There is a lot of spin out there when it comes to economic news. You get spin from the corporate media, You get spin from government officials. And you get spin from central bankers. In this episode of the Friday Gold Wrap, host Mike Maharrey spins the spin, breaking down the media take on the retail sales numbers and Jerome Powell’s spin during a talk this week. Whom should we believe? Listen and decide.
When I was about seven or eight years old, I remember my mom taking me to the bank to open a savings account. She explained that if I put some of my allowance in savings, that money would grow over time.
Well, that doesn’t work anymore.
Gold-backed ETFs saw net inflows of gold for the fourth straight month in April.
ETFs globally added 42.8 tons of gold to their holding, with Europe-based funds leading the way.
When we got the March CPI data last month, the mainstream crooned that it looked like we were at peak inflation. This was wishful thinking. The April CPI data that came out this week, along with the producer price numbers, indicate that we’re still climbing that inflation mountain. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey digs into the data and discusses how it could impact the trajectory of Fed monetary policy and the economy.
The Fed hiked rates 0.5% this week in an effort to stem the inflation tide. But the economy already looks shaky and the central bank has barely started this inflation fight. Friday Gold Wrap host Mike Maharrey breaks down the messaging that came out of the Fed meeting and concludes the central bank is getting closer and closer to a crossroads. What will the central bank do? And what will it mean for the economy?
Jerome Powell and other policymakers at the Fed keep telling us they can raise interest rates and slay the inflation dragon because the economy is strong. But these central bankers have a long history of being wrong. And as host Mike Maharrey explains in this episode of the Friday Gold Wrap podcast, the recent GDP numbers undercut this latest Fed narrative. He also talks about a startling confession from the IMF director and Q1 gold demand.
Total global silver demand reached its highest level since 2015 last year, surging 19% to 1.05 billion ounces (Boz). There were increases in every key silver demand category. It was the first time since 1997 that all key sectors rose together.
This is one of several silver-related stories in the latest edition of Silver News published by the Silver Institute.
Gold demand surged to kick off the year, up 34% year-on-year in the first quarter of 2022.
Total demand came in at 1,234 tons in Q1. That was the highest quarterly demand since Q4 2018, according to the World Gold Council’s Gold Demand Trends report. Demand in the first quarter of this year was 19% above the 5-year average.
The price analysis last month highlighted how gold was trying to carve out fragile support around $1900 and breakthrough resistance at $1950.
Gold found a spark and broke through $1950, but has been unable to hold above it in the wake of “hawkish” Fed comments. Now, $1900 is being tested and should give clues to the next move. So far, it has held with only a slight dip into the $1800s before recovering. A hard bounce here would prove near-term bullish, but if the price breaks down below $1880 it could be a few more months until gold musters the strength to take on $2000 again.
The Silver Institute has released its World Silver Survey 2022 report, providing an overview of what happened in the silver market in 2021 and looking ahead to this year.
Even with geopolitical and economic headwinds, the report anticipates further growth in the silver market in 2022.
