Peter's Blog

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 […]

2021 Trade Deficit Shatters Historical Record Set Back in 2006

In December 2021, the US ran up a total trade deficit of -$80.7 billion, just a tick shy of the record -$80.8 billion set in September. The Goods Deficit increased by 3.2% to come in at -$101.4B, eclipsing the -$100B mark for the first time ever. This capped off a year in which the trade […]

ETFs Globally Chart Healthy Inflows of Gold to Start 2022

Global ETF gold holdings started off 2022 with a healthy increase. Global gold ETFs recorded net inflows of 46.3 tons last month as gold investment demand returned with decades-high inflation and heightened market volatility. Total ETF gold holdings globally ended January at 3,615.6 tons, according to the latest data from the World Gold Council.

Are There Tremors in the Gold Market?

As reported last week, multiple data points in the COMEX are starting to flash yellow in the gold market. Cash settlements are at a recent high, open interest has spiked in March to way above normal, and roll costs are creeping up. Are these tremors in the gold market?

Treasury Increases Short-Term Debt by $200B as Total Debt Crosses $30T

The Treasury added almost $400 billion of debt in January, the third most since July 2020. As the month closed out, the national debt eclipsed $30 trillion. The other two larger debt increases both came right after the debt ceiling was raised. Perhaps most important is the fact that almost $200B of the newly added […]

A Monetary Jenga Game: SchiffGold Friday Gold Wrap Feb. 4, 2022

With little fanfare, the national debt crossed the $30 trillion threshold this week. That is an unfathomable number. And as host Mike Maharrey explains in this week’s Friday Gold Wrap podcast, it’s worse than that. Most people aren’t concerned. Maharrey argues that they should be, likening the federal government’s borrow and spend policy to a […]

What is the Comex Gold Market Signaling?

As reported last week, Comex January turned out to be extremely strong in both gold and silver for a minor month. Most of that strength materialized after First Position. February was looking modest in gold and weak in silver, but the gold market is now showing outlier trends. This analysis focuses on gold and silver delivery […]

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.

Peter Schiff: Consumers Are Concerned; Investors Are Clueless

Is bitcoin an inflation hedge? Peter Schiff recently appeared on RT Boom Bust with Natalie Brunell of Coin Stories to discuss inflation and whether bitcoin is a hedge. Peter said bitcoin is not an inflation hedge. He called it a “speculative token” with its price driven by supply and demand. But what about gold? It […]