Peter's Blog

Falling Trade Deficit Suggests a Weakening US Economy

The March Trade Deficit decreased for the first time in four months. The total deficit came in at -$64.2B, which is the second smallest deficit since January 2021. This might seem like good news but it’s yet another indication of a weakening economy.

Texas Committee Passes Bill to Create 100% Reserve Gold and Silver-Backed Transactional Currencies

On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central […]

Record Silver Demand in 2022 and Other Silver News

All major categories of silver demand charted highs in 2022, contributing to a new total global silver demand record of 1.242 billion ounces. This is one of several silver-related stories in the latest edition of Silver News published by the Silver Institute.

CFTC CoTs Report: Traders Go Quiet Before Fed Meeting

The CoTs report is a breakdown of open interest in the major futures markets as reported by the US Commodity Futures Trading Commission Please note: the CoTs report was published 04/28/2023 for the period ending 04/25/2023. “Managed Money” and “Hedge Funds” are used interchangeably.

Bank Term Funding Program Reaches New All-Time High

The Fed is still bailing out banks. The Bank Term Funding Program (BTFP) reached a new all-time high in April, suggesting that the banking crisis has not yet passed. And while the aggregate balance sheet looks to be shrinking, the detailed data shows it is more complex than that.

Silver Sees Record Number of Contracts Close in Final Day

Silver has seen a relatively weak delivery to start the action in May. While this could be considered disappointing to some who were looking for fireworks, a look beneath the surface shows that all is not well.

Paper Only Looks Good on Paper: SchiffGold Friday Gold Wrap April 28, 2023

Many people are concerned about a possible move toward central bank digital currency and we’re starting to see organized pushback on the idea. But as Friday Gold Wrap host Mike Maharrey explains, a lot of people are so caught up in taking on CBDC that they’re missing the more fundamental problem with government-issued fiat currency. […]

13-Week Money Supply Reaches New All-Time Low

Seasonally Adjusted Money Supply in March fell $257B. As the chart below shows, this is now the 8th consecutive monthly drop. Going back to the 1970s, the drop in March was actually the biggest on record on an absolute and relative basis.

Comex Update: Silver Shorts Could Be in Trouble

Silver delivery from the COMEX was low in April, but there is more to the story. This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to show the physical movement […]

Mississippi Repeals Sales Tax on Gold and Silver

Last week, Mississippi Governor Tate Reeves signed a bill into law exempting the sale of gold and silver from the state sales tax. Repealing the sales tax will relieve some of the tax burdens on investors, and take a step toward treating gold and silver as money instead of as commodities.