Huge GOLD NEWS Coming Out of China! This Will Change Everything For Gold & Silver – Peter Schiff

Huge GOLD NEWS Coming Out of China! This Will Change Everything For Gold & Silver – Peter Schiff

I think Friday turned a lot of people who may have gotten bullish on gold in the last couple of weeks bearish and that’s probably exactly what the Chinese want right if the Chinese started this selloff just by announcing a one-month Hiatus from buying gold that was enough to get the new buyers to throw in the towel well now that’s more gold for the Chinese to buy and they got a lot of gold that they need to buy so many people that maybe just bought into the market in the last week or two who are now gone right and just thrown up their hands and discussed who knows where they’re going to come back in I mean maybe gold will have to be well above 2500 silver might have to be 35 or 40 before some of the people who just bought China held 72.8 million troy ounces of gold at the end of May unchanged from the end of April the data showed the value of China’s gold reserves Rose to $17.96 billion at the end of May from $67.99 billion at the end of April American stock broker shiff shares the recent shift in gold prices considering no significant economic data was at play despite no significant economic cues shift delves into the reason behind it to uncover China’s announcement of zero gold purchases in May prompting traders to sell off their gold Holdings quickly China’s Central Bank paused gold purchases to its reserves in May when spot gold prices hit a record high after 18 months of consecutive purchases official data showed on Friday spot gold prices fell after the data and lasted down down 1.4% to $2,342 per ounce Safe Haven demand driven by geopolitical and economic uncertainty contributed to a rally in gold from March to May taking spot prices to a record $2,449 189 per ounce on May 20th however shiff sees this as bullish news as gold had already hit a new all-time high in May without Chinese buying with regard to shi’s predictions he anticipates that China will seize the opportunity of Market dip to acquire more gold particularly in light of the stronger than expected non-farm payroll numbers that caused gold to drop following the latest us employment data Traders focus on Friday’s May non-farm payrolls report estimates suggest the economy will add 185,000 people to the workforce above April’s 175,000 the unemployment rate is expected to be 3.9% and average hourly earnings are projected to remain unchanged at 3.9% gold prices are exper exping a notable decline just before the anticipated release of the US non-farm payrolls report at 12:30 GMT this movement is primarily attributed to Traders profit taking and position squaring now we present you the clips of Peter schiff’s insights before we continue to delve into this discussion please subscribe to our Channel and activate the Bell icon for timely updates I woke up on on Friday morning and I saw gold down $40 I I had no idea like why it was be down especially in front of a jobs report uh normally you wouldn’t you wouldn’t see that uh because you know people would you know be worried what if it was a weak number right people would not want to sell gold in front of that number normally if there’s a $40 move in gold on a job’s day it’s in reaction to the number right the number has come out and it’s not what was expected and so there’s a bigger move in the markets as they you know kind of readjust to the new the new data but gold was already down $40 the market hadn’t even opened and and so I wanted to know why so I go online I do a little research and I and I I see the news out of China that China had announced that during the month of May they didn’t buy any gold at least officially they said they didn’t buy any gold they had bought gold for 18 months in a row and in the month of May they didn’t buy any apparently this is bad news when the Traders learned this they immediately sold gold oh my God China stopped buying I mean it’s one month so what I mean as far as I’m concerned that’s a bullish announcement I think because if gold made a record high Friday or in May rather without the Chinese buying anything to me that’s pretty bullish because normally the Chinese have been buying and even without the Chinese now of course when I say the Chinese I mean the government obviously Chinese people the people themselves didn’t stop buying gold I’m sure they bought plenty of gold the Govern government didn’t buy any gold for that month but even without the government buying gold gold made a new all-time record high without China helping so to me that’s actually bullish that gold didn’t even need Chinese buying and it still made a record high but the way the markets reacted to this announcement was like oh my God that’s it China’s done buying why would they be done buying they didn’t buy gold for 18 months to stop now this is just the beginning they got a lot of gold to buy does it make sense that they backed off a little bit like all of a sudden gold is breaking out to a new record high maybe the Chinese were like okay let’s pause a bit maybe we’ll get a little bit of a pullback we’ve bought for 18 months in a row and now the market is kind of running away let’s take a step back let’s see what happens you know maybe we could get a little bit of a pullback which ironically they got based on announcing that they didn’t buy the markets have just given China a gift not only because the market fell $40 on the on the news that China didn’t buy any gold in May giving them the opportunity to buy more gold now in June but then we got the the non-farm payroll numbers that came out later in the day that were stronger than expected and that sent gold down another $30 so down $70 on the day and so if the Chinese didn’t think down $40 was a bargain I’m sure they’re buying tonight I’m doing this