NEWS
Gold and silver market moving news, curated from the best of GoldSilver's team and around the web. Check back often for updates, or subscribe to get the highlights in your inbox.
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Rickards: "The Chinese Financial Sector Is Totally Insolvent"
"Add it all up and the Chinese financial sector is caught in a vise. The result could very well be a financial meltdown of unprecedented magnitude in China with the potential to go global and cause a market collapse in Europe and the U.S. as well."
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The Price of One Ounce of Gold, Denominated in Turkish Lira, Just Went Up 50%
File under: The Most Predictable Thing. When currencies crater, not just investors, but entire sovereign populations instinctually know what to do. Gold's unique property as a surefire store of value, earned over so many thousands of years, always comes to the fore when all else fails.
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Gold Traders' Report - August 14, 2018
In the afternoon, US stocks held most of their gains (S&P ended +18 to 2840), while the US 10-year bond yield was steady around 2.89%. The DX pulled back to 96.67, and gold rebounded to $1194.50. Gold was $1194 bid at 4PM – unchanged.
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U.S. Household Debt Reaces $13.3 Trillion, Increases for 16th Consecutive Quarter
"Americans' borrowing reached $13.29 trillion in the second quarter, up $454 billion from a year ago, marking a 16th consecutive quarter of increases, a New York Federal Reserve report released on Tuesday showed."
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Contagious Turkey: Indian Rupee Hits All-Time Low Against US Dollar
As the fallout from the Turkish lira collapse continues to ripple out, India joined South Africa and Argentina in seeing their native currency freefall against the greenback.
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JPMorgan: Trump Could Be First US President to Use Policy to Weaken the USD
"U.S. President Donald Trump repeatedly signaled his preference for a weaker dollar and accused other countries of manipulating exchange rates. The administration’s rhetoric could foreshadow a shift to an interventionist policy."
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Chinese Fixed-Asset Investment Hits 22-Year Low; Government Builds New $14B Railroad
For all the geopolitical strife dominating the headlines these days, you'd think world leaders would look to the striking similarity in their economic policies. As organic investment begins to significantly slow in China, party leaders simply print more fiat currency and create new infrastructure projects to force "growth" to continue.
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Ray Dalio, Manager of World's Largest Hedge Fund, Maintains Huge Bet on Gold
"As of June 30, Dalio’s Bridgewater Associates maintained its 3.9 million shares in SPDR Gold Shares, the largest bullion-backed ETF, and 11.3 million in iShares Gold Trust, the second-largest, according to a regulatory filing."
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Downt on Abbeys: UK Home Prices Fall for Fifth Consecutive Month
"The bust cycle of the UK housing bubble is just beginning." The UK's largest decline in home prices in almost eight years continued unabated, as global real estate market data continue to show signs that bubbled-out markets are threatening to pop in unison.
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Gold Traders' Report - August 13, 2018
Gold took out support at $1,195, triggering more long liquidating sell stops that took it down to $1191.80 – an 18-month low. The DX ticked down to 96.35, and gold clawed back to $1,194. Gold was $1,193 bid at 4PM with a loss of $18.
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"The Financial Crisis Cost Every American $70,000, Fed Study Says"
While the causes of the Great Recession remain completely unaddressed and the risk and debt levels that will trigger the next one are worse now than they were then, let's all take a moment to eulogize what we could have individually done with that $70,000 per person that the Fed and Wall St. vaporized without giving us a choice.
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As Erdogan Seeks "New Friends", Neighbors Russia and Iran Eye Opportunity in Turkey
Should the Turkish government collapse as it buckles under the weight of 16% inflation and a currency rapidly being devalued (i.e. goes full Venezuela), Turkey's geographic significance matters far more than for world currency reasons alone.
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Contagious Turkey Part 2: Argentina Hikes Benchmark Interest Rate to 45%
Emerging-market shockwaves continue to ripple through world financial markets in the wake of the collapse of the Turkish lira, which is weakening even further today, down another 9% against the USD, after plummeting almost 20% on Monday.
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Broken Record Alert: Venezuelan Inflation Rate Hits All-Time High of 45,668%
The inevitable end for fiat currency is no laughing matter. Venezuela is now the most dangerous country in the world as its currency careens toward worthless and only Maduro's control of the military, which is enforcing martial law across the country, stands between any semblance of order and anarchy.
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China Is Literally Printing Money for Brazil, India, Poland, and Many Other Nations
"The world economic landscape is undergoing some profound changes. As China becomes bigger and more powerful, it will challenge the value system established by the West. Printing money for other countries is an important step.," Beijing Institute of Technology professor Hu Xingdou said.
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Contagious Turkey: South African Rand Records Largest Drop in 10 Years
Investors are starting to eye other emerging-market currencies with increased skepticism in light of the ongoing rout in the Turkish lira, and stampede mentality is forming. When a fiat like the rand starts to bolt to the downside, nobody wants to be the last out the door.
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Ties That Bind: China Invests $1B in Iranian Gas Project Amid US Sanctions and Tariffs
After France's Total was forced to exit a giant Iranian natural gas project due to US sanctions, China immediately stepped into the breach and ponied up $1B for an 80.1% share of the massive South Pars project.
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Russia Finance Minister: US Dollar Becoming Unreliable for Trade
America doesn't import much from Russia, so without tariff weaponry to respond to sanctions, Russia goes after the USD. "We have significantly reduced our investment in US assets. In fact, the dollar, which is considered to be the international currency, becomes a risky tool for payments."
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Gold Traders' Report - August 10, 2018
The US 10-year bond yield rebounded from 2.853% to 2.879%, while the DX remained nervous and choppy between 96.22 - 96.36. Gold traded narrowly between $1,210.50 - $1,212.50 and was $1,211 bid at 4PM with a $1 loss.
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"Spending On Interest Hits All Time High as Budget Deficit Soars to $684 Billion"
Cut taxes, ramp spending, print currency. We are watching the well-established blueprint for a fiat currency going to zero, in real time.
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