Central Bank Gold Demand Rebounded in September

(Mike Maharrey, Money Metals News Service) After slowing in August, central bank gold buying rebounded in September.

On net, central banks globally added 40 tons of gold to their reserves. This compares to an 8-ton increase in global central bank gold holdings in August, according to the latest data compiled by the World Gold Council.

Total central bank gold reserves increased by 48 tons. This was offset by 8 tons of selling.

The rebound in September helped drive central bank gold buying to a record third quarter.

Year to date, central banks have added a net 694 tons to their gold reserves. The pace is below the record set through the first three quarters of 2023 but is on pace with 2022 levels.

Over the last 12 months, central banks have increased gold holdings by an average of 26 tons per month.

Two Eastern European countries led the way in September.

Poland was the biggest gold buyer, expanding its reserves by another 22 tons. The National Bank of Poland was also the biggest buyer in the third quarter.

Poland currently holds 420 tons of gold, making up about 16 percent of its total reserves.

NBP Governor Adam Glapiński recently indicated the Bank of Poland will continue adding to its reserves with a goal of holding at least 20 percent of the country’s reserves in gold.

“This makes Poland a more credible country, we have a better standing in all ratings, we are a very serious partner, and we will continue to buy gold.”

Hungary expanded its gold holdings by nearly 16 tons.

In a statement highlighting September’s purchase, the Hungarian central bank noted, “Amid increasing uncertainty in the global economy, the role of gold as a safe-haven asset and a store of value is of particular importance, as it enhances confidence in the country and supports financial stability. Gold continues to be one of the most important reserve assets globally, as shown by the significant purchases of gold by central banks in recent years.”

India continued to expand its gold reserves in September, adding another 6 tons to its holdings.

The RBI has been buying gold since 2017. Over that period, it has increased its gold reserves by over 260 tons.

An Indian economist told the Times of India that the push to accumulate gold was based on both political and economic reasons. He said that the “reliability” of the U.S. dollar has “diminished.” He noted the “noticeable decline” in the confidence in U.S. dollar assets.

Another economist told the Times, “It makes a lot of sense (to invest in gold), given the increased volatility in the FX market, elevated interest rates in the U.S., and, of course, also as the central banks in each economy would like to diversify the asset classes in which they are parking their reserves.”

India recently transported 100 tons of its gold from the UK back into India.

Other gold buyers in September were Turkey at 4 tons and the Czech Republic with a 2-ton purchase.

Kazakhstan was the biggest seller, decreasing its holdings by 4 tons. It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to switch between buying and selling.

Jordan sold 3 tons of gold, and Singapore decreased its holdings by 1 ton.

These numbers represent official disclosures of central banks to the IMF. It’s important to note central banks may not always honestly report changes in their gold reserves. For instance, it is widely believed that China holds much more gold than it officially reports.

There is no indication central bank gold buying will slow down anytime soon.

According to the most recent World Gold Council survey released in June, 29 percent of central banks plan to add more gold to their reserves in the next 12 months. The WGC said it was the highest level since the survey began in 2018.

Only 3 percent said they had plans to decrease gold reserves.

Earlier this year, the World Gold Council said the continuation of gold buying supports its expectation that “2024 will be another solid year of central bank gold demand.”

“Last year, central banks placed great emphasis on gold’s value in crisis response, diversification attributes, and store-of-value credentials. A few months into 2024, the world seems no less uncertain, meaning those reasons for owning gold are as relevant as ever.”

Last year, central bank gold buying fell just 45 tons short of 2022’s multi-decade record.

According to the World Gold Council, central banks net gold purchases totaled 1,037 tons in 2023. It was the second straight year central banks added more than 1,000 tons to their total reserves.

Central bank gold buying in 2023 built on the prior record year. Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

China was the biggest buyer in 2023.

Analysts at ANZ Bank recently said they expect central bank gold buying to remain hot for at least the next six years.

According to these analysts, “Depleted trust in the U.S. fixed-income assets and the rise of non-reserve currencies are other themes that could support central bank gold buying.”

