Secure Your Gold TIGHTLY! Upcoming Gold & Silver Rally are Going to Shake the World - Peter Schiff

Gold prices surged to another record high on Wednesday following comments from Federal Reserve Chair Jerome Powell, who reiterated that recent economic indicators, including job gains and inflation, do not significantly alter the Fed's economic policy outlook for the year. An American stockbroker, Peter Schiff, argued that signaling potential rate cuts could inadvertently fuel inflation by boosting market expectations, thereby driving up commodity prices, including gold.
Investors still anticipate a rate cut at the Fed's upcoming policy meeting in June, despite stronger-than-expected economic data casting doubts on such a move. Gold, known as a hedge against inflation and a haven during times of uncertainty, has risen over 11% this year, supported by robust central bank buying and safe-haven demand.
As the US jobs report for March is set to be released, and new inflation data is expected next week, Powell suggested that the Fed should avoid publicly discussing rate cuts, even if they are being considered, to prevent further inflationary pressures. Schiff emphasized the importance of keeping the market unaware of potential rate cuts to avoid unnecessary volatility and unintended consequences, such as further increases in gold prices.
Two Federal Reserve policymakers supported implementing three interest rate cuts in the US this year despite recent robust economic indicators stirring skepticism among investors. Cleveland Fed Bank President Loretta Mester warned against beginning rate cuts too early, suggesting that a pivot to rate cuts could tighten the labor market further, leading to increased wage growth and inflationary pressures.
In February, reported global central bank gold reserves increased by 19 tonnes, marking the ninth consecutive month of growth. The People’s Bank of China emerged as the largest buyer during the month, boosting its gold reserves by 12 tonnes to reach 2,257. Despite this consistent growth, gold still constitutes around 4% of PBoC’s total reserves. Additionally, weekly data from the Reserve Bank of India indicated a rise of 6 tonnes in its gold reserves for February, bringing its year-to-date buying to over 13 tonnes and total gold holdings to 817 tonnes.
Peter Schiff delves into the factors driving gold's rally, highlighting a divergence between the American public selling of gold through instruments like GLD and increased buying by foreign central banks and individuals in Asia.
Despite tempered expectations for a June interest rate cut by the US Federal Reserve, gold prices continue to find support from escalating geopolitical tensions in the Middle East and between Ukraine and Russia. This ongoing uncertainty prompts buyers to remain steadfast in their interest in gold, unaffected by the reduced expectations for Fed rate cuts.
Schiff argues that gold's upward trajectory suggests that interest rates are already too low and advocates for their increase rather than further cuts.

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