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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 […]
Jerome Powell and other policymakers at the Fed keep telling us they can raise interest rates and slay the inflation dragon because the economy is strong. But these central bankers have a long history of being wrong. And as host Mike Maharrey explains in this episode of the Friday Gold Wrap podcast, the recent GDP […]
Gold demand surged to kick off the year, up 34% year-on-year in the first quarter of 2022. Total demand came in at 1,234 tons in Q1. That was the highest quarterly demand since Q4 2018, according to the World Gold Council’s Gold Demand Trends report. Demand in the first quarter of this year was 19% […]
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.
The Fed faces a real conundrum. Bond yields continue to rise. The only thing that can stop it is a central bank pivot back to rate cuts and quantitative easing. But the Fed needs to raise rates and shrink its balance sheet to fight inflation. In this episode of the Friday Gold Wrap podcast, host […]
Earlier this week, the yield on the 30-year Treasury rose above 3% for the first time since April 2019 as the carnage in the bond market continues. Rising yields have put pressure on gold. The yellow metal flirted with $2,000 an ounce but has since fallen below the $1,950 resistance. Once again, investors are fixated […]
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.