Unvetted Feds to Monitor Polls in Missouri and Texas after Judges Block Lawsuits

(Ken Silva, Headline USA) Justice Department lawyers will be at the polls in Texas and Missouri after U.S. judges denied their lawsuits to prevent the feds from intervening.

The DOJ announced its decision on Friday to send lawyers to the polls in 27 states for Election Day, sparking outrage among some states. The attorneys general for Missouri and Texas sued to block the DOJ.

“The law is clear that Kamala Harris can’t just send unvetted individuals into our polling places. It’s illegal and undermines trust in our elections,” Missouri Attorney General Andrew Bailey said Monday.

However, a U.S. judge disagreed with Bailey’s assertion.

U.S. District Judge Sarah Pitlyk, who was appointed by Donald Trump, ruled late Monday night that Missouri did not reach its burden of showing that the state would face irreparable harm if the DOJ’s monitors watched over its polls, according to a Tuesday report on her decision from The Hill.

“In practical terms, the expected harm is monitoring by two individuals at one polling place to ensure compliance with the Americans with Disabilities Act, as contemplated by an agreement that has been in place for several years, and as already done at least twice without incident,” Pitlyk wrote in a late Monday ruling, as reported by The Hill.

U.S. District Judge Matthew Kacsmaryk reportedly made a similar decision in Texas, where there seems to be a legal distinction between election “monitoring” and “observing”—with the DOJ claiming to be doing the former. Judge Kacsmaryk, also appointed by Trump, said he “cannot issue a temporary restraining order without further clarification on the distinction between ‘monitoring’ and ‘observing’ on the eve of a consequential election.”

According to The Hill, Texas and the DOJ struck a bargain to allow lawyers to monitor polls from afar.

“The Justice Department said that its election monitors would remain outside of polling and central count locations, would be subject to Texas election law within 100 feet of those locations and would not interfere with voters attempting to cast their ballots. The Lone Star State withdrew its motion for a temporary restraining order,” The Hill reported Tuesday.

Ken Silva is a staff writer at Headline USA. Follow him at x.com/jd_cashless.

Gold and Silver Are Best-Performing Investment Assets So Far in 2024

(Mike Maharrey, Money Metals News Service) Gold and silver have been on a tremendous run in 2024. In fact, they are the two best-performing assets this year.

As of the end of October, silver was up by 42.4 percent, and gold was up by 33.7 percent. This compares to a 24 percent gain in the NASDAQ, the best-performing stock index.

Gold Shining Bright

Gold was up another 4 percent in dollar terms in October. It also charted gains in other major currencies.

Looking more closely at gold’s performance this year, the yellow metal has posted 39 all-time highs so far in 2024. The only year gold set more records was 1979, when it broke its own record 57 times.

Gold hit 38 record highs in both 1972 and 2011.

The World Gold Council noted some differences between then and now.

“Previous record-setting years have been accompanied by strong investment demand. Gold ETF inflows in Western markets are very late to the party this year, and retail investment demand has not picked up much either.”

In 1980, gold established its all-time inflation-adjusted high. That record also fell this year.

Gold has continued its upward trajectory despite the positive performance of risk assets, a relatively strong dollar, and increasing Treasury yields, all of which typically create headwinds for the yellow metal.

The World Gold Council noted the lack of media hype despite gold’s stellar performance.

“Media fervor is not as visible today as it was during 2020 when gold made its first new all-time-highs for nigh-on a decade, suggesting perhaps that this time, sentiment has not gotten carried away.”

Trading in the East has provided the biggest catalyst during the gold bull run. World Gold Council analysis reveals that gold’s price action generally took place during late Asian/early European trading hours.

“This at least partly explains the increasingly frequent disconnect between gold’s return and its usually reliable – yet U.S.-centric – short-term drivers of rates and the U.S. dollar.”

Conversely, U.S. and European trading hours tended toward more price volatility. The World Gold Council noted that this is “consistent with the narrative of emerging market investors and central bank buying helping to drive prices higher even as trading in Western markets, as it tends to do, creates the most short-term noise.”

