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Greg Hunter, back from heart surgery, interviews Marti Armstrong.

Grim future discussed.

A Period of Great Uncertainty – Martin Armstrong

His Chicago property taxes on the apartment building are going from $23,000 per year to $128,000 per year.

This would force him to raise rent to $5,000 per month for a 1 bedroom apt.

https://x.com/WallStreetSilv/status/1827695216104440140

Exactly … you get it.

Have a great weekend.

The juniors are looking good too.

Cheers

I don’t understand all the lingo or how the delivery days/notices work, but what struck me is that it is the second month in a row that the contracts are active with a high % of registered. Another contract month and they may be scrambling for metal unless they’re sitting on mountains of it stored elsewhere.

I think there’ll be a big signal when we start to see these local dealers raising premiums and scrambling for supply.

… at Comex are being drained at an increased rate … an alarmingly increased rate.

Physical demand is up at comex as 28% of registered gold transfers on the August contract. Meanwhile September open interest is now more than 2x average. (substack.com)

A rate that will drain supply quickly.

North American’s will be paying higher prices (soon) when they decide to start buying – if they can get it.

Cheers all

Just in case you needed a good laugh today (more likely, a guffaw)

https://www.zerohedge.com/geopolitical/top-10-countries-gold-reserves-2024-whos-adding-most

RFK Jr. appears with Trump at rally after announcing endorsement

https://www.cnn.com/politics/live-news/dnc-harris-trump-campaign-news-08-23-24/index.html

Not really a big surprise with Jackson Hole going on. Let’s see if it’s just a pause before we pick things back up next week, nothing is overbought. The dollar hasn’t mattered that much during this uptrend in gold but now that it’s breaking down it would be nice to see the correlation work in our favor.

At least we didn’t hit a big round number and immediately get clubbed like a baby seal. Silver did ok thanks to today’s move.

Here’s the COT Report. Seems pretty normal.

CFTC Commitments of Traders Report – CMX (Futures Only)

For sure ?

1/2 of 1% of investable assets are in pm’s in the US. Minuscule amount. Imagine what that looks like if it were to go to 3-5%?

We’ve got to outperform for a while before we get some attention, or maybe crypto needs a big hiccup.

Bitcoin up 4% today. Just ridiculous.

Gold should be doing better, shares too.

Here a lot of the dealers have the luxury of paying less than spot and still charging a premium. Gold is a forgotten investment in the US these days. We have a bunch of kids that are crypto traders. It so reminds me of the dot com days.

They need a lesson on what the world views as money.

Dollar back at the lows of the day, we should pick up some steam but they have us tied to the SM.

Not to beat a dead horse here, but what you’re mentioning (lack of volume=very low retail participation in PM equities) is the crux of what, IMHO, the Cartel cretins are fighting to prevent…..How the endless naked shorting of these issues gets curtailed is a major headwind, and good reasons why others on this site have mentioned not to get involved in these stocks (wish I never had….).

That’s why I’ve been looking at volume so much. We’re just not seeing an uptick in volume in the shares or GLD & SLV yet. Some of that might be summer, but gold is up 25% and silver 40% this year and we’re still unloved. Maybe after Labor Day we’ll start to see some money come in. Today is big news for gold, and yet GLD might do average volume at best. We should be seeing a lot more interest. SLV doing a little better but we’re not seeing momentum players come in. I think they will eventually, just not sure when. There’s a lot of burned fingers and long memories over the last decade.

I do think we’re just getting started though, and agree with Captain and some of the other analysts. This is the big one, finally.

Here in Canada dealers pay sellers spot price and charge buyers a premium. I’ve dealt with a dozen different dealers and they all committed to that criteria.

Simple supply and demand. Seems the guy who offered $100 under spot just has more people selling to him than looking to buy. Once he has more buyers than sellers, he’ll pay a higher price for more inventory.

I believe in the near future, these smaller dealers are going to have bigger buyers coming in and buying out their stock. That’s when he’ll start offering over spot for more metals. Right now I suspect the little guys are still looking to sell.

Really the same dynamic in the markets, once people in the US start to see pm’s outperform everything else, they’ll jump into ETF’s and miners. This is the first year we’ve done well in a long time. I think they’ll figure it out that the trend is going to continue pretty soon and start to get on board.

I apologize; I know this has been discussed before, but I don’t remember the exact dynamics that will reduce the spread between the Gold spot price and the dealers buying price?

Went to another dealer this morning and they quoted me $100 below spot

Stocks, pm’s

Today is a news day. I want to see how we start trading in the next couple of weeks

“Powell Pivot Is Complete”: Gold, Stocks, Bitcoin, & Bonds Surge As Fed Chair Says “Time Has Come For Policy To Adjust”

https://www.zerohedge.com/markets/its-jackson-hole-day-heres-what-watch

PM’s following. Dollar really getting punched in the mouth.

eeos – very true, there’s not many quality names worth holding. Everything else is a gamble.

I think the currencies will eventually be backed by silver and gold. It’s a recurring theme through the centuries. Maybe it’ll be different this time …

$48K Yikes!

I’m a little surprised the SM isn’t doing better, although it seems demand or lack thereof should factor in at some point. Still, stocks should do well with the falling dollar.

Rates aren’t down as much as I thought they’d be either.

I wonder if Powell will do a .50 cut, making every effort to influence the election, although I don’t know what they can do with the economy, seems pretty late in the game for that.

I think I could run some of these companies better than their boards and I don’t know jack shite about mining. Some of these companies are epic failures. They absorb wealth, return nothing, so you have to watch what you buy.

Fed is panicking now after that jobs report revision. Dollar is getting smashed, but the scum is still in the market doing everything they can to keep things rational. Trying to limit gold to 1% and silver to 2%. All they have left is the rig now.

With any luck, we’ll get our losses back from yesterday, but gold should be up $50+ and silver $1+

It feels like they’re not going to be able to keep the rig going too much longer. Eventually, even US investors will figure out that our pm’s are the cheapest assets in any market.