Thursday, January 23, 2020

COMEX Gold and the Commitment of Traders Report – Craig Hemke

0

by Craig Hemke, Sprott Money:

Last week, we focused upon signals that might betray a PBOC effort to manage a lower price for COMEX gold. This week, let’s simply review the latest Commitment of Traders report on an absolute basis.

By any traditional sense, the positioning of Speculators and Banks in the COMEX gold market are at extremes that often precede price bottoms. The overriding question, though, is two-fold:

1. Is the People’s Bank of China intervening either directly or indirectly to “devalue” the dollar price of certain commodities at the same pace as they devalue the yuan versus the dollar in response to U.S. trade tariffs?

2. If this is the case, do traditional market metrics such as the Commitment of Traders report have any current significance?

Gold Company Makes Huge Blunder By Investing In U.S. Shale Assets

by Steve St. Angelo, SRSRocco Report:

Something took place in the gold industry that I thought would never happen. In a stunning press release, Franco-Nevada Gold announced that it was taking a financial stake in U.S. shale energy assets. Why on earth is one of the top gold royalty companies investing in an industry in which it has no expertise… especially in the shale oil industry??

Gold, Currency IOUs and Inflation

0

by Gary Christianson, Miles Franklin:

The financial world runs on “funny money” or debt based currencies. More currency = more debt. How much debt? In a word – “unimaginable.”

But another important word we should consider is “unsustainable.”

WHY?

The world abandoned gold backing and replaced it with debt based currencies. Those dollar bills, yen, euros etc. are DEBTS issued by your central bank. They are as valuable as… someone believes they are. Unlike gold or silver coins, they have no intrinsic value.

GOLD RISES BY A TINY 75 CENTS TO $1210.35/SILVER WAS UP 3 CENTS TO $15.37

by Harvey Organ, Harvey Organ Blog:

SILVER’S OPEN INTEREST CONTINUES TO RISE AND IT IS CLOSE TO ITS RECORD SET IN APRIL; ALL 3 LATEST SILVER OIL RECORDS HAVE BEEN ACCOMPLISHED WITH A LOWER PRICE/CHINA TRIES TO USE MORAL SUASION IN TRYING TO STOP THE FALL IN THE YUAN/TRUMP SIGNS INTO LAW NEW SANCTIONS AGAINST IRAN AND WARNS THAT THE USA WILL NOT TO BUSINESS WITH ANYBODY THAT DISOBEYS THE GLOBAL SANCTIONS AGAINST IRAN/GOLDMAN SACHS COMMENTS THAT A CURRENCY VALUE OF 7.1 TURKISH LIRA TO ONE DOLLAR WILL CAUSE THEIR BANKS TO IMPLODE/MORE SWAMP STORIES FOR YOU TONIGHT

LBMA at the Movies: Golden Turkeys

by Ronan Manly, BullionStar:

In March of this year, the London Bullion Market Association (LBMA) released a series of short videos about various aspects of the London precious metals markets and the role the LBMA claims to plays in those markets. In the words of the LBMA:

“LBMA, the Global Authority for Precious Metals, has released five short films highlighting the pivotal role it plays in the global wholesale precious metals market by setting standards and developing market services thus ensuring the highest levels of integrity, transparency and quality.”

While calling these short clips ‘films’ is a bit ludicrous, the series of videos – which are indeed very short – are as follows, and they can be seen on the LBMA website as well as on the LBMA’s YouTube channel:

GOLD DOWN $5.30 TO $1209.60/SILVER DOWN 11 CENTS TO $15.34 AND YET OPEN INTEREST IN SILVER REMAINS EXTREMELY HIGH

by Harvey Organ, Harvey Organ Blog:

DESPITE THE SILVER WHACKING, SURPRISINGLY THE SLV INVENTORY ADVANCES BY 1.034 MILLION OZ/ THE GLD INVENTORY DECLINES BY 2.06 TONNES.CHINA ANNOUNCES THAT THE GLOVES ARE OFF IN THE TRADE WAR WITH TRUMP/THE CENTRAL BANK OF ITALY HAD TO ACT AHEAD OF THE ECB TO PURCHASE BONDS ON FRIDAY/USA SET TO IMPLEMENT SANCTIONS TONIGHT AS THE IRANIANS UNDERGO MASSIVE DRILLS /LATE TONIGHT THEY STATED THAT THEY MIGHT ENTERTAIN NEGOTIATIONS/TRUMP MAY OVERRIDE ROSENSTEIN AND DECLASSIFY MOST OF THE FISA DOCUMENTS: THAT SHOULD BE INTERESTING

IRAN Sultan of Gold Coins Busted, Ahead of US Sanctions

from Silver Doctors:

Iran’s gold demand is reported at 4 year highs ahead of feared US sanctions as Iranians are increasingly swapping their Iran real currency for physical precious metals.

Interestingly last month, supposedly Iran’s “Sultan of Coins’ got busted for ‘hoarding‘, aka saving, some 2 tonnes of gold bullion in coins.

Here is regular youtube precious metal video blogger, Salivate Metal, with more on this interesting Iranian Gold story.

Another Week, Another Improvement In Gold’s Prospects

by John Rubino, Dollar Collapse:

The past few months have added some cred to the “sell in May and go away” rule of thumb for precious metals, as gold’s price action has been both boring and depressing. It’s now close to its 12-month low, while a lot of miners are providing material for the old joke: “Want to make a small fortune in gold mining stocks? Start with a large fortune…”

But, to paraphrase one more aphorism, the cure for low prices is … low prices. The further gold falls, the more pessimistic futures speculators become, to the point that they’re now close to being net short, something that hardly ever happens. On the following chart the speculators are represented by the silver bars and “commercial” traders (who tend to be right at big turning points) are red. Both groups are trending towards the “neutral” mid-point of the chart, which in the past has proceeded big up moves in gold’s price.

Market Report: Sell-off intensifies

by Alasdair Macleod, GoldMoney:

Gold and silver lost further ground this week, as the dollar rallied back above the 95 level on its trade weighted index. As our headline chart shows, both metals have made a clear break below the important low established last December, with gold now 2.9% below it, and silver 2.3% lower.

This week, gold lost a further $15 from last Friday’s close to trade at $1207 in European trade this morning (Friday), and silver lost 18 cents over the same time-scale to trade at $15.32.

Fun on Friday: This Gold Heist Reads Like a Plot from a Comic Book

by Peter Schiff, Schiff Gold:

OK, I’m not endorsing crime here. But I have to admit, I admire the creativity and work ethic some criminals put into their craft. I always wonder what some of these people could make out of themselves if they would channel their talent into more socially constructive channels.

Take these guys from Australia. They pulled off one heck of a gold heist using a stolen sewage truck.

Yup. You read that right. These guys jacked a sewage truck and used it to steal gold.

Keiser Report: ‘Happy winners’ of Trump’s trade war (E1262)

from RT:

In the second half, Max interviews Mish Shedlock of MishTalk.com about why Trump’s trade war is a lose-lose situation and what the real reasons are for America’s mass industrial unemployment.