In this latest interview, Brian and Darryl Panes from As Good As Gold Australia talk with Alasdair Macleod, Head of Research at Goldmoney.
In this latest interview, Brian and Darryl Panes from As Good As Gold Australia talk with Alasdair Macleod, Head of Research at Goldmoney.
Gold and Silver prices are down after last Friday's unemployment report. The BLS (Bureau of Labour Statistics) confirmed 517,000 new jobs in January, double what was expected, but the ADP (Automatic Data Processing Inc.) confirmed 106,000 new jobs. The ADP handles the payroll for a 1/5th of all private sector employees in the US - a much larger group than the sample the BLS uses. It seems it's easy for the BLS to massage the data with questionable adjustments.
The supposedly strong jobs report meant interest rates are headed higher, and precious metals were taken down. Alasdair shares his thoughts on this ongoing massaging of numbers and corruption within the system. Alasdair also provides his thoughts on the US debt limit and how long it might take before there is a total collapse of the fiat currency system. In 2022, the physical demand for gold bullion grew by 18% and leading the way were bullion purchases from retail investors.
Central Banks bought 1,136 tonnes, which was the most since 1967. Can the paper price of gold hold up moving forward? Just recently, Peter Zollner, Head of the Banking Department for Bank of International Settlements, spoke at the Global Precious Metals Conference of the LBMA, and spoke very highly of gold as an investment.
If Central Banks are purchasing gold at a faster rate than ever before, maybe we should consider doing the same. Now more than ever before, Alasdair believes gold needs to be a priority in your investment portfolio.