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Scott bassent has apparently been tapped to be the next head of the US Treasury hopefully he understands how to smoothly pull off coming yield curve control policies and the further consolidation of the US banking system ahead but according to the most recent filings with the Securities and Exchange Commission his hedge fund key Square Capital Management employs less than 25 people US Treasury has more than 100,000 full-time workers so it's an understatement of gigantic proportions to Simply say Scott's work is cut out for him and trying to close the current global economic systems unsustainable disequilibrium he recently claimed quote the only way to preserve the benefits of the international trading system is to question some of its mistaken assumptions and update them for the current moment well one of Mr bassent admitted largest investment positions is long gold likely in some mation of derivatives and levered options here he is speaking to that in a recent clip regarding his gold bullishness this year in 2024 my strong feeling is that Chinese have moved tactically to stabilize the economy but that Xi Jinping is a different kind of cat that what we saw in the a up until 2012 or 2013 with capitalism with Chinese characteristics or communism with capitalist characteristics he's a leninist so he's not going to allow a clearing function in the market that would allow for a sustainable Chinese economy then I think we are in a long-term bull market in Gold I think we're seeing Reserve accumulation by central banks I follow it closely it's my biggest position and even I was surprised the other day when the Central Bank of Poland came out and said that they want to take their gold reserves to 20% and you know Ted over my career some of my best investments have been when a policy when a government when a management is driving 90 M an hour at a brick wall you assume that they are going to hit the braks so that's how you get the big policy changes couple times I've been in the car when they've hit the wall that's less fun but I think that many of my best investments have been detecting when you're going to get the policy change and as I said with President XI one thing in the Reagan White House used to say policy is personnel and Personnel is policy so you always look at whether it's the management or the policy makers at the end of the day they're human they want to be judged some of them are elected they want to think about how history is going to remember them so they are very susceptible to external pressure and many times if you have an ongoing dialogue with them if You observe them for a long time it's easy to detect when they are going to slam on the brakes which is also a very good risk control metric because many times something has gone so far out of equilibrium you get a very good entry point now that it's apparently becoming common knowledge that Eastern European nations are amongst the world's largest net gold bullion reserve buying central banks it's now time to remind everyone yet again that the Russian Federation front r on everyone before the 2008 Global financial crisis came about in a first mover Advantage setting up a massive sovereign gold bullion reserve position before the value of gold balloon to where it is now well I hope you dear viewer are taking advantage of gold and silver spot price weakness and pullbacks of late and are adding to your bulling reserves this Black Friday and coming Cyber Monday now before we return shortly I want to wish you and yours a happy Thanksgiving weekend and a blessed coming holiday season hello this is James Anderson on behalf of SD bullion smash the like button if you enjoy these bullion Market updates and be sure to visit sdbullion.com sweep Stakes to enter our free 500 ounce silver coin giveaway make some room in your safe because a whole lot of of silver could be coming your way SD boolean's Monster Box sweep Stakes is Back featuring 500 of SD boolean's very own Silver Tree of Life coins in a Monster Box for the first time ever this stunning silver coin is a highly detailed Masterpiece featuring a hidden inscription on one of the tree branches that changes every year so put on your best flannel and become one with the forest and take your shot to win 500 silver trees from SD Boolean because someone's going to win it so why not you click the link below for your chance to win the silver and gold market traded slightly down on this holiday shorten week the spot silver price finished the month of November 2024 still with a monthly spot price chart candle above the key $30 an ounce level closing this week at $353 an ounce bid the spot gold price closed the month above 2,650 an ounce bid with the spot gold silver ratio moving sideways still at 86 this is the last 20 years of respective Fiat US dollar gold and silver monthly spot price candles eventually silver follows broken out gold so patience and stacking prudently Remains the key for long-term success while government central banks continue admittingly adding to their net gold willion Reserve positions while lowering their official purchases of US Treasury IUS AKA bonds and shorter term notes this bullion over Bond trade will likely continue as many Emerging Market eastern central banks go for Bullion over bonds let us check in with CNBC India and hear how they cover gold this week a look at the precious metal prices where last week was a grand one you saw gold and silver prices both gain quite strongly gold actually was up 5 a half% making it the best weekly gain in last two years in that sense the prices did gain from a low of almost 2570 on the Lower Side 2540 by the way and did see 2700 On The Higher Side the Asian markets right now though are headed in for a bit of a profit taking on those kind of levels so 1 and a half% of a decline as you can see but that is the range 2536 to 2700 that we have seen in last 10 days come in for the gold prices and with that I also want to show you on what we've done in sense of gold prices in last three or four years well it has been higher highs and higher lows as you can see higher highs first and we have seen prices continue to gain up 1890 was a high in 2021 and then we've seen 19900 2,000 and almost 2800 in this year by now the lows also have been on the higher side well we saw 1700 it was only last year that we were trading at 1810 and 1992 has been the low for this year as well far away from where we are looking at in sense of highs and sense of gold there so absolutely very strong real returns that you have seen gold give you in last last many years as you can see on your screen there well it has to do with the very strong Global Central Bank buying where many of these banks have been adding gold to their Forex reserves it also has to do with the flare up in the Russia Ukraine war there the markets are looking at Safe Haven buying continuing in case of gold there the hedge funds have come back in a big way as well it was last to last week that we saw net Longs at a 15 we lows but since the escalation and since the fact that we've seen uh markets continue to look at Trump impact on various taxes and infrastructure at Etc gold has seen buying comeb back because of that as well and then this is going to be a sixth trade week in the month of October that you are looking at the global ETFs come into gold in a very strong way the dollar index today is trading at a one-ear off as well and that has been supportive but the global ETFs now stand at around 3,244 tons if you look at the overall AUM those have gained up by 33% 5% of a jump up is what we saw in the month of October alone for the Indian markets as well the buying has been strong whether it's about physical buying ETF buying and the Futures and options also are hitting record highs there for this year as well even as the gold prices are trading at an all-time highs you could be looking at Imports anywhere between 700 to 900 tons well going forward all the Wall Street Banks and brokerages do estimate that you're looking at higher prices from here on so $2,900 to $3,000 an ounce it's an expectation coming in from UBS Goldman Sachs and City this week is going to be quite important because you have so much of data coming in remember it also is a truncated week because Thursday is Thanksgiving in us Friday with shirt early so it's really is a truncated week but ahead of that before that you'll have the fomc minutes coming inflation personal income spending inflation data also from Australia and Eurozone and then you have GDP numbers also coming in from India Canada and various other countries so very data heavy week even is even as it's truncated and the markets do believe that you could see some gains continuing in case of gold I want to take the last portion of this week's SD bullion market update to check in with mass billionaire Warren Buffett and news that came out this week regarding his handing down of his massive Fortune many bullion stackers intend on handing down bullion as they age and pass along and it's always worth considering plans for how to do so safely and securely in case accidents ever do occur and while Bill Gates in 1997 went netl long silver bullion via birkshire hathway to the tune of 129.
