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POSTED ON January 24, 2019  - POSTED IN Key Gold Headlines

China officially added gold to its reserves last month for the first time in two years. Meanwhile, the Chinese have been shrinking their holdings of US Treasuries. According to the Nikkei Asian Review, the moves are intended to reduce dependence on the US dollar.

According to data released by the People’s Bank of China, the country’s gold reserves totaled 1,862 tons at the end of 2018. That represents a 10-ton increase from the previous month and the first rise in the country’s hoard since June 2016.

POSTED ON December 17, 2018  - POSTED IN Key Gold Headlines

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.

POSTED ON December 11, 2018  - POSTED IN Videos

Peter Schiff appeared on RT America Friday to talk about the big stock market selloff in the wake of the arrest of Meng Wanzhou, a Chinese businesswoman accused of violating US sanction laws. The markets reacted negatively, fearing the arrest could derail apparent progress in the trade war.

Peter said Wanzhou’s arrest may have provided the catalyst sparked the sell-off, but it wasn’t the underlying cause.

This is a bear market. That’s why the market went down. If it wasn’t that, they would have found another excuse. If we were in a bull market, I think the market would have shrugged it off. So, we’re going lower.”

POSTED ON December 10, 2018  - POSTED IN Key Gold Headlines

A strong dollar in recent months has created the biggest headwinds for gold. But will dollar strength continue? Most foreign currency traders recently polled by Reuters don’t think so.

Reuters surveyed more than 60 currency analysts and the consensus was that the dollar would be weaker against major currencies in a year. The exchange strategists say slowing economic growth in the US will drag the greenback down in 2019. 

POSTED ON December 6, 2018  - POSTED IN Videos

Peter Schiff appeared on RT Boom Bust earlier this week to talk about the trade war “truce” between the US and China.

The announcement that there was some progress in resolving the trade war during the G20 summit boosted stock markets on Monday (the day this segment was aired), but that lasted all of one day. The markets tanked on Tuesday as investors realized the “truce” really didn’t mean anything substantive. In the RT interview, Peter said we really need to keep our focus on the bigger picture, particularly the Federal Reserve and the dollar.

POSTED ON November 14, 2018  - POSTED IN Key Gold Headlines

Last week, we got data on the producer price index. It came in at o.6%, a much hotter number than expected. It was the biggest jump in the PPI in six years. Year-over-year, producer prices are up 2.8%.

Analysts expected the monthly increase to come in at half that – 0.3%. While the Fed typically looks at consumer prices to gauge inflation, producer prices are also significant. After all, the cost of production is ultimately passed on to the consumer.

As soon as that PPI number came out, the price of gold dropped about $10. As Peter Schiff pointed out in a recent podcast, this is because the markets still don’t get it. They are playing checkers instead of chess.

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