Gold, Silver and Platinum began trading higher in the lead up to the midterm elections.
There continues to be controversy surrounding the counting of votes in some states and precincts. Most mainstream media outlets have confirmed that the balance of power in the House of Representatives will shift across the aisle to the Republican party.
Gold prices surged leading into the midterm elections resulting from the state of the economy and the Biden administrations ongoing support for the war in the Ukraine.
Millions of Americans were already facing difficult economic times resulting from the lasting effects of problems caused by forced shutdowns and additional failed government policies during the pandemic.
The Biden Administration’s handling of the pandemic response is one of the leading factors that the mainstream media has blamed for the shift in control of congress to the Republican party following tabulation of election results.
The Federal Reserve and the Treasury continue their strategy of increasing interest rates in an attempt to bring down the rate of inflation.
Global commodities markets, particularly those involved in the trading of precious metals such as gold and silver, and those involved in petroleum, oil and natural gas, have been a lot of unexpected price swings and short selling as traders look for opportunities among the market chaos.
The latest CPI from the Bureau of Labor Statistics (BLS) shows that inflation and stagnant wage growth are two of the biggest ongoing problem for most working Americans.
October 2022 data released last week shows that all items index prices increased more than 7.7%, with the sharpest increases in food, housing, gasoline and fuel oil.
The price of fuel oil has surged to the highest peak since the 2008 Housing Crisis, leaving millions of underpaid Americans with concerns about how to pay for heat this winter.
The problems for the US economy continue to get worse as major companies announce mass layoffs to reduce their employee headcounts now that the midterm elections have been completed.
Crime continues to surge in major cities, particularly in States that are heavily controlled and governed by Democrats with growing homeless encampments and criminal gangs looking to exploit opportunities.
Bitcoin and crypto investors are beginning to realize that the current fiat based system that has been led by the Federal Reserve is not likely to provide the stimulus needed to bring about a full economic recovery in the short-term.
Many leading industry experts and executives have suggested that Blockchain technology can be implemented to assist central bankers with international trade and other economic growth with the support and agreement of foreign trade organizations that are backed by precious metals, particularly gold.
Representatives from countries that belong to the G20 are meeting this week in Indonesia to layout a strategy for global economic recovery.
Industry observers expect that many of the G7 countries will promote the use of CBDC as a mechanism to control the flow of digital and crypto currency between nations as a leading solution to the problems with the fiat and global credit system. https://www.kitco.com/news/2022-11-08/Gold-price-soars-on-short-covering-bargain-hunting-crypto-rumors.html
Financial experts continue to warn that the fallout from the FTX fiasco is likely to be bigger than the housing bubble and collapse that proceeded the recession and financial crisis that began in 2008
The collapse of FTX and the founder being investigated for related financial and election related crimes is beginning to shed some light on further corruption by government officials in the United States and Ukraine, with millions of dollars of military aid suspected of being laundered through various crypto exchanges being donated to hundreds of Democrat candidates and Soros funded lobbying organizations throughout the country.
Over the last few years central government banks have been adding tons of gold bars to their vaults while attempting to repatriate additional gold stored in foreign vaults. https://www.kitco.com/news/2022-11-08/Silver-holdings-in-London-vaults-drop-to-record-lows.html
Venezuela, which has had much of their gold reserves stored in vaults in the UK, United States and Canada, has been attempting to repatriate their gold bars since the Presidency of Hugo Chavez.
In 2012, Venezuela was able to repatriate some gold reserves, valued at roughly $9 billion at the time. Attempts to move an additional 14 tons of gold reserves in 2018 were refused by government officials in the United States due to economic sanctions against the Maduro presidency which continues to cause economic harm to millions of Venezuelans seeking asylum.
Global demand for gold and silver is stronger than ever, especially in Asia where gold is viewed as a store of family wealth.
The Perth Mint of Australia continues a record breaking year, with exports and sales of gold coins reportedly shipping more than 183,000 troy ounces of gold in October.
Random Year Canadian Maple Leaf 1 oz Silver Coins – available from Silver Gold Bull and other dealers from $30.29 per troy ounce.
The best price for Random Year Silver Eagle coins this week can be found on eBay.
Fractional gold bars maintain their popularity and intrinsic value with investors and stackers searching for some economic security. The most savvy investors use the Closest to Spot tools to find the best prices on fractional gold bars in sizes that range from 1 gram to 20 grams.