7 million ounces more than the Hunt Brothers ever amassed in bullan in the 1970s the mystery as to why he was stopped out from that position in 2006 only after a mere more than silver spot price doubling remains work we have published on our SD bullion website and questions we have added he missed the post 2008 GFC the more than spot price five bagger trough to Peak but his press this week regarding his great wealth transfer red like so headline Warren Buffett issues a warning for all parents ahead of the 84 trillion great wealth transfer ER planning your will could make or break your family after your death Warren's Berkshire hathway CEO and legendary investor Warren Buffett quote father time always wins but he can be fickle the 94-year-old billionaire noted in an unusually candid letter released on Monday conversations addressing One's Own Death can be a difficult subject approach the logistics of what happens to our money and belongings can be an equally dreaded task but ahead of the 84 trillion great wealth transfer Buffett asserts that there there's no sense in delaying the uncomfortable and risking future conflicts Down the Line quote I have one further suggestion for all parents whether they are modest or staging wealth when your children are mature have them read your will before you sign it he wrote your will should be a dialogue in the eyes of Buffett He suggests that parents make sure their children understand quote both the logic for your decisions and the responsibilities they will encounter upon your death then a benefactor should answer said questions or concerns quote listen carefully and adopt those was found sensible Buffett admits to doing as much with his kids over the years and hearing their feedback and suggestions quote there is nothing wrong with my having to defend my thoughts my dad did the same with me he explained many Americans treat money as a taboo topic within their families but they don't feel better off for it most 56% say their parents never spoke of money with them though A striking 81% believe they would have benefited from having Financial education at an earlier age according to the Fidelity Investment state of wealth Mobility survey plagued by Financial insecurity young Generations are eagerly awaiting a great wealth transfer or inheritance from their older relatives the changing of the tides will likely take place by 2045 and be worth about 84 trillion Boston based Market researcher projected in 2022 but as Boomers and the silent generation prepare to hand off assets and savings wrinkles start to form expectations could be out of alignment with Jin Z and Millennial Offspring anticipating to receive more than their elders say they expect to leave behind according to Northwestern Mutual an its Harris poll surveyed more than 4,500 us adults and most Americans 72% report they don't feel they have enough financial confidence to manage a large influx of money by themselves per a Citizens Bank survey of 1,500 us adults Millennials especially report feeling a lack of confidence in managing a potential future windfall but a little bit of preparation beforehand could perhaps ease the minds of the privileged young beneficiaries of the great wealth transfer when Wills go wrong things can quickly deteriorate after a family member dies grieving offspring are left to squabble with siblings about dividing up money and deciding who gets that ugly lamp no one seemed to care about until now surprises in a will only exacerbate detention quote over the years Charlie and I have seen many families driven apart at the B humorous dictates of the will left beneficiaries confused and sometimes angry Buffett said referring to his since past former business partner Charlie Munger quote jealousies along with the actual or imagined slights during childhood became magnified particularly when Sons were favored over daughters either in monetary ways or by positions of importance he added explaining that he makes Minor Adjustments to his will and keeps it simple on the other hand Buffett shared that he and Charlie witnessed moments where a well discussed will helped a family become closer in the end quote what could be more satisfying he mused really it's about a benefactor sharing all their Insight before they passed and can no longer share their perspective quote you don't want your children asking why in respect to testimony decisions when you are no longer able to respond the nation's eyes are on Buffett whether he's selling buying or simply sitting back and doing nothing it's no different when it comes to his planning for his fortune he's famously pledged to give away more than 99% of his net worth while he at one point shelled out a large portion of his philanthropic effort to The Gates Foundation Buffett has since seemingly soured on that partnership quote The Gates Foundation has no money coming after my death he told the Wall Street Journal adding that instead of his wealth will go to a new charitable trust that's managed by his three children this Monday statement revealed that Buffett is Distributing an extra 1 billion to his family's foundations he claims to not want to quote create a dynasty when planning out his will rather his Cornerstone is that quote hugely wealthy parents should leave their children in enough so they can do anything but not enough that they can do nothing and so time goes onward no matter what whatever bullion we stack and save for the long term it is going to remain after we are gone from this plane of existence so plan prudently and accordingly always that'll be all for our weekly SD bullion market update and as always to you out there take your care of yourselves and those you love if you enjoyed this video hit the like button and share it with those you love subscribe to our Channel and hit that alert button so you know when we publish New bullan Market updates
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