How in the world did the Toronto airport lose $15.3 million in gold bars along with $1.9 million in cash?
That remains unclear, but a lawsuit filed by Brink’s shed a little bit of light on the situation.
Are the Chinese selling US dollar-denominated assets to buy gold?
It sure looks that way.
This week, a firmer trend in gold continued as markets realized the seriousness of the deteriorating situation in the Middle East.
The economy is strong. The American consumer is resilient. Everything is great. At least that’s the mainstream narrative. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey explains why it’s all just an illusion of prosperity. Along the way, he covers the September retail sales data, Federal Reserve Chairman Jerome Powell’s speech this week, and the recent gold rally.
After the CPI data came out last week, gold rallied. On his podcast, Peter Schiff talked about the rally and the trajectory of gold. He said we can expect even bigger moves up when the markets figure out the inflation problem isn’t solved.
Great news! The inflation war is over and we won! At least that’s how Paul Krugman sees it. But he’s playing tricks with the data and making assumptions that are meaningless in the real world. In this episode of the Friday Gold Wrap, host Mike Maharrey dissects Krugman’s claims in light of the September CPI data. He also talks about market reaction to the CPI and shares some interesting gold news from Zimbabwe.
The Reserve Bank of Zimbabwe (RBZ) has launched a digital payment system backed by physical gold.
The RBZ rolled out its digital gold-backed token in April after successfully implementing a program to produce physical gold coins in 2022. On Oct. 5, the central bank announced that these gold-backed digital tokens could be used as a method of payment for domestic transactions.
The sell-off in precious metals continued as bond yields continued to rise and a strong dollar persisted. In early trade in Europe this morning, gold was $1822, down another $26, unchanged on the year. Silver traded at $21, down $1.17. Comex volumes in both metals declined from good levels, indicating that selling pressure is declining.
The mainstream wasn’t just wrong about inflation in 2020. It was wildly wrong. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey dissects a 2020 video produced by CNBC to show just how wrong they were. He explains why they were wrong and teaches some economics along the way. He also discusses the carnage in the bond market and tells you who is buying gold.
Central bank gold buying continues to sizzle.
Central banks globally added a net 77 tons to their reserves in August, according to the latest data compiled by the World Gold Council.
