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Since the peak on March 8, Managed Money has reduced its Net Long positions by 60k contracts or 43%. Despite massive selling, the gold price has actually held up fairly well. The last time Managed Money net longs dropped this low in February, gold was struggling at the $1800 level, versus the struggle at $1900 […]
For the second month in a row, the Fed held true to its word and kept the balance sheet relatively flat. In aggregate, the balance sheet expanded by only $2B, though it did reach an all-time high mid-month. The drop to close out the month came as a result of $15B in mortgage-backed securities rolling […]
According to the seasonally adjusted data, M2 expanded by $59B in March. While the money supply is expanding, this is the slowest increase since June of 2021. It’s also almost $200B less than the $238B expansion last March.
The price analysis last month highlighted how gold was trying to carve out fragile support around $1900 and breakthrough resistance at $1950. Gold found a spark and broke through $1950, but has been unable to hold above it in the wake of “hawkish” Fed comments. Now, $1900 is being tested and should give clues to the next […]
Delivery volume for silver on the COMEX has dropped to the lowest level in months. Are banks ignoring silver to focus on gold? This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail.
This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to show the physical movement of metal into and out of Comex vaults.
The Treasury ran a budget deficit of $193B in the month of March. This exceeded the 12-month average of $144B. Over the last year, the Treasury has seen a massive influx of Individual tax revenues that have helped support the ballooning Federal Deficit. Unfortunately, spending has been so high that the additional revenue did not […]
The latest seasonally adjusted inflation rate for March was 1.21% month over month, with a non-seasonally adjusted annual rate of 8.56%. Both of these numbers came in slightly above expectations, which were elevated due to the war in Ukraine.
As we approach the middle of the month, here are the trends we’re seeing in the COMEX, along with a little more data on the national debt.
The US Treasury added $111 billion in debt during March. Meanwhile, rising interest rates are already creating problems for Uncle Sam. Annualized interest on the US debt has increased by over $16 billion in just six months. Following is an analysis of US debt holdings.
