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Another month in and the Fed is still struggling to implement Quantitative Tightening (QT). According to the plan the Fed outlined last May, the central bank should be shrinking the balance sheet by at least $47.5B a month, spread between $30B in Treasuries and $17.5B in MBS. That’s not happening.
Money Supply growth is falling rapidly. Two of the last three months have seen a decrease in the seasonally adjusted M2 Money Supply with the recent month dropping $17B. Given that April was the first contraction in 12 years, two of the last three months being negative is an ominous sign.
The price analysis two months ago concluded that a neutral market had been found between $1800 and $1850 and was waiting to see a break of resistance or support. It leaned bullish with indicators showing the down move had run its course but it also highlighted the risk that a drop below $1800 and $1750 brings $1680 […]
Gold started July delivery activity as the weakest minor month since 2019. This showed a general lack of interest in the market. Considering the activity since then, it’s possible this was a signal of capitulation. Since the start of the delivery month, activity in the July gold contract has exploded.
We’ve heard all kinds of excuses for inflation. It was COVID. It was Putin’s price hikes. It’s greedy corporations. This week, we learned it’s the millennials’ fault. As host Mike Maharrey explains in this week’s Friday Gold Wrap, all of these notions miss the mark. And they let the real culprit get off scot-free. How? […]
On July 1, a Virginia law extending and expanding a sales tax exemption on the sale of gold and silver bullion and coins went into effect. Ending the sales tax will relieve some of the tax burdens on investors, and take a step toward treating precious metal bullions as money instead of a commodity.
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.
Who needs gold? Ukraine, apparently. An official at the central bank claims it has sold billions in gold since the Russians invaded Ukraine back in February.
It happened again. The CPI data for June came in hotter than expected. Prices rose at the fastest pace in this inflationary cycle. That pushes the Fed ever closer to having to make a very difficult choice. In this episode of the Friday Gold Wrap, host Mike Maharrey breaks down the most recent CPI data […]
The Federal Government ran an $89B deficit in June. This was an increase MoM but below the June deficit last year of $174B.
