Monday, July 15, 2024

What’s Driving Gold to All-Time Highs?

by Jesse Colombo, BullionStar:

After more than three years of stagnation, gold has awakened with a vengeance since early-March and has promptly surged by nearly $300 an ounce or 14% to an all-time high $2,330 — a sharp move for a safe-haven asset that has a reputation for its slow and steady trends. Gold’s powerful rally came seemingly out of the blue and has confounded the majority of investors and commentators who have been much more focused on trendy speculative stocks and cryptocurrencies as of late. In this piece, I will explain several of the technical and fundamental factors that are driving gold to all-time highs, what is likely ahead for gold, and how investors can best take advantage of the yellow metal’s resurgence.

Gold, Iran, Netanyahu, and That Senile From D.C.!

by Mac Slavo, SHTF Plan:

I want you to close your eyes and imagine (don’t really close them because you won’t be able to read what comes next) people with a very rich heritage.

These people are proud of their history because for 200 years, they were the greatest empire of the ancient world while ruling over much of Asia. Their revered king, Cyrus II of Persia, was considered a visionary and leader of epic proportions.

After 200 years of rule, they collapsed like all other empires, but the glory of the past echoes for eternity like a basketball player that tells stories of his career even when he’s 80 years old.

Great changes came after the Achaemenid Empire, the strongest Persian dynasty in the ancient world, but the Iranians, a tribe that originated in today’s India and migrated to today’s Iran, are obsessed with the past and their so-called rightful place in the league of nations where they think they ought to be considered as being in the top tier.

Fed Roundtable Reveals a “Perfect Economic Storm” Approaching

from Birch Gold Group:

There is a big disconnect between what the White House would like you to believe about the economy, and how most Americans are feeling about it right now.

Some members of the Federal Reserve board, including Chairman Powell, tried to listen to the concerns that a handful of panelists had, and the result wasn’t surprising.

The Fed got an earful during a town hall-type event event recently:

Silver Poised to Play Catch Up to Gold

by Clint Siegner, Silver Seek:

Gold’s breakout to new all-time nominal highs is making headlines. On Friday, the price settled at just under $2,200/oz, after gaining almost $100/oz for the week.

Silver actually outperformed gold on a percentage basis. The white metal gained $1.17/oz, or 5%, as compared to gold’s 4.5% gain.

The difference is that silver is stuck in the middle of the range where it has traded for the past four years. It is roughly $5/oz below its 2020 high and $25 below its all-time high.

Central Bank Gold Buying in 2023 Topped 1,000 Tons – Just Shy of 2022 Record

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by Mike Maharrey, Money Metals:

Central banks gobbled up gold again in 2023. Central bank gold buying fell just 45 tons short of 2022’s multi-decade record.

According to the World Gold Council, central banks net gold purchases totaled 1,037 tons. It was the second straight year central banks added more than 1,000 tons to their total reserves.

Central banks now hold an estimated 36,700 tons of gold as the global scramble for Federal Reserve note alternatives continues.

Bring Back Gold!

by Lew Rockwell, Lew Rockwell:

In these days of rampant inflation, it’s imperative that we return to the gold standard—and the real thing too. By this I mean the classical gold standard, not the so-called “gold exchange” standard, and with no fractional reserve banking, just as the great Murray Rothbard wanted. In what follows, I’ll discuss some of the economic issues below, but it’s important to realize that it’s a moral issue as well.

I spoke about the difference between the classical gold standard and the fake gold standard. This might seem a technical issue, but it’s one of vital importance. Joe Salerno, the leading contemporary Austrian School authority on monetary economics and Academic Vice President of the Mises Institute, explains:

How Putin’s Gold Strategy Defeated Sanctions

from Great Game India:

Putin’s gold strategy, implemented in early 2022 by tying the value of the ruble to gold, has successfully countered sanctions, aided by Russia’s status as the world’s second-largest producer of gold.

Russia is the target of more than 16,000 sanctions. Nonetheless, the Russian economy and military apparatus expanded by 3.6% in 2023 and is expected to do so again by 2.6% in 2024.