Sunday, January 19, 2020

Market Report: Lull between bulls and bears

by Alasdair Macleod, GoldMoney:

Gold moved sideways this week in a tight range. The story for silver was the same, but with a little more volatility, as one would expect. By morning trading in Europe, gold had lost $7 from last Friday’s close to trade at $1555, and silver nine cents at $18.01.

Gold’s open interest on Comex rose to just under 800,000 contracts on Thursday, yet another all-time record, and this was despite 32,227 missing contracts recorded as exchanged for physical in the four sessions to Thursday. It really is a high-stakes battle between the bulls and the bears and surely, the shorts must be very concerned because their tactics of using any good news to force the speculating bulls to sell have so far failed.

Precious Metals Set to Keep Powering Ahead

by Stefan Gleason, Money Metals:

Precious metals got off to an explosive early start to 2020 as tensions between the U.S. and Iran drove safe-haven buying.

Of course, gold and silver markets will need more than a geopolitical flare up to drive a long-term bull market advance.

The question for investors is whether the fundamental picture now looks promising or fleeting.

In our view, the fundamentals are turning in favor of higher gold and silver prices.

MacroVoices #202 Grant Williams: Civil unrest around the world. Failing Unicorns. All paths lead to gold.

by Erik Townsend, Macro Voices:

Erik Townsend and Patrick Ceresna welcome Grant Williams to MacroVoices. Erik and Grant discuss:

  • Civil unrest and global social degradation
  • Is inflation the key to the global geopolitical situation?
  • Unicorn companies – collapse of WeWork, is Tesla next?
  • Will MMT eventually lead to runaway inflation and what are its implications
  • Recent rise in gold – is it time to change strategies?

Read More @ MacroVoices.com

SAFEST GOLD VAULT IN THE WORLD

by Egon Von Greyerz, Gold Switzerland:

This week I will discuss Fed bubbles and a potential imminent major market event, including an extremely important chart and also the safest private gold vault in the world. But first, last week was overshadowed by Iraq and Iran, which again has reminded us of terrorism in various forms.

Terrorism is not just an act of violence. Cyber attacks can have devastating effects like paralysing air traffic or making all your digital assets disappear.

Over 400 San Francisco Restaurants Closed in 2019. Liberal Solution? Fine Empty Storefronts With a “Vacancy Tax”

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by Dean Garrison, DC Clothesline:

More than 400 Restaurants in San Francisco shut their doors in 2019 alone.

Some people in San Francisco think it’s a good idea to enforce a “vacancy tax” to make sure those storefronts do not remain empty.

What?

The Genius of JPMorgan – Ted Butler

by Ted Butler, Silver Seek:

Yesterday, JPMorgan Chase, the largest bank in the US, reported record earnings of $8.5 billion for the fourth quarter and roughly $35 billion for the full year. These are net profits, after all expenses and costs are subtracted from gross revenues. It is no understatement to call JPMorgan a profit-generating machine.

My interest in the bank, of course, comes from the perspective of gold and silver. The connection is that JPMorgan is the largest player, by far, in all aspects of gold and silver. Always among the top players in the gold and silver space for decades, what pushed JPMorgan to the very top was its takeover of Bear Stearns in 2008 which resulted in JPM taking the place of Bear as the largest short seller in COMEX gold and silver futures.

New York Fed Considering Becoming Sugar Daddy to Hedge Funds as their Distress Grows

by Pam Martens and Russ Martens, Wall St On Parade:

It’s apparently not enough of a billionaire subsidy for the U.S. Treasury’s Internal Revenue Service to give a monster tax break to hedge fund titans by allowing them to pay Federal taxes on the basis of “carried interest,” meaning that they have a special loophole to pay a lower tax rate than many school teachers, nurses and plumbers. Now, according to an article in the Wall Street Journal, the Federal Reserve is actually considering opening its super-cheap repo loan money spigot to hedge funds. It doesn’t get any crazier than this.

Morphing from a central bank mandated to set monetary policy on the basis of maximum employment and stable prices, to the lender-of-last-resort to the criminally-charged trading houses on Wall Street and now, potentially, to the insider-trading/Big Short hedge funds, the New York Fed has totally lost its way if not its mind. (Unless, as many suspect, the New York Fed is simply the poorly-disguised money puppet of the one percent.)