Peter's Blog

Central Banks Added Gold at Faster Pace in June

Central bank gold buying notched up again in June. Central banks globally added 59 tons of gold to their reserves last month and there were no reported sales, according to the latest data compiled by the World Gold Council.

Labor Market Showing Cracks as Job Openings Decline More Than Expected

Despite back-to-back contractions in GDP, President Joe Biden, Fed Chair Jerome Powell, Treasury Secretary Janet Yellen and all of their supporters in the corporate media insist the US economy isn’t in a recession. But the only data they ever point to in order to back up their assertion is the “strong” labor market. The problem […]

Total Household Debt Hit a Record $16 Trillion in Q2

Personal income from all sources adjusted for inflation — real income — fell for the second straight month in June and was down 1% on the year. But American consumers continue to spend. How can this be? They’re running up debt at a dizzying pace. This undercuts the narrative claiming the American consumer is “healthy.”

Another Salvo in the War on Cash: Israel Tightens Limits on Cash Transactions

Yesterday, an Israeli law went into effect banning the use of cash in business transactions over 6,000 NIS ($1,700). Private cash transactions can’t exceed 15,000 NIS ($4,360). This is yet another escalation in the “war on cash.”

Gold Demand Up 12% Through First Half of ’22 Despite Tepid Second Quarter

Gold demand through the first half of 2022 came in at 2,189 tons, up 12% over the first half of last year, according to the World Gold Council Gold Demand Trends Q2 report.

Consumer Confidence Hits 19-Month Low

The White House is desperately trying to convince everybody there isn’t a recession, but the average American doesn’t seem to be buying the narrative. Consumer confidence plunged to the lowest level since February 2021 in July, according to the latest survey by the Conference Board.

Tanking Housing Market a Red Flag for the Broader Economy

It’s getting harder and harder to deny recession reality. Even as the Biden administration tries to spin itself out of that reality with a propaganda campaign, many in the mainstream seem to be waking up. On Monday (July 25), Reuters reported that the tanking housing market is a red warning flag signaling a recession.

European Central Bank Goes Hawkish! But Not Really

Inflation and rapidly spiking prices aren’t just a problem in the US. It’s gotten so bad in Europe that that perpetually dovish European Central Bank (ECB) has been forced to go hawkish. But not really. Just hawkish for the ECB. Last week the ECB raised interest rates for the first time since 2011. The bank […]

Now in Effect: Virginia Law Expands and Extends Sales Tax Exemption on Gold and Silver

On July 1, a Virginia law extending and expanding a sales tax exemption on the sale of gold and silver bullion and coins went into effect. Ending the sales tax will relieve some of the tax burdens on investors, and take a step toward treating precious metal bullions as money instead of a commodity.

Ukraine Sells Billions in Gold to Raise Cash to Buy Goods

Who needs gold? Ukraine, apparently. An official at the central bank claims it has sold billions in gold since the Russians invaded Ukraine back in February.