Gold closed the week at $2,430 (down $12 since last week) and silver at $27.45 (down $1.09). Last week's bad jobs news cascaded with a Japanese economic crisis resulting in a selloff across global markets. At one point the S&P dropped over 200 points and the Dow plummeted more than 1,000 points. We discuss this week's market panic, consider whether it has recovered and whether something worse looms ahead.

OTHER TOPICS DISCUSSED

-VIX Fear gauge hits highest level since start of COVID

-Japanese stock market has worst day since 1987

-Brokerage companies have issues with outages

-Iran-backed militia attacks US airbase in Iraq

-Berkshire Hathaway sells $75+ billion in stocks

-Key headlines to look out for in week ahead

Quote of the Week:

"There is no asset as secure as physical gold held in your own possession. It is not someone else's liability or promise to pay. It has no counterparty risk."

-Rick Rule

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

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

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SchiffGold's website: www.schiffgold.com

Gold closed the week at $2,442 (up $56) and silver at $28.54 (up $0.64). Terrible jobs numbers this week struck fear in the markets and in the Fed. As recession warnings flash, precious metals are up. Could they go even higher soon?

OTHER TOPICS DISCUSSED

-VIX Fear gague spikes above 30

-Intel down 30% and ready to cut 15,000+ jobs

-Olympics pistol shooting

-Fed keeps interest rates unchanged at 5.25% - 5.50%

-Nonfarm payroll at 114k jobs vs. 176k expected

-Trump and SEC chairman Gary Gensler

Quote of the Week:

In the short run, the market is a voting machine, but in the long run, it is a weighing machine."

-Benjamin Graham

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 $2,387 (down $13) and silver at $27.91 (down 4.7%). This week's GDP numbers give the illusion of a strong economy. In reality, the economy remains insecure. The Fed must cut rates; the recent dip in precious metals prices is unlikely to last.

OTHER TOPICS DISCUSSED

-Why gold and silver prices are down this week

-Record high home prices amid inflation slow sales

-Consumer sentiment hits 8-month low

-US stocks fall after Tesla's earnings miss

-Experian: Average American debt reaches $104k

-SECURE Act 2.0 reveals economic insecurity

Quote of the Week:

"Beware of little expenses; a small leak will sink a great ship."

-Benjamin Franklin 

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 $2,405 (down $5) and silver at $29.30 (down 5%). The US Federal Reserve is growing increasingly worried about the economy as recent data flash even more warning signs. Investors are rushing to gold and silver, pushing prices to all-time highs. The recent dip creates a buying opportunity, especially for silver.

OTHER TOPICS DISCUSSED

-Friday's global tech crash

-Why small changes to interest rates cause big changes to asset prices

-The Trump assassination attempt

-Leading economic indicators (LEI) slide 0.2% in June, signaling slowing economy

-6.6 Score in NY Manufacturing survey signals 8-month manufacturing contraction

-Jobless claims rise by 243,000 (14,000 more than expected)

-Builder confidence wanes: Home prices fall to seven-month low

CME FedWatch tool shows September rate cut odds at 98.1%

Quote of the Week:

Economic freedom is the foundation of all other freedoms.” 

-Frederic Bastiat

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 $2,410 (up $19) and silver at $30.77 (down $0.43). JD and Joel interview Representative Ken Ivory, the man behind Utah's recently-passed HB 348 law. This law enables the state to invest 10% of its $1.4 billion rainy day fund into gold and silver, stored in Brinks Salt Lake City. They also unpack the big CPI news and Fed rate cut expectation.

OTHER TOPICS DISCUSSED

-Official June inflation data comes in below estimates (Core CPI reads 0.1%)

-CME FedWatch tool shows September rate cut odds at 96%

-Wholesale prices increased (PPI data at 0.2%, above 0.1% forecast)

-Consumer sentiment at 8-month low due to frustration with inflation

Quote of the Week:

“Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world.” 

-Henry Kissinger

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 $2,391 and silver closed up 7% at $31.20. JD and Joel explain what's beneath this massive price upswing, drill into recent US jobs reports, and ponder the hypocrisy of power-hungry politicians.

OTHER TOPICS DISCUSSED

-Investors give 72.5% chance of a September interest rate cut

-ISM manufacturing numbers show biggest contraction since COVID

-Jobs: ADP jobs report reveals 10,000 jobs less than expected; US unemployment data higher than expected (4.1% vs. 4.0%)

-UK Labour Party landslide victory

-Politicians who mandated masks now ban them

-Vacation financing at vicious interest rates

Quote of the Week:

If liberty means anything at all, it means the right to tell people what they do not want to hear."​ George Orwell

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 about the same at $2,326. Silver closes down $0.40 at $29.13. JD and Joel explain what's behind the institutional demand for gold, recent upswing in money supply, and the catastrophic presidential debate.

OTHER TOPICS DISCUSSED

-Money supply begins to expand yet again.

-COTs report show institutional gold demand driving prices higher.

-Walgreens to close a "meaningful percent" of its 8,700+ stores.

-Trumps reelection odds rise rapidly after Biden's disastrous debate performance.

Quote of the Week:

"We pay billions - hundreds of billions of dollars to supporting other countries that are in theory wealthier than we are"​ - Donald Trump

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 this week slightly down but remains up 12.5% year-to-date. Silver is up 25% year-to-date. This week's political news show governments around the world moving right and central banks adding on more gold.

OTHER NEWS

-Japanese Norinchukin bank expects loss of $9.5 billion

-India's Nifty 50 stock index outperforms S&P 500

-Weakening US-Saudi Petrodollar agreement

-Gold Surpasses Euro in Global Reserves

-Short Selling Banned in South Korea

Quote of the Week:

"It doesn't matter when the Fed cuts interest rates. The economy will weaken and inflation will strengthen regardless of the timing of the cuts. What's important is that interest rates are still too low and government spending is still excessive. High inflation is here to stay! "

-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.

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

This week flashed early warning signs of a recession as gold and silver prices rose yet again. Despite an inflationary environment, non-essential goods are getting price cuts as the Fed reassures the public that rates won't go higher.

OTHER TOPICS DISCUSSED

-Gold is trading at $2,332 (up $38 since last week's close)

-Silver is trading at $29.55 (up $0.39 since last week's close)

-CPI data came it below expectations (0.0% vs. 0.1% expected)

-Walgreens announced price cuts on over 1,300 items

-Home prices up 28% from 329k in Q1 2020 to 420k in Q1 2024

-S&P 500 hit new high of 5450

-BlackRock and Citadel Securities back Texas Stock Exchange

Quote of the week from Paul Volker:

"The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense. And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation. That is not price stability, yet they call it price stability. I just do not understand central banks wanting a little inflation."

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

In light of the recent pullback and low premiums, now is a unique opportunity to buy silver with prices 40% below their historic highs. JD and Joel also discuss the cause of the price pullback this week, the shocking Berkshire's stock price fumble, and the 8-figure-fortunes of a GameStop day-trader.

OTHER TOPICS DISCUSSED

-Gold is trading at $2,294 (down $33 since last week's close)

-Silver is trading at $29.16 (down $1.21 since last week's close)

-ADP employment below expected but BLS employment came out 82,000 jobs above expected, delaying expectations of a Fed rate cut

-AI falsely reports 99.73% drop in Berkshire Hathaway stock price

Quote of the week from Peter Lynch:

Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.

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