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Tag Archives: Precious Metals

The Strongest Seasonal Advance in Precious Metals Stocks Begins Now

  Bonanza Season In the 18 December 2019 issue of Seasonal Insights I discussed the strong seasonal advance in precious metals around the turn of the year. In silver it begins in mid December and continues until the end of February. A roughly similar pattern can be observed in platinum and palladium, while seasonal buoyancy is at least to some degree evident in gold as well. Long-term silver and platinum seasonal charts from the late...

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Opportunities in the Gold Exploration Sector

    An Unloved Sector We rarely discuss individual stocks in these pages, but we make an exception now and then when we spot exceptional opportunities. This time the reason is actually more mundane: the vast majority of gold exploration stocks failed to benefit from the rally in precious metals prices last year. As a result many of them came under even greater pressure in the tax loss selling season at the end of the year. We made a list...

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Wealth Consumption vs. Growth – Precious Metals Supply and Demand

  GDP – A Poor Measure of “Growth” Last week the prices of the metals rose $35 and $0.82. But, then, the price of a basket of the 500 biggest stocks rose 62. The price of a barrel of oil rose $1.63. Even the euro went up a smidgen. One thing that did not go up was bitcoin. Another was the much-hated asset in the longest bull market. We refer to the US Treasury. BofA Merrill Lynch high yield master II option-adjusted spread: on Dec. 23...

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The Strongest Seasonal Advance in Precious Metals Begins Now

  Plans and Consequences You are probably already getting into the holiday spirit, perhaps you are even under a little stress. But the turn of the year will soon be here – an occasion to review the past year and make plans for the new one. Many people are doing just that – and their behavior is creating the strongest seasonal rally in the precious metals markets. Anonymous industrial stackers showing off their freshly purchased silver...

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Eulogies for a Central Planner Reviewed – Precious Metals Supply and Demand

  A Critical Appraisal of a Hero of Central Monetary Planning We apologize for publishing this Report late. We have been very busy developing the business. Last week the price of gold moved up $16, and that of silver $0.39. Almost two groceries leaked out of that store of value par excellence, bitcoin. But hey, stocks are up! We admit to having a soft spot for the politically incorrect Paul Volcker. He frequently expressed bemusement...

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Steam Punk Animals – Precious Metals Supply and Demand

  Re-Purposing of Tractor Parts in South Dakota   The price of gold was all but unchanged, but the price of silver dropped another 46 copper pennies last week. We came across an article showing pictures of something we have previously described: sculptures made from parts taken from farm tractors. Here is a picture I took: The good old Predator made of tractor parts – looks almost like the real thing! Here is background information on...

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Gold Moves from Vault A to Vault B – Precious Metals Supply and Demand

  Poland’s Gold and the Conspiracy Theorists The price of gold was up enough to buy a bottle of Two Buck Chuck wine, and the price of silver was up enough to buy a wooden nickel (well, not enough to buy a real nickel nickel). Poland’s gold bars are packaged by employees of G4S International Logistics to be transported from London to Poland. Poland’s gold was originally transferred to London at the beginning of WW II, when Stalin and...

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Eating the Seed Corn – Precious Metals Supply and Demand

  Misguided Incentives The price of gold subsided a few bucks, and the price of silver blipped a few pennies. Not much action last week, groceries neither pumped into nor drained out of this asset class. Those who look to exchange capital goods for groceries need to find a different asset. The best-laid plans… [PT] Not even the S&P 500 Index provided a gain in groceries this week. It certainly wasn’t the much-vaunted store of...

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Repo Market, QE4 (a.k.a. Not QE), the Fed and Gold

  Incrementum Advisory Board Discussion of 23 Oct 2019 In late October the Advisory Board of the Incrementum Fund held its quarterly meeting (a transcript is available for download at the end of this post). This time the board was joined by special guest Dan Oliver, the manager of Myrmikan Capital and president of the Committee for Monetary Research & Education.  Myrmikan inter alia publishes excellent and quite original research on...

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Gold, Togas and Very Fine Suits – Precious Metals Supply and Demand

  Yields and the “Everything Bubble” Last week the price of gold was up $9, and the price of silver was up $0.18. This week, our thought turns to a cherished old saw. Gold bugs often tell us that the purchasing power of gold is constant. An ounce of gold could have purchased, they say, a fine toga in Roman times. Just as it could buy a fine suit today. This magnificent toga will set you back an ounce, pilgrim. Just think of the...

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