Friday, February 15, 2019

The Amount Of Dollars In Existence Relative To The Silver Price Points To Much Higher Prices

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by Hubert Moolman. Silverseek:

Silver is currently trading around $17 an ounce. This is around 34{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of its 1980 all-time high of $50. However, this is an incomplete representation of what silver is really trading at, relative to US dollars. When you look at the silver price, relative to US currency (the amount of actual US dollars) in existence, then it is at its lowest value it has ever been.

The US monetary base basically reflects the total amount of US currency issued. Originally, the monetary base is supposed to be backed by gold available at the Treasury or Federal Reserve to redeem the said currency issued by the Federal Reserve. This is not the case any more, therefore, the amount of dollars have grown exponentially over the years.

The lower the price of silver is relative to the monetary base, the more the currency is debased. The US dollar is now at its most debased it has ever been over the last 100 years, relative to silver (and gold). With all the excess dollars out there, the market will eventually seek an equilibrium, which means that silver will spike in price relative to the US monetary base, as it did in the late 70s.

Below, is a long-term chart of the silver price relative to the US monetary base (in billions of dollars)

Note that the ratio, or price of silver, in terms of US dollars in existence, is indeed at its all-time 100-year low.

In 1980, the all-time  high was 0.361, whereas the ratio is currently at around 0.004. The US monetary base is currently around 3 946 billion dollars (or 3.946 trillion). Therefore, if silver was today at its 1980 value, relative to the monetary base, it would be around $1 424 (3946*0.361).

So, in terms of US dollars in existence, silver is trading at 1.19{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} (17/1424) of its 1980 high – it is the bargain of the century.

There are many signs that point to the fact that the silver price is about to correct this situation, by spiking much higher. This will come about with a lot of financial pain, as I have pointed out on various occasions, especially since it will come with a massive debt collapse.

Read More @ Silverseek.com

GOLD AND SILVER BREAK THROUGH RESISTANCE: GOLD FINISHES UP $16.95 TO $1309.65

by Harvey Organ, Harvey Organ Blogspot:

SILVER ENDS UP 38 CENTS AT $17.45/HURRICANE HARVEY UNLEASHES HAVOC ON HOUSTON AND SURROUNDING TOWNS/HOUSTON IS FLOODED/THE HURRICANE HAS RETREATED BACK ONTO THE GULF AGAIN AND IT MAY REPEAT ON THE LOUISIANA AND TEXAS BORDER/CHINA VOICES HER ANGER AT THE USA FOR SANCTIONS AGAINST VENEZUELA/

GOLD: $1309.85  UP $16.95 *BREAKS RESISTANCE OF $1300.00

Silver: $17.45  UP 38 CENTS *BREAKS RESISTANCE OF $17.25

Closing access prices:

Gold $1310.40

silver: $17.46

SHANGHAI GOLD FIX:  FIRST FIX  10 15 PM EST  (2:15 SHANGHAI LOCAL TIME)

SECOND FIX:  2:15 AM EST  (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1299.64 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME:  $1204.25

PREMIUM FIRST FIX:  $5.38

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SECOND SHANGHAI GOLD FIX: $1300.33

NY GOLD PRICE AT THE EXACT SAME TIME: $1295.03

Premium of Shanghai 2nd fix/NY:$5.03

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LONDON FIRST GOLD FIX:  5:30 am est  $closed/holiday

NY PRICING AT THE EXACT SAME TIME: $xxx

LONDON SECOND GOLD FIX  10 AM: $closed/holiday

NY PRICING AT THE EXACT SAME TIME. xx

For comex gold:

AUGUST/

NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 38 NOTICE(S) FOR  3800  OZ.

