Peter's Blog

Producer Price Increase Doubles Expectations in January

Federal Reserve Chairman Jerome Powell “retired” the word “transitory” as it relates to inflation back on Nov. 30. Just two-and-a-half months later, we’re seeing a new word bandied about to describe inflation — persistent. Less than a week after the January CPI data came in even hotter than anticipated (again), we got yet another signal […]

Chinese Gold Consumption Boomed in January

Chinese gold consumption boomed during the January holiday season. This continued the 2021 trend where Chinese gold demand climbed back above prepandemic levels.

Silver Demand Expected to Hit Record High in 2022

After a strong 2021, demand for silver is expected to hit a record high in 2022, according to the Silver Institute’s Global Demand Forecast. The Silver Institute projects silver demand will hit a record 1.112 billion ounces this year with growth in most key areas. That would represent an 8% year-on-year increase.

Central Banks Bought More Gold to Close Out 2021

Central banks globally added a net 14.2 tons of gold to their reserves in December, according to the latest data from the World Gold Council. Central bank gold buying was up 82% year-on-year. Turkey was the biggest buyer in December, adding 10.1 tons of gold to its reserves. That boosted the country’s total gold holdings […]

Consumer Debt Grew at Fastest Pace in 5 Years in 2021

American consumers ran up more debt in December, wrapping up a year in which consumer debt increase at the fastest pace in five years. This could prove problematic for the Federal Reserve as it contemplates raising interest rates.

This Jobs Report Revealed Strength in Inflation, Not the Labor Market

The January jobs report came in much stronger than expected. According to the labor department, the US economy added 467,000 jobs last month. This was significantly better than the 150,000 job projection. But there was some bad inflation news buried in the Labor Department data.

US National Debt Pushes Above $30 Trillion

On January 31, the national debt quietly eclipsed $30 trillion. The US government has run up debt at breakneck speed after raising the debt ceiling. The national debt broke through $29 trillion on Dec. 16. It took just 46 days for Uncle Sam to add another $1 trillion to his massive pile of debt. It […]

Gold Mine Production Up in 2021 But Below Pre-Pandemic Levels; Overall Gold Supply Falls

Global gold mine production increased in 2021 as economies opened up after the first wave of the coronavirus pandemic. But mine output did not recover to pre-pandemic levels, and overall gold supply fell for the second straight year. According to data released by the World Gold Council, annual mine production increased 2% year on year, […]

Oklahoma Considering Creation of State Gold Bullion Depository

A bill filed in the Oklahoma Senate would establish a state bullion depository similar to the one operating in Texas. This would not only create a safe place to store precious metals; it also has the potential to facilitate the everyday use of gold and silver in financial transactions in Oklahoma and set the stage […]

2021 Chinese Gold Demand Surged Above Pre-Pandemic Levels

Chinese gold consumption rebounded in 2021, rising by 36.53% year on year as the market continues to recover after taking a hard hit during the coronavirus pandemic. More significantly, gold demand was up 11.78% compared with consumption in 2019, before the pandemic. China ranks as the world’s number one gold consumer.