Russian Gold Buying Increases 62% Since Ukraine War
Russians are increasingly turning to gold as a financial safe haven amid growing economic pressures. Consumer gold purchases hit 75.6 metric tons in 2024, marking a 6% increase from 2023 and a dramatic 62% jump from pre-war levels in 2021. Why? A few reasons: record-high inflation at 9.5%, the ruble’s…
Gold Mining Crisis: Reserves Drop 40% as Mining Costs Soar
Gold market experts Frank Giustra and Grant Williams delivered important warnings about the future of gold during their presentation at VRIC. They highlighted a significant divide in how different parts of the world approach gold investment. Eastern investors tend to view gold as a way to preserve wealth over the…
Russian Gold Reserves Crash 46% as Citizens Rush to Buy
Russian banks’ gold reserves plunged 46.4% in 2024, hitting their lowest level since July 2022 at 38.1 metric tons ($3.4 billion). This dichotomy reflects the country’s complex economic challenges: high inflation at 9.5%, record interest rates at 21%, and ongoing sanctions impact. Russian citizens, faced with a weakening ruble and…
Record Gold Prices Trigger Bank Shortages Across China
A buying frenzy has emptied gold inventories across China’s banking sector as the precious metal hits consecutive record highs, reaching $2,942.71 per ounce. The Industrial and Commercial Bank of China reports nearly all sizes of their Ruyi Gold bars are out of stock, with only 10-gram bars showing limited availability….
Gold’s 40% Surge Raises Stakes in Treasury Reserve Debate
As gold experiences a remarkable rally with over 40% gains in the past 12 months, outpacing the S&P 500’s performance by double, a controversial proposal has emerged regarding America’s gold reserves. The suggestion to adjust the bookkeeping valuation of these reserves could theoretically add $750 billion to the U.S. Treasury…
Futures, Rates Flat Ahead Of High-Stakes CPI Report
Futures, Rates Flat Ahead Of High-Stakes CPI Report US equity futures are flat, with yields and the dollar modestly higher ahead of this morning’s US CPI reports (full preview here). As of 8:00am ET, S&P futures are unchanged, while Nasdaq futures rise 0.2% with Mag 7 stocks mostly flat, except for a big swing in […]
Trump’s 25% Metal Tariffs Send Gold to New Heights
President Trump’s implementation of 25% tariffs on steel and aluminum imports has driven gold as high as $2,942.70 per ounce amid trade war concerns. While considering an exemption for Australia, Trump specifically cited Chinese steel exports as indirectly flooding the U.S. market through third countries. The decision has drawn mixed…
Gold Touches Historic $2,941 High in Volatile Trading
Gold prices surged to a historic high of $2,941 per ounce during Asian trading on Tuesday before quickly retreating $30 to $2,910. The volatile movement came in response to President Trump’s announcement of 25% tariffs on steel and aluminum imports, with traders concerned about potential future tariffs on gold. The…
These Gold Charts Keep Me Up at Night
Two decades of market data point to an unprecedented opportunity in gold. See why Mike says ‘explosion’ is coming.
UBS: Gold to Hit $3,000 Amid Record Central Bank Demand
UBS has raised its gold price target to $3,000 as the precious metal surges past $2,900, gaining over 11% since mid-December despite Fed hawkishness. The rally is primarily driven by unprecedented central bank buying, which reached 1,045 metric tons in 2024 – double the 2011-2021 average. This sustained institutional demand,…