TOTAL NOTICES SO FAR: 4622 FOR 462,200 OZ  (14.376 TONNES)

For silver:

AUGUST

 

 70 NOTICES FILED TODAY FOR

 

350,000  OZ/

Total number of notices filed so far this month: 1248 for 6,240,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

end

Today both gold and silver broke through huge resistance levels. Gold broke through $1300.00 to end up $1309.85 and silver broke through $17.25 to end up at $17.45.  The big news of the day was the catastrophe in Houston which is flooded.  Damages is expected to exceed $40 billion. Now the big question: how will this be funded if the debt ceiling is not raised? The Hurricane has reversed course and it is now back into the Gulf.  It looks like it will pick up huge moisture and head back to the Louisiana-Texas coast for another shot at damage.

Let us have a look at the data for today

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In silver, the total open interest FELL by A TINY 248 contracts from 188,413 DOWN TO 188,145 DESPITE THE RISE IN PRICE THAT SILVER UNDERTOOK WITH  FRIDAY’S TRADING (UP 9 CENTS).WHEN WE LOOK OVER OUR SHOULDER AND SEE THE HUGE RISE IN OI IN GOLD DUE TO THEIR FAILED RAID, ONE WOULD EXPECT TO SEE THE SAME FOR SILVER. YOU WILL RECALL ME TELLING YOU THAT SOME OF THE PAPER PLAYERS (WHO HAVE NO DESIRE FOR PHYSICAL DELIVERY) ONCE WE APPROACH AN ACTIVE DELIVERY MONTH LIKE SEPTEMBER, WOULD TENDER SOME OF THEIR LONGS FOR EFP’S WHICH GIVES THEM A FIAT PROFIT AND A DELIVERABLE PRODUCT PROBABLY A LONDON BASED FORWARD. THE ISSUANCE OF EFP’S DESTROYS THE PRICE DISCOVERY MECHANISM BECAUSE WE HAVE NO PHYSICAL PRICE ANYWHERE IN THE EQUATION. THIS TRANSFER IS ALLOWED SUPPOSEDLY FOR EMERGENCY USE ONLY WHEN PHYSICAL  DELIVERY CANNOT TAKE PLACE AT THE COMEX.  HOWEVER OUR BANKERS MISUSE THIS VEHICLE TERRIBLY. FRIDAY’S FAILED RAID CAUSED NEWBIE LONG PLAYERS INTO THE ARENA AND THAT IS WHY WE HAD ONLY A SMALL LOSS IN OI INSTEAD OF THE MUCH LARGER AMOUNTS WE GENERALLY SEE JUST PRIOR TO FIRST DAY NOTICE. THE BANKERS STILL CARRY THE OBLIGATION TO DELIVER ON THESE EFP’S TO LONDON OR OTHER PHYSICAL EXCHANGES. THE BANKERS INITIALLY SUPPLIED THE SHORT PAPER BUT IMMEDIATELY TRIED TO COVER WHEN THEY REALIZED THE RAID WAS A FAILURE.  SOME SPECS SOLD FOR A PROFIT AT THE HIGHER PRICE

RESULT: A SMALLER LOWER OI WITH A GOOD PRICE INCREASE AND AN UNSUCCESSFUL RAID.

 In ounces, the OI is still represented by just UNDER 1 BILLION oz i.e.  0.940 BILLION TO BE EXACT or 134{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MAY MONTH/ THEY FILED: 70 NOTICE(S) FOR 350,000OZ OF SILVER

In gold, the open interest ROSE BY A CONSIDERABLE 5,335 CONTRACTS WITH THE RISE  in price of gold ($6.00 GAIN ON FRIDAY .). The new OI for the gold complex rests at 514,546.

AS IN SILVER, THE GEOPOLITICAL LANDSCAPE WITH TRUMP THREATENING TO CLOSE GOVERNMENT IF HE DID NOT GET HIS WALL AND THE DOVISH SPEECHES BY BOTH DRAGHI AND YELLEN, CAUSED A HUGE NUMBER OF NEWBIE SPECS TO AGAIN ENTER THE GOLD ARENA WITH THE COMMERCIALS SUPPLYING THE NECESSARY PAPER. FRIDAY MORNING WITNESSED A MASSIVE 2 MILLION OZ OF PAPER SHORTS SUPPLIED BY OUR BANKERS. HOWEVER THIS RAID AGAIN BECAME TOTALLY UNSUCCESSFUL. THE BANKERS REALIZING ANOTHER FAILURE IN THEIR ATTEMPT TO CONTAIN PRECIOUS METAL PRICES, TRIED TO COVER IN HURRY AND PROBABLY TO NO AVAIL .

