Demand for American Gold Eagles exploded in May according to the latest data from the US Mint.
The mint sold 147,000 ounces of American Gold Eagles in varying denominations totaling 200,500 coins. That was a 67% increase from March.
So far this year, the US Mint has sold 661,500 ounces of American Eagles. For the year, gold bullion demand is up a staggering 617%. When you factor out COVID-19-related sales disruptions, bullion sales are up 400% over the 5-year average between 2015 and 2019.
A market strategist told Kitco News that the surge in demand for physical metal reflects growing investor anxiety bubbling under the surface.
Bullion sales better reflect the anxiety investors are feeling right now. When you hear economists talk about a recession, it starts to make sense why bullion sales are so strong. Gold will always be a long-term store of value.”
I don’t think it’s going to be a mild recession. I think this recession is going to be worse than the Great Recession that started following the 2008 financial crisis.”
The mainstream doesn’t seem to have picked up on this yes, but the demand for physical gold may indicate at least some people are beginning to worry.
Institutional investors focus more on the futures market. As Peter noted in a recent video on gold’s recent performance, the mainstream still thinks the Fed is going to successfully fight inflation by raising interest rates and believes the central bank has the tools to get inflation back to 2%.
Rather than fearing inflation, they’re fearing the fight against inflation.” Schiff said. “Because how is the Fed going to fight inflation? It’s going to jack up interest rates. It’s going to have a tight monetary policy. In fact, it’s even going to start shrinking the balance sheet. It’s going to start taking money out of circulation — quantitative tightening. It’s going to reverse all of that inflation. It’s going to suck up that liquidity. And that is what is scaring investors out of buying gold and silver. They still have confidence in the Federal Reserve.”
Peter said faith in the Fed is misplaced, and he emphasized that the Fed is only pretending it’s going to fight inflation.
Because it’s also pretending the economy is strong enough to withstand the fight. It’s not. Even though the fight is inadequate to solve the inflation problem, it’s going to cause a big problem for the economy that is so levered up on debt.”
A senior commodities broker with RJO Futures told Kitco News that he doesn’t think interest rates can go too much higher because of the government’s massive twin deficits – budget and trade.
Gold futures are capped by rising interest rates, but people have been going out to buy the physical metal to have some ‘real money’ stashed away.”
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The Economy and Markets
6/02 ESG funds post largest outflow on record as greenwashing racket unravels – ZH
6/02 Stocks slammed as Fed vice-chair pours cold water on a ‘pause’ – Zero Hedge
6/02 Bear stearns: a lesson in Bear market bounces – Real Investment Advice
6/02 Mind blowing charts on inflation, stocks, economy, rent, gold & silver – KWN
6/02 May payrolls increased just 128,000, slowest growth of the recovery – CNBC
6/01 Stocks, bonds, & Bitcoin dumped as Dimon doubles-down on dour – Zero Hedge
6/01 Beige book shows Fed freaking about widespread economic slowdown – Zero Hedge
6/01 Atlanta Fed slashes Q2 GDP forecast as stagflation looms – Zero Hedge
6/01 Plunges in high job openings, but record spikes in Mnfrg & construction – WS
6/01 Trucker strike looms: Teamsters down to wire on talks – Freightwaves
6/01 Stocks & bonds just puked. Dimon warns, “Brace yourselves!” – ZH
6/01 Stagflation threat soars as manufacturing surveys show soaring costs – ZH
6/01 Gerald Celente: Things look bad, and what else is new? – King World News
6/01 The long view of the S&P 500 looks bullish – The Sounding Line
6/01 CAUTION: This may not be a bear market rally after all – King World News
6/01 Buick Wildcat: GM’s new concept car to revolutionize the brand for EVs – CNBC
6/01 Croatian EV supercar maker Rimac raises 500 million euros – CNBC
6/01 There will be a wave of emerging-market defaults – MSN
Real Estate Bubble
6/02 End-stage: Saudi Arabia to construct largest buildings ever – Zero Hedge
6/02 Urban flight continues – King World News
6/02 Aspen’s market is so crazy buyers shop for homes not even for sale – WSJ
6/02 US for-sale home inventory rises for first time since 2019 – Bloomberg
6/01 Housing market is starting to implode – GoldSeek
6/01 Mortgage demand falls to lowest level since 2018 – CNBC
6/01 Dubai’s 56% property surge collides with ghosts of 2009 crash – Bloomberg
Precious Metals and Mining Stocks
6/02 It turns out they really thought they had a crystal ball – GoldSeek
6/02 It’s possible to recover gold from waste with ~100% efficiency – Mining.com
6/02 Gold prices climb as U.S. dollar slides – Reuters
6/02 Gold and silver log second monthly losses – Coinnews
6/02 Gold advances as investors sort out the new economic mix – USAgold
6/02 Video: oil analysis & how it will impact gold miners – Daily Gold
6/01 Gold and silver are getting ready to test lows – Kitco
6/01 Russia’s central bank: Expect more demand for gold – Kitco
6/01 Gold is headed for the longest run of gains in more than a month – GoldSeek
6/01 Jim Rogers again predicts “Worst bear market in my lifetime” – GoldSeek
6/01 Gold hits 2-week low amid rising U.S. yields, dollar – Reuters
6/01 Everything is collapsing at once – Here’s what to do about it – Moneyweek
6/01 Gold drifts marginally lower as the Fed shifts to QT – USAgold
Monetary Madness, Cryptos & Currency Wars
6/02 Bank of England to rescue too-big-to-fail stablecoin issuers – Decrypt
6/02 Fifty basis points does not fix this – GoldSeek
6/02 Jamie Dimon says ‘brace yourself’ for an economic hurricane – CNBC
6/01 Bank of Canada hikes another 50, warns “prepared to act more forcefully” – ZH
6/01 Buckle up: This monster to be highly disruptive for global markets – KWN
6/01 Bitcoin daily chart alert: Bulls still in good shape – Kitco
6/01 Peak inflation or peak dollar? – GoldSeek
6/01 Fed to start experiment of letting $8.9 trillion portfolio shrink – Yahoo!
