Peter’s Blog

Are the Chinese selling US dollar-denominated assets to buy gold? It sure looks that way.

Gold and silver drifted lower this week before a modest recovery Friday morning, which can be put down to bear closing. Meanwhile, gold hit record levels in yuan and yen terms. Here’s a breakdown of this week’s gold and silver markets.

Russia and the Saudis are driving up oil and diesel prices. But these moves are likely to undermine the rouble more than they undermine the dollar, euro, and other major currencies. Therefore, higher energy prices will rebound on the Russians this winter: if they shiver in Germany, they will freeze in Russia. If the dollar […]

Chinese gold demand improved on multiple fronts in August. China ranks as the world’s biggest gold market.

Peter Schiff recently appeared on the Capitol Report on NTD News to talk about the state of the US economy. He explained how government spending has created the price inflation Americans continue to struggle with, and how it has bankrupted the United States.

After hitting the highest level since 2019 in the first quarter, Chinese gold demand continued on a solid path through Q2. Through the first half of the year, Chinese gold consumption surged by 16%, according to the latest data from the China Gold Association (CGA).

Silver demand set a record in every category in 2022 and is expected to continue growing. Meanwhile, silver production flatlined. Record global silver demand and a lack of supply upside contributed to a 237.7 million ounce market deficit in 2022. The trends indicate that this deficit will expand in the next several years as demand continues […]

There has been a steady migration of gold from West to East over the last three decades. When the World Gold Council published its first Gold Demand Trends report 30 years ago, Asian demand made up 45% of the world’s total. Today, the Asian share of global gold demand is approaching 60%.

After ending 2022 on an upward trend, China’s gold market continued to rebound during the first quarter of 2023. Wholesale gold demand in China during Q1 hit the highest first-quarter level since 2019. Meanwhile, gold imports charted the strongest start to a year since 2015.

More bad news for the dollar. Last week, China and Brazil announced a trade deal in their own currencies, completely bypassing the dollar. This represents another small shift away from dollar dominance.