• Gold: 1,257.19 -0.08
  • Silver: 17.16 -0.03
  • Euro: 1.122 0.001
  • USDX: 97.238 -0.113
  • Oil: 51.24 -0.23

Silver Market Morning: April 5 2017 - Gold...

The gold price is like a mirror for the different currencies and their financial systems. It is an inefficient market in that it does not reflect such on a day to day basis. It reflects the situation over time and has to contend with all sorts of interference from speculators, banks and governments. But, over time, it is an unbiased, accurate reflection of a nation’s financial condition through its exchange rate against gold.

Silver Market Morning: April 4 2017 - Gold rising...

With Shanghai closed yesterday and today, the gold price jumped up and away from support into the higher $1,250’s this morning. This was primarily driven by a nearly four and a half tonne purchase into the gold ETF. So many times, in the past, we have seen such points of inflection result in ‘bear’ raids. But this time it was the bulls which came in. And they came in with physical demand.

Econ 101 -- Silver Market Manipulation

I hope this helps you to understand the forces that are aligned against you as a silver investor. However, do not despair. No fraud can last indefinitely and no institution built upon a foundation of lies and deceit can stand the test of time. Instead, the day is coming where true physical price discovery will again prevail in the precious metals. What will that price be? I have no idea but I'm quite certain that it won't be $1250/oz for gold and/or $18.25/oz for silver.

Silver Market Morning: April 3 2017 - Gold...

More importantly, gold prices today will not see any Chinese demand. As a result today’s prices will not reflect global demand, only London and New York. While the chances of a fall in the gold price globally is higher for today and tomorrow, Wednesday should see Chinese demand return, if that happens.

Market Report: Dollar under attack

As it was, gold traded in a narrow range all week, between $1245 and $1255, before dipping slightly yesterday in late trade to $1242. Silver meanwhile outperformed gold. In early European trading this morning (Friday) gold was at $1242 and silver at $18.09. The April futures gold contract is running off the board, and one would expect the bullion banks to shake out the speculators with long positions. Most have rolled over into the June contract, but remarkably, some did not, choosing to close positions, with no damage to the price. As a result, open interest has decreased significantly, which is evident in the next chart.

Precious Metals Are in Alignment for a Major...

Writing a missive such as this one has been a labor of love for me since the mid-1980s when I began to observe how stock market investors behaved at or near major inflection points—meaning "tops" and "bottoms." It all began in London, Ontario, in the summer of 1982 when I was in attendance at the annual London Chamber of Commerce Annual Canada Day barbecue where business types of all persuasions came together to "try to hustle up some new business," a 1980's version of the 2017 term "networking."

March Comex Silver "Deliveries"

Given my past experience in dealing with the CFTC, in no way do I expect any aggressive action from this neutered and fully-controlled agency. Instead, I just thought it would be fun to see if I heard anything back from them at all. Will I even get a response? I can tell you that, so far, I haven't even received one of those "thank you for writing us, we'll look into it" emails so it's not looking good. However, if I do eventually hear from them, I'll be sure to write follow-up to this post.

Silver Market Morning: Mar 28 2017 - Gold holding...

For gold, before London opened on Monday Shanghai had already reacted through the western night. It was at $1,257 when we first looked during Shanghai’s day on Monday and is currently holding that level now. If it holds above $1,250 it will have broken through overhead resistance, which will become support, which appears to be happening now.

Silver Market Morning: Mar 24 2017 - Gold facing...

The Healthcare Bill is not just about healthcare or about Donald Trump but about the ability of the Republican majority to turn what has been political gridlock for the last two terms into decisive government. If the bill fails to pass today, it implies that despite the hype about President Trump’s ‘get things done’ ability, the government remains in political gridlock, with the majority disunited. That implies a lower dollar, lower equities [where the rise since his election accounts for 14% of the rise in the Dow] and higher gold.

Silver Market Morning: Mar 23 2017 - Gold making...

You will note how Shanghai prices have been steady after jumping with London and New York’s ‘discounts’ narrowing a great deal. We attribute this to arbitrageurs or western dealers making sure their prices are not out of line. Why do we stress this? It shows the lessening impact of western news items and COMEX actions. It ensures that gold prices are more currency related. We believe it is already reducing the volatility in global gold markets.