There was a little March Madness on Wall Street. In fact, the month turned into an old-fashioned blood bath. But you wouldn’t have found any carnage in the stock market. In fact, the Dow Jones gained a decent 2.3% on the month. But beneath that glittery stock market stage (that attracts the most investor attention) there […]
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Global ETF gold holdings surged in March, charting the third straight month of inflows. Net inflows of gold into ETFs came in at 187.3 tons last month, as total holdings rose to 3,837 tons, just shy of the all-time record high. It was the biggest jump in ETF gold holdings since July 2020, according to […]
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Bloomberg/Min Jeong Lee and Toru Fujioka/4-7-2022
“Such wide-ranging goals have led the Japanese central bank to amass a whopping 80% of the country’s ETFs—equivalent to about 7% of its $6 trillion stock market—in less than a decade. That’s far further than any other central bank in the world has gone in trying to prime its economy via equities purchases. The Bank of Japan has also outpaced peers with its $3.7 trillion in net bond purchases.”
USAGOLD note: The problem, according to Bloomberg, is liquidating those assets without cratering the target market – an asset trap of sorts that makes the central bank a semi-permanent to permanent holder of the securities in question. Why wouldn’t the Fed, some might ask, find itself in a similar situation with U.S. Treasuries and mortgage-backed securities? Japan in this regard is indeed a cautionary tale ……
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CNBC/Ron Insana/4-8-2022
“It still represents a small fraction of the world’s currency system. Its $820 billion market value (whatever that means for a ‘currency’) is small when compared to dollars in circulation globally and pales in comparison to the $13 trillion value of the world’s outstanding stash of gold, the hard currency of choice for most of the planet.”
USAGOLD note: We were surprised that Ron Insana would have nice things to say about gold. We can’t remember if he has ever said anything positive about “the hard currency for most of the planet” before. We were also surprised that the usually staid Mr. Thiel would go nuclear on what he calls the ‘finance gerontocracy” (Warren Buffett, Jamie Dimon, and Larry Fink). Perhaps what really has him so irked is bitcoin’s poor performance of late – down over 35% from its early November peak.
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