Peter's Blog

The Calm Before the Storm: $119 Billion Budget Deficit in March

The US government budget deficit in March came in at $119 billion, according to the latest US Treasury Department Report. That’s a massive budget shortfall. But it’s actually the calm before the storm.

US Mint Shuts Down New York Production Facility

With all of the economic chaos and uncertainty spurred by the government lockdowns in response to coronavirus, the demand for physical gold and physical silver has skyrocketed. That has put a significant squeeze on the supply of gold bullion products. That squeeze is about to get tighter.

Consumer Debt Was Already Surging Before Coronavirus

The solution to the coronavirus economic meltdown is to borrow our way out of it. The Federal Reserve slashed interest rates to zero and the stimulus bill makes all kinds of loan programs available to pretty much anybody and everybody. But American consumers were already up to their eyeballs in debt before the coronavirus lockdowns. […]

Flow of Gold into ETFs Sets Quarterly Record

Inflows of gold into gold-backed ETFs set a quarterly dollar record in Q1 2020 as holdings increased by the most tonnage in any quarter since 2016. Gold-backed ETFs added 298 tons of gold through the first three months of 2020, amounting to $23 billion in net inflows. That pushed total holdings to a new record […]

Central Banks Add More Gold to Their Reserves

Central banks continued their gold-buying spree in February, although the pace of gold purchases has slowed compared to last year’s near-record purchases. On net, central banks globally added another 36 tons of gold to their reserves in February, according to the latest data released by the World Gold Council. That was about 33% higher than […]

Cash Is Trash

Earlier this year, Ray Dalio quipped that “cash is trash.” During a recent Reddit “ask me anything” session, Dalio doubled down, warning that the rush into the US dollar is a mistake. Why? Because the Federal Reserve has fired up the printing press and is pumping out cash at a dizzying pace.

Fed Set to Buy Risky Small Business Loans from Banks

The Federal Reserve keeps coming up with new and creative ways to get more people deeper into debt while simultaneously shielding banks from any risk.

The Great Government Gold Heist of 1933

Yesterday marked the anniversary of the great government gold heist of 1933 ordered by President Franklin D. Roosevelt. On April 5, 1933, the president signed Executive Order 6102. It was touted as a measure to stop gold hoarding, but it was in reality, a massive gold confiscation scheme. The order required private citizens, partnerships, associations […]

What About Silver?

There’s been a lot of focus on gold with the crashing stock market and economic chaos set off by the coronavirus economic lockdown. But what about silver? There were reasons to be bullish on silver even before the bottom fell out of the stock market. In its 2020 Market Forecast, the Silver Institute projected that […]

Fed Launches International Repo Facility

In yet another unprecedented attempt to keep the air in the financial bubbles, the Federal Reserve announced the establishment of an international repo facility. The repo facility will allow foreign central banks and other international monetary authorities to enter into repurchase agreements with the Federal Reserve. According to the Fed announcement, FIMA account holders can […]