Despite the ever-increasing price, gold demand set a third-quarter record. Including over-the-counter (OTC) sales, gold demand came in at 1,313 tons in Q3, a 5 percent year-on-year increase.

The World Gold Council cites several factors that should propel the gold bull run forward.

“The conditions remain for demand to continue to impress, including elevated geopolitical risk, overvalued equity markets, low Western investor gold ownership, and central bank buying.”

Silver Lost In Gold’s Spotlight

Although silver has outperformed gold, it is widely viewed as a laggard and has remained in the shadow of gold’s spotlight. While gold has set multiple records this year, silver remains far below its all-time high.

Meanwhile, the gold-silver ratio remains mired above 80-1, signaling that silver is historically underpriced compared to gold this year.

This would seem to indicate that silver is poised to run higher.

Many long-term investors still view silver more as an industrial commodity. Industrial demand accounts for more than half of silver offtake. With this in mind, it is important to note that industrial demand is booming. Industrial offtake of 654.4 million ounces set a record in 2023. Analysts expect industrial demand in record territory again in 2024.

Meanwhile, robust demand and lagging silver mine output have resulted in market deficits for three straight years, with demand expected to outstrip supply again this year.

The technical picture also appears to be bullish silver.

If we look at a 50-year price chart for silver, we see a very distinctive pattern known as a “secular cup and handle.”

This is a long-term bullish pattern. You can see the “cup” with the twin highs of around $50 per ounce in 1980 and 2011. Following the 2011 peak, we see a sharp decline in the price followed by a consolidation “handle.”

A handle pattern on the chart of a stock or commodity often precedes a breakout.

This cup-and-handle pattern has played out over an extremely long timeframe. Historically, longer patterns portend bigger breakouts with a broader base, signaling a bigger upside case.

Gold followed a similar long-term pattern, resolving with a breakout to new all-time highs last year.

If you’re still bullish on gold, you should also be bullish on silver.

While silver’s industrial applications make it much more volatile than gold, it tends to track with the yellow metal over time. In fact, silver has historically outperformed gold in a gold bull run.  The backdrop for gold investment looks solid moving into 2025.

Hope Hicks Breaks Silence in Hard-Hitting Op-Ed Supporting Trump 

(Luis Cornelio, Headline USA) Hope Hicks, the longtime Trump communications aide, opened up in a Monday New York Post op-ed to endorse the former president. She has largely remained silent about her friendship with him.

In the piece, Hicks recounted her decade working for Trump, their 2016 victory, and their plan to repeat history on Nov. 5.

“In early 2015, I was working in communications at the Trump Organization when Trump, my boss, told a small group of us he would be running for president,” Hicks wrote. “From our first trip to Iowa that January, I knew he was going to win.” 

In the rare public commentary, Hicks also recalled Trump’s “politically incorrect” approach to politics. 

“He was at times brash and controversial. He simultaneously became a pariah to the media and political class, and beloved by the people,” she affirmed. “He was authentic to his core, never not wearing a suit and tie — he always looked like he came straight from the boardroom no matter the occasion.” 

In the early months of the 2016 presidential campaign, Hicks recounted that Trump often sat in the front passenger seat of his SUV to shake hands with people he came across. 

“Crowds would form at every tiny airfield we dropped into, and he always took time to visit with the people who gathered to see him, often giving dollar bills to the children waiting,” she added. 

Hicks continued, “His 2016 victory was not only a political shock but a remarkable triumph: the embodiment of the very American idea that you can achieve anything you set your mind to, and you can do it being exactly who you are.” 

Hicks concluded the op-ed, affirming that she voted for Trump “for the same reason” she worked on his campaigns and in the White House: “because I know the American people can count on him.” 

She wrote, “On Tuesday, vote for Donald Trump and join me as we write the next chapter in a story of American greatness we can all be part of.” 

Earlier this year, Hicks faced vitriolic attacks from social media users after she testified in the infamous criminal case against Trump, led by Manhattan District Attorney Alvin Bragg, a radical leftist who ran for office on the promise to go after the former president.

