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Please note: the CoTs report was published 06/02/2023 for the period ending 05/30/2023. “Managed Money” and “Hedge Funds” are used interchangeably. Managed money has once again bailed on gold, which drove the price back below $2000 an ounce despite the “Other” group stepping in to absorb some of the selling.
The BLS reported that a whopping 339,000 jobs were added in May. This crushed median estimates of 190,000 jobs added. The Household Survey tells a very different story though, reporting a loss of 310,000 jobs.
The Fed reduced its balance sheet by $177 million last month. The majority of this was actually in Treasuries with less than 1-year maturity, totaling $102B. The next biggest reduction was in loans, totaling $40B.
As expected, gold has turned in a fairly strong start to the month on the COMEX. It’s below April but is still early in the contract.
If you buy gold or silver, you’re going to pay a premium. So, what exactly is a premium and how is it determined? In this episode of the Friday Gold Wrap, host Mike Maharrey answers common questions about premiums. He also discusses the debt ceiling deal and reveals where Americans rank gold as a long-term […]
When we talk about the spot price of gold and silver, or the return on precious metals investments, some people are quick to remind me that I’m not factoring in premiums. What exactly are premiums?
The debt ceiling “crisis” is coming to a head. We’re pretty confident Republicans and Democrats will strike a deal and raise the debt ceiling. That’s supposed to solve the problem. But Friday Gold Wrap podcast host Mike Maharrey says the solution is the problem. In this episode, he also offers some bullish perspective on silver.
Gold is wrapping up May which has slightly exceeded the last minor month in March.
Seasonally Adjusted Money Supply in April fell $167B. As the chart below shows, this is now the 9th consecutive monthly drop. This is also the second-largest drop of all time, behind only last month.
Citigroup projects silver could rise to $30 an ounce in the next six months to a year. With silver currently in the $23.00 range, this represents a possible 30% return.
