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Necessary listening in order to understand the future.
Steve is easy listening and has a brilliant mind.
Thank you Steve
re: shares … Yeah you’d think they’d be doing better on the metals turnaround. I guess people are afraid of the Double whammy! (Technical Term)
Metals are doing pretty well, no doubt they’ll make a stand at $50 silver.
Shares should be doing a lot better today though. Almost as if they don’t think the metals are going to hold their gains.
he DID have a screw loose.
…DID.
now, he’s healing.
Yes the battle is with silver at $50 … where a weekly close back above the mark would be a very positive development … with multiple weekly closes above the large round number and previous highs a technical signal more gains should be expected.
Not that gold at $4,000 is not significant in this regard as well … where COT considerations … with collapsing open interest (OI) and record physical offtake … should be expected to drive prices higher in spite of overbought technical conditions that would normally be considered the dominant factor previously post new record highs.
Gold Futures Volume & Open Interest – CME Group
On a COT related basis … gold is ready to go again.
Of course, general liquidity conditions and further official selling could play into the formula too … but should only act as temporary hinderances regarding higher prices that appear necessary before increasing demand would be cleared.
People are piling in because they know a new currency regime is coming … where it appears gold will be central … and silver will be remonetized as a codicil.
Mornin all
Me too.
U.S. Senator John Fetterman
@SenFettermanPA
·
21h
Shut our government down and America loses.
2 MILLION Pennsylvanians depend on SNAP to feed their families.
For me, it’s hungry Americans over party.
Paying our military over party.
Paying Capitol Police and federal workers over party.
I choose country over party.
https://x.com/search?q=Fetterman&src=trend_click&vertical=trends
The comex gold sell off is all paper driven as the record physical buy continues
Analyzing comex data since the price roller coaster began last Friday (Oct 17) indicates that paper shorts flooded the market at record high volume driving the price down. December contract OI dropped as paper longs folded. However, physical gold bought on the October contract continued at a sizzling record pace. Two large players emerge from being somewhat dormant, BofA and Morgan Stanley house accounts, and bought much of the physical gold.
Finally got to watch the other half of this by Michelle M and Andy Schevtman.It got better as it goes on but whole thing on what’s going on now world wide.
There is ongoing demand still going on. He explained how China is flying around to different country’s buying lower grade silver like Dory?? and refining it, going around the comex so not drive the price up while accumulating as much as they can. The LBMA and more, that he hasn’t seen anything like this. Paper trades being usurped in and passed on.
Gold up $25, Silver up $66 – above $4100 and $49
PM shares are strong – GDX up 1.8% currently.
Bitcoin up $1900, Oil flying up 5.6% just below $62 as we put new sanctions on Russia – no peace talks in Hungary for now.
SM flat, Dollar up a little, rates up 3 bips.
Maybe we can close the week on an up note?
I love the track ‘Silver Rising’ 🙂
How appropriate!
Only referring to the stock market. When the shares close as well.
Hope your charts play out. Charts have worked pretty well all the way up this time.
Reversal to upside …..after point perfect 38 % retracement of 1st wave….min is A down done …
Great upside reversal s , I think on the charts…we await goldielocks interpretation of the Candle Sticks ..
in Elliot terms we have done a classic 3 wave A-B-C down…..which means this is a correction only…now do we do a B wave up, or have we already started the next Impulse wave up….
Last five minutes?? metals market trades until 5:00 eastern.
the fat lady hasn’t sung yet.
Don’t want gold to bust above $4100 too much.
Then it pops right back in the AH’s – scum
but now palladium is up over 5%??
That can’t be bad for pm’s can it?
treefrog – HUI up in a down stock market no less.
I was hoping for more of a turn higher, but if we close here, that’s not too shabby.
That Kitco article makes a good point. We have to remember that some of the banks have recommended changing portfolio strategies that now include gold. I know there was a portfolio manager at Morgan Stanley that went to 60-20-20 with that last 20% allocation into gold.
It sure would be nice if this vicious correction is over.
(daily)
just went green…
Does the patient have a pulse?
Maddog – yes that’s an interesting take. Does the US actually want the gold price higher so they can revalue? Million dollar question. Maybe as you said, this is big banks circling the wagons to bail out another bank that is over-leveraged with pm shorts at much lower prices.
Could also just be a massive shaking of the tree by some big banks so they can get positioned for the next leg up.
As usual, this smash feels bad because the shares always get hit so hard. 20% on the HUI, more on some of the small caps. Gold is only down 6%, silver 12% or so. Not particularly huge moves, especially for silver. I think we’ve seen bigger moves down percentage wise during this rally for silver.
Good to see gold back above $4100. Maybe we can close the week strong. Stranger things have happened.
