Friday, May 27, 2022

50 years since the closure of the “gold window”

by Claudio Grass, Claudio Grass:

Part I of II by Claudio Grass

What happened and why 

This year marked the 50th anniversary of President Nixon’s decision to unilaterally close the “gold window”. The impact of this move can hardly be overstated. It triggered a tectonic shift of momentous consequences and it changed not just the global economy and the monetary realities, but it also shaped modern politics and severely affected our society at large.

Gold Could Offer a Way out of Switzerland’s Failing Inflationist Experiment

by Brendan Brown, Mises Institute:

Never mind that the US Treasury’s indictment late last year of Switzerland as a currency manipulator rested on some flawed evidence and does not identify the crime. The clash between Washington and Berne marks another episode in this alpine nation’s dark history of trucking with foreign repression rather than developing its potential as a global haven and beacon of freedom. Occasionally there have been bright interludes but none so far with respect to the last quarter century of growing monetary repression as led by the US and now prevalent throughout the world.

Silver Demand Expected to Exceed 1 Billion Ounces in 2021

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by Peter Schiff, Schiff Gold:

Every key area of silver demand is forecast to rise in 2021, according to the Silver Institute’s Interim Silver Market Review.

The institute projects silver demand will come in at 1.029 billion ounces this year. That would mark the first year demand has exceeded 1 billion ounces since 2015.

Industrial demand for silver is expected to reach a record high of 524 million ounces. Demand in the solar sector will be a primary driver, with a 13% increase to over 110 million ounces. Meanwhile, brazing alloy and solder demand is set to improve by 10% in 2021, helped by a recovery in housing and construction.

MANY NATIONS JOIN INTO A DIPLOMATIC BOYCOTT OF CHINA’S WINTER GAMES

by Harvey Organ, Harvey Organ Blog:

GOLD UP $6.50 YP $1785.20//SILVER DOWN 7 CENTS TO $22.43//COMEX GOLD TONNAGE UP TO 98.363 TONNES//SILVER OZ STANDING REDUCES TO 45.260 MILLION OZ//COVID UPDATES//VACCINE UPDATES//VACCINE IMPACT UPDATES//BIG CHANGES IN THE UK AS BOJO GOES NUTS AS THEIR DO FURTHER LOCKDOWNS AND MORE MASK MANDATES//VIET NAM SUSPENDS PFIZER SHOTS FOR KIDS AS 120 SEVERE INJURIES//JON RAPPAPORT DISCUSSES THE PFIZER DOCUMENTS RELEASED UNDER FREEDOM OF INFORMATION AND THEY ARE A DILLY!!//MANY NATIONS JOIN INTO A DIPLOMATIC BOYCOTT OF CHINA’S WINTER GAMES//SWAMP STORIES FOR YOU TONIGHT

Market Report: Sell-off struggling to go lower

by Alasdair Macleod, GoldMoney:

The sell-off in precious metals, now entering its fourth week, is struggling to drive gold prices lower, but silver is showing less resistance to this pressure. Since last Friday’s close, by morning trading in Europe today gold had fallen by $12 to $1771 and silver had lost 66 cents to $21.88. Driving prices is a determination by the bullion banks to reduce their short exposure by the year-end.

The year-end is important for two reasons. For all bullion banks with short positions, it is an important make-up date evaluated by prices relative to the previous quarter, the half year, and the previous year end. To any valuation profit or loss is added trading profits to determine dealer bonuses. Taking this as our queue, we see that gold will have to fall to $1725 to match the end-September close, $1770 for the half-year and $1900 over the whole year.