Trump Gets Last-Minute Joe Rogan Endorsement as Hunter Biden Backs Kamala

(Dmytro “Henry” Aleksandrov, Headline USA) Both of the leading presidential candidates received surprise last-minute endorsements on Monday that seemed perfectly in line with their campaign messages.

Former President Donald Trump was endorsed by popular podcaster Joe Rogan, a one-time Bernie Sanders supporter who has undergone a remarkable red-pilled transformation during the Biden administration.

Rogan’s influential voice is one of several who have now aligned themselves with Trump in an inclusive coalition that transcends ideology, along with political scion Robert F. Kennedy Jr., former Democrat Rep. Tulsi Gabbard of Hawaii, and billionaire Elon Musk, the latter of whom helped Rogan reach his own decision in a Monday night X post.

“The great and powerful @elonmusk. If it wasn’t for him we’d be f**ked,” Rogan wrote. “He makes what I think is the most compelling case for Trump you’ll hear, and I agree with him every step of the way. For the record, yes, that’s an endorsement of Trump.”

Both Trump and his vice-presidential candidate, JD Vance, appeared recently on Rogan’s show, while Democratic presidential nominee Kamala Harris declined due to a list of demands that included requiring Rogan to come to her.

However, Harris did get one high-profile endorsement from, Hunter Biden, the troubled son of President Joe Biden.

“Harris has proven herself to be an extraordinarily gifted candidate. She has been disciplined, and her campaign reflects the joy and optimism she communicates with every appearance she makes,” he told Politico.

Despite the rumors that his dad might be trying to sabotage the vice president who replaced him on the ticket, Hunter may be counting on the possibility that Harris would potentially pardon him following his recent convictions on federal gun charges in Delaware, and tax-evasion charges in California.

Hunter also mentioned Harris’s “I’m from a middle-class family” talking point, trying to turn it into a positive thing.

“The way Harris speaks about middle-class capitalism is informed by her own life experience, and I believe it is inspirational and speaks to the aspirations of all Americans,” he added.

Hunter also called Harris a “joyful warrior” who was an “invaluable partner” for his father.

“The joyful warrior that America has gotten to know in these past few months is the same Kamala Harris that has been an invaluable partner to the president these past four years and the same Kamala Harris my brother told me about and so admired when they fought side by side as attorneys general to hold the big banks accountable in the mortgage lending crisis of 2008,” he said.

Hunter then lied by saying that his father “passed the torch” to Harris because of her “dedication to service, her unyielding pursuit of justice and her profound decency,” even though, in reality, Democrats just performed a coup to replace Joe with Harris.

“These are the qualities that my brother so admired about Harris when he was alive, and I know he would be so proud of her now,” he said.

Hunter’s recent comments came after Republican presidential nominee Donald Trump said he may pardon Hunter.

“I wouldn’t take it off the books,” Trump said.

On the other hand, Joe said he won’t pardon his son, possibly because he wanted to make the witchhunt trials against Trump legitimate.

Headline USA’s Ben Sellers contributed to this report.

Red State? N.Y. Republicans Massively Vote Early, Unlike Dems

(Dmytro “Henry” Aleksandrov, Headline USA) New York State could surprise the entire country by voting for Republican presidential nominee Donald Trump this election, and it looks like they will do that.

The New York Post reported that people in the historically deep blue state started voting early for Republicans, which could result in Trump winning the state.

“For the first time since President Reagan, New York is possibly in play for the presidential race and will certainly determine the House Majority,” Rep. Elise Stefanik, R-N.Y., told the news source.

However, Stefanik told conservatives to continue fighting and voting if they haven’t done that already.

“Republicans across New York and the country are voting early in historic numbers, but we must not get complacent and must keep up the momentum and continue working to turn voters out,” she said. “I’m calling on all Republicans to ensure their family, friends, and neighbors get out to vote early in person or on Election Day.”

Stefanik posted a similar message on Twitter.

Alex DeGrasse, executive director of Stefanik’s campaign, also admitted that the deep blue state may turn red on Nov. 5.

