Tuesday, July 7, 2020

Why buy gold now? Because I don’t know

by Simon Black, Sovereign Man:

From 2000 through 2012, the price of gold increased every year, rising from around $280 an ounce to nearly $1,700. It was an unprecedented run.

Then, in 2013, gold took a nose dive, losing over 27% of its value.

It was widely reported that the Swiss National Bank, the former bastion of monetary conservatism, lost $10 billion that year just on its gold holdings.

As you probably know, central banks hold a portion of their reserves in gold. The practice goes back to when central banks actually had to have gold on hand to trade in and out of paper money (or even trade for goods and services).

SOMETHING IS WRONG! This Nation’s Stacking Gold With A Fervor (And It’s Being Covered-Up)

from Silver Doctors:

The stacking of gold is off the charts! What’s this nation up to, why has it stacked so much physical, and what’s this nation preparing for? Find out here…

The Bank of Mongolia has purchased 18.9 tons of gold in the first 11 months of 2018.

Nearly nineteen tons.

No big deal, right?

Actually, it is a huge deal, and as you read on, you will find out why.

It’s Happening: San Francisco House & Condo Prices Fall

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by Wolf Richter, Wolf Street:

House prices down $265,000 from peak, down $60,000 from year ago. America’s most majestic housing bubble begins to deflate.

In San Francisco, the median price of single-family house sales that closed in November fell to $1.435 million. This is down a blistering $265,000 or 15.5% from the crazy peak in February of $1.7 million – a time when only the sky was the limit. And down by $60,000 from November 2017. This puts the median house price below where it had first been in May 2017. Note the steep slope from the peak in February:

GOLD DOWN $4.25 TO $1236.95/SILVER DOWN 6 CENTS TO $14.49

by Harvey Organ, Harvey Organ Blog:

PALLADIUM FOR THE FIRST TIME RISES ABOVE THE PRICE OF GOLD CLOSING AT $1239.00/CHINA STATES THAT THEY WERE QUITE SATISFIED WITH THE TALKS WITH TRUMP AND INDICATE THAT THERE COULD BE A DEAL/THE GATESTONE INSTITUTE SLAMS THE BREXIT DEAL WITH THE EU

GOLD: $1236.95 DOWN $4,25 (COMEX TO COMEX CLOSINGS)

Silver:   $14.49 DOWN 6 CENTS (COMEX TO COMEX CLOSING)

The Real Significance Of The French Tax Revolt

by Peter C. Earle, via Alt Market:

The gilets jaunes (Yellow Jacket) anti-tax riots in France escalated over the past weekend, again citing the impact of higher taxes on fossil fuels – and high levels of taxation in general – on everyday life. French citizens, already subject to the highest taxes in the OECD, are being crushed by both new and systematically increasing taxes, and have taken to the streets by the hundreds of thousands in a “citizen’s revolution”. Recommendations to declare a state of emergency have for the time being been tabled.

With no sense of irony whatsoever, in a press conference on Saturday French President Emmanuel Macron stated: “I will never accept violence.”

Do Coins Reveal the Futility of our Times?

by Martin Armstrong, Armstrong Economics:

The study of coins, numismatics, has constantly expanded our knowledge of antiquity in recent decades through new discoveries which have proven so many old theories wrong and turned academics on their head when it comes to their theories. Without the consideration of the coins, many questions of ancient history would never be answered. Nevertheless, many ancient historians still have a great reluctance to deal with this special discipline and to use their often valuable results. Conversely, many numismatists fail to comprehend the vast importance money has played in the history of humankind. It becomes increasingly rare to find the two fields merged to answer important questions from a larger historical context.