Precious metals news

A record percentage of central bankers plan to increase their gold holdings, according to the World Gold Council's annual survey. The survey, which included 70 central bankers, revealed that 29% intend to boost their gold reserves in the next year, the highest level since 2018. This trend follows significant gold purchases in the past two years, driven by strategic rebalancing and financial market concerns. Additionally, nearly two-thirds of respondents expect the US dollar's share of global reserves to decline over the next five years.

Central banks worldwide are expected to increase their gold reserves this year amid growing pessimism about the US dollar, according to a World Gold Council report. Over 80% of surveyed reserve managers anticipate higher global gold holdings, with nearly 30% planning to add to their reserves. The shift is driven by economic and political uncertainties and the desire to mitigate risks. The US dollar's decline in favor is due to concerns over its use in geopolitical conflicts and domestic issues.

As the U.S. economy progresses toward monetary catastrophe, individual states are taking action to preserve and enable the use of sound money. Utah recently passed HB 348, which took effect in May and authorizes the state to invest a portion of its funds in precious metals. State Representative Ken Ivory sponsored the bill, and in an exclusive correspondence with SchiffGold, he explains why the new law is needed and discusses the next steps Utah is taking to weather the coming storm of inflation and federal monetary disaster. Below are Representative Ivory’s statements. 

The market isn't prepared for the stunning increase in global silver demand and annual deficits by 2030 as mine supply and recycling remain flat.  With PV Solar silver forecasted consumption to nearly double by 2030 and strong investment demand, be prepared for much higher prices...

The big silver rally of 2024 stalled as an overwhelming number of speculators took long positions, creating a consensus trade that the market did not reward. Despite the recent pause, silver is expected to reach $50 eventually. Historical analysis, such as the 2011 rally, shows that sustainable price increases occur without heavy speculative participation. The current decline in speculator interest is a positive sign for future silver price rallies.

India's forex reserves reached a record high of $655.8 billion on June 7, with a $4.307 billion increase from the previous week. This growth includes a rise in gold reserves to $57 billion and foreign currency assets to $576.3 billion. Special Drawing Rights (SDRs) also increased to $18.2 billion. The reserves, crucial for economic stability, have seen significant growth recently.

The longstanding US-Saudi petrodollar agreement is unraveling, with Riyadh inching towards diversified currency deals including the yuan. Our guest commentator sheds light on the history and present challenge to the petrodollar, and what this means for US dollar decline.

Oil prices rose on Monday, following their best week since April, as traders analyzed mixed economic data from China. U.S. crude and Brent oil closed last week nearly 4% higher, with analysts predicting a tightening market in the third quarter due to increased summer fuel demand. RBC's Helima Croft expects oil inventories to fall by 850,000 barrels per day. Current energy prices show gains for West Texas Intermediate, Brent, and RBOB gasoline, while natural gas saw a slight decline.

The latest inflation data, showing lower-than-expected consumer and wholesale prices, is fueling the ongoing stock market rally. Julian Emanuel of Evercore ISI raised his year-end S&P 500 target to 6,000, citing the positive inflation trend and early AI market opportunities. Similarly, UBS's Jonathan Golub sees potential for further gains, given the implications for future interest rate cuts. Both strategists highlight inflation's pivotal role in the current bull market.

Gold ended a three-week losing streak with a rally on Friday, despite the strong US dollar and political unrest in Europe, which bolstered its appeal as a safe-haven asset. Technical analysis suggests that gold is in a consolidation phase, with strong support at $2300. The Bank of Japan's bond purchase policy and potential future interest rate cuts by the US Federal Reserve could further boost gold prices. Despite a slight pullback at the start of this week, gold remains a preferred hedge against inflation.

The Supreme Court is currently reviewing a case that could impact your individual liberty. And you probably haven’t heard about it.
The case began in November 2022, when Loper Bright Enterprises, a fishery based out of Cape May, New Jersey, appealed a district court opinion to the Supreme Court. The conflict between Loper Bright and the National Marine Fisheries Service (NMFS) started after the agency decided to require private fisheries like Loper Bright to pay their regulatory inspectors for their time observing fishery practices.

The Federal Reserve may manipulate its inflation targets and implement rate cuts irrespective of actual economic conditions, bending to political will. By creatively interpreting the two-percent inflation target as a flexible average, the Fed can cloak its true agenda: artificially suppressing interest rates to finance burgeoning federal deficits.

The Biden Administration’s Consumer Financial Protection Bureau (CFPB) just issued a proposal to ban medical debt from factoring into your credit score. But for free-money socialists and their Keynesian bedfellows, this doesn’t go nearly far enough: short of canceling medical debt entirely, nothing else is acceptable.

Why did Donald Trump totally reverse his stance on Bitcoin as a "Scam" and now totally support the Bitcoin Mining Industry?  Well, it seems to come down to Big Money and much-needed votes.  Also, are we seeing another Bullish Setup in the silver price...

While the efficiency of the free market is very often accepted in the realm of industry, the environment is often used as an example of the government's necessary role in the economy. Public goods are used as an example of the problems with market allocation. Short-sighted business owners are apparently unable to see or account for the full effects of their actions, and they end up damaging the environment irreparably. Much more often, government programs are both improperly motivated and ineffective at preventing pollution. However, strong and transparent private property rights may be the most effective safeguard of the environment. 

Investing in anti-fragile assets like gold and Bitcoin is becoming increasingly attractive as we face an era of rising inflation, economic volatility, and geopolitical unrest. Despite political uncertainties and potential tax increases in the UK, particularly affecting pensions and capital gains, gold and Bitcoin offer resilience. Experts from Ruffer and ByteTree highlight that after decades of stability, the coming years will demand investments that can withstand economic and political turmoil.

U.S. Treasury yields fell on Friday, reflecting easing inflation indicated by recent data. The 10-year Treasury yield dropped to around 4.225%, while the 2-year yield was slightly higher at 4.694%. This decline follows lower-than-expected producer price index (PPI) data, which showed a 0.2% decrease in May, and other indicators like high jobless claims and flat consumer prices. Investors are increasingly confident about potential interest rate cuts by the Federal Reserve, further boosting Treasury prices.

Federal Reserve Bank of Cleveland President Loretta Mester finds the recent softer inflation data encouraging but wants to see a few more months of similar data before considering interest rate cuts. Mester emphasizes the need to observe declining inflation and short-run inflation expectations alongside labor market conditions before deciding on rate reductions. The Fed has projected only one rate cut this year, maintaining the current rate range of 5.25% to 5.5%. Mester is set to retire at the end of the month and will be succeeded by Beth Hammack from Goldman Sachs.

Thailand's Government Pension Fund (GPF) anticipates gains from gold, commodities, and private equity to offset weak domestic stocks, expecting a portfolio return of over 3% in 2024, up from 1.5% in 2023. The fund has increased its holdings in these assets to hedge against inflation and geopolitical instability, while also expanding investments in overseas bonds, stocks, and property to improve performance amid low local returns.

Gold prices remained stable in Asian trade on Friday, as a stronger dollar, driven by the prospect of fewer U.S. interest rate cuts, countered optimism from easing inflation. Spot gold and gold futures each saw a slight rise of 0.1%, but the yellow metal is still recovering from recent declines due to high interest rates. The Federal Reserve's projection of only one rate cut in 2024, versus the previously anticipated three, has pressured gold and other metal prices, which were trading within narrow ranges.