Peter's Blog

Treasury Realizes First Surplus in Nearly 2.5 Years

The US Treasury realized a monthly surplus of $118.7 billion in January. It was the first budget surplus since September 2019 and the largest since it realized a $160 billion surplus in April of 2019. The surplus was driven by high revenue from a continued surge in Individual Taxes. This was combined with shrinking expenditures […]

Uh-Oh! SchiffGold Friday Gold Wrap Feb. 11, 2022

The Federal Reserve still seems to be hoping that inflation will just go away on its own or that it can jawbone it down by projecting a few little rate hikes. But the Consumer Price Index data keeps dashing its hopes. In this episode of the Friday Gold Wrap, host Mike Maharrey talks about the […]

Unrounded MoM CPI Was 0.65%; Price Increases Are Widespread

The latest seasonally adjusted inflation rate for January was 0.65% month over month, with a non-seasonally adjusted annual rate of 7.48%. Both of these numbers came in above expectations. As hypothesized last month, it was very possible that Omicron temporarily restrained inflation in December and a rebound should be expected. It did not take long for […]

Silver Demand Expected to Hit Record High in 2022

After a strong 2021, demand for silver is expected to hit a record high in 2022, according to the Silver Institute’s Global Demand Forecast. The Silver Institute projects silver demand will hit a record 1.112 billion ounces this year with growth in most key areas. That would represent an 8% year-on-year increase.

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 […]

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 […]

It’s a Big Flim-Flam: SchiffGold Friday Gold Wrap Jan. 28, 2022

The Federal Reserve held its first FOMC meeting of 2022. The central bank didn’t do anything, but the tone coming out of the meeting was widely perceived as even more “hawkish.” Everybody is convinced the Fed really means it now. The inflation fight is on. Is it though? Host Mike Maharrey talks about the messaging […]