Peter's Blog

Indian Silver Imports on Record Pace as Demand Surges

Indian silver imports are on pace to triple this year as investors bet the white metal is primed to rebound and outperform gold in the near future. Silver prices have dropped to 2-year lows, and the silver-gold ratio has risen to nearly 90-1, signaling that the white metal is significantly undervalued compared to gold.

The Tax Man Cometh! And Not Just for Billionaires

The tax man cometh! And thanks to the Democrats in Congress, there will be more tax enforcers shining their lights into the nooks and crannies of Americans’ finances.

Fed Balance Sheet Reduction Not Delivering as Promised

The Federal Reserve is all-in on the inflation fight. Or is it? While everybody focuses on interest rate cuts, the promised Fed balance sheet reduction isn’t going quite as promised.

Record Consumer Debt Levels Continue to Climb

Consumers continue to add to their record level of debt as higher prices squeeze wallets. Americans added another $40.1 billion to the debt load in June, according to the latest data from the Federal Reserve. That represents a 10.5% year-on-year increase.

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.