Market Update: Saturday, February 10, 2024

Praised be Jesus! 

We hope this week finds you well. This week’s update delves into critical issues within the precious metals market and sheds light on concerns surrounding the Federal Reserve’s approach. 

While we appreciate talk radio and alternative media, it’s crucial to be aware of practices by certain gold dealers. Below, we highlight what a client showed us happened to them with one of these heavy advertisers. This gold dealer carefully crafted the client’s confirmation to disguise just how much the client overpaid for her gold. This underscores the need for transparency in the industry. If a gold dealer won’t tell you the price that they will buy back your metals, walk away. We update the buyback prices on our website every 30 seconds for all to see – no matter who you bought your gold or silver from, we will buy it from you.



This client in the above confirm was steered toward gold, which we believe is grossly overpriced. To illustrate, even if we suggested the client go with one-ounce gold eagles, one of the most expensive one-ounce coins on the market, we would have netted the customer 15% more gold for the same investment dollars than this gold firm delivered. 

Their treatment of the client was even worse regarding silver – the average price this investor paid per ounce for silver coins was $50.27, more than double the spot price. Again, this detail is not apparent, as it has been skillfully hidden to maximize broker commissions. 

Unlike other dealers who say you have to hold your metals for a certain period of time, our buyback prices for most precious metals are readily available on our website. If you feel taken advantage of by another gold dealer, reach out. We’ll try to help you achieve a desirable percentage of your net worth, navigating the landscape with much better pricing than displayed above.

Shifting focus to recent news, the Federal Reserve reported unprecedented operational losses of $114.3 billion in 2023. Despite their unconcerned stance, doubts about the Fed’s independence and fiscal stability are inescapable. The lack of concern regarding inflationary implications of monetizing financial obligations raises questions about the Fed’s strategy and potential risks. 

Taking it one step further, Treasury Secretary Janet Yellen said this week, she is not sure the government will ever need to balance its budget. 

Can you imagine a member of the Treasury uttering such words?

Yet, the vast majority of Americans continue to invest as if she knows what she’s talking about, rather than recognizing how absurd her comments truly are.

U.S. tax revenues are now only enough to pay the interest on America’s debt – a bankruptcy or hyperinflation scenario, both of which will undermine the savings of Americans. 

This is a key point for investors to consider: more portfolio managers are admitting that QE (Quantitative Easing) has temporarily “broken the market,” meaning that government intervention has temporarily distorted the price of investments. This break in the market has made gold’s price artificially cheap. While admittedly, this may have been an unintended consequence of QE, take notice of what the central banks are doing: They are aggressively buying gold at these prices.

In closing, thank you to those of you who joined us this week, as we prayed and fasted for God’s graces. As we turn our focus to the Super Bowl this weekend, here is a video of the making of the iconic sterling silver trophy, that the football fans in your family may enjoy watching. 

We urge you to continue staying informed and to understand why gold has proven invaluable in protecting families, and even future generations’ wealth, when reckless government debts overflow as they are today. We make it easy to diversify into gold – you don’t want the regrets of not having taken some simple steps to protect your family, as the Bible counsels. 

God bless and have a great weekend,
The St. Joseph Partners Team