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Tag Archives: Gold

Positive First-Quarter Data Point to a Global, Sustained Economic Boom

  Millions of Americans, it seems, felt that the time was right to trade in their clunkers for a new set of wheels. Sales of cars and light trucks surged an incredible 58% in March compared to last year, according to Bureau of Labor Statistics data. Some 1.6 million vehicles were driven off car lots during the month, representing over 18 million on a seasonally-adjusted annual rate (SAAR). There could be several reasons why car sales skyrocketed last month, the most obvious being that...

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When Doves Cry: SchiffGold Friday Gold Wrap April 9, 2021

Gold hit its highest price in five weeks after the release of the March Federal Reserve meeting minutes and comments by Jerome Powell both reiterated the central bank’s dovish position. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the Fed’s dovish cry and how this could play out. He also discusses a strange dichotomy in the unemployment numbers.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled...

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Central Banks Add Over 8 Tons of Gold to Reserves in February

Despite a significant selloff by Turkey, central banks globally added a net 8.8 tons of gold to their reserves in February, according to the latest data compiled by the World Gold Council.Gold-buying by central banks slowed last year from the record pace we saw in 2018 and 2019, and that trend has continued into 2021, but many countries continue to load up on the yellow metal. Turkey and Russia’s sales through the first two months of the year have pushed net central bank reserves down,...

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American Gold Eagle Bullion Coin Sales Hit 20-Year High in Q1

While gold prices have languished over the last few months, smart investors have taken advantage of the low prices and loaded up on physical gold.For Q1, the US Mint reported its highest quarterly American Gold Eagle sales in more than 20 years.According to its data, the US Mint sold 412,000 ounces of American Gold Eagles in varying denominations through the first quarter. It was an 88% increase over the first quarter of last year and the largest quarterly sales volume for American Eagles...

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The Mainstream Is Wrong About Rising Bond Yields and Gold

Prices are going up. The Federal Reserve is printing money at an unprecedented rate. The US government continues to borrow and spend at a torrid pace. As Peter Schiff put it in a recent podcast, we’re adrift in a sea of inflation. Gold is supposed to be an inflation hedge. So, why isn’t the price of gold climbing right now?In a nutshell, rising bond yields have created significant headwinds for gold. And the mainstream is reading rising yields and their relationship to gold all wrong. It...

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Dollar’s Share of Global Currency Reserves Hits Lowest Level in Over 25 Years

Last week, we reported that the Russian National Wealth fund was dumping dollars and turning toward gold. The Russians have engaged in an intentional de-dollarization policy for several years. But it appears this could be part of a broader global move away from the greenback.The dollar’s share of global currency reserves dropped significantly in the fourth quarter of 2020, falling to its lowest level in 25 years according to recently released IMF data. Globally, the dollar now makes up...

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We’re on the Cusp of Mass Crypto Acceptance

It’s happening. The acceptance of digital currencies as a form of payment expanded greatly this week, foreshadowing the increasingly important role cryptos such as Bitcoin and Ether will play in our lives going forward. Both Visa and PayPal announced they will begin allowing the use of cryptocurrencies to settle transactions. This comes a week after Tesla said it will now accept Bitcoin as a method of payment, and a month after Mastercard signaled it would start supporting cryptos sometime...

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Opportunities Lost: SchiffGold Friday Gold Wrap April 2, 2021

Joe Biden unveiled his massive infrastructure spending plan complete with tax increases this week. The president says it will create “opportunities.” But what about the opportunities that will never be realized because Biden and company went on a spending spree with our money? Host Mike Maharrey talks about it in this week’s Friday Gold Wrap podcast, along with the latest precious metals and Fed news.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s...

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It’s Baseball’s Opening Day! YAHOO!

A Pfennig For Your Thoughts April 1, 2021 * Currencies drift again on Wednesday and overnight * Chuck asks, Has the bottom for Gold been put in?  Good day… And a Tub Thumpin’ Thursday to you! Another beautiful, very warm, day here… The weather people tell me that today will be a day of rain… We haven’t had a drop of rain here since the first weekend of the month… So, even though it’s my last day here for a while, I’ll be OK, with rain… For all that came to visit us this month, you’ve had...

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Bill Introduced in Congress to Repeal Capital Gains Taxes on Gold and Silver

A bill introduced in Congress would repeal capital gains taxes on gold and silver.Alex Mooney (R-WV) introduced HR2284. Titled the Monetary Metals Tax Neutrality Act, the legislation would eliminate capital gains, losses and all other federal income calculations on gold, silver, platinum, and palladium bars and coins.Under the current law, the IRS categorizes gold and silver bullion as capital assets and characterizes gold and silver coins as “collectibles,” subjecting them to capital...

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