The demand for physical gold has gone through the roof in the midst of economic chaos caused by the coronavirus. We’re beginning to see shortages of some bullion products. As more people pile into the market, the number of scammers looking to take advantage of gullible investors also increases.
Recently, some guy started commenting on the SchiffGold Facebook page, claiming he could sell you “cheap gold” directly from African mines. This was certainly a scam. Why would anybody sell gold “cheap” when they can easily command a market price?
The answer to that question is they wouldn’t.
Central banks started out 2020 buying more gold, but the rate of purchases slowed somewhat.
On net, central banks added 21.5 tons of gold to their reserves in January, according to the latest data from the World Gold Council.
It appears we’ve pretty much reached complete panic mode.
The longest bull market in history came to an abrupt end on Wednesday. Wall Street followed up with another massive sell-off on Thursday. The S&P 500 had its worst day since Black Monday in 1987. Even gold was down. Meanwhile, the Fed tried to stem the tide, announcing a new round of quantitative easing. But the tide wasn’t stemmed. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey gives an overview of the week’s events and talks about the elephant in the room.
Oil prices crashed early this week as Russia and Saudi Arabia launched a full-blown price war. The big drop in the price of oil pulled stocks down yet again, with the Dow Jones losing over 2,000 points. But in an interview on RT, Peter Schiff said he thought the drop in oil would prove to be short-lived because ultimately the dollar is going to collapse.
ETF gold holdings set yet another record high in February, according to the latest data from the World Gold Council.
Global gold-backed added another 84.5 tons of gold last month, boosting holdings to an all-time high of 3,033 tons.
It’s been a roller-coaster ride on Wall Steet. Stocks whipsawed up and down — mostly down. Gold dipped and then rebounded. And the Fed cut rates in a move that looked an awful lot like a replay of 2008. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey gives an overview of the topsy-turvy week, and tries to make sense out of what’s going on and where it might lead us.
After the worst week since 2008, the stock market rallied on Monday on the hope of central bank stimulus. In his March 2 podcast, Peter Schiff said he doesn’t think the Fed’s easy money can keep the air in the stock market bubble. But the stimulus overdose will likely propel gold to new highs.
Last year, an Australian family found a gold nugget just laying on the ground. Needless to say, this doesn’t happen every day. In fact, finding a gold nugget is quite unusual – even a small one. But every once in a while, somebody discovers a massive nugget. The biggest nugget ever discovered was over 600 pounds!
The US stock market continued its freefall last Friday. The Dow lost another 357 points to finish off the worst week since 2008. One would expect a safe-haven like gold to thrive in the midst of the massive stock selloff, but it had a bad day on Friday as well crashing through the $1,600 mark and plummeting as low as $1,568.
Gold rebounded Monday and was trading back above $1,600, but how do we make sense of its precipitous plunge? Has gold failed as a safe-haven?
The short answer is no.
This week, we’ve given you the greatest gold quotes of all time and the greatest gold art of all time. How about wrapping up the week with the biggest gold hearts of all time?
Continuing our series of contests with Roy Sebag, we gave away another one-ounce gold coin. For this contest, Roy asked folks to share their favorite charities.
