Peter's Blog

Gold and Silver May Need a Breather Before Moving Higher

The price analysis last month titled Gold and Silver are Setting up for a Strong Advance in 2023 highlighted that both metals had shaken off the weakness and looked to be headed higher. It concluded by saying…

Money Supply Shrinks in 2022 for the First Time on Record

For the first time ever, the money supply contracted on an annual basis in 2022. The seasonally adjusted Money Supply in December was negative for a fifth consecutive month, coming in at -$147B. This was the largest monthly contraction in M2 going back to 1959. This type of contraction typically does not happen!

Comex Update: Gold Deliveries Pick Up Late in the Contract

Gold deliveries in January have reached 6,327 contracts with only 178 remaining in open interest. While this fell shy of the last five minor months, there are a few signs that are noteworthy. First, the delivery volume was greater than last January. This is important because January is typically a slow month after the major […]

Indian Silver Imports Set Record in 2022

India’s love for gold is well-known. It is the second largest gold-consuming country in the world behind China. But Indians also have an affinity for silver. Last year, silver imports into India hit a new record of  304 million ounces. That crushed the previous import high of 260 million ounces set in 2015.

Tennessee Bill Would Establish State Gold and Silver Bullion Depository

A bill filed in the Tennessee Senate would establish a state bullion depository. 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 the Volunteer State and undermine the Federal Reserve monopoly on money.

Comex Inventory Withdrawals Have Slowed but Not Stopped

The flow of gold and silver out of Comex vaults has slowed in recent weeks, but there is no question that metal continues to move out. 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 […]

A Dog and Pony Show: SchiffGold Friday Gold Wrap Jan. 20, 2023

Pop some popcorn and get ready for the next political dog and pony show. The US government bumped up against its statutory borrowing limit this week. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the looming debt ceiling fight and the deeper problems that will inevitably get ignored as […]

Budget Deficit Exceeds $1.4T in 2022

The Federal Government ran a deficit of -$85B in December. While this was much smaller than the deficit posted in November, it marks one of the largest December deficits ever.  That pushed then 2022 calendar year deficit to over $1.4 trillion.

CPI: Saved by Falling Energy Prices

The CPI cooled again in December driven by a massive fall in Energy prices. As shown below, the fall in Energy has been a big reason for the recent drop in inflation. Commodities have also been a driver down as Used Cars and Trucks fell -2.5% MoM and -8.8% YoY. That said, stickier items like […]

Is “Cooling” CPI Transitory? SchiffGold Friday Gold Wrap Jan. 13, 2023

The headline numbers from December’s CPI report give the impression that price inflation is continuing to cool. Markets are giddy at the prospect. But in this episode of the Friday Gold Wrap podcast, host Mike Maharrey argues that “cooling” price inflation is most likely transitory and the markets still don’t really understand the Fed’s position. […]