Result: A GOOD SIZED GAIN IN OI with A FAIR RISE IN PRICE IN GOLD AND AN UNSUCCESSFUL RAID.

we had: 38 notice(s) filed upon for 3800 oz of gold.

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With respect to our two criminal funds, the GLD and the SLV:

GLD:

Late Friday night , we had a big  change in gold inventory: a deposit of 5.91 tonnes into the GLD inventory

Inventory rests tonight: 805.20 tonnes

IN THE LAST 31 TRADING DAYS: GLD SHEDS 31.77 TONNES YET GOLD IS HIGHER BY $77.30 .

SLV

Today:  WE HAD NO CHANGES IN SILVER INVENTORY TONIGHT:

INVENTORY RESTS AT 333.178 MILLION OZ

 

end

.

First, here is an outline of what will be discussed tonight:

1. Today, we had the open interest in silver FALL BY 248 contracts from 188,413 DOWN TO 188,145 (AND now A LITTLE FURTHER FROM THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH FRIDAY’S 9 CENT GAIN IN TRADING. SILVER RESPONDED TO THE GEOPOLITICAL CLIMATE WHEREBY TRUMP THREATENED TO SHUT DOWN GOVERNMENT UNLESS HE GOT HIS WALL PLUS THE TWO DOVISH SPEECHES BY YELLEN AND DRAGHI AT JACKSON HOLE. SOME PAPER PLAYERS TENDERED SOME OF THEIR LONGS FOR SEPT. EFP’S BUT THAT OBLIGATION STILL RESTS WITH THE BANKERS BUT ON A DIFFERENT EXCHANGE  (LONDON).  SO AT THE COMEX THE GAIN IN OI FROM THE NEWBIE LONGS ENTERING THE CASINO COUNTERBALANCED THOSE LONGS LEAVING FOR EFP’S

RESULT:  A SLIGHTLY LOWER OI AT THE COMEX, WITH A HIGHER PRICE. (AND A GAIN IN DELIVERABLE PRODUCT IN LONDON)

(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

 

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY:  Bloomberg

3. ASIAN AFFAIRS

 i)Late SUNDAY night/MONDAY morning: Shanghai closed UP 31.30 POINTS OR 0.93{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}   / /Hang Sang CLOSED UP 15.13 POINTS OR 0.05{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/ The Nikkei closed DOWN 2.71 POINTS OR 0.01{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Australia’s all ordinaires CLOSED DOWN 0.55{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}/Chinese yuan (ONSHORE) closed UP at 6.6230/Oil DOWN to 47.44 dollars per barrel for WTI and 52.60 for Brent. Stocks in Europe OPENED RED. Offshore yuan trades  6.6253 yuan to the dollar vs 6.6230 for onshore yuan. NOW THE OFFSHORE MOVED SLIGHTLY WEAKER  TO THE ONSHORE YUAN/ ONSHORE YUAN MUCH STRONGER (TO THE DOLLAR)  AND THE OFFSHORE YUAN IS MUCH STRONGER TO THE DOLLAR AND THIS IS COUPLED WITH THE WEAKER DOLLAR. CHINA IS HAPPY TODAY

Read More @ HarveyOrganBlog.com

Fear of Future or Plans to Give Up Euro? Reasons Behind German Gold Repatriation

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from Sputnik News:

Germany has completed the process of a partial return of its gold reserves from abroad. For the first time in the postwar era, more than half of its reserves have been brought back home.

