Thursday, February 27, 2020

The Shot Heard Round The World: Silver Just Took Control Of The Battlefield And Everybody Knows It

from Silver Doctors:

Friday Wrap: Um, so if you’re not on silver’s side, you might want to raise that white flag right about now. Silver is about to make things really messy…

This morning I asked if silver might test a 16-handle based on a new possible contrarian indicator? So far my theory is wrong, but either way, we’re down, and it hasn’t been an easy day to sit through.

But we need to look at the bright side – we’re above $17, and believe it or not, the momentum is ours. Now sure, there’s no way to give a post-game pep talk game after losing game, but things are looking up.

Don’t just take my word for it, but let the charts do the talking for you.

Turkey Will Repatriate All Gold From The US In Attempt To Ditch The Dollar

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from ZeroHedge:

After Venezuela, Germany, Austria and the Netherlands prudently repatriated a substantial portion (if not all) of their physical gold held at the NY Fed or other western central banks in recent years, this morning Turkey also announced that it has decided to repatriate all its gold stored in the US Federal Reserve and deliver it to the Istanbul Stock Exchange, according to reports in Turkey’s Yeni Safak. It won’t be the first time Turkey has asked the NY Fed to ship the country’s gold back: in recent years, Turkey repatriated 220 tons of gold from abroad, of which 28.7 tons was brought back from the US last year.

According to the latest IMF data, Turkey’s gold reserves are estimated at 591 tons, worth just over $23 billion. This makes Ankara the 11th largest gold holder, behind the Netherlands and ahead of India.

Market Report: Silver Is The Star

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by Alasdair Macleod, GoldMoney:

Having performed indifferently since the price fell in late January, the silver price suddenly broke out of its torpor with a 45-cent rise on Wednesday and peaked intraday yesterday at $17.36. Gold is still confined within its established trading range and is yet to break out.

Since last Friday, gold is down $5 at $1340.7 by early European trade this morning (Friday) and silver is up 40 cents at $17.08 over the same time scale.

Russia entrusts its gold to no one, has zero bullion in US

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from RT:

The Central Bank of Russia keeps all its bullion at home, since only in Russia can its gold be completely safe, according to Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets.

Answering a question about Turkey’s decision to repatriate its gold from the US Federal Reserve, Aksakov said: “We do not have a gold reserve in the US, we have only Forex (foreign exchange) reserves abroad. No one can lay hands on our gold.”

Russia’s reserves consist of foreign currency, Special Drawing Rights (SDR) holdings, reserve position in the IMF and physical gold. The amount of physical gold in Russian reserves has grown by 52.88 tons and reached 1,861.1 tons as of April 1.

Jim Rickards Forecasts New Financial Crisis & Makes Prediction about Gold

by Clint Siegner, Money Metals:

Coming up we’ll hear from Jim Rickards – monetary insider, economist and best-selling author. Jim examines what the next financial crisis will look like and how it will be different from previous panics and also gives us his outlook for gold and what he sees as being the key drivers that will propel the yellow metal higher. Don’t miss this fascinating conversation with Jim Rickards, coming up after this week’s market update.

Gold and silver markets moved closer to major breakout levels this week. On Wednesday, the silver market surged past the $17 level on strong volume. As of this Friday recording, silver prices trade at $17.23 an ounce, 3.3% higher on the week. Silver is finally showing signs of positive momentum, but prices still need to clear $17.70 to make a new high for the year.

Click HERE to listen

The Economy Is Cooked

by Adam Taggart, Peak Prosperity:

Hours ago, Eurpean Central Bank chief Mario Dragho conceded: “The growth cycle may have peaked”

Of course, those paying attention to the data already knew this. Our politicians and central planers have been peddling to us the fantasy that the global economy is strengthening, finally ready to fire on all cylinders after nearly ten years of dependence on monetary stimulus.

That just ain’t so.

The Federal Reserve of Atlanta’s GDPNow measure, which gives a forecast of Q1 2018’s expected GDP, is currently coming in at 2.0%, down from the much more vigorous 5.4% growth predicted as recently as early February:

ANOTHER RAID WITH SILVER HOLDING UP RATHER WELL

by Harvey Organ, Harvey Organ Blog:

GOLD DOWN $10.20/SILVER DOWN 11 CENTS/TURKEY WILL REPATRIATE ITS GOLD FROM THE FRBNY; SHOULD BE FUN!/COMEY MEMOS RELEASED AND THE 3 COMMITTEE CHAIRS GO BALLISTIC AS IT WAS A NOTHING BURGER

GOLD: $1336.40 DOWN $ 10.20 (COMEX TO COMEX CLOSINGS)

Silver: $17.14 DOWN 11 CENTS (COMEX TO COMEX CLOSINGS)

Closing access prices:

Gold $1336.20

silver: $17.12

For comex gold:

WAITING FOR THE BUY SIGNAL: What’s Going On With Silver Investment

by Steve St. Angelo, SRSRocco Report:

The Silver Market is setting up for one heck of a move higher as investors are waiting for the signal to start buying. While the silver price has shot up due recently, it still isn’t clear if this is the beginning of a longer-term uptrend. The reason for the quick spike in silver was likely due to a small short-covering rally by the Large Speculators trading on the Comex.

For the first time in a quite a while, the Large Speculators (Specs) were net short silver. For example, the Large Specs were net long by more than 100,000 contracts last year when the silver price was $18.50. However, the last COT Report showed that the Large Specs were net short silver by 17,000 contracts:

GOLD SHOULD BE $16,450 & SILVER $761

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by Egon Von Greyerz, Gold Switzerland:

The super powers in the West are doing what they can to provoke Russia and indirectly China and Iran into a world war. Most people alive today were not adults when WWII started and therefore did not follow the lead up to the war. But today the whole world can watch how the West has chosen to attack a country which has no major significance geopolitically and does not threaten any other country. Still the West clearly knows that bombing of Syria can start a global conflict with potentially horrendous consequences.

There is no intelligent reporting of these events in the Western media. Whatever propaganda the media is fed, they just publish it without any analysis or investigation. And the US with its allies do not wait for any independent verification of alleged use of chemical weapons. That a world war could start on such fickle reasoning is absolutely frightening.