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Gold Charts in Various Timelines and Currencies
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Euro, Chinese yuan, British pound, Japanese yen, Swiss franc, Indian rupee, Australian dollar, Canadian dollar, U.S. dollar

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USAGOLD was among the first to offer charts that tracked gold in various currencies and timelines. These live charts have always attracted a steady stream of U.S. and international visitors. As a result, we recently streamlined and upgraded the page to make it more user-friendly and included more currencies in the mix.

We invite your visit and bookmark.

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No blog or DGMR today. Back Monday.

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Druckenmiller warns there are ‘more shoes to drop’

Yahoo!Finance-Bloomberg/Will Daniel/6-7-2023

ramriez cartoon on the Fed making a slight overcorrection on inflationCartoon courtesy of MichaelPRamirez.com

“There’s a lot of stuff under the hood when you go from this kind of environment, the biggest broadest asset bubble ever, and then you jack interest rates up 500 basis points in a year, I think the probability is that Silicon Valley Bank, Bed Bath & Beyond, they’re probably the tip of the iceberg.” – Stanley Druckenmiller, Duquesne Family Office

USAGOLD note: Druckenmiller sees a credit crunch and recession ahead.……

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Posted in Today's top gold news and opinion |

China’s gold binge extends to seventh month as holdings climb

Bloomberg/Sybilla Gross/6-7-2023

“China increased its gold reserves for a seventh straight month, signaling ongoing strong demand for the precious metal from the world’s central banks. China raised its gold holdings by about 16 tons in May, according to data from the People’s Bank of China…”

USAGOLD note: China has led the global central bank gold buying spree. Central bank gold buying was at a record pace in 2023 and it has remained strong in 2023. The chart below is quarterly and does not include China’s most recent purchases which have taken its total holdings to 2092 metric tonnes.

China Gold Reserves

Source: TradingEconomics.com

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Posted in Gold-silver price predictions, Today's top gold news and opinion |

Wall Street economists are increasingly less worried about a 2023 recession

Yahoo!Finance/Josh Shafer/6-9-2023

illustration of recession at next exit with long road ahead“The much-discussed recession of 2023 still isn’t here, and economists are becoming less confident it will come at all.”

USAGOLD note: There are few signs of a recession at this juncture – a hint here or there – but nothing concrete or lasting. Nevertheless, the warnings come almost daily.

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Posted in Today's top gold news and opinion |

Short and Sweet
Blinded by the Money Illusion

graphic image of a pile of green money

“Would I say there will never, ever be another financial crisis? You know probably that would be going too far but I do think we’re much safer and I hope that it will not be in our lifetimes and I don’t believe it will be.” – Janet Yellen, Former Federal Reserve chairwoman

With those words, Janet Yellen, now the Secretary of the Treasury and facing an even worse crisis than the one referenced above, put investors around the world on notice, though probably not in the way she intended. In the past, such smug assurances from public officials have been enough to send contrarian villagers heading for the safety of the nearby woods. The informed student of financial history knows that panics, manias, crashes, and collapses are as common to investment markets as hurricanes to Caribbean beaches. To think that suddenly we have banished their recurrence for ‘our lifetimes’ smacks of the kind of misguided hubris that contributed directly to the 2008 meltdown and subsequent untold financial hardship. Just about the time most everyone comes to the conclusion nothing could go wrong, everything goes wrong …… and in a hurry, as we have discovered over the course of the past two years.

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Posted in Short and Sweet, Today's top gold news and opinion | Tagged |

Forget inflation – deflation is the real danger

MSN-The Telegraph/Ambrose Evans-Pritchard/6-8-20-23

graphic illustration of a row of dominoes with a red dominoe ready to fall into the rest“The global inflation shock of the last two years is over bar the shouting. Legacy effects will generate much noise for a few months but the one-off spike is reversing almost everywhere with an elegant symmetry.”

USAGOLD note:  China is already showing signs of deflation, says Evans-Pritchard – a deflation it is exporting. He says that the pace is quickening in the United States as the Treasury Department borrows heavily in turn pressuring bank reserves and regional lenders.

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Posted in Today's top gold news and opinion |

Notable Quotable

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“We’re in very uncharted waters. Nobody has gotten by with the kind of money printing now for a very extended period without some kind of trouble. We’re very near the edge of playing with fire.”

Charlie Munger
Berkshire Hathaway

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Gundlach dials up his warning of a US recession

MarketInsider/Zahra Tayeb/6-7-2023

graphic image recession ahead sign on darkened road leading to city“Forecasts for the world’s largest economy have been growing increasingly grim following the past year’s surge in interest rates and amid a credit squeeze caused by the recent banking turmoil.”

