The bitcoin halving that is set to take place in May will be like “rocket fuel” for an already bullish asset, this according to Anthony Pompliano, host of The Pomp Podcast. Bitcoin halving is the process of cutting the supply of new bitcoins by half, which occurs every 210,000 blocks. Pompliano likened this process to gold miners cutting their supply by half. “In 2009, 2010, and into 2011, 50% of the gold miners basically shut off their operations, so 50% of the incoming daily supply just
(Kitco News) – Over three million Americans filed for unemployment insurance this week – with the COVID-19 pandemic shuttering small and large businesses, including aviation, cruise ships and hospitality. Here’s the good news and the bad news. Not mincing words, Shark Tank star and FUBU founder Daymond John said the economic crisis is far from over, but the storm should pass within six months. That’s the good news. The bad news: the repercussions and shock waves will likely be
Should you have bought gold six months ago before the world even heard of the coronavirus, which has triggered surging physical demand for gold and could drive prices to new historic highs? And is gold acting how it should? We ask RBC’s George Gero to rate how the metal has been performing in this very volatile month.
The market crashes from the pandemic has shown that some assets are “fake” said best-selling author Robert Kiyosaki, as “manipulated” assets are finally showing the American public how corrupt the capitalist system is. “The good thing is, people as they sit in quarantine, as they lose their jobs, their homes, their pensions, their businesses and all this, I think they’re waking up at [the fact that] they’re being screwed,” Kiyosaki told Kitco News.
(Kitco News) -The recent pandemic has provided the catalyst needed to finally push our economy into an overdue “great depression,” this according to Doug Casey, founder of Casey Research. Casey told Kitco News that although the virus has popped the bubble, the underlying problem is still due to poor economic fundamentals. “This hysteria over the coronavirus, not necessarily over the virus itself but the resulting hysteria, and the second and third order knock-on effects have kicked it off. It’s
The global pandemic has shut down several mining jurisdictions around the world, taking off a large chunk of silver production, this according to Keith Neumeyer, CEO of First Majestic Silver. “In 2018, we produced, as a global industry, 855 million ounces of silver. So far, we’ve had Peru come offline, with 145 million ounces, we’ve had Chile come offline with 42 million ounces, we’ve had Argentina come offline with 26.5 million ounces. That’s a total of 213.5 million ounces that has now been sh
Hockey Hall of Fame inductee, Phil Esposito, is selling one of his most prized possessions: a solid gold puck he was awarded during his days playing for the Boston Bruins, one of four ever made. “[I got the gold puck] from the Boston Bruins the year all four of us scored over 100 points. Gold was not even on the market then,” Esposito told Kitco News. Considered one the best hockey players of all time, Esposito has played 18 seasons in the NHL for the Chicago Black Hawks, Boston Bruins and New
Comparing the current outbreak to the flu is like comparing apples to oranges, said best-selling author Jim Rickards. “I think last year, 20,000 people died of the flu, and so far in the United States, we have about 100 fatalities, and they say it’s not a big deal. But that completely misses the point,” Rickards said, pointing to the uncertainty around the disease’s contagion factor, how it spreads, and current lack of a viable vaccine. He added that the common flu is also less fatal. “It is 40
More monetary stimulus will come to prevent an imminent recession, and a larger money supply would be bullish for gold, this according to Peter Schiff, CEO of Euro Pacific Capital. “I think that people have got this wrong, everybody is looking at this event as deflationary, but it is actually the opposite. You’re going to have a reduction of production, so less supply of goods, and the world is going to be flooded with money,” Schiff told