Central banks continued to gobble up gold.
Reported central bank gold reserves expanded by a net 77 tons in September with nine countries buying a ton or more.
Federal Reserve Chairman Jerome Powell said he’s not confident interest rates are high enough to slay price inflation. He also said he’s not confident they aren’t. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey wonders out loud why we should have any confidence if Powell doesn’t. Along the way, he breaks down the November Fed meeting and talks about the “colossal” year for central bank gold buying.
The boom in AI could mean a boom in industrial demand for precious metals in 2024.
Metals Focus, an independent precious metals research consultancy, released a note recently that said it expects the increased demand for chips powering AI technology to drive “widespread support for a range of precious metals bearing components.”
After setting a record through the first half of the year, central banks continued to gobble up gold in the third quarter.
Globally, central banks added a net 337 tons of gold in Q3, the second-highest third-quarter total on record behind 2022.
Through the first nine months of the year, central banks bought a net of 800 tons of gold. That’s 14% more than through the same period in 2022.
A Georgia couple nearly lost more than $186,000 in a gold scam. But they ended up turning the tables and scamming the scammers.
This week, gold and silver went their separate ways, with gold rising and silver falling. In European trade this morning, gold was $1985, up $4 from last Friday’s close, while silver was 22.81, down 21 cents. Gold is edging higher, while silver edges lower.
When it comes to economic data, context matters. In this episode of the Friday Gold Wrap, host Mike Maharrey explains how the Fed, many mainstream economists, and financial network talking heads get a lot wrong because of bad data, shoddy economic frameworks, and ignorance of history. Along the way, he covers the GDP and the latest price action for gold.
This article defines credit, a subject upon which there is a lack of public knowledge. What people call money is in fact credit, and money itself, which is physical gold without counterparty risk, rarely if ever circulates. Nearly everyone, including most economists, fails to understand credit and the importance of its value being tied to money.
Nor do they understand that bank credit is just a minor part of the colossal system of credit.
Chinese gold demand was up 7.3% year on year through the first nine months of 2023.
China ranks as the world’s biggest gold market, and Chinese demand has a significant impact on the global gold market.
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.