Like a Thunderbolt From a Clear Sky

Germany’s decision to relocate its gold reserves from New York and Paris to Frankfurt am Main was first announced in early 2013 and was perceived as a bolt out of the blue. Hitherto, the Germans kept only 31 percent of their own gold on their soil, while the rest was located abroad, primarily in the US, Britain and France. The decision of the Bundesbank was seen by many as undermining the foundations that formed within the last few decades.

Possible Explanations

Germany explained its decision by the desire to make the gold more accessible so that it can be sold quickly and without delay when needed.

However, later representatives of the Bundesbank declared that they did not plan to exchange any part of the gold reserves for money.

One of the most widespread hypotheses explaining Germany’s sudden decision to quickly repatriate its gold back to the country was the assumption that Germany was considering giving up the euro and returning to its national currency.

In this case, experts argued, gold would be very useful: it would help to stabilize the new currency and protect it from speculators and market volatility.

Fear of the Future

Gold has remained a very popular means of saving among ordinary people and investors. The global economic crisis raised the value of gold fourfold.

The overwhelming majority of reserves in central banks of developed countries are invested in gold.

Experts argued that German gold repatriation indicates the fact that the global economic system is far from stable.

The rise of the Chinese economy, chronic financial and economic problems in the EU, the slowdown in the growth of world trade and the general criticism of globalization, as well as Brexit and Donald Trump’s presidency have caused anxiety amongst investors who are increasingly turning to traditional economic values proven by time. And there is hardly something more traditional and reliable than gold.

Read More @ SputnikNews.com

Guy Christopher’s Advice on Talking to Your Friends & Family about Gold

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by Mike Gleason, Money Metals:

Coming up later in today’s program we’ve got a fantastic interview with MoneyMetals.com columnist Guy Christopher. Guy shares some helpful tips on how to talk to your family and friends about the importance of gold and silver, and offers up some of his other great insights as well. You won’t want to miss my interview with Guy Christopher, coming up after this week’s market update.

For the third week in a row, the gold market traded up near $1,300 an ounce. And for the third week in a row, sellers came in to defend that major resistance level.

Gold prices currently come in at $1,291, posting a weekly advance now of 0.3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528}. Silver also shows a small gain, up 0.5{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} this week to bring spot prices to $17.13 an ounce. Relatively quiet trading is taking place in both the platinum and palladium markets as well, with prices checking in at $984 and $935 an ounce, respectively.

Click HERE to listen

Read More @ MoneyMetals.com

As Gold Outperforms Stocks, Mainstream Starting to Sit Up and Take Notice

by Peter Schiff, Schiff Gold:

Earlier this month, we reported that gold has outperformed stocks so far this century. If we index both gold and the S&P 500 to 100 as of Dec. 31, 1999, gold has returned 86{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} more than the market.

Gold also looks good on a shorter timeline. Despite Dow Jones records that have kept all eyes focused on the meteoric rise of the the S&P 500, gold has actually outpaced stocks in 2017. Now the mainstream is starting to sit up and take notice.

A CNBC article Friday noted “gold is doing something unusual and quite bullish.

 

With a 12.2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-to-date rally for gold futures and a 9.3{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-to-date rise for the S&P 500, 2017 is set to be the first year in which the yellow metal has beaten stocks since 2011. In that year, gold advanced 10.2{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} while the S&P 500 finished flat.”

CNN also jumped on the gold bandwagon, reporting the yellow metal has outpaced the stock market in a battle between “fear and greed.”

Greed is obviously alive and well. Confidence in the American economy has lifted the S&P 500 to an impressive 9{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} jump this year. But gold, which is thought of as a safe place during times of fear, is doing even better. The precious metal has soared 12{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} this year to nearly $1,300 an ounce, putting it on track for the best performance since 2010.”

Axel Merck told CNN that investors feel pulled in two directions. Greed – they don’t want to miss out on the surging stock market. And fear – growing concern stocks are significantly overvalued. Even some of the world’s big bankers are worried. A recent CityA.M. article put it pretty bluntly.

Whichever your preferred metric, historical regression analysis suggests expected returns for equities, from today’s starting point, are very low.”