podcast on Sunday night I’m sure uh that the Chinese government is going to be backing up the truck and and buying into this decline they’re probably laughing about it about how foolish uh Americans are or Europeans to give them this gift and to react to this little news announcement they’ll probably keep this up their sleeves for some future announcements when they want to buy more gold put out a news announcement like this so they can convince uh foolish Americans to sell them their gold at at a lower price and in fact you know when they announced uh the uh the fact that they didn’t uh buy any gold they were also announcing other economic data that evening one of them or one piece of data that came out was their uh Trade Surplus which swelled the Chinese trade Surplus is kind of the mirror image of America’s trade deficit and our trade deficit really shot up during the interview Peter Schiff discusses recent rate cuts from the Bank of Canada and ECB noting they are bullish for gold according to Schiff central banks have essentially given up on combating inflation anticipating that further rate cuts are inevitable globally interest rate expectations are falling on Wednesday the Bank of Canada cut its overnight rate to 4.75% from 5 %. and on Thursday the European Central Bank did the same cutting its main refinancing rate by 0.25% to 4.25% after the release of lower inflation data in Switzerland speculation is also Rising for the Swiss National Bank to cut its key rate when it decides on June 20th booed by rate cut expectations after the Bank of Canada and the European Central Bank cut rates earlier this week spot gold rose to $2,387 on Friday the highest level since May 22nd however the metal crashed on a robust us non-farm payroll report moreover shiff contends that Central bank’s actions contradict their rhetoric about targeting 2% inflation implying a lack of genuine commitment to this goal let’s get back to the interview I talking about the the rate Cuts so we got rate cuts from the Bank of Canada and the ECB all this is bullish for gold I mean in a way you could say it’s supportive of the dollar which would in theory create a headwind from gold but as far as I’m concerned it’s bullish for gold gold has been rallying without the dollar being being weak right the dollar dollar Index still around 104 105 been trading in that area it’s really been going sideways for the last year or two and during that period gold keeps making new highs so it’s not about dollar weakness relative to the Euro or the yend I mean the dollar has been strong relative to those currencies or stable all those currencies have been weak gold hits record highs in every currency and the fact that the ECB and the Bank of Canada are already throwing in the towel on the inflation fight I mean as far as I’m concerned they threw in the towel when they stopped hiking but now they started cutting and they’re not going to stop right you these are just the first of several rate cuts that are going to follow it’s not going to be one cut and then going to start hiking again they’ve already committed to cutting rates and so the question is when are they going to cut again the FED of course hasn’t cut yet but it’s a foregone conclusion that they’re going to cut so the only question is how soon do they cut not are they going to raise rates so all this is bullish none of these central banks is going to do what it takes to bring inflation back down to 2% they’re just not admitting that yet so they’re all all trying to pretend that they still have a 2% inflation Target and that they’re committed to hitting that Target but at the same time they’re easing they’re cutting rates or they’re talking about cutting rates so their their their rhetoric their deeds don’t match their rhetoric they’re talking to talk but they’re not walking the walk and so pay attention to what they’re doing not not what they’re saying so if they’re trying to misdirect you with their rhetoric and they’re talking about how we’re committed to lower inflation on the one hand but then they’re cutting rates even though inflation is not anywhere near 2% now what are they saying well oh well we just assume that inflation is going to keep falling and so we can start easing well why didn’t they make that assumption when they had rates at zero or negative and inflation was still below 2% why didn’t they say you know we’ve printed a lot of money we’ve kept interest rates low for a long time even though inflation is still below 2% we’re going to start hiking now because it’s clear that inflation is going to go up right it’s going to Trend higher based on what’s in the pipeline no they said we need to wait and in fact with the Federal Reserve not only did they wait for inflation to be 2% they said we want it to be above 2% we want to make so sure that we’re at 2% that we’re not going to stop at 2% that’s when they introduced the concept too of inflation averaging they wanted to make up for the years of sub 2% inflation with some years of above 2% inflation but also they said they wanted to make sure that the move above 2% stuck that it wasn’t like a fluke like we didn’t go back above 2% then come right back down so they wanted to make real sure they wanted to stay easier for longer just to make sure that inflation got to 2% despite this setback gold prices are set to mark their first weekly gain in 3 weeks as Market participants increasingly bet on the Federal Reserve potentially cutting interest rates soon which would likely lower both the dollar and treasury yields how do you think ongoing shifts in Central Bank policies will continue to impact the trajectory of gold prices in the coming months drop your thoughts in the comment section below if you find this video informative don’t forget to support our Channel and turn on notifications to stay informed about our latest videos see you in the next video

