Gold prices are — significantly so. In fact, they just reached an all-time high, but is this a good sign for the economy?
Unfortunately, no.
When Glenn Beck spoke to a certain gold expert, he said, “Do you realize how crazy the world has to be for gold to be at $3,000 an ounce?”
As of right now, “it’s over $2,400,” which means we’re rapidly headed toward the threshold of crazy.
But that’s not where the bad news stops.
The March CPI report was also just released, and it revealed yet again that inflation rose faster than expected.
Of course, the Biden administration is continuing to lie and say that inflation is coming down.
For example, they say that “fuel is not in inflation right now,” says Glenn, but “look at the price of fuel.”
According to financial expert Carol Roth, “the data [from the White House] is trash.”
Not only are fewer people responding to the data collection surveys, likely skewing the results, but there’s also “manipulation of the data” — “the scope of which we have not seen in a long time,” says Roth.
For example, one recent report showed that “gasoline for the month was down 3.6%.” However, “if you didn’t seasonally adjust [the data], it would have been up 6.3%.”
“That’s a really big swing,” Roth tells Glenn.
Gold prices have been soaring to new heights, reaching a historic $2,328.7 per ounce last week. Renowned economist David Rosenberg, President of Rosenberg Research, believes that the momentum could carry the precious metal to $3,000 before the next business cycle shift, marking a 30% increase from current levels.
Rosenberg attributes this surge to strong demand, particularly from central banks reembracing gold as a reserve asset. Central banks have been steadily increasing their gold holdings, with a notable turnaround from -77 tonnes in 2022’s third quarter to 361 tonnes in the same period of 2023. This trend is driven by a desire for security amidst geopolitical risks and a fear of overreliance on the US dollar, especially as the Chinese yuan loses its grip as the world’s second reserve currency.