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Gold Train on Rich Hill
https://railpictures.net/photo/729562/
Hawaii Virus Stats from HDOH
Total cases: 607 (1 newly reported)
Hawai’i County: 70
Honolulu County: 396
Kaua’i County: 21
Maui County: 113
Pending: 0
Residents diagnosed outside of Hawai‘i: 7
Required Hospitalization: 68
Hawaii deaths: 16
Released from Isolation: 493
Cumulative totals as of 12:00pm, April 27, 2020
One new case on Maui, one new death.
Over 80% of people who go on a ventilator with COVID will perish. One 61-year old local man survived eight days on a ventilator and beat the odds to go home yesterday.
Maddog @ 16:21
I thought Boris had more sense? Doubling down on tragedy.
GOT GOLD? we are talking about the central bank being a bulk buyer for public debt
Blockbuster Demand For 2Y Trasury Auction Sends Yield To 8 Year Low
Just hours after the BOJ joined the global “nuclear” central bank response, when it announced the launch of unlimited QE, demand for today’s 2Y Treasury auction was not coincidentally off the charts, with the yield tumbling further to just 0.229% down from 0.390% last month, stopping through the When Issued by 1.3bps – the biggest since May 2016 – and the lowest since July 2012
Regardless of which route the US ultimately goes, the BOJ today went all in and announced unlimited bond buying. Of course, they already hold a huge share of the huge stock of JGBs; but with PM Abe approving a fiscal stimulus package of up to 20% of GDP, there will soon be lots more to buy. Note the BOJ already has yield curve control at the short end and for 10 years. It has to be said that so far even that news did not seen USD/JPY boosted: then again, we could argue buy the rumour sell the fact, because we all knew what the BOJ would have to do.
So Japan is doing it. And so is Canada – if we are talking about the central bank being a bulk buyer for public debt; so is Poland; and so are ‘financial stalwarts’ like Indonesia, with its often-wobbly IDR, where a chunk of corona-fighting public spending was just directly monetised in the primary market. That drops the polite pretence that by using the secondary market central banks aren’t actually doing the same thing as bond issuance soars.
However, China’s PBOC once again reiterated Sunday that it won’t be joining the massive liquidity party (although to be fair it got to there first, drank all the good booze, and ate all the dips). Governor Yi Gang used an editorial to stress he expects the economic shock from Covid to be short and the economy to bounce back (though industrial profits were -34.9% y/y in March). He was also concerned that “too aggressive” macro stimulus would lead to inflation and too much leverage in China’s over-leveraged asset-based economy. So, confidence and prudence. Two items in short supply elsewhere.
Last weeks COT’s
Silver a little interesting, Gold pretty boring.
Appears volume is drying up though.
Maddog @ 12:11
Ya I think it’s just general liquidity conditions lifting everything. PMs have become positively correlated with the broads as this serves the bankers to keep them controlled.
So if the SPX can make it up to 3000 before the short sellers / put buyers are exhausted again (the short squeeze is exhausted), anything is possible.
I do think the next move of consequence for PMs should be down given current circumstances. (i.e. once the broads roll over again — ~ 3000 SPX?)
Of course that can change depending on how long this all takes.
Cheers
Buygold-the fact that these shallow pullbacks bring out the buyers seens rather bullish to me
I hope we get more than resilince, though…
Captain Hook
Tks…agreed…..but so far they have found buyers again after the initial dump….that is a change.
Buygold
Nobody knows what was given to Boris…but he was out of serious trouble in less than a week, exactly the time line the HCQ combo takes, to calm things down.
As of now in the UK our top Medic has banned HCQ etc…….go figure….he also has accepted big ‘donations’ for his faculty from Gates.
Maddog @ 11:20
That’s what I was talking about last week. We are short-term overbought here and the volume divergence(s) are troubling, with the GDX pictured below (from last week but still valid):
Some of the moves today appear irrational and slaphappy — signs of exuberance — especially considering the bankers are still not sharing much of the bailout money with the public (which is deflationary) — just like the last time around (because they know what would happen).
Cheers
Hey Maddog
Yes. He recovered with Trump’s well criticized drug combo. Anything the poor guy says just gets trashed.
I think MUX is a buy here, even with the recent move.
I see SLV has printed positive, I think that bodes well for the shares in general.
Buygold
Great news about yr brother…..I was afraid to ask.
Considering how this thing has been portrayed and that for some like yr brother, it really is life or death, what has been dome over Orange Bad Man and HCQ, has to be one of the greatest crimes against humanity…..and as I said before I think it is more Gates and his vaccines, allied with the Dems, who just want Trump out any way they can, than big Pharma….for once….
I hope the Donald hangs it round their necks….
PS bought some MUX on Friday…..think we can scale down buy for a while here….6 weeks straight up, prices doubled a pull back would be normal.
R640 – They might swat gold…
I’m betting and hoping for another strong Tuesday.
Bought some reloaded MUX and GPL on the dip this am.
For some reason I think the HUI breakout was the real deal this time around.
Captain–yes, “we’re gonna open” [and the check’s in the mail] is the new alibi/mantra for continuing to run stocks back up to the old highs and beyond
but I am not so sure about gold…could be they swat gold…gold is a rascally wabbit…anything goes with gold….
Nice premium
Silvercorp Metals to Acquire Guyana Goldfields Creating a Diversified Precious Metals Producer
https://finance.yahoo.com/news/silvercorp-metals-acquire-guyana-goldfields-105910632.html
K92 Mining
350 evacuated from Kainantu mine
THE Lae Chamber of Commerce and Industry’s weekly newsletter has reported that late on Thursday a “landowner issue in and around the Kainantu gold mine resulted in closure of the mine and all 350 staff, management and personnel being removed from the site for their safety”.
https://www.pngreport.com/mining/news/1385646/350-evacuated-from-kainantu-mine
Richard640 @ 18:24
Now apparently we should be on the ‘America is opening back up page’ which is code for traders to get back on the ‘who the f needs PMs page’.
Chuckle
The California secession begins…
see here…look for Chinese troops to arrive to help out against evil Trump any day now.
And most people will just sit around at home all day watching Netflix.
Is it any wonder this can happen in a stupified America.
Wake up people.