After rising early in the week on the Fed’s promise of more inflation, gold and silver dipped a bit late in the week with some positive economic data bolstering hopes of a quick economic recovery. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey reiterates that what’s going on isn’t fundamentally about the coronavirus. He takes a deep dive into the Fed’s new inflation policy and makes the case that this was all in play long before the pandemic.
Adrian Day did an interview with Kitco News and said gold will finish the year over $2,000 an ounce and investors shouldn’t worry about short-term profit-taking and consolidation. Why? Because the Federal Reserve is out of control.
Day is the CEO of Adrian Day Asset Management and also works with Peter Schiff as the portfolio manager of EuroPacific’s gold fund.
Silver wrapped up a strong August pushing above the key resistance level of $28 an ounce on Monday.
While gold charted a slight dip of about 0.4% last month, silver was up just over 18%. On Tuesday morning (Sept. 1) the white metal was knocking on the door of $29 an ounce.
Peter Schiff has been saying that the economic problems we face weren’t caused by the coronavirus pandemic — at least not directly. We were already in deep trouble long before COVID-19 arrived on the scene. In this special episode of the Friday Gold Wrap podcast, host Mike Maharrey takes us on a journey back through time and lays out exactly how the Federal Reserve and government policies got us here and how the “cure” for the economic meltdown caused by government lockdowns is really just more of what made the economy sick in the first place.
Vitaliy Katsenelson serves as the chief investment officer at Investment Management Associates in Denver. In an article he wrote for MarketWatch, he admits his company has resisted buying gold in the past.
But the company is buying gold now.
It was a volatile week in the gold and silver markets after last week’s correction with big swings up and down. Early this week, gold enjoyed a rally back above $,2000 after we learned Warren Buffett has gotten into gold. In this week’s Friday Gold Wrap podcast, host Mike Maharrey talks about Buffett’s move into gold and what it means and why we shouldn’t worry about big corrections during this bull run. He also highlights some of the economic data that makes him less than optimistic about a quick recovery.
Gold rallied back above $2,000 on Tuesday (Aug. 18) driven in part by Warren Buffett’s sudden interest in the yellow metal.
Peter Schiff talked about gold’s rally and the weakness of the dollar on his podcast and focused on the lack of financial media coverage of Buffett’s purchase of Barrick Gold. Of course, they mentioned it, but they didn’t really delve into the significant questions raised by Berkshire Hathaway’s move into gold mining stocks. In effect, Buffett sold banks and bought Barrick Gold.
He basically reduced his bets on banks and made a brand new bet on gold, which is, in effect, a bet against the US, against the dollar, pro-gold.”
Warren Buffet has bought into gold.
Gold mining to be specific. Peter Schiff talked about what Buffett is telling us in his podcast.
According to the latest 13F filing by Berkshire Hathaway, the company now has positions in Barrick Gold to the tune of over $500 million. This was as of the end of June. Peter said he suspects Berkshire Hathaway has a lot more shares now.
It was a tough week in the precious metals markets. On Tuesday, gold dropped well over 5% and silver plunged more than 13%. It was the worst single-day rout for gold in seven years. That led some to declare the gold bull dead. But SchiffGold Friday Gold Wrap podcast host Mike Maharrey doesn’t see it that way. In this episode, he breaks down the reasons for the selloff and explains why there is no need to panic if you’re keeping your eyes on the fundamentals.