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2:53 pm Sun. February 17, 2019
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(USAGOLD – February 14, 2019) – Gold climbed overnight in Asia, leveled out in European trading and remained firm into the New York open. Gold is now trading in the $1320 range and up $8 on the day. Silver is up 7¢ at $15.69. By way of summary, gold is up 4.75% on the year and up 12.4% since its August 2018 lows. Silver is roughly level for 2019, but up 11.8% since reaching its interim low in September. The consensus opinion on gold today seems to be that it is gaining strength on hopeful signs that China and the United States are moving toward a trade agreement. Yesterday’s drop in retail sales is also helping gold in that it provides incentive for the Fed to stay the course on its recent tilt to the dovish side of the monetary ledger.
Quote of the Day
“So, we were just chatting away there in friendly conversation and then Volcker walks in, you can’t miss him because I think he’s about six-and-a-half feet tall. So, he walks in and I thought, ‘well I have to shake his hand and say hello.’ He didn’t even look at me. He didn’t come to me. He went straight to his staff and he said, ‘what’s the price of gold?’ So, I thought, ‘gold is important to him’ and I still think it’s every bit as important to Fed people now because it is the ultimate measurement of the dollar. They can rig it and monkey around with it and play games, but ultimately, the market will have its say.” – Ron Paul from a Mises Institute Interview with Jeff Deist
Chart of the Day
Chart note: This chart shows the change in U.S. debt held by foreigners and international investors in billions of dollars from 1970 to present. The level of ownership grew proportionately over time in concert with the overall issuance of U.S. debt until 2015, when it began to fall off. The problem is not just that foreign investment in U.S. Treasuries is on the wane. It is that the retreat has come at a time when U.S. borrowing needs are expected to consistently exceed $1 trillion per year. The question becomes, “How is the U.S. federal debt going to get financed?” (For more detail, please see The $12 trillion federal debt bombshell – A NEWS & VIEWS SPECIAL REPORT, February 2019)
Live London Gold News Wire