Peter's Blog

The Crossroads Is Looming! SchiffGold Friday Gold Wrap May 6, 2022

The Fed hiked rates 0.5% this week in an effort to stem the inflation tide. But the economy already looks shaky and the central bank has barely started this inflation fight. Friday Gold Wrap host Mike Maharrey breaks down the messaging that came out of the Fed meeting and concludes the central bank is getting […]

Trade Deficit Explodes 22.3% MoM and 53.8% YoY

The March trade deficit came in at -$110B. This obliterated the February record trade deficit of $90B. As the chart below shows, the trade deficit has set a record in each of the last 4 months. It was creeping upwards from -$80B to -$90B before exploding in the latest month.

Comex Results: May is Quiet, but June Looks Strong in Both Metals

This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail. As reported last week, Comex May’s open interest activity was looking weak in silver while gold showed a mixed picture. May has been weak so far, but June continues to look strong.

CFTC: Swaps Have Increased Gold Short Position by More than 1,300% since Nov 2015

Since the peak on March 8, Managed Money has reduced its Net Long positions by 60k contracts or 43%. Despite massive selling, the gold price has actually held up fairly well. The last time Managed Money net longs dropped this low in February, gold was struggling at the $1800 level, versus the struggle at $1900 […]

Can the Fed Pull Off a Magic Trick?

For the second month in a row, the Fed held true to its word and kept the balance sheet relatively flat. In aggregate, the balance sheet expanded by only $2B, though it did reach an all-time high mid-month. The drop to close out the month came as a result of $15B in mortgage-backed securities rolling […]

“The Economy Is Strong!” and Other Myths and Rumors: SchiffGold Friday Gold Wrap April 29

Jerome Powell and other policymakers at the Fed keep telling us they can raise interest rates and slay the inflation dragon because the economy is strong. But these central bankers have a long history of being wrong. And as host Mike Maharrey explains in this episode of the Friday Gold Wrap podcast, the recent GDP […]

Silver News: 2021 Silver Demand Explosion and Technical Innovations

Total global silver demand reached its highest level since 2015 last year, surging 19% to 1.05 billion ounces (Boz). There were increases in every key silver demand category. It was the first time since 1997 that all key sectors rose together. This is one of several silver-related stories in the latest edition of Silver News published by the […]

Money Supply Growth Rate Continues to Decelerate

According to the seasonally adjusted data, M2 expanded by $59B in March. While the money supply is expanding, this is the slowest increase since June of 2021. It’s also almost $200B less than the $238B expansion last March.

Price Analysis: Will $1900 Hold?

The price analysis last month highlighted how gold was trying to carve out fragile support around $1900 and breakthrough resistance at $1950. Gold found a spark and broke through $1950, but has been unable to hold above it in the wake of “hawkish” Fed comments. Now, $1900 is being tested and should give clues to the next […]

Silver Demand Hit 6-Year High in 2021; Growth Expected to Continue Despite Headwinds

The Silver Institute has released its World Silver Survey 2022 report, providing an overview of what happened in the silver market in 2021 and looking ahead to this year. Even with geopolitical and economic headwinds, the report anticipates further growth in the silver market in 2022.