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.
Delivery volume for silver on the COMEX has dropped to the lowest level in months. Are banks ignoring silver to focus on gold?
This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail.
The Fed faces a real conundrum. Bond yields continue to rise. The only thing that can stop it is a central bank pivot back to rate cuts and quantitative easing. But the Fed needs to raise rates and shrink its balance sheet to fight inflation. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the bond market and Fed’s conundrum. He also goes on a little rant about taxes.
This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to show the physical movement of metal into and out of Comex vaults.
We got the CPI data for March this week. As expected, prices spiked significantly again last month. A lot of people in the mainstream are calling it “Putin’s price hike.” Friday Gold Wrap host Mike Maharrey says it would be more appropriate to call it Powell’s price hike. In this episode of the podcast, he digs into the CPI data and explains why the blame for high prices is largely misplaced and inflation probably hasn’t peaked.
The Treasury ran a budget deficit of $193B in the month of March. This exceeded the 12-month average of $144B.
Over the last year, the Treasury has seen a massive influx of Individual tax revenues that have helped support the ballooning Federal Deficit. Unfortunately, spending has been so high that the additional revenue did not give much reprieve, causing the Treasury to borrow $2.27T over the last 12 months.
The latest seasonally adjusted inflation rate for March was 1.21% month over month, with a non-seasonally adjusted annual rate of 8.56%. Both of these numbers came in slightly above expectations, which were elevated due to the war in Ukraine.
As we approach the middle of the month, here are the trends we’re seeing in the COMEX, along with a little more data on the national debt.
Earlier this week, Lael Brainard said the Federal Reserve will run off its balance sheet at a considerably more rapid pace than it did last time around. SchiffGold Friday Gold Wrap host Mike Maharrey thinks Brainard and the rest of the Fed officials suffer from delusions of grandeur if they think they can really pull this off. In this episode, he explains exactly why balance sheet reduction is doomed to fail.
The US Treasury added $111 billion in debt during March. Meanwhile, rising interest rates are already creating problems for Uncle Sam. Annualized interest on the US debt has increased by over $16 billion in just six months. Following is an analysis of US debt holdings.
