gold news

 I just sit here like in both amusement and horror. I mean, this is highly entertaining, but it's also horrific. Hi, it's Mike Maloney and Alan Hibbert one more time with the Gold Silver Show. Alan, how are you doing? I'm great, Mike. I want to talk a little bit about uh gold and foreign central banks. We're seeing some big moves out of Russia and China, the BRICS nations and central banks more broadly. So, we have some big trends in the gold space and it starts with this breaking news right here.

Russia to begin trading gold on the St. Petersburg exchange. So, this this came out uh just about a week or two ago and here is part of that article. Russia, the world's second largest gold producer after China, is to free itself from the current dependence of gold prices on the London Stock Exchange. and they plan to launch gold trading on the St. Peters St. Petersburg exchange, the Spyx, by the end of the year. And so one of their main objectives is to form a competitive market price. In other words, something

that's not manipulated wink wink. So until recently, gold market participants relied on price benchmarks set by the London Stock Exchange. Now the London Stock Exchange is going to face some competition. Mike, >> wow. you know, um, one of the things that this article doesn't mention is the commodities exchange in the United States. You know, it isn't this isn't just competition for London. This is global competition. And it's great. The more comp the more free market competition we have, the better. And

there is so there's this overwhelming body of evidence that suggests that uh it doesn't just suggest it almost uh outright proves that uh the price of gold and silver have been heavily manipulated throughout the years and um you know some of its short-term manipulation uh by traders and there's uh traders that go to jail that have gone to jail for it. uh but uh uh this helps this makes the manipulation in whatever direction Wall Street wants it to go much much more difficult. So this

is great that this is happening. Plus, you know, you and I when we uh wrote the book, we did a piece on how many more people there were that were able to participate in gold's bull market this time around. And it's about 18 times the population of what it was in the 1970s bull market where gold rose more than 25 times its price from the beginning of the 70s to January of 1980. This is part of it global price discovery for gold. If somebody buys gold in Russia they are contributing to the global spot price. uh back in the

70s if somebody bought gold in Russia or China or or any of the eastern block countries there were no markets uh you know they could buy gold from another individual but it did not have it it it did not contribute to the global spot price that buy or sell was not recorded anywhere and so uh uh this is actually exciting news for anybody that's invested in precious metals Yes, I agree completely. And it also does signal that uh you know the the separation between east and west which maybe isn't a good thing on its own but

what we're talking about here is certainly good for gold and for price discovery. >> So that article that article continues here um blah blah blah in this particular case the United Kingdom doesn't produce any gold but of course Russia does and Russia has significant reserves of the metal. However, London does have a massive repository for foreign gold as has New York, but it doesn't own apart for from its own reserves most of the stock that it holds. However, this gold is literally

under arrest as soon as any country tries to claim sovereignty over its own gold as the UK typically makes it difficult to transfer stocks. So, not only manipulating price, but manipulating like the physical location of the physical metal. So, uh, you know, Russia's move here could could put an end to that or at least make it a lot harder. >> Yeah, it, uh, sounds like they're a little bit bitter about things that have happened in the past, and I wouldn't blame them. >> Okay.

>> Yeah, me either. Okay, last last piece from this article here. Russia is not only one of the largest gold producers, but also stores its own gold in Russia. This means that Russian gold purchases for storage in its own reserves instead of storing currency from unfriendly countries has become an important step towards ddollarization and financial independence. As a result, Russia may be able to reduce its dependence on the prices of precious metals issued by the London Stock Exchange. So yeah, another

step here toward dd dollarization and financial independence. They also say uh instead of storing currencies from unfriendly countries. And so when you're talking about central bank reserves, which have almost always been US treasuries, it's US dollars. And when they're saying unfriendly countries, they're talking about us. >> Yes, >> that's that's directly pointed at us. So yeah, >> it's true. This is nice. It's interesting how um they avoided talking

about uh the US or uh the commodities exchange and they solely like picked on the London stock exchange. Uh well London LBMA L LBMA I guess is what uh it would be not really the stock exchange but it's sort of sidestep they're not uh like insulting us directly but when they say storing currency currencies from unfriendly countries I would imagine that their dollar reserves before we froze their assets and so on their dollar reserves were much much bigger than their British pound reserves. So

