SchiffGold Friday Gold Wrap Podcast

Gold closed this week at $2,715 (up $153 since last week) and silver at $31.33 (up $1.10). Joel and JD discuss recent price action, 100k Bitcoin and why Goldman Sachs predict just 1% annual returns to the S&P 500 over the next decade.

OTHER TOPICS DISCUSSED

-Initial jobless claims came out at 213,000, beneath expectations.

-Consumer sentiment remains stagnant at 71.8.

-Household savings are dwindling while credit card debt is skyrocketing.

-Goldman Sachs analysts predict just 1% annual returns in S&P 500 over next decade

Quote: There is an old saying, If you’re not a liberal by the time you’re 22, you don’t have a heart. If you’re not a conservative by the time you’re 28, you don’t have a head. Well, a lot of 22-year-olds are buying Bitcoin, and Trump got their vote. He got their vote by pandering to their most important issue, which was getting rich off their Bitcoin

– Peter Schiff

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.

The above references an opinion and is for information purposes only. It is not intended to be investment advice.

Gold closed this week at $2,562 (down $123 since last week) and silver at $30.23 (down $1.20). Joel discusses recent price action, recent USD gains, and why Trump faces a terrible dilemma around inflation.

OTHER TOPICS DISCUSSED:

(1:52) Official inflation rose to 2.6%, with core CPI still above target.

(2:15) Rate cut chance in December dropped from 65% to 27%.

(4:12) Retiree Debt Rises: 68% of retirees now carry credit card debt

(8:00) Dollar Hits 1-Year High: Dollar index climbed to 106.47

(10:15) Why Trump must cut spending to curb inflation

Quote: The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.

– Winston Churchill

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.

The above references an opinion and is for information purposes only. It is not intended to be investment advice.

This week, gold prices pulled back by around $50 from last week's levels, and silver dropped roughly a dollar. These movements coincided with the recent election of Donald Trump as the 47th President of the United States.

In this episode, things are a bit different with JD away, so Joel takes over to discuss the election results, share some exciting updates, and give a brief commentary on this week’s economic data.

Quote of the Week:

When the righteous [a]are in authority, the people rejoice;

But when a wicked man rules, the people groan.

– Proverbs 29:2

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.

SchiffGold on Instagram: www.instagram.com/schiffgoldnews

SchiffGold on Twitter: twitter.com/SchiffGold

SchiffGold on Facebook: www.facebook.com/schiffgold

SchiffGold's website: www.schiffgold.com

The above references an opinion and is for information purposes only. It is not intended to be investment advice.

Gold hit an all-time high of nearly $2,800 this week, closing at $2,735 (down $11 since last week) and silver at $32.44 (down $1.25). JD and Joel discuss gold's new all-time high, how economic weakness, elections, and central bank moves are impacting demand for gold and silver.

APPROXIMATE TIMESTAMPS

00:00 - Introduction and Seasonal Reflections

02:23 - Economic Data Overview

06:43 - Market Reactions and Predictions

10:55 - Gold's Performance and Central Bank Strategies

15:42 - Understanding Intrinsic and Melt Value

20:38 - Looking Ahead: Upcoming Economic Indicators

Quote of the Week:

The fundamental problem is that, while we might wish to delegate all problems to government, there are many which the government is simply incapable of solving. A government can enforce rules and provide a framework within which people can work together, but it can neither foresee nor direct all of the effects of individual choices within the market.”

- Friedrich Hayek

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.

SchiffGold on Instagram: www.instagram.com/schiffgoldnews

SchiffGold on Twitter: twitter.com/SchiffGold

SchiffGold on Facebook: www.facebook.com/schiffgold

SchiffGold's website: www.schiffgold.com

The above references an opinion and is for information purposes only. It is not intended to be investment advice.

Gold closed this week at $2,746 (up $24 since last week) and silver at $33.69 (about the same). What could the second US bank failure of 2024 and the global BRICS Summit mean for gold and silver?

OTHER TOPICS DISCUSSED

-US Leading economic indicators fell by 0.5% in September

-Citibank and Goldman Sachs analysts warn of slower growth

-ECB Hints at continued Eurozone rate cuts

-Bank of Canada lowers interest rates to 3.75%

-IMF downgrades global growth forecast

-OCC shuts down First National Bank of Lindsay

-CME tightens margin requirements on gold and silver

Key headlines for next week

Quote of the Week:

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

- Henry Ford

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.

SchiffGold on Instagram: www.instagram.com/schiffgoldnews

SchiffGold on Twitter: twitter.com/SchiffGold

SchiffGold on Facebook: www.facebook.com/schiffgold

SchiffGold's website: www.schiffgold.com

Gold closed the week at $2,722 (up $65 since last week) and silver at $33.71 (up $2.19). We discuss the metals recent meteoric rise amid weak economic data and growing stress on major banks. We also unveil a new series on ancient wisdom.

