The day's price movements

pmbug

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Follow up to post #237 above:
Trading behavior is changing in the gold space with investors preferring physical versus paper while at the same time investing more in ETFs than futures, according to Commerzbank.

Traders issued the largest delivery notice on record at Comex, declaring their intent to deliver 3.27 million ounces of gold against the August Comex contract.

“According to traders, 102 tons of gold were delivered to the holders of expiring gold future contracts on the Comex last Thursday – this also fits the picture of changed investor behavior,” said Commerzbank analyst Carsten Fritsch. “Physical deliveries on the Comex have been rising for months: they totaled just 26 tons in February, 98 tons in April and as much as 171 tons in June.”

This trading pattern shows that investors prefer physical to paper gold, Fritsch pointed out.
...

Now that's an indication of monetary policy and financial investing wokeness I did not expect. Maybe some of these hedge fund types actually remember and learned from MF Global and won't get Corzined again.
 

rblong2us

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$1995 0n Bullionvault live order board and $1975 on Kitco spot ............

new ATH in £ sterling (-:

and silver up $1 in the last hour on both charts .... wtf ?

Is Kitco like the BBC on 9-11. There was a major sell off as profit takers saw a chance to get out just ahead of an obvious selling point .......
 
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lefty

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I was thinking of buying more gold, then the rush up scared me. Then I read some are saying $4K is on the horizon. . . . What to do?
 

rblong2us

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if I wasnt already 'all in' and I had some spare beer tokens, I would buy at this time

upsides -
massive money printing everywhere causing loss of confidence
negative real interest rates for the forseeable future
Robinhood traders starting to show interest
suppression schemes becoming less effective
technicals all looking positive

downsides -
big market selloff causes some to sell as they need to liquidate to meet margin calls
Yamashita's gold stash shows up
Physicists develop way of creating gold atoms cheaply
Banksters invent a new and effective supression strategy

Much as I dislike silver ( for biting me in the ass big time as I purchased close to the ATH back in 2012 ) I think it will move further and faster than gold but gold will become increasingly important in world trade as confidence in fiat fades.
 

pmbug

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Long and worthwhile read (details are of interest):
...
Conclusion

We appear to be witnessing the early stages of a breakdown in the paper gold markets on Comex and in London, brought forward by central banks committed to accelerating their inflationary policies in an act of macroeconomic desperation to save their government finances and their economies. The method employed is a dead ringer for an earlier experiment in France exactly three hundred years ago when John Law’s Mississippi bubble imploded, destroying his currency, the livre.

If you bind the fate of financial assets to that of your fiat currency, as John Law did, and which is now the policy of the Federal Reserve, when the bubble pops the currency goes pop as well. This outcome is so obvious that the smart money is now getting out of fiat and into physical gold and silver, as witnessed through deliveries on Comex active contract expiries and the disappearance of all physical liquidity in London.

This being the case, a gathering stampede out of paper currencies and derivative contracts into physical bullion has just started. Unless it is somehow stopped, it will destroy paper markets and with them the banks that have benefitted from them over the last forty years. The acceleration in the destruction of fiat money will gather pace in the next few months, and anyone who spouts macroeconomic nonsense instead of acting in the face of these developments will end up with nothing.

If he's right about the fragility of the LBMA/COMEX system and the banks get squeezed on their short positions, it's likely to create some catastrophic events (along with metal valuations that make the crazy crystal ball predicitons look tame)..
 

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...
The report on 3/2/20 noted the maintenance margins for 100oz gold were raised from $5,000 to $5,500. Kim says they are now at $8,350 four weeks later. ...
... According to the CME website, maintenance margins on 100oz gold contract is now $9,150. ...
I just checked the CME website. The maintenance margin for the gold contract is now $8,700. Very strange for it to have gone down at some point while the gold price has continued to go up. :confused:
 

pmbug

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I guess I posted too much bullish stuff yesterday. Prices getting hammered today. Metals are on sale (if you can find any).
 

pmbug

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Looks like the gold and silver markets have slept off their hangover. Moving on up again.
 

rblong2us

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Two things that I picked up on over the weekend that seemed reassuring -

1. Warren Buffets dumping banking shares and buying a chunk of Barrick Gold
2. A note from Paul Tustain asking hopeful new BullionVault customers waiting for their financial details to be checked and approved, to please be patient as 'they are dealing with an unprecenented new level of applications'
 

pmbug

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More ominously, I see the rhetoric, especially from China, ramping up. Currency war is around the corner.
 

rblong2us

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starting to feel like they have got price suppression back under control.
$1940 seems like an acceptable number for the moment .....
 

pmbug

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I'm sure the Fed and most central banks want to keep the price of gold from rising too quickly to maintain confidence in the currencies. It's going to be hard to keep a fixed lid on it though with the new commitment to stoking inflation with brrrt.
 

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could this be the reason we dont see the overnight beatdowns so much these days ?

The fact that the daily silver trading volume on the SHFE immediately rose six times after the introduction of night trading hours made perfect logical sense given the massive volatility in spot silver prices that often are artificially engineered in London and New York markets. Thus, traders in Shanghai ramped up their trades during the hours in which silver futures prices were being manipulated the most which led to an explosion in daily trading volume.
from https://maalamalama.com/wordpress/d...gold-prices-this-month-/14/07/skwealthacademy
 

pmbug

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We would need to compare that SHFE trading volume to normal London/New York volume to put it in proper perspective.
 

pmbug

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I guess everything is on sale this morning. I wonder if I can find any physical at a good price...
 
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