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Tag Archives: Key Gold Headlines

A Big Oops in the Government Unemployment Numbers

When the May jobs report came out with 2.5 million jobs added a drop in unemployment to 13.3%, I told several friends the numbers seemed implausible.It appears I might have been right.The Department of Labor’s Bureau of Labor Statistics survey takers mistakenly misclassified about 4.9 million people as employed, although they were unemployed. Shockingly – and by shockingly I mean as you would expect – this little oops was not widely reported. But it actually was mentioned at the very end...

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Fed Ups Stimulus Ante, Now Buying Individual Corporate Bonds

Just when you thought the Federal Reserve couldn’t possibly stimulate any more, it launches a new stimulus program.On Monday, the central bank announced it would begin buying individual corporate bonds through its so-called Secondary Market Corporate Credit Facility (SMCCF).This is yet another unprecedented move even as the central bank makes “unprecedented” mundane.The Fed put its feet in the corporate bond market back in May when it started purchasing exchange-traded funds (ETFs) holding...

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Gold ETF Inflows Break Yearly Record in Just Five Months

Holdings in gold-backed ETFs charted another all-time high in May as inflows in dollar-terms have already set a yearly record just five months into 2020.Globally, funds added another 154 tons of gold to their holdings boosting the total to a record 3,510 tons, according to the latest data released by the World Gold Council. Over the past 12 months, assets in global gold-backed ETFs have nearly doubledIn dollar-terms, year-to-date inflows of $33.7 billion have already exceeded the previous...

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Another Month Another Trillion Added to National Debt

On Tuesday, the national debt pushed above $26 trillion.Just 35 days ago, the debt eclipsed $25 trillion. And 28 days before that, the national debt stood at a mere $24 million.Meanwhile, the federal government just set a record for the biggest budget deficit in any fiscal year — with four months left to go.May’s budget shortfall came in at a staggering $398.8 billion, pushing the fiscal 2020 deficit to $1.88 trillion, according to the latest monthly US Treasury Department statement.The...

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Gold Is a Lifeline During India Credit Crunch

Gold is serving as a lifeline for beleaguered Indians in the midst of severe credit crunch.The government response to the coronavirus pandemic has ravaged the Indian economy. As a result, many banks are reluctant to extend credit due to fear of defaults. In this tight lending environment, many Indians are using their stashes of gold to secure loans.For instance, Umesh Patil used 40 grams of gold toe raise 130,000 rupees ($1,723.11) in order to purchase seed and supplies to plant his next...

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Yale Economist Warns of Dollar Crash

Peter Schiff has been warning that that real crash will be a dollar crash. Now, some people in the mainstream are starting to sound that alarm as well.Even before the coronavirus pandemic, Peter was warning about the dollar’s demise. During an interview on last September, he warned that America’s “fiscal profligacy” was going to sink the dollar.What has enabled this over the years has been the world’s willingness to hold US dollars as the primary reserve currency and to continue to loan...

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Central Banks Added Nearly 32 Tons of Gold to Reserves in April

The pace has slowed somewhat this year, but central banks are still buying gold, and the World Gold Council expects central bank demand to continue over the next 12 months.In April, central banks globally added another net 31.6 tons of gold to their reserves, despite Russia following through on its commitment to suspend its buying program.According to the World Gold Council, the lower rate of purchases was entirely expected given the strength of central bank buying both in 2018 and 2019.On...

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A Tsunami of Defaults and Evictions Looms on the Horizon

Even as US stock markets rally and people anticipate a quick recovery as economies open up, a tsunami of defaults and evictions looms on the horizon.The mainstream narrative has been that although the coronavirus shutdowns have rocked the economy, it’s not a financial crisis like we saw in 2008. Back in April, Peter Schiff said that we were absolutely heading toward a financial crisis and it will be worse than 2008.Obviously, if people aren’t earning as much money as they were when they...

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China Ups Ante in War on Cash With Rollout of Digital Currency

The Chinese government has launched a pilot program for a digital version of the yuan. The virtual currency ups the ante in the war on cash and creates the potential for the government to track and even control consumer spending. It also raises some concern that the Chinese could threaten dollar-dominance.The digital currency is nothing more than a virtual banknote or coin that exists in a digital wallet on your smartphone instead of a billfold or a purse. The value of the digital currency...

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Solar Energy Industry Expected to Remain Steady Source of Silver Demand

The solar power industry is expected to create a steady source of demand for silver in the coming years, according to a new report released by the Silver Institute.Silver just charted its best month in nine years, with the price of the white metal gaining 20.7% in May.Silver has been poised for a run up for quite some time. In March, the silver-gold ratio hit an all-time high of over 120-1. Silver had never been that undervalued compared to gold in over 5,000 years of human history.The...

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