Peter's Blog

Gold and Silver Technicals: This is a Healthy Correction if $1800 holds

The data over the last several months has been spot on in predicting the moves in gold and silver. November showed the market was in neutral, but then the December analysis correctly identified an impending move upward, and the January review concluded that gold may need a breather before moving higher. So, what about this month?

Comex Vaults: Gold Sees Nearly 5% Inventory Decline in a Month

Gold inventory in COMEX vaults declined by nearly 5% in a single month. 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 of metal into […]

Garbage In, Garbage Out: SchiffGold Friday Gold Wrap Feb. 17, 2023

Garbage in, garbage out. The phrase is usually associated with computers, but it also applies to the formulas used to generate government economic data. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey goes over the January CPI and retail sales data with that phrase in mind.

CPI: Relief from the SPR Drain has Ended

With the CPI losing the relief from cooling energy prices, this month showed a solid uptick in prices, coming in at 0.54% (~6.6% annualized).

Budget Deficit YoY: Revenues Fall as Expenses Rise

The Federal Government ran a deficit of -$39B in January. While that may not seem like much, it looks worse when compared to the average January.

History Rhymes: SchiffGold Friday Gold Wrap Feb. 10, 2023

You’ve probably heard the saying that history might not repeat, but it often rhymes. If that’s true, looking back at the runup to the 2008 financial crisis and Great Recession should cause concern. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey looks at some of the parallels between then and now. […]

Bill Introduced in Wisconsin House Would Repeal Sales Tax on Gold and Silver Bullion

A bill introduced in the Wisconsin Senate would create a state sales tax exemption on the sale of gold and silver bullion. By effectively repealing the sales tax, the bill would relieve some of the tax burden on investors, and take a step toward treating precious metal bullion as money instead of a commodity.

The Treasury Begins Extraordinary Measures (again)

Despite hitting the debt ceiling, the US Treasury managed to add $35 billion in new debt during January. The Treasury has employed extraordinary measures, including exchanging Non-Marketable (e.g., Government employee retirement funds) and other forms of debt for short-term Bills. The balance on Bills grew by $241 billion which was the largest single-month growth since […]

2022 Trade Deficit Signals Inflation Closer to 15%

The December Trade Deficit increased after a major drop in November. The total came in at $67B which was 10% greater than November’s $61B, but still well below the 6-month high from October of $77B. It is also below the $79B Trade Deficit from December 2021.

Is It Time to Drop the “L” in the BLS?

By all measures, the latest job report absolutely blasted past expectations with one of the biggest upside surprises in recent memory. The current month came in at 517,000 jobs created. But even that massive figure was beaten by the latest Household Survey which showed 894k jobs created in January.