Gold

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‘Bitcoin Fixes This’—Elon Musk Pitched Gold ‘Upgrade’

ByVictoria
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Now, as Elon Musk brands the U.S. debt clock “terrifying,” bitcoin-backing U.S. senator Cynthia Lummis has pitched Musk a bitcoin “fix” to questions over the U.S. gold reserves.

“Bitcoin fixes this,” Lummis posted to X in response to Musk’s question about how often the U.S. gold in Fort Knox is reviewed. “A bitcoin reserve could be audited any time 24/7 with a basic computer. It’s time to upgrade our reserves.”

“The recent decrease in volatility, coupled with the rising price of gold, should highlight bitcoinʼs growing appeal as an alternative store of value,” analysts with the Bitfinex crypto exchange said in emailed comments. “We believe that while bitcoin may face some short-term pressures due to macroeconomic headwinds in the coming weeks, its long-term value proposition continues to strengthen.”

Source – Forbes

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Fort Knox US gold reserves prepares of audit

ByVictoria
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Fort. Knox’s massive reserve has reportedly been valued at $425 billion according to the New York Post, with the rest of the United States’ highly sought-after metal being stored in the Federal Reserve Bank of New York. 

Rand Paul said he has tried to get his eyes on the Ft. Knox gold for 10 years “to make sure it’s all there.”

Source – Fox News

DOGE – Department of Government Efficiency

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Gold prices rise, fears of trade war

ByVictoria
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“Gold is still benefiting from investors looking for safe-haven assets amid concerns of a tariffs and trade war,” UBS analyst Giovanni Staunovo said.

“We continue to see upside for gold, with the yellow metal expected to rise to $3,000, benefiting also from ongoing central bank demand.”

Spot silver rose 0.3% to $32.24 an ounce after hitting its highest level since October 31 on Friday.

Platinum gained 0.1% to $980.43, and palladium climbed 1.9% to $978.25.

Source – Reuters

Over the Weekend!

ByVictoria
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The Price Of Gold From 2021-22 Has Long Rejected ‘Bidenflation’

Considering the price of gold throughout 2021, it averaged out to roughly $1,798/ounce, meaning the value of the dollar actually rose around 3 percent right at the time that the economy-sapping tax that is government spending continued under Biden, and allegedly caused “inflation.” To be clear, government spending is the worst tax of all exactly because it substitutes central planning of resources by the government for that of the private sector. Still, it logically doesn’t cause higher prices, or “inflation,” and it didn’t if gold is to be believed.

Source – Forbes

Silvercorp Metals Boosted By El Domo

Silvercorp’s El Domo project in Ecuador is set to boost revenues by 50% when it begins operations and diversify operations reducing jurisdictional risk.

Source – Seeking Alpha / Mountain Valley Value Investments

Hope you had a LOVEly Valentines weekend!

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Gold-Silver Ratio exceeds 90:1

ByVictoria
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Gold has reached new all-time highs, and the gold-to-silver ratio now exceeds 90:1. Such a high ratio has often signaled an impending breakout for silver prices. It indicates that silver could be undervalued, and we may be on the verge of a major price surge. Sometimes, if you miss a price run-up for gold, you can make up for it by buying silver instead as it catches up to its yellow cousin.

Source – Seeking Alpha / SchiffGold

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Sir Paul McCartney gold and silver coins put up for auction

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One gold and four silver pieces are being made available for collectors, the Royal Mint said, and they will be presented through auction via Stack’s Bowers Galleries.

“Each coin available at auction is a testament to the exceptional skills of our craftspeople at the Royal Mint.

“Taking hundreds of hours to produce, the masterworks crafted from gold and silver feature highlights from Paul’s career and his journey to becoming one of Britain’s most successful artists in history.

“The impressive five-kilogram gold coin has also been hand signed by Paul during his Got Back tour at the end of last year – a symbol of his personal seal of approval of this iconic one-of-one piece.”

People can bid for the coins online up until March 19, when the auction ends, with bidding starting at one US dollar.

Source – The Irish News

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Gold Holds Near Record, Silver rallied

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Silver climbed as much as 3.1% to exceed $33 an ounce, while gold headed for a seventh weekly gain — the longest run since August 2020.

The president has already imposed 10% levies on Chinese goods and plans to slap 25% duties on all US steel and aluminum imports next month.

Spot silver rose 2.9% to $33.284 an ounce by 1:20 p.m. in London, taking this week’s gains to 4.6%. The Bloomberg Dollar Spot Index fell 0.2%. Gold, platinum and palladium were little changed.

Source – Bloomberg

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Gold set for seventh weekly gain

ByVictoria
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Gold prices rose on Friday and were on track for a seventh consecutive weekly gain as worries over a potential global trade war intensified after U.S. President Donald Trump’s push for reciprocal tariffs.

Spot gold was up 0.3% at $2,936.99 an ounce by 1104 GMT, taking its weekly advance to 2.6%. Bullion hit a record peak of $2,942.70 on Tuesday.

U.S. gold futures rose 0.6% to $2,961.30.

In other precious metals, spot silver gained nearly 3% to $33.30 an ounce and platinum added 1% to $1,004.57 while palladium dipped by 0.2% to $992.00.

Source – Reuters

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TD Securities’ Daniel Ghali says gold and silver won’t return to the UK

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The massive outflows of gold and silver bullion from the UK into the U.S. will not likely return even after the tariff and trade situation is resolved, and while gold prices are poised to continue setting fresh all-time highs, the setup for silver is even stronger, according to TD Securities’ senior commodity strategist Daniel Ghali.

“This isn’t the silver squeeze narrative that you’ve heard about, this is the silver squeeze that you can buy into,” Ghali added.

Source – KITCO News