OTHER TOPICS DISCUSSED

-Department of Labor reports 241,000 new unemployment claims

-Empire State manufacturing index falls to -11.9

-Recent surveys shows 66% of voters view economy as "very or somewhat poor"

-Junk silver sale at $1.95 above spot

-Key headlines for next week

-Modern Finance, Ancient Wisdom, www.schiffgold.com/research-analysis/old-testament

Quote of the Week:

Get wisdom, and whatever you get, get insight. Prize her highly, and she will exalt you."

- Proverbs 4:7-8

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.

SchiffGold on Instagram: www.instagram.com/schiffgoldnews

SchiffGold on Twitter: twitter.com/SchiffGold

SchiffGold on Facebook: www.facebook.com/schiffgold

SchiffGold's website: www.schiffgold.com

Gold closed the week at $2,657 (up $5 since last week) and silver at $31.52 (up $0.67)! We discuss the economic aftermath of Hurricane Milton, crashing Chinese stocks, and terrifying credit card interest rates.

OTHER TOPICS DISCUSSED

-September Core CPI data above expectations at 0.2%

-Jobless claims jump 33,000 to 258,000

-Consumer sentiment falls to 68.9

-Credit card interest rates reach average of 30.45% 

-The economic impact of Hurricane Milton and Helene

-Key headlines for next week

Quote of the Week:

Whoever eats up, robs, and steals the nourishment of another, that man commits as great a sin as if he had strangled or starved such a person to death... such is the sin of usury."

-Martin Luther

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.

SchiffGold on Instagram: www.instagram.com/schiffgoldnews

SchiffGold on Twitter: twitter.com/SchiffGold

SchiffGold on Facebook: www.facebook.com/schiffgold

SchiffGold's website: www.schiffgold.com

The above references an opinion and is for information purposes only. It is not intended to be investment advice.

Gold closed the week at $2,652 (down $6 since last week) and silver at $32.19 (up $0.57). Investment banks are setting higher targets for gold as monetary warning signs flash faster.

OTHER TOPICS DISCUSSED

-ADP jobs below 200k for sixth straight month

-Unemployment rate drops to 4.1%

-Reverse repo cash surges $465b in New York Fed

-Goldman Sachs announces new $2,900/oz gold target

-August PCE is down, suggesting even more rate cuts to come

-Key headlines for next week

Quote of the Week:

Inflation is the number one issue that people are feeling across this country. It’s hurting middle-class families. It’s hurting working-class families. And it's going to be the big factor in the 2024 election."

-Florida Governor Ron DeSantis

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.

SchiffGold on Instagram: www.instagram.com/schiffgoldnews

SchiffGold on Twitter: twitter.com/SchiffGold

SchiffGold on Facebook: www.facebook.com/schiffgold

SchiffGold's website: www.schiffgold.com

The above references an opinion and is for information purposes only. It is not intended to be investment advice.

Gold closed the week at $2,658 (up $37 since last week) and silver at $31.62 (up $0.47). We discuss the drivers of this week's new highs, stalling homebuying, and key news next week.

OTHER TOPICS DISCUSSED

-Consumer confidence plunges to lowest level since 2021

-US GDP revision reports 3.0% growth in spring

-August PCE is down, suggesting even more rate cuts to come

-Survey shows 82% of 2024 homebuyers express doubts

-China announces $280 billion bond campaign to save collapsing real estate

-Swiss National Bank cuts rates, following ECB

Quote of the Week:

Gold is money. It's still, by all evidence, a premier currency, where central bankers hold it."

-Ron Paul

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.

SchiffGold on Instagram: www.instagram.com/schiffgoldnews

SchiffGold on Twitter: twitter.com/SchiffGold

SchiffGold on Facebook: www.facebook.com/schiffgold

SchiffGold's website: www.schiffgold.com

The above references an opinion and is for information purposes only. It is not intended to be investment advice.

Gold closed the week at $2,621 (up $43 since last week) and silver at $31.15 (up $0.44). This episode explains in-depth the massive Fed interest rate cut announcement. A new phase of higher inflation and metal prices begins now.

OTHER TOPICS DISCUSSED

-Global central banks target lower rates

-Leading indicators for US Economy sink 0.2% in August

-Monthly Jobless claims fell modestly (219,000 vs. 229,000 expected)

-Amazon and Walmart change to adopt to government anti-trade order

-Key headlines to look out for in week ahead

Quote of the Week:

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value"

-Alan Greenspan

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s economic precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on Apple Podcasts and other podcasting platforms. The links are below.

SchiffGold on Instagram: www.instagram.com/schiffgoldnews

SchiffGold on Twitter: twitter.com/SchiffGold

SchiffGold on Facebook: www.facebook.com/schiffgold

SchiffGold's website: www.schiffgold.com

The above references an opinion and is for information purposes only. It is not intended to be investment advice.