>> yeah, it's directly pointed toward the United States, but they're not saying the United States anywhere in the article. Very interesting. >> Exactly. So that's Russia. I want to turn now to China. Um not necessarily the central bank, but just Chinese gold demand in general. Invest and earn up to $2,000 in bonus silver at golds.com. It's easy. Step one, open any gold silver storage account excluding IRA. Step two, purchase your precious metals. Step three, get up to $2,000 in bonus

silver dropped straight into your vault. Visit golds.com/free silver to claim your silver. Um, not necessarily the central bank, but just Chinese gold demand in general, and it is currently skyrocketing. This chart here is Chinese gold ETF demand in the first half of 2025 has surged to the highest on record. And so this chart here, this this uh two bars here is the first quarter and the second quarter added together. And you can see that it's a lot taller right now than it has been throughout the last 10 years by a

lot. This is about four times higher. So yeah, demand is up massively. It says here, uh, China's appetite for gold has never been stronger. certainly looks that way. >> Well, that's the reason that gold has had such a price rise in the last year and a half. It certainly isn't the uh US the American public rushing in and buying and they should be. I mean, with all the geopolitical tensions and then this one big beautiful bill, it's just another, you know, every president, every every politician, it isn't

presidents, it's it's Congress as well. They run for office. They promise certain things. We were supposed to get the budget deficits and deficit spending under control. And look at what has happened. It just exploded. And that explosion absolutely guarantees it absolutely guarantees that your dollar is going to be worth a whole lot less in the future. Period. There is no other direction. >> Yeah, I agree completely. And so you get out of the dollar, you got to move into something, might as well own something

that no one controls like gold, >> right? >> So yeah, so uh they figured it out in China. It's only a matter of time before the Americans figure it out, too. Central banks are increasingly buying gold from local mines as the prices surge. So this is from Lobo Trey. He tweeted out here a quote from this particular article saying 19 out of 36 respondents in the World Gold Council's latest central bank survey said they are buying gold directly from domestic arteisal and small-cale gold miners in

local currency. So that's definitely interesting. Well, what's interesting about that is they don't have to report that if they don't want to. Yeah. >> If they're buying from another central bank, it gets reported. But if they're buying it from little miners and stuff, I mean, why do they have to report it if they don't if they don't want to? They can sort of sidestep the issue. >> Yeah. And it's just a survey. So, I I suppose this is >> Yeah. them being honest because they

just want to be or maybe they're being deceptive for some reason. But I I don't get that impression. Let's take a look here at another part of that article. Just continuing on here. Four um of the central banks are thinking of following suit and doing that same thing. This is a slightly higher figure than last year's survey when around 14 central banks out of 57 said they were buying directly from domestic sources. So, I saw these numbers and thought, wait a minute, that is not slightly higher. So,

so I did the math and 14 out of 57 is less than 25%. But 19 out of 36 is more than 50%. So, we're going from less than a quarter to more than a half. This is doubling from last year. Doubling. >> More than a double. Wow. Yes, it is huge. My guess is that uh these are not uh you know the first world western countries that this is uh other countries trying to frontr run what is about to happen globally. They they know the direction of that things are going and uh they're getting prepared and they

may not be reporting how prepared they are. Right now, we're wielding this power of having uh the most gold of any country in the world. That may or may not be true at this point. We don't know. >> Yeah. Exactly. And the United States is losing allies seemingly daily. And some of these other countries are building partnerships and so taken as a block uh they may hold more gold than the United States. then that that could be a more relevant comparison than any one country measured against the United States.

>> Yeah. >> So, so yes, also your your instincts were correct that a lot of these central banks are from smaller countries. Um there's a quote here. One trend that we're seeing is that some central banks especially in Africa, Latin America, are starting to buy gold directly from domestic small-cale gold mines which have re which have really proliferated because of the higher price. So those banks obviously as the price of gold goes up those mines proliferate. Um they they mine more and new ones come online

over the course of several years. So uh yeah that's definitely happening. You can make an argument that it's cheaper than buying gold on the international market because a lot of these central banks buy gold at a slight discount to the international price. So that's partly why it's appealing to them. Also they might be able to do it um in a stealthy way as you mentioned. Traditionally, central banks acquire gold through the global over-the-counter market, typically centered in London.

