Yet another country wants gold.
On Monday (Sept. 25), the Bank of Tanzania (BoT) announced it is buying gold from domestic sources to establish its own reserves.
Last week, a federal grand jury indicted Democrat Senator Bob Menendez and his wife Nadine Arslanian Menendez on bribery charges. According to the indictment, the senator and his wife took bribes, including 13 gold bars, from three New Jersey businessmen with Egyptian ties.
The FOMC and the Bank of England stood pat on interest rates this week. Following the FOMC’s decision, gold and silver fell on the back of its hawkish statement before recovering slightly. In Europe this morning, gold was $1926 up a net $2 from last Friday’s close. Silver fared much better at $23.68, up 65 cents. Silver is obviously in a bear squeeze, while hedge funds have become disinterested in gold.
The Federal Reserve wrapped up its September meeting on Wednesday and left interest rates unchanged. But Powell and Company had plenty to say. In this episode of the Friday Gold Wrap, host Mike Maharrey breaks down the rhetoric and argues that what the Fed says and what it will do are two different things.
With price inflation running rampant in Japan, Japanese households are rushing to buy gold.
The sudden surge in demand, along with the devaluation of the yen, has driven the price of gold to record highs in yen terms.
Gold and silver drifted lower this week before a modest recovery Friday morning, which can be put down to bear closing. Meanwhile, gold hit record levels in yuan and yen terms.
Here’s a breakdown of this week’s gold and silver markets.
The economy is in a slow burn. You can’t even see the flames. But you can smell whiffs of smoke every now and then if you’re paying attention. In this episode of the Friday Gold Wrap, host Mike Maharrey calls attention to that smoke with a breakdown of August’s CPI and some other data that came out this week. He also busts a myth about silver.
Chinese gold demand improved on multiple fronts in August.
China ranks as the world’s biggest gold market.
We’re fed up — fed up with the Federal Reserve. After all, it is the engine that drives the biggest government in history. In this episode of the Friday Gold Wrap, host Mike Maharrey explains what the Fed is, how it came to be, and how it enables reckless government borrowing and spending. He also talks about one reason why the recent drop in the CPI is likely transitory.
As the world descends into a much-heralded recession, the surprise will be that interest rates will continue to rise as economic activity contracts. This is not what the economic establishment expects.
This article puts the outlook in the context of classical economic theory, when it was the principles behind the division of labour which went unchallenged. Adopting the theme of Say’s law, this article permits a forecast with a high degree of certainty that far from a recession leading to lower prices, lower interest rates, and therefore investor heaven, it will lead to higher prices, higher interest rates, budget deficits soaring out of control, and liquidation of the dollar by over-exposed foreign holders.
