Kitco News
(Kitco News) – Pure Gold Mining (TSX-V: PGM) today announced appointments of new President & CEO, as well as CFO, effective as of January 1, 2022.
The post Pure Gold appoints new CEO and CFO as it transitions to ‘a culture of operational excellence’ appeared first on WorldSilverNews.
Kitco News
(Kitco News) – Gold and silver futures prices are higher in midday U.S. dealings Tuesday. Bulls are enjoying the near-term technical advantage as prices have been trending higher recently.
The post Gold and silver gain as bulls proving resilient appeared first on WorldSilverNews.
Kitco News
(Kitco News) – The company said that no cases of Covid-19 have been recorded for any employees or contractors who were present at the mine site.
The post Rambler Metals warns of challenges due to ‘a substantial rise in Covid-19 in Newfoundland’ appeared first on WorldSilverNews.
Yahoo! Finance: SI=F News
Canaan announced partnerships with various crypto-leading mining companies in the country and the end of its first phase of expansion.
The post ASIC Miner Manufacturer Canaan Expands Its Operations in Kazakhstan appeared first on WorldSilverNews.
United States National Debt
(1971-2021)
Source: St. Louis Federal Reserve [FRED]
Chart note: Quietly, the U.S. national debt is approaching the $30 trillion mark. It gained a surprising $710 billion in the month of December alone and is up nearly $1.2 trillion in the final quarter of 2021. As of December 31, it stands at $29.62 trillion.
The post Today’s top gold news & opinion first appeared on Today’s top gold news and opinion.
NikkeiAsia/Haruki Kitagawa/12-29-2021
“Central banks around the world are increasing the gold they hold in foreign exchange reserves, bringing the total to a 31-year high in 2021. Central banks have built up their gold reserves by more than 4,500 tons over the past decade, according to the World Gold Council, the international research organization of the gold industry. As of September, the reserves totaled roughly 36,000 tons, the largest since 1990 and up 15% from a decade earlier.”
USAGOLD note: And those numbers do not include what China has added to its holdings surreptitiously via proxy reserve acquisitions by its commercial banks. The mainstream media by and large gives credit to central bank acquisitions as supportive of the price. What it neglects is something not so obvious, i.e. their withdrawal from the market as sellers of the metal. That swing – from net sellers to net buyers – has had a profound impact on the metal’s fundamentals.
Click to enlarge
The post Today’s top gold news & opinion first appeared on Today’s top gold news and opinion.
Financial Times/Patrick Jenkins/12-19-2021
Cartoon courtesy of MichaelPRamirez.com
“Today, close to 90 percent of the world’s central banks are classed as independent. But, as finance ministers wrestle with record debt burdens, the Covid-19 crisis and fast-rising inflation, worries are growing that central banks will become increasingly instrumentalised by governments.”
USAGOLD note 1: Last week, when Senator Joe Manchin stuck a fork in Democrat spending plans citing inflation concerns, a progressive Congresswoman was quoted as saying “The Build Better Act combats inflation and invests in what we need for a strong, stable, globally competitive economy.” The president himself went public in full inflation denial the same day, blaming the recent dip in the stock market on Manchin’s decision to vote against his $1.75 trillion spending program.
USAGOLD note 2: So, to what degree does pressure from the political sector affect central bank policy? Need we worry about too close a connection between the White House and the Fed? Jenkins quotes a former central banker now fund manager as saying, “The idea of independent central banks these days is a fiction.”
The post Today’s top gold news & opinion first appeared on Today’s top gold news and opinion.
Bloomberg/Iain Rogers/ 12-25-2021
“[Fund CEO] Tangen said the ‘biggest potential problem’ for the fund — the world’s biggest owner of publicly traded stocks — is inflation and predicted surging prices could have ‘far more serious consequences than is currently generally assumed.’”
USAGOLD note: Tangen forecasts a decade of low returns and says, “we have nowhere to hide from inflation.” Perhaps he isn’t looking hard enough, or then again maybe he’s playing his cards close to the vest. By our count, there is still an ace or two left in the deck.
The post Today’s top gold news & opinion first appeared on Today’s top gold news and opinion.
MoneyWeek/John Stepek/21-20-2021
“Stagflation is a messy old business and something everyone will want to avoid. But unless Omicron turns out to be a flash in the pan – a lump of coal in all our Christmas stockings, but nothing more – then it’s hard to see how we’ll avoid it.”
USAGOLD note: Stepek reminds us of the potent concoction brewing in the global economy. It is with stagflation in mind that we note the resumption of the upward trend in the Misery Index through the end of November.
Misery Index
(Unemployment + Inflation)
Sources: St. Louis Federal Reserve [FRED], U.S. Bureau of Labor Statistics
The post Today’s top gold news & opinion first appeared on Today’s top gold news and opinion.