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.
Gold surged to a new record high of $2135 early Sunday morning before pulling back sharply Monday. In this video, Peter Schiff explains why this is a buying opportunity.
After setting the record, gold quickly sold off and consolidated, dropping over $100 back to around $2,020. Some people see the quick selloff as a bearish sign. Peter said he doesn’t think so.
At the current price, silver is a real bargain.
Gold went on a run late last week, setting an all-time record high last Friday and breaking the $2,100 level for a brief time in overseas trading Sunday night. Silver also rallied but continues to lag behind gold.
In fact, silver looks significantly underpriced based on both its historical relationship with gold and the supply/demand dynamics.
Gold set a new record on Friday and broke it again over the weekend. The spot price went as high as $2,125 in overseas trading Sunday night. In his podcast, Peter Schiff explained why he thinks this bull run is just getting started and gold will go much higher.
In fact, Peter said he thought these records would be broken “many many times over.”
Imagine a bedroom. It looks clean and safe, but there is a monster under the bed that nobody notices. As host Mike Maharrey explains in this episode of the Friday Gold Wrap, that’s basically the condition of the US banking system right now. It appears “sound,” but a closer look reveals a financial crisis is still bubbling under the surface. He also talks about the recent run-up in the price of gold.
Did you know Thanksgiving almost didn’t happen thanks to the Pilgrims’ experiment with socialism? It didn’t work. Fortunately, they figured out some economic truths and the rest is history. In this episode of the Friday Gold Wrap, host Mike Maharrey tells the Thanksgiving story you almost certainly didn’t hear in school. He also explains why today is called Black Friday.
