An article from Bloomberg was published 2 days ago which alleged that “New York Gold Traders Drown in Glut…” The Comex is now reporting there’s 26 million ozs of gold in Comex vaults, 17 million of which is in the “eligible” account. This is up from 9 million total ozs at the end of March, 5.5 million of which was “eligible.” Full Story
Precious metals markets are trading mixed this week. Despite a significant drop in the U.S. Dollar Index which might have served as a catalyst for a big breakout week for gold and silver – futures traders had other ideas and kept metals prices relatively capped through Thursday. Full Story
The silver miners’ stocks have surged higher since mid-March’s COVID-19 stock panic, clocking in some big and fast gains. Nevertheless, this long-struggling sector remains vexing. By mid-May as their latest earnings season was wrapping up, the silver stocks were lagging the gold stocks’ powerful upleg. And the silver miners’ Q1’20 operational and financial results were disappointing compared to the gold miners’. Full Story
The U.S. economy has used phony numbers for a long time. The U.S. Gross Domestic Product has been falling for some time.
Cuts in government-funded services, including Social Security and Medicare were already in the works before the COVID-19 coronavirus outbreak.
President Trump offered reduced taxes for U.S. companies doing business overseas as incentive to bring their profits home. Some $465 billion of U.S. dollars were repatriated. But CEOs of U.S. companies bought back shares from their small stockholders and enriched themselves, double-crossing Trump’s plans to “make America great again.” Now President Trump has control as the federal government has a 3% stake in these companies via the COVID-19 bailout money. Now they have to start new ventures and hire Americans. Full Story
Debt is virtually the opposite of Gold and Silver. When debt is deflated, it provides the fuel for Gold and Silver to rise significantly in order to catch up. It is really the balancing of a mathematical formula; the balancing of debt-based monetary system abuse. We are still early in this “catch up”, and Silver and Gold is really still at a bottom when it comes to debt. Full Story
By: Steve St. Angelo, SRSrocco Report - 28 May, 2020
Regardless… there’s a lot of damage continuing to take place in the economy that will only make matters worse in the second half of the year. Even though Americans are now driving more, going back to work, restaurants, and shopping… the economy is seriously broken. It will likely never return to the same level we enjoyed last year. Full Story
As I sit here on the shores of lovely Lake Scugog, its weed-infested waters lying in wait for countless unsuspecting propellers soon to be ensnared, I am reminded of the failed world of central banking and policy initiatives, which too has become ensnared in flora of its own making—a floating algae bloom of debt, deception and intervention. Full Story
Tuesday’s session played out as a massive gap up and consolidation. This meant that it allowed the price action and its internals to reset, catch a breath in order to ramp up higher again. It’s been the same structure for the past few weeks once the price action gets too far away from the 4-hour or daily trending support levels if you’ve utilized our key concepts such as 8/20EMA on the important timeframes. Full Story
Although the chances of the U.S. returning to a gold standard are slim to none, I think it’s incredibly important in this time of economic uncertainty to ensure you have a 10 percent weighting in gold and gold mining stocks. I call this the 10 Percent Golden Rule. Full Story
The China virus, the economic lockdowns, and the multi-trillion-dollar rescue efforts of central bankers have dominated markets over the past three months. However, as lockdowns gradually lift and the 2020 election draws nearer, investors will begin to focus more on political developments. Full Story
It’s clear that both upside and downside breakouts are failing, and the gold price continues to ooze sideways. A rectangle pattern is in play. The good news is that basis the Edwards and Magee technical analysis handbook, there’s probably about a 67% chance that the breakout will be to the upside. Full Story
The best performing metal this week was platinum, up 5.65 percent, due to stronger retail buying. Gold and silver rose on Friday morning on safe haven buying. U.S.-China relations remain tense and China announced that it will impose new security laws on Hong Kong. Palladium rose the most since March, holding above $2,000 an ounce on Monday, due to renewed optimism about China’s economy and stimulus for automakers. Full Story
In the chronic falling interest rate and hence endless bull market of the irredeemable dollar, the distinction we highlight in this essay is obscured. The distinction between creating wealth and consuming wealth is similarly hard to see.
This is one reason why we need to move to the gold standard. Not to keep consumer prices stagnant (which is neither possible nor desirable), but because the distinction between wealth-creating and wealth-destroying enterprises is crystal clear. With a stable interest rate, asset prices change only when asset values really change. Full Story
All over America during the holiday weekend, there were crowds in most of the usual places. But they were all constrained from fully enjoying themselves by rules that will remain in force indefinitely, presumably until an effective vaccine becomes widely available. For the time being, however, the crowds will not be spending in the normal way, since opportunities to do so are limited. The summer blockbuster movie that might have grossed $300 million will be stay-at-home affair with an economic impact far narrower than in summers past. The crowds are mostly just spectating, and there is nothing on the horizon to suggest they will become paying customers any time soon. Full Story
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