By: Mike Gleason, Money Metals Exchange - 24 July, 2020
Gold prices surged over $1,900 an ounce on Friday morning -- up over 5% for the week.
Gold could hit a new record high as early as today. However, it wouldn’t necessarily be a bad thing if the market first pulled back a bit and established a base for its launch to $2,000 and above. Full Story
We tend to spend a lot of time looking into the rearview mirror, especially when under duress.
Connected to this is something psychologists call "recency bias." This simply means that what has happened in the near to intermediate past tends to inform and influence us as to how we should behave in the future. Full Story
London metals trader Andrew Maguire, interviewed this week by the TF Metals Report's Craig Hemke for Sprott Money, says the London Metal Exchange soon will offer a gold contract much more closely tied to physical delivery than competing contracts, putting heavy pressure on the "paper gold" system. Full Story
By: Steve St. Angelo, SRSrocco Report - 24 July, 2020
Investors need to realize, without oil production growth, there is no GDP growth. And, without GDP Growth, the largest Global Financial Ponzi Scheme in history has lost the ability to be PROPPED UP. Just like with any typical Ponzi scheme, a source of new investor funds are necessary to keep it going. With oil being the main driver of the Global Economy and U.S. shale oil production accounting for 75% of global oil production growth since 2008, the death of the Global Ponzi Scheme has begun.
Three elements cause physical delivery on the COMEX to have reached record highs this year: strong demand for futures in New York, a persisting spread between the price of futures in New York versus spot gold in London, and arbitrage.
Physical delivery on the largest gold futures exchange in the world, the COMEX in New York, has reached all time highs this year. In June more than 170 tonnes were physically delivered (5.5 million ounces). Usually, delivery is “neglectable.” What has changed? Full Story
The only thing that would invalidate the potential for the next higher target region is a break down below 141, which would suggest that we will break below the low struck in late 2015. For now, that is clearly not my expectation. But, as we are now approaching an important inflection point for gold, I thought it was an appropriate time for me to present a warning to those that follow my analysis in order for you to be able to protect your positions, if you choose to do so. Full Story
In conclusion you, too, must also recognize the hugely significant implications that this impending "policy shift" will have on the precious metals. The year 2020 has already seen some tremendous gains for gold and silver. However, when The Fed announces the policy changes of higher inflation and yield curve control, the current price rally is likely to accelerate to the upside. Full Story
1) End manipulated markets by taking away the Fed’s mandate to create sound employment, The addition of this mandate gave the Federal Reserve way too much economic power! Denude the Federal Reserve back to its one original mandate — maintaining a stable money supply.
2) Force-feed the Fed to target a “symmetric” inflation rate of 0%, instead of targeting 2%, which is nothing but a promise your wealth will be endlessly pulled away from you so that you don’t save for your own self-preservation... Full Story
At no time have we seen more clearly how that works than in this week’s second-quarter corporate reports from major US banks. The oligarchs are actually prospering while Rome burns.
MarketWatch reports that major banks have been hauling in more dough than bakers can even dream of.
Goldman Sucks, the vampire squid during the last financial crisis, hit the mother load, reporting a 41% rush in second-quarter revenue to $13.3 billion from a year ago. Was it because the economy isn’t hurting them? No, it was hurting them (and other banks) in terms of what we might call more pedestrian or old-fashion activities like making money off mortgages and car payments. Full Story
All over the world, gold has been money for thousands of years. Federal Reserve counterfeiting is showing the world (once again) as to why this is so. Full Story
By: Richard (Rick) Mills, Ahead of the herd - 20 July, 2020
The US economy continues to flounder like an East Coast freighter bashed by a mid-winter Nor-easter.
Fifty million claims is the latest unemployment milestone surpassed by the American workforce during the ongoing coronavirus pandemic that has drubbed the United States worse than any other country including China, where it started. Full Story
The magical result is that money is created almost as efficiently as by the Fed, albeit somewhat more persuasively, since at least on the surface the bottom line for millions of bettors is a very tangible manifestation of the wealth effect regularly deposited in their trading accounts. This financial fattening occurs, as all manias do, with no actual work. The Fed's behind-the-scenes manipulations are all very mysterious, but not so the upward movement of stocks. They are the true source of helicopter money, although it is surely not what Bernanke had in mind when, years ago, he averred that the banksters could reliably thwart deflation by conjuring up whatever measures were necessary. Full Story
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