USAGOLD note: Gundlach is not moving off his warning of a severe recession. With new economic vulnerabilities surfacing regularly – anyone one of which could evolve to a full-out crisis in the event of a recession – sage-haven demand for gold is likely to intensify beyond the already high levels.

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Posted in Today's top gold news and opinion |

Treasury’s $1 trillion debt deluge threatens market calm

Bloomberg/Eric Wallerstein/6-7-2023

graphic image of walk in a deep, fearful wood

“Investors are bracing for a flood of more than $1 trillion of Treasury bills in the wake of the debt-ceiling fight, potentially sparking a new bout of volatility in financial markets.”

USAGOLD note: Until we get to the other side of the deep dark wood, we will put emphasis on the coming Treasury bond deluge.

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Posted in Today's top gold news and opinion |

Short and Sweet
Howe says this Fourth Turning will go to 2030

graphic image of walk in a deep, fearful wood

“To be clear, the road ahead for America will be rough,” writes Neil Howe, author of the modern classic, The Fourth Turning (1997), in a recent analysis posted at Hedgeye. “But I take comfort in the idea that history cycles back and that the past offers us a guide to what we can expect in the future. Like Nature’s four seasons, the cycles of history follow a natural rhythm or pattern. Make no mistake. Winter is coming. How mild or harsh it will be is anyone’s guess, but the basic progression is as natural as counting down the days, weeks, and months until Spring.”

For those who, like me, buy into Howe’s notion of a Fourth Turning, the problem is to get to the other side of the woods with our assets reasonably intact. “Currently, this period began in 2008,” he points out, “with the Global Financial Crisis and the deepening of the War on Terror, and will extend to around 2030. If the past is any prelude to what is to come, as we contend, consider the prior Fourth Turning which was kicked off by the stock market crash of 1929 and climaxed with World War II.” Eventually, he says, we will find our way to a first turning – a time of renewal – but we will be sorely tested before we get there. The precious metals have offered solid protection through the first half of the Fourth Turning. Gold is up 145% since the collapse of Lehman Brothers in September 2008 – the event most analysts associate with the start of the crisis. Silver is up 165%. In both instances, the greatest price acceleration occurred in the early years of the crisis.

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Posted in Short and Sweet, Today's top gold news and opinion | Tagged |

US Treasury’s $1 trillion borrowing drive set to put banks under strain

Financial Times/Kate Duguid/6-6-2023

illustration of banks falling out of the system as failures“Everyone knows the flood is coming. Yields will move higher because of this flood. Treasury bills will cheapen further. And that will put pressure on banks.” – Gennadiy Goldberg, TD Securities

USAGOLD note: Erosion in the value of bond portfolios was the key catalyst in the collapse of SVB, First Republic, Signature Bank, and most notably Credit Suisse.

 

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Posted in Today's top gold news and opinion |

Daily Gold Market Report

No DGMR today through Friday. Back Monday.

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Posted in Today's top gold news and opinion |

Notable Quotable

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“Gold can be best viewed as financial insurance. If you believe that you should own insurance, then you should also own gold. In terms of investment performance, gold will do best during times of international financial stress. In the past, the price of gold has moved exponentially higher during these periods as demand for the ultimate safe haven goes viral.”

Eric Lytikainen
Real Investment Advice

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Posted in Notable Quotable, Today's top gold news and opinion | Tagged |

The Fed’s inflation fight faces a new challenge: A dry Panama Canal

Bloomberg/Laura Curtis, Ruth Liao and Michael McDonald/6-2-2023

phot of a canal zone stamp from 1939“Just as the world’s delivery bottlenecks are easing, Panama’s drought and worrisome weather patterns elsewhere threaten to revive some of the chaos of 2021, when a surge in shipping costs and consumer demand resulted in shortages of goods, helping to drive US inflation to a four-decade high.”

USAGOLD note: One of those unforeseen circumstances that can wreak havoc with central banks’ monetary policy……The shift to El Nino weather patterns translates to severe drought in Panama – perhaps for months to come.

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Posted in Today's top gold news and opinion |

Rosenberg says the US economy is a ‘dead man walking’

MarketsInsider/Zahra Tayeb/6-2-2023

graphic representation os a zombie“I know it sounds extremely controversial to talk about the US going into recession, just because the lagging and coincident indicators are telling you that we’re into something brand-spanking new about a no-landing or a soft landing. We’re heading into a hard-landing in the second half of the year.” – David Rosenberg, Rosenberg Research

USAGOLD note: Rosenberg is sticking with the hard landing scenario. He says if the Fed continues to raise rates “they’ll crush the economy.”

