from Silver Bullion TV:
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Comex Physical Gold: Demand Increases While Supply Falls
by Peter Schiff, Schiff Gold:
The Comex report for last month correctly identified a potential big move in silver while the same report two months ago preceded a massive up move for the price of gold. The data this month is not as obvious or compelling, but it is clear the stress on the Comex continues to build.
The CME Comex is the Exchange where futures are traded for gold, silver, and other commodities. The CME also allows futures buyers to turn their contracts into physical metal through delivery. You can find more detail on the CME here (e.g., vault types, major/minor months, delivery explanation, historical data, etc.).
Argentinian Gold Reserves Arrive in London
by Jan Nieuwenhuijs, Gainesville Coins:
In June the UK received a gold shipment worth $150 million dollars from Argentina. Most likely, the gold was sent by the central bank of Argentina (BCRA) to be used as collateral in the London Bullion Market.
Newspaper El País reported on July 28, 2024, that part of the official gold reserves of Argentina were transferred abroad. After rumors spread regarding the whereabouts of the Argentinian gold, Minister of Economy Luis Caputo acknowledged that gold was indeed shipped overseas. “If you have [the gold] outside the country, you can get returns,” he shared in an interview with an Argentine TV channel. According to El País President Milei hinted that the gold can be used as collateral to take out a bridge loan, which is essentially a swap.
Five Tries and Out
by Craig Hemke, Sprott Money:
After selling off early last week, the COMEX gold price held critical support and then began to rally. As the new week begins, it begs the question: Could this fifth attempt at a breakout above $2500 finally lead to a new surge higher in price?
We’ll try to answer that question in a minute, but let’s start this week where we left off last week. On August 5, almost all global markets were sharply lower as concerns over the Japanese yen carry trade unwind drove immediate liquidity demands. COMEX gold and silver were hit hard, and though prices had fallen almost precisely to the areas we were expecting, it was pretty hard to pull the trigger on any new buy orders. If you missed last week’s post, I encourage you to read it now.
Many Countries Turning to a “Stateless Currency” — Gold
by Mike Maharrey, Gold Seek:
Many central banks are opting for a “stateless currency” – gold.
That’s how a recent article published by Nikkei Asia put it, noting that “central banks are diversifying away from the dollar and yuan.”
The article notes that the proportion of greenbacks in foreign reserves has dropped significantly from over 70 percent in the early 2000s to a historic low of around 58 percent today.
Central Banks Buy Gold As Lifeboat
by Peter Schiff, Schiff Gold:
While bankers claim inflation is under control, the rising price of gold signals deeper concerns. Meanwhile, central banks quietly hoard gold to shield themselves from their own expansionary policies. One must wonder: what are they bracing for?
The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.
Why is the price of gold rising if the global economy is not in recession and inflation is allegedly under control? This is a question often heard in investment circles, and I will try to answer it.
