Last week, officials broke ground for construction of the country’s first state gold depository in Texas. The creation of the Texas Bullion Depository represents a power-shift away from the federal government, provides a mechanism for the state to establish a higher level of economic independence, and sets the foundation to undermine the Federal Reserve’s monopoly on money.
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.
Bling isn’t really my thing. But a lot of people enjoy sporting gold jewelry. Well, a 36-year-old businessman in Vietnam takes bling to a whole new level.
Tran Ngoc Phuc wears a total of 13kg of gold wherever he goes. If you don’t have your kilograms to pounds calculator handy, that about 28.7 pounds of 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.
What’s going on in precious metals markets? Is a recession looming? If so, what does that mean for gold and silver?
In this episode of It’s Your Dime, Mike Maharrey talks to precious metals and investment expert Chris Blasi about these questions and much more.
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.
Did you hear about Kylie Jenner’s gold Christmas tree?
I didn’t either. Well, I guess I did. But not on purpose. I was doing my normal morning search for gold news when I stumbled on a few stories about the celeb’s tree. Apparently, people do follow this stuff on purpose, and Kylie’s trees are a big deal.
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.
Gold holdings in gold-backed ETFs rose for the second straight month and turned positive for the year in November.
According to a report by the World Gold Council, 21.2 tons of gold, valued at about $804 million, flowed into ETFs last month. Total global holding rose to 2,365 tons.
World Gold Council chief market strategist John Reade projects healthy demand for physical gold in 2019 and said any kind of economic slowdown could boost demand — and the price — significantly.