Today’s GSC News begins in India, where the Asian bullion market has been stagnant, and retail gold dealers in India are banking on their upcoming festival season to pull their country’s gold market out of the doldrums…you will want to see what Ron Paul recently had to say about the U.S. economy—he called it “the biggest financial bubble in history”, and in the interview we found, he gives his thoughts on why he thinks another bubble pop is coming. There is plenty of metal news for you to kick off your week, and hopefully, help you make some better-informed investment decisions.

Let’s dig in…

International
Indian Gold Dealers Counting on Festivals to Revive Sales

As Asian bullion hubs remain lackluster in activity, the big festival season is about to begin in India, and gold jewelers are banking on these festivals to revive retail sales in the gold jewelry sector. "Festival season is approaching. If prices remain stable, demand could start improving in coming weeks," said Mukesh Kothari, director at Mumbai-based dealer RiddiSiddhi Bullions. On Friday, domestic gold futures prices were around 51,500 rupees per 10 grams, on track for a 0.5 per cent gain for the week. Jewelers are waiting for a clear price trend and could start building…

Commentary
VIDEO: “It’s the Biggest Financial Bubble in the History of Monetary Policy,” Says Former Congressman

In an interview on Kitco News, former Texas Congressman and libertarian Ron Paul spoke about how the Federal Reserve is managing the economy through “monetary manipulation,” causing malinvestment, and the over-accumulation of debt. He thinks the end result will be an overinflated stock market that could see a “violent correction,” as well as a monetary system on the brink of collapse.

WATCH PART 2 OF THIS INTERVIEW HERE

Latest News
HERE ARE THIS WEEK’S KEY MACROECONOMIC EVENTS TO KEEP AN EYE ON

Coming up this week on the financial and economic docket: On Monday, FOMC Chairman Jerome Powell, Fed Governor Lael Brainard and NY Fed President John Williams will be delivering speeches. There won't be any significant macroeconomic data releases on Tuesday. On Wednesday and Thursday…

Latest News
As the Chinese Economy Gains Strength After COVID-19, Beijing Loads Up on Base Metals, Not Gold

The Chinese communist government is reporting their progress at containing the coronavirus and a stimulus is positively effecting their economy, according to Samson Li, Senior Precious Metals Analyst at Thomson Reuters GFMS. Li was on Kitco News Channel last Thursday, and said copper is at a two-year high trading and hit $6,850 a ton on the LME. Copper is crucial to China’s infrastructure. Authorities are also worried that trade tensions could curtail imports. “The Chinese government authorities are going to build up some strategic reserves I certain metals while they can still import metals smoothly,” said Li.

WATCH FULL INTERVIEW

Commentary
Gold has Risen Dramatically Since March, but is it Still a Good Buy?

The price of gold has extended its correction from the record highs above $2,070, registered in the first week of August. Even with this performance, there is no reason to panic and as long as the price of gold is above $1800, this precious metal is in the “buy” zone. A fundamental analysis: The price is supported by uncertainty over the global future. The price of gold has become disconnected from fundamentals, and the flow of funds into gold shows… READ MORE

International
Russia Hasn’t Stopped Stockpiling Gold, Which is Raising Forex Reserves to Near All-Time High

Russian gold and foreign currency holdings increased to a total of $591.8 billion, according to the latest data released by the country’s central bank. The international funds grew about 0.02 percent in a week from September 4 -11, the regulator said. Statistics showed that since January 1, Russia boosted forex reserves by $37.4 billion. They were up by 18.3 percent last year. The state's international reserves are highly liquid foreign assets comprising stocks of monetary gold, foreign currencies and Special Drawing Rights (SDR) assets, which are at the disposal of the Central Bank of Russia (CBR) and the government. The current level of holdings is much higher than the target of $500 billion set by the CBR several years ago. Russia has been boosting… READ MORE

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Gold Silver Central