The Global Source for Gold, Silver, and Bitcoin Insights in a Broken Fiat World. Follow us for daily Precious Metals-related Insights and Data.
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Written by @RonStoeferle, @TedJButler, @Handre and @ghoekonom, who all write for @IGWTreport.
Two letters a week, charts up, every figure traced to a primary source.
Free readers get the opening, but the exclusive insights sit behind the paywall.
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Too much gold? Not for China's savers.
Chinese gold ETFs added 11 tonnes in September to a record 304 tonnes as their stock market slid, and the People's Bank of China bought 63 tonnes in the third quarter, its biggest quarter since the third quarter of 2023.
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Can you own too much gold?
Kazakhstan's central bank thinks so. Gold has grown to about 78% of its reserves, and it wants that down to 75% by year-end.
Poland went the other way, adding 24.9 tonnes in September to sit 27 short of its 700-tonne target. We wrote it up below.
Can you own too much gold?
Kazakhstan's central bank thinks so. Gold has grown to about 78% of its reserves, and it wants that down to 75% by year-end.
Poland went the other way, adding 24.9 tonnes in September to sit 27 short of its 700-tonne target. We wrote it up below.
The twist is that Kazakhstan kept buying while it planned the trim, another 5 tonnes in September and 41 this year, on IMF figures. Its own mines and a far higher price grew the pile from both ends.
This week's Nugget:
soundmoneyreport.substack.co…
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Make Sound Money Report your weekly update on macro, metals, mining and Bitcoin!
The US Treasury still books its gold at USD 42.22 an ounce, a 1973 price, while the market values it at about USD 1.16 trillion.
This week @RonStoeferle sees Washington's bazooka coming up from the basement, and one round could be a bond convertible into that gold.
Read below.
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Could gold be about to move from Washington’s blind spot to its monetary toolkit? A fascinating piece from Ronnie on gold remonetisation, the US Treasury and the prospect of a new Bretton Woods moment. Subscribe to @SoundMoneyRpt substack to access the full article.
"Bretton Beach", have a look at my brandnew piece for the @SoundMoneyRpt
soundmoneyreport.substack.co…
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At 10-year yields north of 5%, I'm sticking with Team Bessent. Don't fight the Treasury.
The bazooka is being carried up from the basement, and in my piece for @SoundMoneyRpt I look at what Washington might load into it.
The US Treasury still books its gold at USD 42.22 an ounce, a 1973 price, while the market values it at about USD 1.16 trillion.
This week @RonStoeferle sees Washington's bazooka coming up from the basement, and one round could be a bond convertible into that gold.
Read below.
Sound Money Report retweeted
On 29 September, @RonStoeferle's keynote slide on gold-backed Treasury bonds read "Still Only a Proposal."
@judyshel, who proposed them, now sits one row behind the Treasury Secretary, and anyone weighing gold against a Treasury may one day be offered both in a single bond.
The US Treasury still books its gold at USD 42.22 an ounce, a 1973 price, while the market values it at about USD 1.16 trillion.
This week @RonStoeferle sees Washington's bazooka coming up from the basement, and one round could be a bond convertible into that gold.
Read below.
Sound Money Report retweeted
The US Treasury still books its gold at USD 42.22 an ounce, a 1973 price, while the market values it at about USD 1.16 trillion.
This week @RonStoeferle sees Washington's bazooka coming up from the basement, and one round could be a bond convertible into that gold.
Read below.
The US Treasury still books its gold at USD 42.22 an ounce, a 1973 price, while the market values it at about USD 1.16 trillion.
This week @RonStoeferle sees Washington's bazooka coming up from the basement, and one round could be a bond convertible into that gold.
Read below.
In 1944 the delegates met at a hotel in New Hampshire. This December the G20 meets at a golf resort in Miami, with gold bonds' best-known advocate one row behind the Treasury Secretary. Bretton Beach, so to speak.
This week's Sound Money Report:
soundmoneyreport.substack.co…
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"Bretton Beach", have a look at my brandnew piece for the @SoundMoneyRpt
soundmoneyreport.substack.co…
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Euro savers had the calmer year. Measured in euros, gold was roughly flat to 30 September at -0.1%, against -3.7% in dollars, and European gold ETFs took in a record USD 14bn last quarter.
The euro slid to a 17-month low, and Europeans answered by buying gold.
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Global gold ETFs hit a record 4,256 tonnes in September, after buying 67 tonnes in the month.
They did it while gold fell 8.5% and futures traders sold, and across the quarter investors put a record USD 31bn into the funds. We wrote it up below.
Global gold ETFs hit a record 4,256 tonnes in September, after buying 67 tonnes in the month.
They did it while gold fell 8.5% and futures traders sold, and across the quarter investors put a record USD 31bn into the funds. We wrote it up below.
The test we set in Nugget 51 still stands: if global ETF holdings finish October below 4,189 tonnes, the holders left. At the halfway mark they sat 67 tonnes above the line.
This week's Nugget:
soundmoneyreport.substack.co…
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Written by @RonStoeferle, @TedJButler, @Handre and @ghoekonom, who all write for @IGWTreport.
Two letters a week, charts up, every figure traced to a primary source.
Free readers get the opening, but the exclusive insights sit behind the paywall.
Sound Money Report retweeted
Oil is up 34% since June and the US 10-year yield hit its highest since 2002, which should have floored gold and silver. Both have traded sideways instead.
This week's Sound Money Report by @TedJButler is on what's holding them up, and three ways out of oil's chokehold.
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Oil's chokehold runs through yields, squeezing anyone weighing gold against a 5% US Treasury.
The People's Bank of China isn't weighing it. It has bought for 22 straight months, and gold is still only about 9% of its reserves, against roughly 30% for developed-market peers.
Oil is up 34% since June and the US 10-year yield hit its highest since 2002, which should have floored gold and silver. Both have traded sideways instead.
This week's Sound Money Report by @TedJButler is on what's holding them up, and three ways out of oil's chokehold.