Thursday , June 27 2019
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Workers of the World, Unite Around Your Metal!  Precious Metals Supply and Demand

  Buyers of Gold vs. Buyers of Silver Wow! What a week for dollar! It dropped a whole milligram from 23.2 to 22.2mg gold. The dollar is now at its lowest level in years, and on the verge of breaking down. Silver, the precious metal of the common man [PT] We insist that the dollar cannot be measured in terms of its derivatives, such as the euro or the pound. These currencies depend on the dollar, not the other way around. When all...

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Feeling the Heat of a Civilization on the Downside

  An Epic Folly for the Ages Today we begin with a list.  A partial list.  And in no particular order… Angela Merkel. Donald Tusk. Mario Draghi. Donald Trump. Jerome Powell.  Shinzo Abe.  Haruhiko Kuroda.  Theresa May. Boris Johnson. Mark Carney. Xi Jinping.  Emmanuel Macron.  Vladimir Putin. Justin Trudeau. Juan Trump.  And many, many more… Politicians and bureaucrats of the modern age of statism and central planning… fighting a...

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“We’re All Socialists Now”

  An Ominous Sign of Things to Come Despite being probably robbed of the Democratic Party’s nomination by the Clinton political machine, the success of the Bernie Sanders’ 2016 campaign with his advocacy of “democratic socialism” was an ominous sign of things to come and, in some sense, more telling of the political climate than Donald Trump’s improbable victory in November, 2016. Bernie Sanders, yet another professional finger-wagger...

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How Do Stock Prices React to Rate Cuts by the Fed?

    The “Greatest Economy in History” Stumbles “This is the greatest economy in the history of our country”, Donald Trump opined just a few months ago. Alas, recently there is growing evidence of an economic slowdown. The Morgan Stanley MSBCI business conditions gauge plummets to its lowest level since 2008, as recent economic data releases ominously persist in disappointing. [PT] This has fueled speculation of imminent rate cuts by...

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Silver Remains a Monetary Metal – Precious Metals Supply and Demand

    Silver Price Driven by Reservation Demand The price of gold went up a buck last week, but the price of silver dropped back 13 cents. And the gold-silver ratio marches further upwards. Keith spoke at a conference this week, about how to analyze the fundamentals of supply and demand in gold and silver. He talked about the basis of course. Silver coins – silver prices are partly influenced by an industrial demand component, but the...

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Fed Chair Powell’s Plan to Pickle the Economy

  A Loose Relationship The Dow Jones Industrial Average made another concerted run at the elusive 27,000 milestone over the last several weeks.  But, as of this writing, the index has stalled out short of this psychosomatic barrier.  By our estimation, this is for the best. Since early 2018 the DJIA has gone nowhere, albeit in interesting ways… [PT] While not always apparent, the stock market generally maintains a loose connection to...

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Paul Tudor Jones Likes Gold

  Gold is Paul Tudor Jones’ Favorite Trade Over the Coming 12-24 Months In a recent Bloomberg interview, legendary trader and hedge fund manager Paul Tudor Jones was asked what areas of the markets currently offer the best opportunities in his opinion. His reply: “As a macro trader I think the best trade is going to be gold”. The relevant excerpt from the interview can be viewed below (in case the embedded video doesn’t work for you,...

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The Italian Job – Precious Metals Supply and Demand

  Lira Comeback? The price of gold jumped 35 bucks last week, and that of silver 48 cents. The dollar is now down to 23 milligrams of gold. Keith is on the road this week, so we will just comment on one thing. If Italy is serious about moving back to the lira, that will make the euro less sound (to say nothing of the lira). That will drive people mostly to the dollar, but also to gold. Italian deputy prime minister Matteo Salvini (as...

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Elizabeth Warren’s Plan to Bamboozle American Voters

  A Plan for Everything! The run-up to the presidential primaries offers a funhouse reflection of American life.  Presidential hopefuls, hacks, and has-beens turn to focus groups to discover what they think the American electorate wants. Then they distill it down to hollow bumper stickers. After that, they pump their fists and reflect it back with mindless repetition. A plea for clemency from Mr. 1/1024th crow. [PT] Change We Can...

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A Surprise Move in Gold

  Traders and Analysts Caught Wrong-Footed Over the past week gold and gold stocks have been on a tear. It is probably fair to say that most market participants were surprised by this development. Although sentiment on gold was not extremely bearish and several observers expected a bounce, to our knowledge no-one expected this: Gold stocks (HUI Index) and gold, daily. As noted in the annotation above, a Wells Fargo gold analyst turned...

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