6/01 Their cryptocurrencies crashed the market. Now they’re back at it. – MSN
6/01 Ethereum sees 1.2M failed transactions in May – MSN
Sanctions, Shortages & Supply Shocks
6/02 EU approves new sanctions package, including Russian oil ban – Zero Hedge
6/02 The oil industry’s downstream nightmare is here to stay – Oil Price
6/02 OPEC considers large hike in production to compensate for Russia – Oil Price
6/02 Serious trucker fuel crisis: Pilot CEO on major diesel shortage – YouTube
6/02 Biggest water restrictions begin in So. California amid ongoing drought – MSN
6/02 Russia fails to meet bond obligations, triggering swaps payout – Yahoo!
6/02 Nuclear plant closes: Get ready for electricity shortages – Zero Hedge
6/02 Putin’s coffers are swelling despite sanctions – Bloomberg
6/01 Russia uses Chinese ships and Indian refiners to beat sanctions – Mish Talk
6/01 Top-paid LA lifeguards earned up to $510,283 in 2021 – Open the Books
6/01 Where have all the lifeguards gone? Shortage could close pools – KTLA
FED-up & Underfed: Inflation from Too Much Money & Too Few Goods
6/02 Are you upset about inflation? If so, you aren’t alone. – Snyder
6/02 A radical plan to halt the oil price rally – Oil Price
6/02 Diesel price increases could start domino effect on shortages – YouTube
6/02 ‘I am surprised’: Airline ticket prices reach jarring levels – Yahoo!
6/01 Looming inflation on food to hit Americans even harder this fall – Zero Hedge
6/01 JPM: Oil rising to $136 this month, but one trader bets millions on $200 – ZH
6/01 Oil prices continue to climb as supply uncertainties mount – Oil Price
6/01 Where are oil prices headed? – Oil Price
6/01 25% of americans are delaying retirement due to inflation – CNBC
6/01 Biden plots inflation fight with Fed chair as nation worries – AP
6/01 U.S. policymakers misjudged inflation threat until it was too late – MSN
War and Civil Unrest
6/02 China demands US stop trade talks with Taiwan – AP
6/02 Russian TV talk threatens to wipe out US with 4 Satan II missiles – The Sun
6/02 US and Germany agree to supply advanced weapons to Ukraine – AP
6/01 Erdogan announces new major military operation in northern Syria – ZH
6/01 Ukraine: Sleepwalking into chaos? – MSN
6/01 China conducts military exercises near Taiwan, warns U.S. – MSN
6/01 Russian TV says Poland next target for invasion – MSN
Politics, Authoritarianism and Censorship
6/02 Russia holds nuclear drills as Biden unveils support for Ukraine – Oil Price
6/02 Canadian oil asks for more subsidies despite soaring profits – Oil Price
6/02 Doug Casey on the rapid cultural decline, what comes next – International Man
6/02 ‘Outsider’ in Nevada’s GOP senate race rattles Trump’s pick – NBC News
6/02 January 6 Committee obtains email outlining plan to overturn Trump loss – CNN
6/01 Flash cards depicting pregnant man used in preschool – Tim Moore
6/01 Let them eat weeds: WEF urges people to eat seaweed, algae and cacti – Summit
Covid Craziness and Now a Pox Upon Us
6/02 Dear friends, sorry to announce a genocide – Naomi Wolf
6/02 Is monkeypox a smokescreen for global health power grab? – CHD
6/01 CDC director issues alert on Pfizer’s Covid-19 pill – Zero Hedge
6/01 Nightmare ended: Shanghai reopens after two-month Covid lockdown – Zero Hedge
6/01 Bill Gates at WEF forum on vaccine passports – Worthy News
Self-Reliance, Health and Prepping for Survival
5/31 Nootropics and mushrooms for survival – Survival Blog
5/31 Reading urine test strips – Doom & Bloom
5/28 West Virginian woman with concealed firearm stops mass shooting – Zero Hedge
5/28 VIDEO: Diabetes, Pt. 3: off the grid options – Doom and Bloom
5/28 Nature abhors a vacuum – Blue Collar Prepping
5/28 Science fiction and the preparedness mindset – Survival Blog
5/28 Make these basic money moves now to survive the Fed’s rate hikes – CNBC
The Art of Collapse
6/01 Dozens of Babylon Bee headlines have come true – Townhall
5/29 Monkeypox Meme – Survival Blog
5/25 Top-10 benefits of putting all your money into gold – Babylon Bee
Weird-and-Wacky or Off-Topic News
6/02 Huge rockslide crashes into drought-stricken Lake Powell due to lowering – ZH
6/02 Creepy optical illusion: A black hole is coming to get you – Science Alert
6/02 US frontier supercomputer named fastest in the world – Nextgov
6/01 The man who built his own cathedral – Guardian
6/01 Scientists brace for first glimpse of hell-world that constantly burns – Arca
6/01 Cow moose charges grizzly bear after it kills her calf – MSN
Easy Money 