Huge GOLD NEWS Coming Out of China! This Will Change Everything For Gold & Silver – Peter Schiff

China held 72.80 million troy ounces of gold at the end of May, unchanged from the end of April, the data showed. The value of China’s gold reserves rose to 170.96 billion dollars at the end of May from 167.96 billion dollars at the end of April.
American stockbroker Peter Schiff shares the recent shift in gold prices, considering no significant economic data was at play. Despite no significant economic cues, Schiff delves into the reason behind it to uncover China’s announcement of zero gold purchases in May, prompting traders to sell off their gold holdings quickly.
China’s central bank paused gold purchases to its reserves in May, when spot gold prices hit a record high, after 18 months of consecutive purchases, official data showed on Friday. Spot gold prices fell after the data and lasted down 1.4% to 2,342 dollars per ounce. Safe-haven demand driven by geopolitical and economic uncertainty contributed to a rally in gold from March to May, taking spot prices to a record 2,449.89 dollars per ounce on May 20.
However, Schiff sees this as bullish news, as gold had already hit a new all-time high in May without Chinese buying. With regard to Schiff’s predictions, he anticipates that China will seize the opportunity of market dip to acquire more gold, particularly in light of the stronger-than-expected nonfarm payroll numbers that caused gold to drop. Following the latest US employment data, traders focus on Friday’s May Nonfarm Payrolls report. Estimates suggest the economy will add 185,000 people to the workforce, above April’s 175,000. The Unemployment Rate is expected to be 3.9%, and Average Hourly Earnings are projected to remain unchanged at 3.9%.
During the interview, Peter Schiff discusses recent rate cuts from the Bank of Canada and ECB, noting they are bullish for gold. According to Schiff, central banks have essentially given up on combating inflation, anticipating that further rate cuts are inevitable. Globally, interest rate expectations are falling. On Wednesday, the Bank of Canada cut its overnight rate to 4.75% from 5.00%, and on Thursday, the European Central Bank did the same, cutting its main refinancing rate by 0.25% to 4.25%. After the release of lower inflation data in Switzerland, speculation is also rising for the Swiss National Bank to cut its key rate when it decides on June 20.
Buoyed by rate cut expectations after the Bank of Canada and the European Central Bank cut rates earlier this week, spot gold rose to 2,387 dollars on Friday, the highest level since May 22. However, the metal crashed on a robust US nonfarm payroll report.
Moreover, Schiff contends that central banks’ actions contradict their rhetoric about targeting 2% inflation, implying a lack of genuine commitment to this goal.

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