“[New York] Republicans are turning out in record numbers for early in-person voting, vastly outperforming our 2022 margins in every seat, some by 50%,” he said. “Long Island looks great, as does the Hudson Valley and upstate.”

However, instead of doing something about it, Democrats called those who decided to vote for Republicans “anti-American,” as Gov. Kathy Hochul, D-N.Y., said.

“Quite the closing message from the so-called campaign of joy: if you don’t vote Democrat, you are Nazi, Hitler-loving, anti-American garbage,” Lee Zeldin, a man who ran against Hochul in the 2022 gubernatorial election, wrote.

Rep. Mike Lawler, R-N.Y., also criticized Hochul in his social media post.

“[She] is an embarrassment to our state — completely incoherent and incapable of leading. Attacking New Yorkers who support President Trump as un-American? She previously told New Yorkers who didn’t agree with her to move to Florida. I’m shocked her favorables are so low,” he wrote.

The recent news came after multiple reports proving Trump could win New York State and New York City. In May, Trump held a huge rally in the middle of the Bronx, and in September, he held a rally in Long Island, but some of his supporters couldn’t enter because the stadium was already full. In October, Trump also had a massive rally at Madison Square Garden, tickets to which were sold out in less than three hours.

Kamala Teams Says They’ll Count Votes Until They Win

(Dmytro “Henry” Aleksandrov, Headline USA) Democratic presidential nominee Kamala Harris’s team recently implied they will try to force critical counties in swing states to keep counting votes until she wins the 2024 election.

An anonymous senior Harris campaign official said Democrats would work to ensure Harris gets enough votes in certain places, even if Republican presidential nominee Donald Trump declares victory on election night. The official added that “[Trump] did this before [and it] failed” and that “if he does it again, it will fail.”

“Meanwhile, we are focused on making sure that all of our voters have the information to get out and vote, and that they feel confident doing it safely and securely, and that they know that we’re going to protect that vote and that we are going to ensure that it counts, no matter what Trump and his campaign are doing,” the official said.

Democrats also told Reuters that they will flood social media platforms and airwaves if Trump declares victory “before all votes are counted.”

“As soon as [Trump] falsely declares victory, we’re ready to get up on TV and provide the truth and tap a broad network of people who can use their influence to push back,” a top official with the Democratic National Committee told the news source.

The National Pulse also recently reported that some voters in Arizona, a swing state, are being turned away because of voter roll errors.

If that doesn’t work, or over the $2.1 billion that Democrats spent to stop Trump, the Left will use the military to prevent conservatives from taking power.

Joe Biden previously refused to guarantee a peaceful, non-violent election if Trump wins.

“If Trump wins, no. I’m not confident at all,” he said.

Rep. Jamie Raskin, D-Md., also became infamous for stating that he and other Democrats would not certify the election results if Trump won.

Tone-Deaf Kamala Salivates Over Bacon in Scrapped Muslim Host Interview

(Luis Cornelio, Headline USA) Vice President Kamala Harris left a Muslim podcast host baffled after she praised the flavor of bacon during an interview that was never published. In Islam, consuming pork is strictly forbidden. 

During the unusual exchange, Harris suggested bacon could be used as a “spice” to flavor certain foods, leaving host Kareem Rahma, whose Instagram show Subway Takes has garnered millions of views, visibly taken aback. 

“I don’t know,” Rahma replied, according to a Monday interview with The New York Times. 

“Think about it, it’s pure flavor,” Harris replied. 

In a bid to steer the conversation, Rahma asked Harris if turkey or beef could serve as alternatives, and pressed her about specific meals where bacon might be used. 

According to The Times, Rahma then paused the interview to tell Harris he does not eat pork and asked if they could discuss a prearranged topic. 

A Harris staffer intervened, apparently telling Harris to mention her supposed love for anchovies on pizza. Rahma was equally puzzled. 

“Well, I’m 100 percent unsure on both of those,” he said with an awkward laugh. 

To make matters worse, Harris’s team had also barred any discussion of the Israeli-Hamas war, a topic Rahma had expressed his interest in. 

