Peter's Blog

Back to Budget Deficits Despite Surging Government Revenue

After running a budget surplus in April thanks to an influx of tax-day tax receipts, the federal government reverted back to running a deficit in May. The budget deficit was $66.22 billion last month, according to the monthly Treasury statement. That raises the current fiscal year deficit to $426.2 billion with four months left to […]

Czech Central Bank Plans to Buy A Lot of Gold

The Czech National Bank is about to go on a gold-buying spree. Incoming CNB Governor Ales Michl said he plans to increase the bank’s gold holdings nearly 10-fold during a recent magazine interview.

Consumer Debt Breaks Record as Americans Up Borrowing to Cope With Inflation

Consumer debt climbed to a new all-time record in April as Americans continue to cope with rapidly rising prices. Total outstanding consumer debt rose by $38 billion in April, reaching a new record of $4.57 trillion, according to the latest data from the Federal Reserve. Total consumer debt was up 10.1% in April. It was […]

Central Bank Gold Buying Continued in April

After increasing gold holdings by 84 tons in the first quarter of this year, central banks continued to be net gold buyers in April. Globally, central banks added a net 19.4 tons of gold to their holdings in April.

Demand for American Gold Eagles Explodes

Demand for American Gold Eagles exploded in May according to the latest data from the US Mint.

Consumer Confidence Drops Again

Consumer confidence hit a 10-year low earlier this year and continues to sag as inflation squeezes wallets. The Conference Board’s consumer confidence index for May slipped to 106.4. That was down from 108.6 in April.

Tennessee Repeals Sales Tax on Gold and Silver Bullion

Last week, Tennessee Gov. Bill Lee signed a bill repealing the sales tax on the sale of precious metal bullion. Ending the sales tax will relieve some of the tax burdens on investors, and take a step toward treating gold and silver as money instead of as commodities.

The Air Is Coming Out of the Housing Bubble

The Fed has barely started raising interest rates but the air is already seeping out of the housing bubble. New single-family home sales plunged by 16.6% from March and were down 26.9% year on year. New home sales dropped to the lowest level since the lockdown in April 2020.

Retailers Getting Hammered By Rising Costs

Retail sales have spiked over the last few months. You would think that would be great news for retailers, right? Not so fast.

Surge in Government Tax Receipts Papers Over Federal Spending Problem

With a surge in April tax receipts, the federal government ran a record budget surplus last month. This seems like good news. And the mainstream spun it as such. But record government revenue is papering over a spending problem that isn’t going away.