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Metals prices surged Wednesday–as they should have–after the Fed announced no rate hike. Gold jumped 1.6%, silver a whopping 3.7%. The Fed decision was a reaffirmation of a continued loose monetary policy. Gold and silver investors need to keep in mind that the world’s monetary and fiscal policy makers have fully embraced loose money and
In “Cries for more money creation grow louder,” (Feb. 29, 2016) I noted that Financial Times chief economic commentator Martin Wolf called for central banks to deposit money directly into the accounts of all adults in an effort to stimulate economic activity. Now, John Mauldin, noted publisher of numerous advisory services, recently wrote that former
as precious metals surge, says the Financial Times, July 7, 2016. In a glowing report, the Times noted that while “Gold has done predictably well in the wake of Brexit. . . The real star of the show has been silver.” In dollars, silver is up 16% since the Brexit vote but is up 45%
The dollar is a favorite refuge for money seeking safety as the European banking crisis again dominates financial news. Consequently, 10-year US treasury bills are now yielding a record low of 1.39% as money pours into them. (As bond prices are bid higher, yields drop.)
Not surprisingly, Mark Carney, head of the Bank of England, recently said that the central bank would take “whatever action is needed to support growth” in the aftermath of the Brexit vote. Carney’s statements seemed to have been crafted from Mario Draghi’s repeated promises that the European Central Bank would do “whatever it takes” to
