From the March 23rd low in the PM complex we’ve enjoyed the first easy part of this rally that should have many years to run yet. Every bull market will consist of an impulse move followed by a consolidation period, rinse and repeat until the bull market ends with some type of reversal pattern. Normally in a secular bull market the turning points will generally be very large to buildup the energy to advance to new highs.
The current 2nd leg up in the secular PM complex bull market actually began in January of 2016 after the first leg up ran from 2000 to 2011. There was a cyclical bear market within the secular bull market that ran from the 2011 high to the January 2016 low. It’s important to understand which part of a bull market one is in as to not get confused on what may lay ahead. Full Story
With the nation in deep crisis, stocks continued on their heedless path higher. The seemingly demented rally is demonstrating yet again that bull markets at some point decouple so completely from reality as to mock those who thrive by promoting them. By now, the spun story that investors are looking past the pandemic and focusing on renewed growth is sounding increasingly farfetched. Some economists estimate that it could take more than a decade for economic activity to return to what it was before Covid-19 hit. We don't need economists to prepare us for the worst, though, since we can plainly see the truth of what they are saying all around us. Huge write-offs yet to come will dwarf the relatively paltry trillions pushed, in the name of stimulus, into economic dead zones. What the money has stimulated, mainly, is the markets, but with some big holes. For example, the collapse of just one category of financial derivatives -- ETNs, or exchange trade notes -- threatens investors with losses of as much as $7 trillion. It is never coming back. Full Story
By: Steve St. Angelo, SRSrocco Report - 3 June, 2020
The United States is presently experiencing nationwide protests and violence. While I commend individuals to protest for what they believe in, the best protest may be to LEAVE THE BIG CITY altogether. Americans have no clue just how awful the living conditions will become in many of the BIG CITIES and MEGA-SUBURBS when we go over the ENERGY CLIFF.
It’s time for Americans to take back control of their lives by growing some of their own food while learning how to be more self-sufficient. Full Story
Monday’s session was an inside day within a potential inside week/high-level consolidation context. Basically, the regular trading hours (RTH) session was confined to a 3059-3027 range on the Emini S&P 500 (ES), which is about 1%. In addition, as you may be aware by now, the average range per day has been narrowing for the past few weeks due to this methodical grind up and slower momentum when compared to Feb-April 2020. As previously discussed, the recent action is very similar to year 2019 as we’re seeing flashbacks from all the market tendencies of the easier overnight grind up and then chop around during RTH. (Nowadays, most gains have been made during globex vs RTH, hence easier setups during the overnight.) Full Story
Gold investment demand will rise with every passing week. China and its relationship with the rest of the world will be positive for gold. China worsening relations with most nations should continue. Full Story
Indications of stress developing in the physical gold and silver markets of London and NYC were apparent last summer, well before anyone ever heard of the term “coronavirus.” The shortage of gold in NY that led to roll-out of the infamous “4G enhanced gold” contract that fractionalized LBMA gold bars for “delivery” on the Comex is just one of the “footprints” in the snow that lead us to this conclusion.
In addition, the big spread between spot gold and gold futures which persisted for several weeks and now has spread to the silver market reflects a large dislocation between the physical market and the paper derivatives market for silver. Full Story
The best performing precious metal for the week was silver, up 3.78 percent on stronger industrial demand. After a slow start to the week, gold and silver were moderately higher in midday U.S. trading Thursday as haven demand returned due to China’s security law imposition on Hong Kong. The move by China ratcheted up tensions with the U.S. Gold rose Friday morning as investors awaited President Trump’s news conference to announce his China response. Broader equity markets have been somewhat euphoric on the immediate fear-of-missing-out hope for a COVID-19 vaccine. However, with little mention in the news, American investors cannot get enough gold. Swiss gold exports to the U.S. surged to 111.7 tons in April – the most on record. Full Story
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