come up once. And while the Fed held pat on interest rates, for now, virtually everybody is betting on a rate cut in the near future. This has caused gold to surge to prices not seen in nearly six years. Meanwhile, American consumers are still running up debt and the Chinese are shedding it. In this episode of the Friday Gold Wrap, host Mike Maharrey talks about it.

POSTED ON June 18, 2019  - POSTED IN Key Gold Headlines

In an opinion piece published yesterday, a Chinese government newspaper called for the international community to find alternatives to the global dollar system and warned “capricious actions” by the United States government could “ruin the future of the dollar itself.”

This is yet another sign that the world is getting tired of the US weaponizing the dollar.

POSTED ON June 14, 2019  - POSTED IN Friday Gold Wrap

Gold has crashed through another key resistance level and is on track for its fourth consecutive weekly gain. What is driving gold into the spotlight? Host Mike Maharrey talks about it in this week’s episode of the Friday Gold Wrap podcast. He also raises an important question – what is all this going to look like when the recession really takes hold?

POSTED ON June 11, 2019  - POSTED IN Key Gold Headlines

China added to its official gold reserves for the sixth straight month in May as it continues efforts to minimize exposure to the dollar.

The People’s Bank of China increased its gold reserves by another 15.86 tons last month, according to data released by the bank on Monday. That raises the official Chinese gold reserves to 61.61 million ounces (1925.26 tons).

POSTED ON June 3, 2019  - POSTED IN Key Gold Headlines

Two more countries have joined the global gold-buying spree.

According to a Bloomberg report, the Philippines’ central bank will increase gold purchases to upwards of 1 million ounces per year in the wake of a new law that exempts taxes on the monetary authority’s bullion purchases from small-scale miners. The country’s central bank has been adding between 20,000 and 30,000 ounces per year.

Meanwhile, Serbia plans to increase its gold reserves from 20 to 30 tons by the end of this year, according to an RT report.

POSTED ON May 24, 2019  - POSTED IN Friday Gold Wrap

There is plenty of debate about tariffs right now. A lot of people oppose them because they support free trade. A lot of people support them because they believe they protect US industry. Others think tariffs are a great tool to force other countries – specifically China – to engage in fair trade. In today’s Friday Gold Wrap podcast, host Mike Maharrey argues that no matter what you think about tariff policy, you should pause and count the cost because tariffs are taking money out of your wallet. Mike also talks about the possibility of China using its “nuclear option” in the trade war and gives an overview of the news that drove the precious metals markets this week.

POSTED ON May 22, 2019  - POSTED IN SchiffGold commentary

In a recent article, Peter Schiff called the ongoing trade war Pres. Trump’s last stand, saying, “it looks to me that Donald Trump … is charging into an economic version of the Little Bighorn.” Proponents of the trade war argue that we need to give Trump’s strategy time to work. They say the tariffs will force the Chinese to bend, and in the end, America will find itself in a much better economic position than it was before.

We can debate whether Trump’s tariffs are a brilliant negotiating tool or an economic disaster, but we shouldn’t ignore the fact that they are causing significant pain. And not just for the Chinese. Ultimately, American consumers are paying the price.

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