Meanwhile, another fear factor – geopolitical risk – continues to push gold higher. Tensions between the US and North Korea coupled with political uncertainty in Washington D.C. have a lot of people jittery.

“Trump’s twitter handle still stirs nervousness in the marketplace,” Lindsey Bell, investment strategist at CFRA Research, wrote in a report. He went on to say gold is a “smart and defensive way” for investors to diversify their portfolio “ahead of an increasingly uncertain near-term environment.”

We recently reported on four factors that could help sustain a gold bull run. Exante Data founder Jens Nordvig appeared on CNBC Futures Now last week to talk up gold. He pointed out three key macroeconomic factors he’s focused on that appear bullish for gold.

I would say it’s the low-yield environment, the trend of the dollar, and strong growth in emerging markets. Those three things together are some of the things that have underpinned the gold rally, and they’re still here.”

Nordvig focused particularly on the dropping dollar, noting its 9{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} plunge since the beginning of the year. He said he thinks “dollar retrenchment” will continue into 2018.

Along with the three macroeconomic factors, Nordvig also factored in geopolitical risk, particularly the political uncertainty in the US.

Read More @ SchiffGold.com

Is The Precious Metals Sector Set-Up For A Big Run?

by Dave Kranzler, Investment Research Dynamics:

I had not noticed until I looked mid-day today (Thursday, Aug 24th) and saw that the HUI index was above 200. It ended up closing just above 200. I want to see it hold above 200 dma and move higher from there before I get excited.  But the chart has become mildly bullish.  GDX, which is a larger representation of the large-cap mining stocks, looks even more bullish that the HUI:

I’m not big advocate of using chart “technicals” to forecast the next move in any market, but many traders, hedge funds and investors use them and they can become “self-fulfilling prophecies.” You can see that GDX (same with HUI and GDXJ) has been trending sideways since early February in a pattern of rrowing volatility. Chartists look at this as a pattern that predicts a big move in either direction. I’ve drawn in a white downtrend line through which the GDX appears to have climbed over. It’s also now above its 50/200 dma’s (yellow and red lines, respectively). I’m not ready to declare a “break-out” yet, but I’m feeling optimistic going into the eastern hemisphere’s biggest seasonal period for accumulating physical gold:

The gold chart above is a 2-yr daily for the price of gold as represented by the Comex continuous gold futures contract. Since April the price has been hitting its head on $1300. I remember when gold attempted to break above $400 in late 2003/early 2004. It took several attempts to get up and over $400. Around that time Robert Prechter had predicted that gold would drop to $50. How well did Prechter’s charts work then?

There’s one of many catalysts away from sheer eastern physical demand or an errant tweet
from Trump that can push gold a lot higher in conjunction with the U.S. dollar index quickly falling a lot lower. The most pressing issues currently are the rising geopolitical tensions between Russia/China and the U.S., the upcoming Treasury debt-ceiling battle and, what is becoming more apparent by the day, a deteriorating U.S. economic and financial system.

Speaking of physical demand, extremely negative ex-duty import premiums have been
observed in India. Many of you may have read standard gold-bashing propaganda pointing to that as evidence that India’s new sales tax is affecting gold demand. But quite the contrary is true. As it turns out, there was a loop-hole in the Goods and Services Tax legislation that scrapped a 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} excise duty on imports from countries with which India had signed a Free Trade Agreement. Currently Indian gold importers appear to be sourcing gold from South Korea, which enables buyers to avoid the 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} import duty entirely. Until the Indian authorities move to close this loophole, we won’t have good feel for how much gold is flowing into India until the official monthly statistics are released. Based on the import trend in June and July, there continues to be an usually large amount of gold imported into India this summer. It will likely pick up even more as we head into the India festival season this fall.

Read More @ InvestmentResearchDynamics.com

Four Factors that Could Help Sustain a Gold Bull Run

by Peter Schiff, Schiff Gold:

Gold has entered a bull market.