There's London again. Gold is transact transacted via major bullion banks priced in fiat dollars, euros, sterling. So, yeah. So, yet another uh sort of separation from London. Um maybe it's a coincidence, maybe not. Maybe maybe the the world more broadly is uh separating itself from the west. One other piece of news here. What just happened in Rio should terrify the West. Okay, a little bit sensational perhaps, but a few days ago, the city of Rio de Janeiro hosted the 17th Bricks Summit,

marking a significant step forward for the organization amid the accelerating transformation of the global political and economic landscape. Okay, so the 17th bricks summit. So, a lot of things happen there. Sometimes it's just for show. But the one the one relevant point that I wanted to call everyone's attention to is highlighted right here. This is this is in this section from economic cooperation to collective security. Particular emphasis at the summit was placed on transitioning to

transactions in national currencies, a long-standing initiative championed by Russia and several other BRICS countries. The leaders endorsed this direction recognizing the need to reduce dependence on dominant reserve currencies. I mean, tell me you're talking about the dollar without talking about the dollar. Right. >> Right. Right. >> So, >> yeah, you know, I I started uh giving reports on this back in 2009. I started like a series of the death of the global dollar standard and the particular nails

in the coffin. And this would be just another one of those nails in the coffin, this uh uh meeting in Rio. So yeah. >> Yeah, that was one of the most compelling visuals for me was watching you give that pres presentation and the nails. I I remember the nails coming down like this and they were speeding up and I just thought, wow, this is a this is a very significant trend. So So thank It's taking a while to play out, but very often things take a they they happen very very slowly until the day

that they don't and then they happen very quickly. >> Exactly. Gradually then suddenly >> beautiful. >> So um so you people might wonder what is the what is the west doing? Like how are they reacting to this? Are they just letting bricks do their own thing? Well, we got a reaction from Trump. Trump responded to this. He said uh they have to pay 10% if they're in bricks. Right? He just implemented new tariffs on everyone in bricks because bricks was set up to hurt us. Bricks was set up to

degenerate our dollar and take it off as the standard. That's okay if they want to play that game, but I can play that game, too. >> Well, I got I've got two things to say about that. It just amazes me that after all this time, he thinks that they are paying it. No, we are going to have have to pay it. anything that comes from one of the bricks countries now will go up 10% and that tax that uh the importer is paying they have to pass that along. So you and I and all of the viewers are

going to pay that extra 10% and it's just another one of the US government's taxes on us has nothing to do with them. It's targeted at slowing down their trade, but that slows down global trade, which slows down glo global GDP, and it's just bad for everybody. The other thing is where is Congress in all of this? You know, I don't want to I realize that a whole lot of our audience uh is is um Republican. That's the base here. Uh they're, you know, from the right. I have said many times, I'm a

libertarian and I just sit here like in both amusement and horror. I mean, this is highly entertaining, but it's also horrific to watch uh all of this back and forth pettiness. Congress is just like completely out to lunch, irresponsible. Uh Trump is not supposed to be able to have the power to just uh increase the tax on this and and decrease the tax on that anytime he wants. I mean day to day to day to day uh every week there's a change here that uncertainty I mean I have slowed down purchases myself. I was going to

purchase some things and it's it's something that a US company imports the parts for, but they they said that it's going to be this much more because of the tariffs. And then couple months later, I get a quote back again that it's been lowered uh because the tariffs were lowered, but I've still put off that purchase. I'm not going to make it. So, it just slowed down GDP of uh Puerto Rico and the United States uh because of that. And so there's it tariffs are always and everywhere a bad idea. They

do not work. They hurt everybody involved. So >> anyway, and and plus if countries, you know, either goods will tra cross borders or bullets, right? So it's like when you when you create these divisions between countries and you restrict trade, >> you get closer and closer to war. So that's not a good direction to move either. So >> Right. >> Yeah. not good for either thing. >> So, speaking of wars, our meme of the day, currency wars. Are we winning? >> I don't think so.

>> You know, we've used this before, but it is so appropriate. I want to thank everyone for watching and thank you, Alan, for putting this presentation together. >> Thanks, Mike. Invest and earn up to $2,000 in bonus silver at golds.com. It's easy. Step one, open any gold silver storage account excluding IRA. Step two, purchase your precious metals. Step three, get up to $2,000 in bonus silver dropped straight into your vault. Visit goldsilver.com/frees to claim your silver.