Thursday, May 16, 2024

The bullish factors behind silver’s rise

by Alasdair Macleod, GoldMoney:

In recent weeks, silver’s price has been remarkably strong, threatening to break out above the levels established in August 2020. The long-term chart certainly looks positive.

Could we be witnessing a major turning point for silver?

This increasing possibility is tied up in evidence that fiat currencies are descending into debt-driven chaos, and that the future will favour currencies linked to gold. All my research confirms that gold is the monetary proxy for commodities and energy. But throughout most of post-mediaeval history, silver had a similar role when the gold/silver ratio was between fourteen and sixteen times. That relationship ended in the early 1870s, following the Franco-Prussian war when gold reparations from France allowed the German victors to migrate from a silver to a gold standard.

GoldSeek Radio Nugget — Bill Murphy

from GoldSeek Radio:

TRUTH LIVES on at https://sgtreport.tv/

Best Week For Bullion In 2024 As Mega-Caps Melt-Up On Bad Breadth

from ZeroHedge:

Ok, so everyone knows, NVDA is awesome, topping $2 trillion in market cap intraday this week (after a $2BN hike above consensus)…

…but today saw a smidge of profit-taking…

MAG7 stocks were obviously up on the week (the sixth in the last seven), but today’s weakness took the basket back below its prior record high…

20 Solid Reasons For Gold Breakout

by Jim Willie, Gold Seek:

The time has come to cite the many reasons why Gold has risen, and why Gold will continue to launch to much higher levels. The USGovt debt and USTreasury Bond default, in my opinion, deserve the lead factors along with powerful price inflation. These factors are not featured in the press. The Jackass has stated for the last five years, to impatient clients and frustrated colleagues, that the Gold price will not break above the $2000 mark with moment in a sustained manner until the USGovt debt is widely perceived to be on a crash course toward default. WE ARE THERE, as even the prestigious St Louis Fed has publicly gone on record to call the USGovt debt as unsustainable. The picture of default is being painted.

Is a Weak Yen Feeding the Global Gold Bull?

by Peter Schiff, Schiff Gold:

The gold price has been surging, with unprecedented central bank demand gobbling up supply. It has been a force to behold — especially as US monetary policy has been relatively tight since 2022, and 10-year Treasury yields have rocketed up, which generally puts firm downward pressure on gold against USD.

UBS Analysts Trigger Outrage With “Unbelievable” Gold Forecast

from Birch Gold Group:

This week, Your News to Know rounds up the latest top stories involving precious metals and the overall economy. Stories include: Sky-high gold forecasts by top names, why the Middle East escalation proves gold’s run isn’t driven by military conflict and could a surprise interest rate hike push gold’s price down?

Global banks revise gold price forecasts, raising eyebrows everywhere

A recent call for $4,000 gold has been made. Which of our “usual suspects” was behind it? Frank Holmes? Alasdair MacLeod? Putin?

China Has Taken Over Gold Price Control From the West

by Jan Nieuwenhuijs, Gold Seek:

China Is Leading the Dance in the Gold Market

Exceptional strong gold demand from both the Chinese central bank and private sector has been driving up the gold price over the past two years, by which they have taken over control over the gold price from the West. The People’s Bank of China (PBoC) bought a record 735 tonnes of gold in 2023, of which about two thirds were purchased covertly. In addition, the private sector net imported 1,411 tonnes in 2023, and a whopping 228 tonnes just in January of 2024. If the West joins the Chinese gold buying craze, in fear of rate cuts and currency debasement, it will be a perfect storm for gold.

Gold’s Got the Midas Touch Back

by Jim Rickards, Daily Reckoning:

After two years of trading in a 20% range between $1,600 and $2,000 per ounce, gold finally broke out to the upside, closing at a new all-time high of $2,126 per ounce on March 4.

Better yet, if you’re a gold investor, gold has held its ground around $2,100 per ounce since breaking that ceiling (gold’s trading at around $2,187 today).

Gold Is Rallying Again, But Silver Could Get REALLY Interesting

by Mike Gleason, Silver Seek:

Another week, another record high for gold.

On Wednesday, the monetary metal surged above $2,300 per ounce. It took a bit of a breather Thursday ahead of today’s key employment report but it rallied again on Friday. 

Turning to silver, it made a significant breakout of its own this week. The white metal shot up above the $27 level to a fresh 2-year high and rallied to over $27.50 on Friday

As gold prices continue to reach new heights, bulls are eying even higher highs.  Detractors, meanwhile, are pushing the narrative that gold has gotten too expensive.

Yet More Silver Departs $SLV on Friday

by Ted Butler, Silver Seek:

Gold’s quiet rally that began at the start of Globex trading in New York on Thursday evening was turned lower around 8:40 a.m. China Standard Time on their Friday morning — and its low tick was set at exactly 11 a.m. CST. It then wandered quietly higher until at or minutes before the 10:30 a.m. morning gold fix in London — and was sold a tiny bit lower from there until the jobs number hit the tape. The gold price went ‘no ask’ — and ‘da boyz’ appeared in seconds — and had the price back to its pre-8:30 a.m. price by 9:15 a.m. It crawled quietly higher from there until it took off anew starting a few minutes before 12 o’clock noon — and the commercial traders of whatever stripe reappeared — engineering it brutally lower until around 2:15 p.m. in after-hours trading in New York. Its ensuing rally ran into ‘something’ about fifteen minutes later– and from that juncture it crept very quietly higher until the market closed at 5:00 p.m. EST.

ANDY SCHECTMAN: SILVER RALLIED LAST WEEK AFTER BANKS INCREASED SHORTS AGAIN

from Arcadia Economics:

TRUTH LIVES on at https://sgtreport.tv/

Federal Reserve Policies and Silver Industrial Demand

by Craig Hemke, Sprott Money:

Watch Craig Hemke from Sprott Money and Chris Marcus from Arcadia Economics on the “Monthly Wrap-Up” podcast for a quick dive into the latest in precious metals. Get insights on soaring gold and silver prices, Federal Reserve policies, and global tensions, plus expert tips for navigating the market. Tune in now for your monthly dose of valuable analysis!