These are strange times. Circumstances are forcing governments to destroy their money by debasing it to pay for their obligations, real and imagined. If central bankers had a grasp of what money really is, they wouldn’t have got into a position where they are forced to use their seigniorage to destroy it. They are so ignorant about catallactics, the fundamentals behind economics, that they cannot see they are destroying the means of exchange they have imposed upon their citizens with far worse consequences than the abandonment of the evils they are trying to defray. Full Story
Precious metals markets appear to be gearing up for another leg higher. On Thursday, the metals complex rose sharply across the board. Gold gained about 2.5% while silver packed on nearly 4%. Both of the monetary metals showed signs of breaking out of the sideways trading ranges they’ve been stuck in over the past four weeks. Silver closed solidly above its 50-day moving average for the first time since late February. Full Story
With the stock markets near a critical juncture during the most-extreme economic dislocations of our lifetimes, big US stocks’ fundamentals have never been more important. After plummeting in a brutal stock panic on the catastrophic economic damage caused by governments’ draconian lockdowns to fight COVID-19, stocks have skyrocketed in a monster rally. Are these gains righteous or doomed to fail? Full Story
The stock market has had a great run during the last decade. It has made some people a good stack of money. However, the March crash has many wondering what it will do next. Will it continue to crash, or will it continue the bull market? Full Story
A significant amount of gold is held as “unallocated,” which is when an entity buys gold and establishes an account that is credited with value of the gold purchased. A gold bar is not actually stored on behalf of the “buyer.” Rather the buyer has a “promise” from the bank vault custodian to deliver the bar or its cash equivalent when the entity decides to either take delivery or “sell” the bar. Full Story
Most resource sector writers (including me) have for a long time been "wrong" about gold and silver. When they ran from $250 and $5 an ounce, respectively, to $1,920 and $49 in 2011, those who listened, acted, and sold a bit did quite well. We argued the "longer time bullish case" as these metals dropped into their final cyclical bear market graves in late 2015. Full Story
The main takeaway is that the bulls had a textbook gap up and go structure, but failed at the last few minutes when the countertrend bears mounted a successful attack in order to disallow the bulls from closing at the dead highs of Tuesday’s session. This meant that bears are not truly dead yet as it’s still an ongoing battle within this consolidation zone. Full Story
One might think that the current madness combined with QE∞ from the global central banks would lead to surging speculator interest in owning and trading COMEX precious metals futures. But the opposite is true. How weird is that? Full Story
The simple difference between the Swiss government and the US government is that the Swiss government loves to prepare its citizens for hardship, and America’s government leaves its citizens totally unprepared for hardship, while engaging in relentless debt-funded bully tactics against the rest of the world. Full Story
As for gold, I have the distinct impression that after the normal first-of-month institutional flows are spent with a distinctly newfound bullish bias toward gold and the miners, a more meaningful correction, not unlike 2009, could get rolling. On Friday morning (May 1), the flows have taken gold and the miners from deeply negative on the opening to positive on the session, which suggests that the generalists have made the move to own precious metals. Since the generalists tend to be late to the party, it is bearish near term but undoubtedly bullish longer term, as global allocations are less than 0.5% and at the end of 2011, they were nearly 5%. Full Story
By: Steve St. Angelo, SRSrocco Report - 5 May, 2020
With North Dakota Bakken oil production down more than 30%, the death of the mighty shale region has begun. There is no way for the companies producing shale oil in the Bakken to recover from this global contagion overnight collapse. Yes, it virtually happened overnight. Since March 1st, the Bakken has seen at least 400,000 barrels per day of production shut-in. Full Story
Week 8 of the lockdown and everyone is trying to reopen and trying to come up with the cure. But pandemics are rarely one and done and historically have come in waves. April lived up to its reputation as the best month of the year as stock markets enjoyed a sharp recovery. That brought out the bulls declaring the bear is over and long live the new bull. But is it? Full Story
The best performing metal this week was platinum, off slightly by 0.32 percent, with investors increasing their bullish platinum outlook to the highest in three weeks. Retail investors can’t get enough of gold coins. Consumers typically pay a little more for gold coins than the per-ounce prices quoted on financial markets in London and New York. That premium has surged to $135, more than tripling from two months ago, according to Argent Asset Group LLC. As 2019 saw the lowest gold coin and bar demand since 2009, this year demand has surged amid the coronavirus. The Perth Mint reported sales totaled 120,504 ounces in April and that gold coin sales were the highest ever. Full Story
The price of gold dropped $29 and the price of silver dropped $0.27. We’ll get back to where we think the prices are likely to go in a bit. In recent Reports, we’ve looked at the elevated bid-ask spread in gold (though not nearly as elevated as some goldbugs would have you believe) and the elevated gold basis. Full Story
Notwithstanding the Fed’s seemingly limitless ability to create money to throw at the stockmarket, which has caused it to rally in recent weeks in the face of a dead economy and apocalyptic jobs data and earnings etc., all the charts we are going to look at here point to another severe downleg soon. Full Story
The title to this update is likely the most repeated phrase you have heard over the last month from market participants and analysts alike. As more and more bad economic news is presented through the media, somehow, the market just keeps grinding higher. Full Story
The U.S. public debt increased at the fastest rate ever during April. Due to the negative economic impacts stemming from the global contagion, the U.S. Treasury increased the federal debt by a whopping $1.3 trillion in a single month. Full Story
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