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Posted in Today's top gold news and opinion |

Analysis – Dollar bears bide their time as U.S. economic strength persists

Yahoo!Finance-Reuters/Saqib Iqbal Ahmed/6-4-2023

“The dollar is ‘in a very messy transition from bull market to a bear market,’ said Aaron Hurd, senior portfolio manager, currency, at State Street Global Advisors. ‘That transition period is going to be fairly frustrating.'”

USAGOLD note: Hurd expects the dollar to hold up over the short term but decline steadily over the longer run. Gold has done well during extended bear markets for the dollar.

Gold and the US Dollar Index (DXY)
( Dollar index inverted)overlay line chart showing gold and US dollar index 2000-2023Chart courtesy of TradingEconomics.com • • • Click to enlarge

 

 

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Posted in Today's top gold news and opinion |

Short and Sweet
Economic insecurity is becoming the new hallmark of old age

In the United States,” writes Katherine S. Newman and Rebecca Hayes Jacobs for The Nation, “economic security in old age was seen, for a long time, as both a social issue and a national obligation. From the birth of Social Security to the end of the 20th century, the common assumption has been that we have a shared responsibility to secure a decent retirement for our citizens. Yet that notion is weakening rapidly. Instead, we have started to hear echoes of the mantra of self-reliance that characterized welfare ‘reform’ in the 1990s: You alone are in charge of your retirement; if you wind up in poverty in your old age, you have only your own inability to plan, save, and invest to blame.”

Dow Jones Industrial Average
(1925-1955)
line chart showing the stock market's performance 1925-1955
Chart courtesy of MacroTrends.net • • • Click to enlarge

Some compare today’s stock market psychology to the period just before 2008. Others compare it to the 1920s when everything was hunky-dory until suddenly it wasn’t – perhaps a more apt comparison. Too many are “all-in” with respect to stocks in their Individual Retirement Accounts hoping to accumulate as much capital as possible without regard to the potential downside. As the chart above amply illustrates, the stock market did not recover from the losses accumulated between 1929 and 1933 until the mid-1950s, almost 25-years later – a fragment of stock market history lost to time.

Some will rely on the fact that stocks recovered nicely once the Fed launched the 2009 bailout. We should keep in mind though that many prominent Wall Street analysts have warned that the Fed no longer has the firepower it did then. The financial markets and economy are much more vulnerable as a result – all of which brings us back to the notions of self-reliance and taking personal responsibility for our retirement plans. If you find yourself among the group that thinks hedging a stock market downturn to be in your best interest, we can help you effectively structure a gold and silver diversification as part of your retirement plan to hedge that possibility.

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Posted in Short and Sweet, Today's top gold news and opinion | Tagged |

Billionaire Perot warns of real recession as loans dry up

Bloomberg/Shelly Hagan and Matthew Miller/5-31-2023

image of a red dominos standing alone

“Ross Perot Jr., whose family is one of the largest independent property developers in the country, warned of a looming real estate recession if banks don’t start lending again.”

USAGOLD note: As noted this morning, despite warnings from the likes of Ross Perot Jr., a number of banks have already declared commercial real estate risky and are trimming their portfolios accordingly.

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Posted in Today's top gold news and opinion |

Daily Gold Market Report

No DGMR Wednesday through Friday. Back Monday. Below is yesterday’s report.

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Gold’s reaction muted on this morning’s drop in headline inflation rate
Hickey says ‘gold does best when stocks are going down’

(USAGOLD – 6/13/2023) – Gold’s reaction to this morning’s drop in the headline inflation rate has been muted thus far. It is up $2 at $1962. Silver is down 2¢ at $24.10. The early reaction to major data releases is not always the real reaction. We should have a clearer indication of where we are headed by the end of today’s trading session. Short-term considerations aside, High Tech Strategist’s Fred Hickey believes that conditions are “perfect” for gold to go to record highs and that it will be propelled by a major correction in the over-valued stock market.

“Historically,” he says, “gold had two big bull markets prior to the current one. The first was in the 1970s. Importantly, gold would go up when the stock market went down. At that time, the price went up 73% in 1973, and another 60% in 1974 during that severe two-year stock bear market. The other big bull market was in the 2000s which was a lost decade for stocks. So again: gold does best when stocks are going down. That’s not the case right now, because the market is being held up by this FOMO move into these very dangerous big cap names, but that will eventually end.” [Source: the market NZZ]

Gold and stocks 1973-1974
overlay chart showing gold and stocks performance 1973-1974
Chart courtesy of TradingView.com • • • Click to enlarge

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Posted in Daily Market Report, dailyquotes, Today's top gold news and opinion |