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A COMEX Silver Issue
by Craig Hemke, Sprott Money:
Just last week, the spot and COMEX price for gold broke out of its recent trading range and surged to new all-time highs. However, to the frustration of many, the spot and COMEX price for silver remains well below its highs of last May. What’s the deal? The answer may be found in the recent Commitment of Traders data.
Analysis of price trends for the COMEX metals involves myriad variables. One of those variables to consider is the current structure of the CFTC-issued Commitment of Traders report. Historically, a smallish Speculator net long position and a smallish Commercial net short position can clear the way for a price rally. Conversely, an overextended and large Speculator net long position often precedes a selloff and pullback in price.
Silver and the Popping of the Debt Bubble
by Hubert Moolman, Survival Blog:
We have now moved into an era of rising interest rates that is similar to a period that started in the early 1940s.
At the start of this period, the Government Debt to GDP ratio was also around 120%, close to where it eventually topped/popped.
Despite high relative debt levels and a rising interest rate environment, the US was in a good position due to the US dollar being the premier world currency as a result of the 1944 Bretton Woods agreement.
Silver Is Significantly Underpriced Given the Looming Supply Shortage
by Michael Maharrey, Schiff Gold:
Given the current macroeconomic environment and the supply and demand dynamics, silver is significantly undervalued at $24 to $25 an ounce.
The bullish case for silver in the mainstream typically revolves around price inflation. There are certainly reasons to think inflation is stickier than the powers that be want to admit and that the Federal Reserve isn’t going to be able to win the inflation fight. That is bullish for both silver and gold.
But I don’t hear a lot of people in the mainstream talking about the looming supply shortage in the silver market.
COMEX Silver and the GDX | Gold and Silver Price Analysis
by Craig Hemke, Sprott Money:
The price of gold is up over $100 year-to-date and yet precious metal enthusiasts are suffering through some of the worst sentiment and depression on record. Why? It’s hard to say, but the performance of the mining shares thus far in 2023 has a lot to do with it.
Let’s start with the gold price. As I type this on June 20, COMEX gold is up $118 on the year or about 6.5%. This is right in line and moving toward the annual average gain since the new century began, as you can see below in this chart from Ronnie Stoeferle and his team at Incrementum.
Silver Short Squeeze Coming?
by Richard Mills, Ahead Of The Herd:
Gold’s rally, which started in mid-February, has been underpinned by increased geopolitical risks, the upcoming US election, central bank buying, and slowing ETF sales. It last traded at $2,744 an ounce, up 37% so far in 2024.
But silver has done even better, notching a YTD gain of 46%. Spot silver is now worth $33.67, as of Monday, 20:30 New York time. Last Tuesday it hit $34, the highest level since 2012.
Russia Begins Evacuating People From Area Around The Zaporizhzhia Nuclear Station
by Mac Slavo, SHTF Plan:
The Zaporizhzhia nuclear station has become “potentially dangerous” as Russian officials began evacuating people from nearby areas. United Nations officials have also commented that the situation is becoming “increasingly unpredictable.”
The head of the UN’s nuclear power watchdog called for measures to ensure the safe operation of Europe’s largest nuclear plant as evacuations were underway in the nearby town of Enerhodar, according to a report by Yahoo News. Rafael Grossi, director general of the International Atomic Energy Agency (IAEA), said on the agency’s website: “The general situation in the area near the Zaporizhzhia nuclear power plant is becoming increasingly unpredictable and potentially dangerous.
WAGNER GROUP WARNS RUSSIA THAT THEY MAY EXIT BUKHMUT DUE TO LACK OF AMMO
by Harvey Organ, Harvey Organ Blog:
THE CROOKS RAID GOLD AND SILVER ON PHONY JOBS REPORT: GOLD CLOSED DOWN $30.30 TO $2016.90//SILVER CLOSED DOWN 31 CENTS TO $25.64//PLATINUM CLOSED UP $20.95 TO $1062.20 //PALLADIUM WAS UP $45.75 TO $1504.40//COVID UPATES/DR PAUL ALEXANDER/VACCINE IMPACT/SLAY NEWS//RUSSIA VS UKRAINE UPDATES/SUDAN WAR UPDATE//WAGNER GROUP WARNS RUSSIA THAT THEY MAY EXIT BUKHMUT DUE TO LACK OF AMMO
Gold Has Record Number of Contracts Cash Settle to Start June Delivery
by Peter Schiff, Schiff Gold:
As expected, gold has turned in a fairly strong start to the month. It’s below April but is still early in the contract.
As shown below, the amount on First Position was actually the highest since last August which should lead to high delivery volumes.
Singapore – The World’s largest central bank gold buyer in Q1 2023
by Ronan Manly, BullionStar:
Last year, a major theme in the global gold market was the record gold buying by central banks across the world, with the World Gold Council and its data gatherers (Metals Focus) calculating that central banks had cumulatively purchased a net 1136 tonnes of monetary gold during 2022.
At the outset of 2023, this led the World Gold Council to predict that:
“Looking ahead, we see little reason to doubt that central banks will remain positive towards gold and continue to be net purchasers in 2023.”
