This Is MIND-BLOWING! BRICS & Central Banks will Change Gold & Silver Prices Forever- Peter Grandich
Gold prices experienced a modest pullback on Wednesday, dropping over 0.70% as the US dollar regained strength following comments from Federal Reserve Chair Jerome Powell. The gold/dollar pair settled at 2,504 dollars, retreating from its daily high of 2,529 dollars. This movement comes amid a complex backdrop of central bank policy shifts and geopolitical developments.
Peter Grandich, founder of Peter Grandich & Company and a respected voice in precious metals investing, views the current market dynamics as a healthy consolidation phase for gold. Grandich anticipates potential support of around 2,350 and resistance of nearly 2,600 dollars, suggesting room for further price action.
The recent price fluctuations follow Powell's speech at Jackson Hole, indicating the Fed's readiness to begin easing monetary policy. Typically, such dovish signals from the Fed would be expected to weaken the dollar and boost gold prices.
However, the precious metals market is also being influenced by broader global economic shifts, particularly involving the BRICS nations. Grandich believes the financial impact of BRICS could rival the Industrial Revolution, with gold playing a pivotal role in this transformation.
The upcoming BRICS Summit is a significant event for gold markets. These nations, already major buyers of gold, are expected to discuss critical economic and geopolitical issues that could challenge the U.S. dollar's global dominance. Such a shift could further support gold prices in the long term.
Recent data underscore the BRICS nations' growing influence in the gold market. China's central bank reported gold holdings of 2,264 tonnes at the end of June 2023, marking an 18-month streak of increases and a 16.3% rise since November 2022.
The United States national debt has been climbing steadily for nearly three decades, reaching unprecedented heights. As of the writing of this article, the debt stands at 35.26 trillion dollars, which equates to approximately 104,000 dollars per US citizen. In contrast, the US Federal Tax Revenue is around 5 trillion or about 14,929 dollars per citizen. From a business perspective, such a disparity is, to put it mildly, unsustainable.
Financial expert Peter Grandich highlights the colossal US national debt as one of the country's most significant challenges. With a debt of around 35 trillion dollars and yearly deficits now measured in trillions, he argues that it's improbable this debt will ever be fully repaid. While these deficits may temporarily prop up the stock market, they threaten the nation's economic stability in the long term.
In 2024, the debt-to-GDP ratio has surged to 122 percent, with the national debt continuing to rise. Critics argue that the Biden Administration's spending policies, including substantial financial aid to Ukraine and investments in Green Energy projects, exacerbate the problem. These expenditures, they contend, do little to address the core economic issues and instead contribute to an unsustainable fiscal trajectory.
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