The IMF have been growing more vocal in recent weeks about the possibility of another financial crisis and severe recession. The head of financial stability at the IMF, José Viñals has said that this outlook “does not rely on extreme assumptions at all."
The German Bundesbank released an inventory of its gold reserves yesterday in order to quell ongoing public concerns about the true amount of actual unencumbered reserves and the location of the reserves stored in vaults in Frankfurt, London, Paris and particularly in the New York Federal Reserve.
The future direction of the planet is a choice between independent money and the central bankers counter-party paper Ponzi. Gold is independent monetary wealth with incredible wealth value that cannot go broke and over time will progress in value.
Gold finished marginally higher yesterday, extending gains to a second straight session and consolidating on Friday’s price gains. Gold bullion is trading near $1,140 in London today after climbing to a one-week high of $1,141.80 yesterday.
After the poor jobs report on Friday, gold rose and silver surged. Gold was up 2.2% or $23 and closed at $1,137.30 while silver surged over 5% or 68 cents to $15.24. Gold was 0.8% lower last week while silver rose 1.1%.
If the continuing depression in precious metal prices has a silver lining, it is the enormous surge in demand world-wide for silver. With most mints & brokers experiencing higher than expected demand for silver coins, many are having to set weekly sales quotas after record coin sales.