Gold Holds Above $2600: SchiffGold Friday Gold Wrap 12.06.2024
Gold closed this week at $2,625 (down about $30 since last week) and silver at $30.01 (up about $0.36). Joel discusses Black Friday sales, global economic challenges in India and China, and Bitcoin above 100k. Price action discussed at 10:40.
OTHER TOPICS DISCUSSED:
-Brick and mortar stores grew their traffic 3.8%.
-Gold has no diminishing marginal utility.
-CME Group will offer micro gold contracts in January 2025.
-India's RBI has a massive $60 billion short position.
-China's stimulus efforts are failing to revive the economy.
-European banks are favoring government bonds over private lending.
-Why gold may remain range-bound until 2025.
-Bitcoin has officially hit over $100,000 on the spot market.
QUOTE OF THE WEEK
Remember, that's how capitalism works. You get rich by enriching everybody who voluntarily does business with you. The money you make is a reflection of the work that you did, of the effort you put in, of the benefits that society derived from your work."
– Peter Schiff
OTHER TOPICS DISCUSSED:
-Brick and mortar stores grew their traffic 3.8%.
-Gold has no diminishing marginal utility.
-CME Group will offer micro gold contracts in January 2025.
-India's RBI has a massive $60 billion short position.
-China's stimulus efforts are failing to revive the economy.
-European banks are favoring government bonds over private lending.
-Why gold may remain range-bound until 2025.
-Bitcoin has officially hit over $100,000 on the spot market.
QUOTE OF THE WEEK
Remember, that's how capitalism works. You get rich by enriching everybody who voluntarily does business with you. The money you make is a reflection of the work that you did, of the effort you put in, of the benefits that society derived from your work."
– Peter Schiff
Activity