The Federal Reserve and the US government create inflation and then blame everybody else.
President Joe Biden recently finger-pointed at “greedy corporations,” saying they need to “lower prices” now that inflation come down. Whether he is really that ignorant or just lying, Biden’s comments serve a purpose. As Ron Paul put it, they gaslight the American public into thinking price inflation is rooted in the actions of private individuals and not the fiat money system.
The Bank of Tanzania plans to buy 12 tons of gold during the fiscal year in an effort to boost its foreign exchange reserves. The East African nation joins a growing number of central banks turning to gold.
The Dow Jones index hit record highs last week. But when you price the index in real money — gold — it remains far below record levels.
Two weeks ago, Federal Reserve Chairman Jerome Powell said it would be “premature” to conclude that monetary policy is sufficiently restrictive. This week, the Fed indicated rate cuts are on tap for next year. What a difference two weeks makes! In this episode of the Friday Gold Wrap, host Mike Maharrey breaks down this week’s Fed meeting and the status of the inflation fight.
Most mainstream pundits characterized the November jobs report as a “Goldilocks” report. Job growth was strong enough to support the “soft landing” narrative but not so strong it might scare the Fed into raising interest rates again.
President Joe Biden used the report to boast about his economic achievements. But according to Peter Schiff, Biden doesn’t have anything to boast about. He talked about it during a recent interview on the Capitol Report on NTD News.
It’s not a good idea to argue about things you don’t know anything about. Most people realize this — until it comes to economics. A lot of people argue economics from a position of ignorance. President Biden is one of those people. In this episode of the Friday Gold Wrap, host Mike Maharrey dissects a couple of comments Biden made last week and teaches some economics along the way. He also talks about the significance of gold’s record-breaking week.
Gold blew through $2,100 and set a record high Sunday night. Then it rapidly sold off on Monday. But gold still held above $2,000. In his podcast, Peter Schiff put the big rally and subsequent selloff into perspective, talked about what’s next, and discussed how investors can best position themselves for subsequent moves.
The flow of metal out of gold-backed ETFs slowed significantly in November, with North American ETFs charting gold inflows for the first time in five months.
A total of 9 tons of gold flowed out of ETFs globally, but total assets under management increased by 2% thanks to the rise in the price of gold.
Peter Schiff recently appeared on the Claman Countdown with Creative Planning president Peter Mallouk to talk about the recent record high in gold and the trajectory of the markets over the next few months.
Mallouk is bullish on the stock market, but Schiff makes the case that this is gold’s day.
