Gold is currently tucked between fragile support and weak resistance.
Both gold and silver have been on a wild ride for the past several weeks. The last technical analysis showed how gold had broken through the lengthy consolidation pattern between $1750-$1800, with the Ukraine crisis pushing the metal through $1900.
Banks are in the process of restocking gold at a pace not seen in years.
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.
Over the past couple of weeks, I have focused on the activity at the Comex for the upcoming delivery months. While the data still supports a very bullish near-term posture as shown below, aggressive longs should consider when and how margin rates could be used to rein in prices.
The Fed launched its much-anticipated war on inflation this week. It wasn’t much of a first strike. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the Fed meeting and what might come next. He also touches on the possibility of a “petroyuan.”
The Fed is supposedly about to step into the ring to fight inflation. But all indications are it’s going to be a feckless fight.
Gold is an important part of your investment portfolio. But when you’re buying gold, you don’t want to overpay and you need to be on the lookout for scams.
In January, the US Treasury realized its first surplus in 2.5 years.
The surplus was short-lived.
The Treasury went in the red by $216.6 billion in February.
We got the February CPI data yesterday. There is some bad news in the report and then there is some really bad news. In this episode, SchiffGold Friday Gold Wrap Host Mike Maharrey breaks it all down. He also talks about gold’s rollercoaster ride this week in the context of inflation and the Russia-Ukraine situation.
Weeks before the Russian invasion of Ukraine, I highlighted Comex data points that could signal a big move ahead in gold. The invasion may have been the spark to light the fire, but the data showed the groundwork was being laid back in January.
Silver has now sent up its own flare that may be tied to the largest data adjustment ever seen at the CME for silver.
The latest seasonally adjusted inflation rate for January was 0.8% month over month. The non-seasonally adjusted annual rate came in at 7.87%. Both of these numbers were slightly above expectations.
Unlike last year, where one component made up the bulk of the move, the past several months have shown increases more evenly spread across the CPI. This shows that inflation continues to become more widespread. And there is no sign it is slowing down.
