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Articles related to Monetary Policy
 
Phoenix Capital - Gains Pains & Capital
In Emerging Markets, It's Time To Dump Most Central Banks, And Their Currencies Too
Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke. On March 16th, the New York Times carried reportage by Peter S. Goodman, Keith Bradsher and Neil Gough, which was titled “The Fed Acts. Workers in Mexico and Merchants in Malaysia Suffer.” The theme of their extensive reportage is that U.S. monetary policy is the elephant in the room. It is the elephant that swings exchange rates and capital flows to and fro in emerging-market countries, causing consi
Wednesday, May 24, 2017
USA GOLD - USA Gold
The Daily Market Report
USAGOLD/Peter Grant/05-23-17 Gold was unable to sustain the earlier intraday rebound, falling back into the daily range. The choppy trade comes as a result of a mixed bag of economic data, dovish FedSpeak, much ado about President Trump’s budget proposal and ongoing concerns about his broader economic agenda. Markit PMI data were mixed with services better than expected and manufacturing missing expectations. The Richmond Fed index tumbled to 1 in May, below expectations of 15, vs 20 in April. N
Tuesday, May 23, 2017
Frank Shostak
"Priming the Pump" Won't Create Real Wealth
Once an economy falls into recession many commentators tend to express concern that as a result of the economic slump there are now underutilized capital and labor. Resources that can be used are now made unemployed. It is held that the key factor behind this is an insufficient demand for goods and services.Once it is accepted that this key factor is associated with insufficient demand these commentators take the view that what is required is to somehow boost overall demand in the economy.With s
Tuesday, May 23, 2017
Frank Shostak
How Magical is the Keynesian Multiplier?
For most economists and financial commentators, the heart of economic growth is the increase in the demand for goods and services. The view is that increases or decreases in demand are behind rises and declines in the economy’s production of goods and services. It is also held that the economy’s total output increases by a multiple of the change in expenditure by government, consumers, or businesses.An example will illustrate how an increase in spending raises overall output by a multiple of thi
Sunday, May 21, 2017
USA GOLD - USA Gold
  The Daily Market Report: Both Technicals and Fundamentals Remain Supportive for Gold
USAGOLD/Peter Grant/05-19-17 The dominant trend in the gold market remains positive, despite the recent multi-week pullback. The yellow metal appears poised to end the week with a 1.8% gain, the biggest in more than a month. The technical picture remains constructive with gold holding above key moving averages. The 50-day MA remains above the 200-day MA, sustaining the “golden-cross” that occurred late last week. When the 50-day moves above the 200-day moving average, it is typically interprete
Friday, May 19, 2017
USA GOLD - USA Gold
The Fed may be pushing for interest-rate hikes for the wrong reasons
BusinessInsider/Pedro Nicolaci da Costa/05-19-17 The central bank’s mandate is low, stable inflation and maximum employment, and Fed officials monitor a range of indicators to assess progress on those two goals. But the Fed may be keen to hike rates for another reason: reigning in what it sees as excessively high prices in stocks and other financial markets. If that’s its intention, it goes against what Fed Chair Janet Yellen and other key members of the rate-setting Federal Open Market Committ
Friday, May 19, 2017
Alasdair Macleod - Finance and Eco.
The importance of randomness
The greatest strength of a truly free market economy, where money is sound and does not corrupt prices, is the absence of cyclical action. With sound money, and consumers deciding for themselves their wants and satisfactions, having to choose between this or that instead of deploying unbacked credit to have this and that, there can be no cycle of credit, and no credit-driven business cycles.Central bank manipulation of money is intended to force everyone to act the same way at the same time. Cen
Thursday, May 18, 2017
USA GOLD - USA Gold
The Daily Market Report: Gold Surges on Haven Appeal
USAGOLD/Peter Grant/05-17-17 Gold surged back above the 1250 level, as rising political uncertainty threaten to completely derail President Trump’s economic agenda. Stocks are under pressure today as investors retreat from risk assets in favor of safe-havens, such as gold. “If special prosecutors are hired or there is more talk about obstruction of justice being an impeachable offense, one can kiss the tax plan, health care plan, and fiscal stimulus plan goodbye for 2017,” said Andy Brenner, of
Wednesday, May 17, 2017
Andy Hoffman - Miles Franklin
It’s All About Reality-Physical PM Style
Following up on the theme of this week’s lowest market volatility in decades; due solely to the all-out commandeering of financial markets  that cannot, and will not, last forever; consider the “dead ringer” algorithms I highlighted yesterday morning, of Wednesday’s “Dow Jones Propaganda Average,” and Thursday’s Shanghai Composite. Here’s Thursday’s “trading” of the Dow, and Friday’s of the Shanghai – which frankly, is difficult to discern from the prior day’s “action.”  I mean, how much more
Friday, May 12, 2017
Gary Tanashian - Biwii
A Look at the Silver/Gold Ratio, Inflation/Deflation and the Yield Curve
An email from a reader (of the eLetter, I think) calling me out on trying to make too many correlations in a dysfunctional market (I think that was his bottom line point, and he’s got a good point) got me thinking about the Silver/Gold ratio and some pretty interesting post-2011 dysfunction (so it seems) in the markets.Markets that made sense in certain ways prior to 2011 no longer make sense in the same ways. For instance, the S&P 500 used to be correlated to the Silver/Gold ratio, which itself
Friday, May 12, 2017
Andy Hoffman - Miles Franklin
Maybe They Just Don’t Want To Buy Them!