This according to an article in CityA.M., a London business daily.

The authors cite four factors that could help support a sustained gold bull run.

Global Interest Rates Will Stay Low

Despite talk of monetary tightening in the US, interest rates worldwide remain low, and in many cases negative. Worldwide, economic growth remains relatively sluggish. Inflation is not hitting the central bankers’ target. In fact, Jim Rickards recently argued that the Fed won’t even continue with its interest rate normalization.

The Fed will not hike rates again this year. Once the market wakes up to the reality of a prolonged ‘pause’ by the Fed, they will conclude correctly that the Fed is once again attempting to ease by ‘forward guidance.’ This relative ease will keep the dollar on its downward trend and be a boost to the dollar price of gold. The Fed will not hike rates regardless of the strong jobs report. The reason is that strong job growth was ‘mission accomplished’ for the Fed over a year ago. Jobs are not the determining factor in Fed rate decisions today. The determining factor is disinflation.”

Even if central banks do manage to tighten monetary policy a bit in the coming months, a recession will bring a quick return to the status quo  – plunging interest rates and quantitative easing. Peter Schiff made this very point during a recent interview on RT.

At some point, I do expect people to embrace gold. Not necessarily because of the geopolitical aspect, but because of the inflationary aspects, because people realize these fiat currencies  are going to lose a lot of purchasing power, that a lot of central banks are stuck at the zero bound, and even if they raise interest rates slightly, they’re going to lower them back down, and they keep doing quantitative easing. So, I think people will be drawn back to gold for the monetary properties it has had for centuries.”

Simply put, there is no reason to think the interest rate environment will return to “normal.” In fact, there is every reason to believe negative interest rates are in the future. That’s good for gold.

The Dollar Appears to Be Entering a Bull Market

The value of the dollar index, tracking the dollar against six major global currencies, has fallen about 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} since January.

“This type of broad-based decline shows you that it’s really people moving away from the dollar, rather than just moving towards these other currencies,”Sameer Samana, a global quantitative and technical strategist at Wells Fargo based in St. Louis, Missouri, told the BBC.

Why?

In a nutshell, Donald Trump.

The BBC report pointed out that the dollar rallied right after the election based primarily on optimism about Trump’s economic program, including tax cuts, Obamacare repeal, deregulation, and infrastructure spending. But it’s looking increasingly less likely that the president and the GOP are going to get those things done. Peter made this same point in an interview on Fox Business.

The dollar originally rallied because people were confident there was going to be some significant change under Trump. One of the reasons that the dollar surrendered those gains is because nothing has changed. Look, the problem with Trump taking credit for victories he hasn’t won is it’s going to come back and bite him, because he’s setting people up for a lot of disappointment.”

Peter has also predicted that the Fed will ultimately sacrifice the dollar.

Ultimately, the big move in the dollar is going to come when they have to stop raising rates, when they have to admit they are finished tightening, and that they’re going to start easing again, because that hasn’t even begun to be factored into the dollar. Wait until the Fed has to cut rates. Wait until they have to do QE4. I mean, the dollar is losing ground right now when people expect quantitative tightening. They expect the Fed to be shrinking its balance sheet later this year. When the markets are surprised by the Fed having to admit the balance sheet is going to grow even larger instead, I think it’s a long way down for the dollar.”

Chinese Demand

As we reported last spring, Chinese investors are buying gold bars at a torrid rate. China’s appetitehelped drive global demand for physical gold up 9{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} in the first quarter of 2017. Chinese investors gobbled up 105.9 tons of gold in Q1. That represents a 30{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} year-on-year increase, and was the fourth strongest quarter on record.

The World Gold Council cited several reasons for surging demand for the yellow metal in China, including weakness in the yuan, falling real estate prices, low interest rates, and good old safe-haven buying.

There’s every indication the demand for gold in China will continue. The World Gold Council predicts Chinese demand will be helped along by technological advances allowing more and more investors to easily buy gold.

read More @ SchiffGold.com