Over the last several years, we’ve seen strong central bank gold-buying. The surge in gold purchases has primarily been driven by a handful of consistent players. But over the last several months, we’ve seen several new countries enter the market.
The most recent is Ireland.
That was one weird jobs report.
The labor department released the November employment data on Friday. The numbers simply don’t make any sense. As one chief investment officer put it, “One of the weirdest reports I have ever seen.”
One thing seems pretty certain. The labor market has not recovered, no matter how the powers that be spin the numbers.
Looking at the data, it appears hedge funds are currently driving price action in the gold market
Please note: the COTs report was published 12/3/2021 for the period ending 11/30/2021. “Managed Money” and “Hedge Funds” are used interchangeably.
November was the weakest jobs report of the year, coming in at a paltry 210,000, missing consensus expectations of 573,000. There were modest revisions upwards over the last two months of 8,000 and 15,000 for September and October respectively. Nothing to be excited about.
There are a lot of great places you can buy gold jewelry. And then there are some places you should absolutely not buy gold jewelry.
After President Biden announced he was reappointing Jerome Powell for a second term as Federal Reserve Chairman, Powell went hawkish, saying it’s time to retire the word “transitory” when it comes to inflation and talking about speeding up the taper. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the Powell transformation and questions whether a dove can really change his feathers.
Gold and silver delivery requests from the Comex neared a 1-year high in November.
Note: This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail. Additionally, numbers from Comex for December 1 are still preliminary as of publishing. Numbers may change some.
Gold demand in India strengthened in October despite higher prices. This continues a rebound in the world’s second-largest gold market after it was pummeled by government policies during the coronavirus pandemic.
It appears American consumers are going to have a red Christmas this year.
Red — as in going deeper into debt.
Singapore expanded its gold reserves by about 20% earlier this year, joining a growing number of countries increasing their investment in the yellow metal.