Peter's Blog

China Buys More Gold as It Seeks to Minimize Exposure to the Dollar

China bought gold for the fourth straight month in March, adding another 11.2 tons of the yellow metal to its reserves, according to the latest data released by the People’s Bank of China. With the most recent purchases, the Chinese official gold reserves stand at about 1,884 tons or 60.62 million ounces. The Chinese have […]

Hungary Increases Gold Reserves 10-Fold

Yesterday, the Hungarian central bank announced it recently boosted its gold reserves 10-fold. According to its website, the National Bank of Hungary (MNB) now owns 31.5 tons of gold, up from 3.1 tons. It was the first significant purchase of gold by Hungary since 1986. A statement by the bank said the increase in gold stocks was […]

Fatal Conceit and the Question That’s Never Asked

Keynesian central planners suffer from what Peter Schmidt calls “fatal conceit.” Paul Krugman serves as the poster child for central planning arrogance. But it’s the Federal Reserve that gives the central planners power, as Schmidt highlighted in the first article in a series highlighting this fatal conceit. Schmidt built on this theme in the second article, […]

India Central Bank Buys Gold for the First Time in Nearly a Decade

The Reserve Bank of India (RBI) bought gold for the first time in nearly a decade during its last fiscal year. The Indian central bank added 8.46 tons of gold during the fiscal year ending June 30, according to its latest annual report. The additional yellow metal brings India’s total gold reserves to 566.23 tons. The last […]

Russia Is Buying Gold, Stability and Economic Independence

Russia’s gold holdings have topped 1,800 tons. To put that into perspective, between 2000 and 2007, the Russian central bank held just 400 tons of gold. At that point, the country launched an aggressive gold acquisition program. In October of this year alone, the Bank of Russia bought 21.8 tons of gold. At 1,801 tons, the yellow […]