Wasn’t it yesterday that I showed charts of “Dow Jones Propaganda Average” trading of the past week – during which, the PPT’s signature “dead ringer” algorithm held it up every day?  And the day before, when I showed how the exact same algorithm has been used in China since its early 2015 stock market crash?  Well, lo and behold, let’s take a look at this morning’s Chinese stock trading – whilst Chinese commodity prices plunged to new six-month lows; right next to yesterday’s U.S. close.  See if
Thursday, May 11, 2017
USA GOLD - USA Gold
Bank of England keeps rates on hold in May
FT/Mehreen Khan/05-11-17 The Bank of England has opted to keep its record low interest rates on hold in May as expected. The bank’s monetary policy committee voted in favour of holding steady on the 0.25 per base rate by a split of seven to one. Rates were cut in the aftermath of the UK’s EU referendum last summer. PG View: Sterling is under pressure, which is helping to buoy the dollar today.
Thursday, May 11, 2017
USA GOLD - USA Gold
Morning Snapshot: Gold better, but still confined to Tuesday’s range
USAGOLD/Peter Grant/05-11-17 Gold continues to consolidate within Tuesday’s range, just above the lows of the recent move. A firmer dollar is helping to keep the yellow metal contained on the upside, while geopolitical risks are seen as limiting the downside. A bigger than expected rise in producer prices to 2.5% y/y in April edged the needle toward stagflation in light of the anemic 0.7% growth in Q1. April CPI comes out tomorrow and arguably there is some upside risk to the +0.2% expectations.
Thursday, May 11, 2017
Michael J. Kosares - USA Gold
Credit Suisse goes positive on gold
With the steady drizzle on gold’s parade, it’s nice to see something positive come out of one of the big international banks.  Credit Suisse is calling for gold to hit $1400 an ounce by the end of the year citing –– a) “surprise” low real rates of return (something we’ve emphasized in past posts + articles), b) “waning strength in the U.S. dollar” (which we have yet to see), c) dovish monetary policy (which is commonly misinterpreted as hawkish) and d) the “probability of a disruptive geopolitic
Wednesday, May 10, 2017
Andy Hoffman - Miles Franklin
Ticking, (Short-Fuse) Time Bombs For The “Challenging” Central Banking Industry
In yesterday’s “who’s more bullish for Precious Metals – Macron or Le Pen?,” I started with nearly five pages of cold, hard facts – proving across-the-board market manipulation of essentially all Western markets.  Which, for the sole purpose of prolonging a terminally ill monetary status quo – in which 1% benefit, at the expense of not just the “99%,” but future generations of “99-percenters” – has created “dotcom-like valuations in a Great Depression Era.”  Not to mention, sentiment – per yeste
Tuesday, May 9, 2017
Sprott Money
Will Gold or Silver Pay the Higher Interest Rate? - Keith Weiner
This question is no longer moot. As the world moves inexorably towards the use of metallic money, interest on gold and silver will return with it. This raises an important question. Which interest rate will be higher? The Wrong Approach It’s instructive to explore a wrong, but popular, view. I call it the purchasing power paradigm. In this view, the value of money—its purchasing power —is 1/P (where P is the price level). Inflation is the rate of decline of purchasing power. This view treat
Tuesday, May 9, 2017
Mike Hewitt - Dollar Daze
America's Forgotten War Against the Central Banks
In order to pay debts incurred from the Seven Years War with France, King George III of England sought to heavily tax the colonies in America. In 1742, the British Resumption Act required that taxes and other debts be paid in gold.
Tuesday, May 9, 2017
Andy Hoffman - Miles Franklin
Macron Or Le Pen-Who’s More Bullish For Precious Metals?
It’s still early Sunday morning, before the French election has been concluded.  Like the BrExit referendum and U.S. Presidential election, the powers that be are doing everything they can to rig expectations, in the hope of stealing the election for perhaps the least qualified, likeable, or competent candidate possible; and thus, prevent the “BrExit times 100” political, economic, social, and monetary ramifications that would unquestionably result from a Le Pen victory.  In a few hours we’ll kn
Monday, May 8, 2017
USA GOLD - USA Gold
Gold trims gain after U.S. hiring data seen keeping Fed on rate-hike path
MarketWatch/Mark DeCambre/05-05-17 Gold futures on Friday pared gains but remained in positive territory after April’s strong jobs report was seen keeping the Federal Reserve on a path of higher interest rates, with another hike increasingly likely as soon as next month. “This [jobs] report falls into the camp of the U.S. monetary policy hawks, who want to see U.S. interest rates rise at a faster pace,” said Jim Wyckoff, senior metals analyst at Kitco. …Labor-market data are significant for gold
Friday, May 5, 2017
Thorsten Polleit -
The Fed Will Likely Chicken Out on Planned Rate Hikes
The Austrian Business Cycle Theory tells us that the injection of new money created through bank lending out of thin air causes an artificial boom; and that the slowdown of credit and money creation, let alone a decline in available loanable funds, turns the boom into bust. Recent bank lending data in the US show a noticeable slowdown in bank lending rates, setting in around autumn 2016. Does it signal trouble down the road?There is no easy answer to this question. Various forces are at work. As
Friday, May 5, 2017
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