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Tag Archives: Key Gold Headlines

Staggering April Budget Deficit Just the Tip of the Iceberg

The April federal budget deficit came in at a staggering $738 billion as government coronavirus stimulus began flowing through the pipelines and revenue dipped due to the government lockdowns.Analysts expected a massive deficit in April, but it’s still a staggering number. To put it into perspective, the previous record for a single month was $235 billion and that was just in February of this year.Including April’s shortfall, the budget deficit for fiscal 2020 stands just under $1.5...

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ETF Gold Holdings Set Yet Another Record

Gold continued to flow into gold-backed ETFs, setting another all-time record in April.Globally, funds added another 170 tons of gold last month amounting to $3.9 billion, according to the latest data from the World Golf Council. It was the sixth straight month of net inflows.April’s inflows pushed total ETF gold holdings globally to a record of 3,355 tons. Assets under management (AUM) also reached a new record high of US$184 billion as gold in US dollars moved higher by 5.8%.This...

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Household Debt Was $1.6 Trillion Higher Than ’08 Peak Before COVID-19

Total household debt was over $1.6 trillion higher than the previous peak in 2008 even before the full force of the coronavirus pandemic government shutdowns hit the economy.Household debt increased by $155 billion (1.1%) in Q1 to a total of $14.3 trillion, according to the latest data released by the New York Fed. The previous peak was $12.68 trillion in the third quarter of ’08 in the early days of the financial crisis.Mortgage balances make up the largest component of household debt....

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National Debt Climbs Above $25 Trillion

Twenty-eight days.That’s how long it took to add another $1 trillion to the national debt.On April 7, the debt pushed above $24 trillion. On Tuesday, May 5, it eclipsed $25 trillion.It’s impossible to grasp just how big these numbers are. Consider that the debt is growing at an average of about $1.2 million per minute. Every day, Uncle Sam goes another $1.7 billion in hock.According to the National Debt Clock, the debt to GDP ratio has risen to over 117%. Studies have shown that a debt to...

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Central Banks Added 46 Tons of Gold to Reserves in March

Central banks globally added another net 46.1 tons of gold to their reserves in March with the usual suspects making big purchases, according to the latest data released by the World Gold Council.The pace of central bank purchases seems to be increasing, although a few banks are doing the bulk of the buying. Globally, central banks upped purchases in March by about 10 tons over February’s total, which was 33% higher than January’s buying.On the year, central banks have added a net 110.6...

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What Happens When the Bond Bubble Pops?

Celsius Network, founder and CEO Alex Mashinsky calls the bond market, “the biggest bubble that hasn’t burst yet.” And when the massive bond bubble pops, that’s when the real earthquake begins.The US Treasury Department is pumping out bonds like there’s no tomorrow. It announced this week that it plans to borrow $2.99 trillion in this quarter alone. The projected borrowing for fiscal 2020 comes in at a staggering $4.48 trillion.All of these Treasuries are pouring into an already bloated...

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Silver Investment Demand Up and Other Silver News

Global silver demand nudged higher in 2019 thanks to a 12% increase in investment demand as retail and institutional investors focused their attention on the long-term investment appeal of the white metal according to a report highlighted in the latest edition of the Silver Institute’s .According to the World Silver Survey 2020, total demand inched higher by 0.4% despite the trade war. Investment demand grew to 186 million ounces, the largest annual growth since 2015. Exchange-traded...

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Enjoy Your Future; We’re Spending It Now

Welcome to your future. Your government is spending it right now. And your children’s and grandchildren’s future to boot.The US Treasury plans to borrow $2.99 trillion in the second quarter. The Treasury also plans to borrow another $677 billion in the July-September quarter, bringing the total fiscal 2020 debt to $4.48 trillion.It’s a level of borrowing that’s difficult to even wrap your head around. To put it into some perspective, before the pandemic, the CBO projected that the federal...

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Silver Hasn’t Been This Cheap in 5,000 Years

We have financial records dating back some 5,000 years and in all that time, silver has never been this cheap compared to gold.Kanesh was an important trading hub in the Assyrian empire. The city was located in the middle of what is now Turkey, at the midpoint of the route between the Mediterranean and the Black Sea. Archeologists have found thousands of clay cuneiform tablets in the region that provide a tremendous amount of detail about ancient financial transactions. For instance, one...

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Gold Demand Up in Q1; Supply Plunges

Global gold demand was up 1% in the first quarter of the year as extraordinarily strong investment demand offset weakness in consumer markets even as supply dropped.Overall, gold demand came in at 1,083 tons in Q1, according to data in the World Gold Council Gold Demand Trends Q1 2020 Report. In value terms, global gold demand reached US$55 billion – the highest since Q2 2013. The price also reached new record highs in Indian rupees and Turkish lira, among other currencies.Gold saw some...

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