Gold Monitoring Thread $ (USD) only

[Varus]

This will change next year.🤩

[Zhorro]

"Gold is telling us the Fed is wrong":

Peter Schiff: Gold Is Telling Us The Fed Is Wrong | ZeroHedge

[Bratnia]

11 hours ago, Zhorro said:

"Gold is telling us the Fed is wrong":

Peter Schiff: Gold Is Telling Us The Fed Is Wrong | ZeroHedge

Quote

“The Fed says they’re data dependent. Well, why are they ignoring all of this data that says everything they’re saying about inflation is BS? Powell keeps saying, ‘yes, we’re confident we think inflation is going to go back down to 2%.’ Why? Why should it do that? What gives him this confidence? Just because he’s raised interest rates up to 5.25%? Big deal! That’s not a high rate of interest, especially when you have a big inflation problem.”

There are indications of inflation (rate of change of prices) slowing. A 5.25% yield in a 2% inflation period = 3.25% real yield, a negative (downside) pressure for gold

Quote

Peter sees a weakening dollar as the main recent driver behind gold’s price. If the dollar depreciates against other foreign currencies, gold could take off

As ever, if a domestic currency declines relative to others, so also is the tendency for the price of gold in that currency to rise. There's enough fear around the world to maintain the flight-to-safety (US dollars).

On the basis that the Fed in part strive to keep gold aligned to the US Dollar (within a channel range), and since 2014 in inflation adjusted terms that is being maintained. With expectancy of positive real yields (gold remaining flat or declining) and the dollar retaining its present relative strength/appeal.

I disagree that the Fed have it wrong, and as they say, don't fight the Fed.

As/when there's greater global stability, less fear, then capital might flow out of US Dollars to elsewhere that potentially rewards more, only then might the Dollar start to relatively decline/price of gold in dollars rise. At which time the Fed will take appropriate steps in reflection of that.

[Bratnia]

On 01/04/2024 at 20:54, Varus said:

This will change next year.🤩

The US exports inflation onto others. The toleration by the others of that however is weakening rapidly. If/when the others come to common agreement to a alternative to the US dollar then Trump will be the bonehead - in having accelerated the isolation of the US and reduction of the 'capitalist west' down to just the US/Canada (without Europe, UK, Australia), under such circumstances the US would have to fund/pay for its own entire multi-trillions of debt (much domestic pain) in a period of high barriers against international trade (high levels of sanctions/duties applied by others against the US). Many major stocks may very well de-list out of the US and re-list elsewhere in the case of a US/Canada 'West' having been reduced to being access to just 5% of the global population.

Fundamentally US gold has been sold many times over (120 times more paper gold than physical gold) if/when demand for physical delivery accelerates under Trump that could result in disconnect, the US failing to deliver physical gold is paramount to a extreme US default, highly inflationary (in the US), great for Americans holding physical gold - but also where there'd be a high probability of restrictions applied to Americans holding/trading gold.

In part, investing in gold is a means to invest in a asset outside of the regular financial system, when the state/others know where your gold is and its value then its no longer yours, its just a loan that the state might call in at any time. Gold can provide secrecy/privacy, but when that privacy is lost so also is its value lost.

[pmbug]

It won't surprise me if gold hits USD $2400 by the end of the week.  🍿

[Chronos]

Costco selling as much as $200 million in gold bars monthly:

https://www.cnbc.com/2024/04/09/costco-selling-up-to-200-million-in-gold-bars-a-month-wells-fargo-estimates.html

[Zhorro]

On 09/04/2024 at 14:53, pmbug said:

It won't surprise me if gold hits USD $2400 by the end of the week.  🍿

Gold soars above $2,400...

GODL! Precious Metal Soars Above $2,400 After Sudden Gap Higher | ZeroHedge

[pmbug]

I am not surprised, but I am pleased.

[Chronos]

After Illegal Veto, Kentucky Becomes 45th State To End Sales Taxes On Gold & Silver:

https://www.moneymetals.com/news/2024/04/12/kentucky-becomes-45th-state-to-end-sales-taxes-on-gold-and-silver-003120

[Sovhead]

Edit.

Edited April 15 by Sovhead

[Agaupl]

Turning into a really good debate..live now 

 

[pmbug]

On 09/04/2024 at 08:53, pmbug said:

It won't surprise me if gold hits USD $2400 by the end of the week.  🍿

I may have been slightly ahead of the curve on that one, but it does look very possible today or next week.

[Chronos]

U.S. Representative Introduces Bill To End Federal Taxation On Gold And Silver:

https://www.moneymetals.com/news/2024/05/08/us-representative-introduces-bill-to-end-federal-taxation-on-gold-and-silver-003173

[Chronos]

Nebraska Ends Income Taxes On Gold And Silver, Declares CBDC’s Are Not Lawful Money:

https://www.zerohedge.com/personal-finance/nebraska-ends-income-taxes-gold-and-silver-declares-cbdcs-are-not-lawful-money

[pmbug]

On 11/05/2024 at 11:13, Chronos said:

U.S. Representative Introduces Bill To End Federal Taxation On Gold And Silver:

https://www.moneymetals.com/news/2024/05/08/us-representative-introduces-bill-to-end-federal-taxation-on-gold-and-silver-003173

I'm happy to see that my Congressional Rep is co-sponsoring this bill. 

[Chronos]

Signed Into Law: Alabama Abolishes Income Taxes On Gold and Silver:

https://www.zerohedge.com/political/signed-law-alabama-abolishes-income-taxes-gold-and-silver