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Weekly Archive

By: Chris Marcus - 12 June, 2020

The Federal Reserve held its latest policy meeting on Wednesday, and like usual, they basically said they’re going to print an incredibly large amount of money until eternity.

Fed chairman Jerome Powell said that he plans to leave interest rates at 0% until at least 2022, although he may as well have meant 3022. Because for the same reasons as has been the case for the past decade, If the Fed ever tries to raise interest rates, the Ponzi scheme will collapse. Similar to what we saw a glimpse of in late 2018. Full Story

By: Robert Lambourne - 12 June, 2020

The data in the May statement indicates that the BIS increased its position in gold swaps and gold-related derivatives by 84 tonnes, bringing the total to 412 tonnes. For context, Turkey is reported to have the 14th largest gold reserves with about 412 tonnes. Hence the May swaps by the BIS represent a significant chunk of gold.

The increase in the BIS' use of gold swaps and derivatives is especially dramatic over the last 12 months, since last May the total stood at only 78 tonnes. One has to return to March 2017 to find a higher level of gold swaps reported by the BIS -- 438 tonnes. Full Story

By: David Haggith - 11 June, 2020

Look around your local economy.

It’s anecdotal, but already around my area some local businesses have announced they won’t reopen ever. Some national businesses have also announced that for their local stores.

The local mall is set to reopen. It was already 10% boarded up before it closed for the Coronacrisis. I’ll bet within a month of the time it reopens, we now see it is 20% boarded up because some of those businesses that were still running before the Coronacrisis, were struggling just like those that had already closed. They won’t likely be reopening. And that will leave the mall profitless for the remainder of the year and probably longer. Full Story

By: Craig Hemke, TF Metals - 10 June, 2020

So is that it? Will price now fall through the remainder of the year? Last Friday's U.S. jobs report certainly brought many of the permabears out of hibernation, with rushed forecasts of steep price drops ahead. However, a sharp drop in COMEX prices is usually caused by a wash out of overly-exuberant speculators, many of whom had placed unusually large and aggressive positions. Taking the short side of these trades is almost always a bullion bank trading desk. Thus, when Spec positioning gets crowded long, Bank positioning is always heavily short. Full Story

By: Clint Siegner - 9 June, 2020

Investors dumped paper gold and silver along with stocks, commodities, and most other asset classes in March. The price of silver dropped to $12.02/oz on March 18th and gold bottomed at $1,473/oz.

The bullion banks – notorious for their concentrated short positions – might have made a killing. But that isn’t what happened. Some of the most prominent players took massive losses instead. Full Story

By: Steve St. Angelo, SRSrocco Report - 9 June, 2020

If Americans thought the U.S. Government would be in serious trouble as its ability to service its ballooning debt would become unmanageable, guess again. After the U.S. Government added nearly $3 trillion more debt in just the past eight months (fiscal year), the interest paid on the public debt actually declined versus last year.

According to, the U.S. public debt increased from $22.8 trillion to $25.7 trillion during fiscal 2020 (October to May). Full Story

By: Michael J. Kosares, USA Gold - 8 June, 2020

“To propose a return of inflation is to be inflammatory,” writes Lightman Investment Management’s Rob Burnett in an opinion piece for the Financial Times. “Investors are committed to a deflationary thesis — and such is their fervor that many believe inflation cannot return in any circumstance. Yet if we look beyond today’s demand shock from the Covid-19 crisis, the forces driving the disinflation of the past 40 years appear to be in retreat. … [T]oday appears like a mirror image of the early 1980s. We have moved from inflation peak to deflation trough.” Full Story

By: Ed Steer - 8 June, 2020

The gold price was up a small handful of dollar by around 8:30 a.m. China Standard Time on their Friday morning...but then the selling pressure commenced. It continued quietly lower until it touched the $1,700 spot mark around 11:15 a.m. in London -- and then jumped a bit higher at that point. The unbelievable jobs report hit the tape at 8:30 a.m. -- and 'da boyz' went to work. The low tick was set around 10:35 a.m. in New York -- and its subsequent rally was cut off at the knees shortly after that. From that juncture it crept ever-so-quietly higher right into the 5:00 p.m. close. Full Story

By: Gary Tanashian - 8 June, 2020

The Silver/Gold Ratio (SGR), a reflationary risk ‘on’ indicator has hit our upside target, which we have tracked in NFTRH updates over the last few weeks using the yellow box highlighting an area near the down-trending 200 day moving average that would at least temporarily halt the party. The SGR is pausing and pulling back a bit here. All normal so far. Full Story

By: Chris Powell, GATA - 8 June, 2020

A European friend well known to us who prefers not to fall under even more surveillance in his own country sends the observations below, for which your secretary/treasurer will take the responsibility of sharing with you.

His main point -- that huge volatility will be injected into the gold market to facilitate government intervention elsewhere in the world financial system -- echoes the cable sent from the U.S. embassy in London to the State Department in Washington on the eve of the creation of the gold futures market in New York in 1974. Full Story

By: John Mauldin, Thoughts from the Frontline - 8 June, 2020

Double Effect

Secondary Consequences

Even if We Get a Vaccine…

Bottom Line Full Story

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