“It was so complicated because I’m Muslim and there’s something going on in the world that 100 percent of Muslims care about,” Rahma told The Times. “And then they made it worse by talking about anchovies. Boring!”

In response, the Harris campaign offered an apology and reportedly proposed a retake of the interview—an offer Rahma ultimately declined.  

 

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SubwayTakes with Kareem Rahma (@subwaytakes) • Instagram photos and videos

Harris’s bacon comment wasn’t new, as seen in a video shared by journalist Charlie Spiering on X.

She had previously boasted about the flavor in a 2019 interview during her failed bid for the Democratic presidential nomination. 

GOP Victory: Court Says No to Georgia Dems’ Extension After Ballots Sent Late

(Luis Cornelio, Headline USA) The Georgia Supreme Court ruled Monday that Democratic-led Cobb County may only count absentee ballots received by Election Day. 

The ruling marked a significant GOP victory after Republicans challenged Cobb County’s plan to accept more than 3,000 absentee ballots submitted after Election Day.  

The county’s unlawful extension came after election officials failed to deliver absentee ballots on time, hindering some voters’ ability to submit them by Election Day. 

In a statement posted on X, Republican National Committee Chairman Michael Whatley hailed the decision as a “HUGE election integrity victory” for the Peach State. 

“We took this case to the Georgia Supreme Court. We just got word that we WON the case,” Whatley wrote. “Election Day is Election Day — not the week after. We will keep fighting, keep winning, and keep sharing updates.”  

The Georgia Supreme Court’s decision upheld the Fifth Circuit’s prior ruling that ballots delivered after Nov. 5 would not be counted, according to the RNC. 

A lower court had previously argued that the extension was necessary to protect affected voters after the county’s ballot-delivery mishaps. 

Cobb County, a Democratic stronghold outside Atlanta, went to Joe Biden in 2020, with 56.3 percent of the vote to Donald Trump’s 42 percent. 

The American Civil Liberties Union, which launched the lawsuit seeking to keep the extension, condemned the decision in a press release, urging Cobb County voters to vote in person on Election Day or hand-deliver their absentee ballots “as soon as possible.” 

The ACLU advised those unable to vote in person or hand-deliver ballots to mail them overnight to county offices. 

“Unfortunately, there are voters who will not be able to access the remaining options and will not have their voices heard in this election as a result of this ruling,” the ACLU wrote. 

NBC Gives Trump Free Ad During Sunday Night Football/NASCAR after SNL Stunt

(Maire Clayton, Headline USA) NBC was forced to give former President Donald Trump 90 seconds in free ad time after potentially violating federal law with Vice President Kamala Harris’s appearance on Saturday Night Live.

The decision was made after Federal Communications Commissioner Brendan Carr blasted the late-night show for not following the “equal time rule,” which requires balanced airtime for each political candidate.

“With only days before the election, NBC appears to have structured this appearance in a way that evades these requirements,” Carr said. “What comparable time and placement can they offer all other qualifying candidates?”

NBC was therefore forced to run a Trump ad twice during its primetime programing.

X users expressed their delight as Trump ended up getting the better deal, according to Twitchy.

“SNL just made Kamala look stupid and Donald Trump got prime time!” one user wrote.

The user lampooned NBC’s error as Trump’s ad ran once after its NASCAR coverage and again after Sunday Night Football.

“What a bargain and take that NBC how smart do you feel now?!” the user continued.

During the ad, Trump spoke about how important the election is and how as Americans we need to save our country.

He highlighted the issues of border security, inflation and the extremely high tax rate.

“Kamala and her friends broke it,” Trump continued. “I’ll fix it.”

“Suck it, NBC!!” another user added as Trump had a serious message compared to Harris’s SNL appearance.

Harris appeared in the “cold open” sketch alongside actress Maya Rudolph as she portrayed the vice president.

In the clip, Rudolph received a pep talk from her reflection, which happened to be Harris.

The cringe inducing clip was met with a great deal of criticism as a version already aired in 2015—with comedian Jimmy Fallon and Trump, though the 2015 version was almost double the length of Harris’s appearance.