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Russians have gone on a gold-buying spree. According to Russian media reports, investors in the country have bought a record amount of gold since 2014 despite prohibitively high taxes.
Even with the federal government ostensibly trying to limit spending with its head against the debt ceiling, it managed to run another massive deficit in November. The budget shortfall last month was $191.34 billion, according to the latest Treasury Department statement. That was 31.7% higher than the November 2021 deficit.
American consumers piled on more debt in October as inflation continues to squeeze their pocketbooks. Consumer debt grew by $16.9 billion, an annual increase of 4.6% (seasonally adjusted), according to the latest data released by the Federal Reserve. That raised total consumer debt to over $4.38 trillion.
Global ETF gold holdings increased in November for the first time since this summer. Gold-backed ETFs saw net inflows of 13.6 tons last month. Total holdings rebounded from year-to-date lows to 3,578 tons. According to the World Gold Council, investment demand for larger gold ETFs returned with decades-high inflation and heightened market volatility.
Over the last several years, we’ve seen strong central bank gold-buying. The surge in gold purchases has primarily been driven by a handful of consistent players. But over the last several months, we’ve seen several new countries enter the market. The most recent is Ireland.
That was one weird jobs report. The labor department released the November employment data on Friday. The numbers simply don’t make any sense. As one chief investment officer put it, “One of the weirdest reports I have ever seen.” One thing seems pretty certain. The labor market has not recovered, no matter how the powers […]
Gold demand in India strengthened in October despite higher prices. This continues a rebound in the world’s second-largest gold market after it was pummeled by government policies during the coronavirus pandemic.
It appears American consumers are going to have a red Christmas this year. Red — as in going deeper into debt.
Singapore expanded its gold reserves by about 20% earlier this year, joining a growing number of countries increasing their investment in the yellow metal.
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.
