Precious metals news

This article was submitted by Addison Quale, SchiffGold Precious Metals Specialist. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold.
I hope this market update finds you well and enjoying summertime. The markets have certainly not lacked for drama this past week. Along with all the back and forth of the Greek situation, we now have seen a big drop in the price of gold and silver. They broke support and fell to essentially five-year lows.
Of course, one would think that precious metals would be soaring, what with all of Greece’s political tumult and potential financial repercussions. It has, in fact, proved the opposite this week. This seems to be mainly because, with all the uncertainty surrounding the euro, the United States dollar has been bid up mightily as the best safe-haven asset. As many of you know, gold tends to move in the opposite direction of the US dollar, its primary competitor.
It should be noted that t...

Something has changed in the global silver market. The situation in the silver market seems to point to the beginning stages of a GLOBAL RUN ON SILVER. 

This should be a WAKE UP CALL to millions of Clueless Americans...

Everything has changed in the past 48 hours...

"It's like if in a casino and everyone starts winning, mysteriously either the lights go out of someone pulls a fire alarm ...no more gambling!  I think the PPT knew […]

Tuesday, over 52,000 silver contracts traded within a 2.5 hour window WHICH MEANS OVER 25% OF ALL TOTAL OPEN INTEREST TRADED IN THIS 2.5 HOUR PRICE RAID INTERVAL.  That is […]

Police apologists, who have long claimed the violent response by officers to demonstrations in Ferguson was perfectly justified and appropriate, might soon be eating crow. According to a Department of […]

Hyperinflation is HERE.  You just have to know where to look...

Since 2007 China has the largest domestic gold mining output, since 2011 the Shanghai Gold Exchange has been the largest physical gold exchange and in 2013 and 2014 China was […]

We are getting a bird’s eye view of an economic collapse….

PM Fund Manager Dave Kranzler weighs in on if Greece has just been sacrificed to the bankster gods like Lehman Brothers was in 2008...and is the $1.4 QUADRILLION derivatives market […]

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While the party in the 1990s ended badly, the festivities currently underway may end in outright disaster.   The party-goers may not just awaken with hangovers, but with missing teeth, no memories, and Mike […]

Ahead of the landmark BRICS/SCO summits in Russia’s Ufa, Putin's top aide Yury Ushakov speaks to RT, Vesti and RIA on the key topics of the forums’ agendas, including the […]

Is China repeating the mistakes and the queasy heights of America’s roaring twenties?

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the Greek referendum results, financial terrorism and bail-in fears induced velocity of money.

The silver cartel may want to stay out of China...

The United States Mint announced Tuesday that it has temporarily sold out of 2015 American Eagle silver bullion coins.
According to a Reuters report, demand for silver has surged due to low prices and uncertainty due to the Greek crisis.
According to Reuters, "dealers attributed the recent rush to purchase silver coins and bars to its low price relative to gold." A Pennsylvania coin dealer said the gold-silver ratio was "way out of whack."

If I want 100 pennies, all I have to do is go to my local bank and plop down a $1 bill.
But if I want plastic pennies, now that will cost me some real dough - $3.49 to be exact.
Who would have thought there was money to be made in toy pennies?
A company called Learning Advantage is cashing in on the plastic penny market, selling bags of the fake currency for more than three times the value of the real thing.
Nice work if you can get it, right?
Of course, we all get a little chuckle out of the absurdity. But the fact that plastic money is worth more than real money indicates a deep problem with the United States monetary system.

Ken Hoffman, Global Head of Metals & Mining Research with Bloomberg Intelligence, spoke with Kitco News about the possibility of China putting its yuan currency on a gold standard. Hoffman emphasized it is not difficult to imagine, because China has been laying the groundwork for years – buying up gold, starting a gold bank, building extra vaults, and soon launching a yuan gold fix. He believes the timing of it largely hinges on whether or not the International Monetary Fund decides to accept the yuan into its basket of reserve currencies this year.
A gold standard, plain and simple, is not a big constraint on a currency. It actually is something that worked for hundreds, if not thousands of years. It’s not this horrible thing… [A Chinese gold standard] would be a game changer. It would make gold very interesting. It would make it a currency again in terms of the way the rest of the world looks at gold.”