The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Total holdings of gold in gold-backed ETFs grew for the fourth straight month in January.
Globally, ETFs added 72 tons of the yellow metal to their holdings last month, according to the latest data released by the World Gold Council. This brought the total amount of gold held by funds worldwide to 2,513 tons valued at about $107 billion.
Several state legislatures are considering bills that would repeal taxes on the sale of gold and silver.
Fundamentally, gold and silver are money. But most governments treat precious metals as a commodity. They don’t accept it as payment. Worse than that, they tax it. Think about the absurdity of this policy.
Global gold mine output marked its 10th year of annual growth but continued to show signs of slowing in 2018, according to the World Gold Council.
Gold production rose fractionally by about 1% totaling 3,346.9 tons. That compares with 3,318.92 tons mined in 2017 — a 28-ton increase year-on-year.
Meanwhile, global gold demand grew by 4%.
Would you pay $500 for a brownie?
Now, before you answer rashly, let me tell you something important about this brownie.
It’s covered in 24-karat gold.
The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.
Global gold demand grew by 4% in 2018, driven by a multi-decade high in central bank buying, according to the World Gold Council’s Gold Demand Trends 2018 Report.
Gold demand came in at 4,345.1 tons in 2018. That was up from 4,159.9 tons the previous year. This was in line with the five-year average growth.
Peter Schiff recently participated in the Ultimate Gold Panel at the Vancouver Resource Investment Conference.
Hosted by Daniela Cambone of Kitco News, the panel delved into a deep discussion about the future of gold based on both historical analysis and current economic trends.
Peter is joined on stage by Frank Holmes, Peter Hug, and Roy Sebag. This is a must-see for any investor serious about profiting from gold.
During a speech at the lower house of the Russian parliament, the CEO of the country’s key trading floor suggested Russian investors should replace investments they’ve made in dollars with gold.
“Let’s offer an alternative to the US dollar in the form of Russian gold, which we produce… investment gold,” Moscow Exchange (MOEX) CEO Alexander Afanasiev said.
Bitcoin investors are selling cryptocurrency and buying gold, according to a number of investment analysts.
“I do think that Bitcoin pulled a little bit of demand away from gold last year, in 2017,” Jan Van Eck told CNBC’s ETF Edge last week. “Interestingly, we just polled 4,000 bitcoin investors and their number one investment for 2019 is actually gold. So gold lost to bitcoin and now it’s going the other way.”
