There have been some major adjustments to headline data numbers so far in February from the BLS, the Fed, and now the Comex.
This analysis focuses on gold and silver delivery volume on the Comex. See the article What is the Comex for more detail.
The previous Commitment of Traders analysis showed how much influence Managed Money has over the short-term price movement of gold and silver. The table below summarizes this influence by comparing the Managed Money Net Positioning with “Other”, the next largest category. Swap is not considered because it typically sits opposite the other two.
As mentioned yesterday, daily updates into the March close are warranted given the extreme situation in the market. Today is First Position, which means the data tonight will give the first indication of March deliveries. Let’s get into it…
Even with the taper, the Fed continues to expand its balance sheet. And it’s not tapering the purchase of mortgage-backed securities (MBS) nearly as fast as advertised.
You’ve probably heard people say inflation is being caused by “greedy corporations.” They back up this increasingly popular narrative with tales of “excessive corporate profits.” In this episode of the Friday Gold Wrap, host Mike Maharrey busts this myth. He also talks about the wild ride in the gold and silver markets after Russia invaded Ukraine.
Usually, I only do one Comex Countdown into the close, but… you know… a war just started. Throw on top the fact that the Comex has been flashing warning signs lately, and I think a daily update is warranted for the next three days.
It’s very possible delivery volume is very robust which could put pressure on the physical market. I will keep the commentary light and the charts simple…
According to the seasonally adjusted data, M2 expanded by $245 billion in January. However, when looking at the raw, non-seasonally adjusted M2 data, the money supply contracted by $214 billion. That would be the largest contraction since Jan 2013.
How do we parse out this data?
Gold and silver have both rallied in recent weeks, with the price of gold pushing to $1,900 an ounce. But is this rally sustainable?
Following is some technical analysis of both the gold and silver markets.
You have a choice. Do you take an Olympic gold medal? Or the Lombardi Trophy?
Don’t make a hasty decision that you might regret.
There was more bad inflation news this week. So, the Fed is about to ramp up the inflation fight, right? Not so fast. In this episode of the Friday Gold Wrap, host Mike Maharrey argues that the central bank isn’t set to go to war with inflation because it can’t. And he explains how St. Louis Fed President James Bullard let the cat out of the bag.
