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April in Precious Metals

from Survival Blog:


What Did Gold Do in April?

Gold started the month under $1,220 an ounce and went on a roller coaster ride. Luckily, there were more ups than downs. Gold prices spent the last week of the month bumping up into the $1,290 range, a thirteen month high.

Silver woke from its slumber and got down to it this month. Silver started April barely above $15 an ounce, before blasting up more than 17% for the month.

A blanket of anxiety still covers Europe, as negative interest rates and expanded QE from the European Central Bank seems unable to lift the EU out of the economic sickness that has been gripping it.

Factors Affecting Gold This Month

Deflation Fears In Europe

A good way to see how negative interest rates do the opposite of what central banks want is this graphic at the Wall Street Journal. With all the evidence that NIRP hurts economies instead of helping them, you have to wonder why so many central banks keep using it.

Austrian Bank Bail-in

A big sign that the European banking system is worse off than they pretend, is the news that the Austrian government has declared a bail-in of Heta Assets Resolution. This is the “bad bank” formed from the non-performing loans held by failed bank Hypo Alpe Adria. Senior bondholders, who are first in line for reimbursement on a bank failure, just had a 50% haircut applied to them by Austrian financial regulators. At the stroke of a pen, the value of the bonds they hold was cut in half. We explained the whole tangled mess of this “bad, bad bank” in a news article soon after the bail-in was announced. Unlike some other banks that have failed due to overexposure to risky trades, the Hypo executives were accused of all sorts of wrongdoing.

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1 comment to April in Precious Metals

  • Ed_B

    “A blanket of anxiety still covers Europe, as negative interest rates and expanded QE from the European Central Bank seems unable to lift the EU out of the economic sickness that has been gripping it.”

    Of course the ECB has not lifted the EU out of its economic problems because they are addressing the symptoms of the disease and not the illness itself. The disease, as I see it, is a toxic excess of government. Government has simply outgrown the economy’s ability to fund it. Yes, it really IS just that simple, yet what is the proposed solution? EVER MORE GOVERNMENT, of course. Government produces nothing of any real tangible value. It puts out a blizzard of paper and consumes trillions of dollars worth funds that could have and should have been funneled into the economy.

    Imagine you are driving and up ahead is a sign post with two signs attached to it. As you approach the “Y” in the road, you see that to the left is ever more government and a poorer economy while to the right is less government and a better economy. So far, we have persisted in turning left when the real cure to our problems is to turn right. It is the same in the US, Japan, and all other Western and western-ized countries.

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