Key Takeaways
- The price of Bitcoin has been suspiciously stable following the epic collapse of FTX less than 2 months ago
- The whales are defending the Bitcoin price at $16,000 waiting for interest to flood back into Bitcoin
- It’s hard to imagine a bigger hype train than 2021 which means Bitcoin may not make a new all-time high
Silver demand in 2022 is expected to chart an all-time high.
This is one of several silver-related stories in the latest edition of Silver News published by the Silver Institute.
We’re just a few days into the new year. How are resolutions going?
Mine are going fantastic!
I didn’t make any.
Please note: the CoTs report was published 12/30/2022 for the period ending 12/27/2022. “Managed Money” and “Hedge Funds” are used interchangeably.
Gold finished the year on a strong note, with Managed Money reaching a net-long position of 50k. This is the largest net long position for Managed Money going back to June 2022.
The Fed has a targeted balance sheet reduction of $95B a month. After reaching and exceeding this target last month, the Fed is back to undershooting.
This should not come as a surprise given the turmoil in the bond market this year and the lack of liquidity.
This analysis typically starts with gold, but the activity in platinum is a major event that should not be overlooked.
See the article What is the Comex? for a bit of backstory.
The Federal Reserve is trying to win a war against price inflation without tipping the economy into a recession. In this episode of the Friday Gold Wrap, host Mike Maharrey highlights two more reasons this is a game the Fed can’t win. He also does a quick overview of the gold market in 2022 as we head toward the end of the year.
The 13-week annualized non-seasonally adjusted money supply growth rate is crashing at a time when it typically moves up. The market is becoming increasingly more vulnerable to a major event in the weeks or months ahead. Let’s take a look at the data…
While the price analysis last month was very neutral, the data this month points to a bit more positive momentum in the gold and silver markets.
Last month I highlighted that gold was trapped between long-term support and resistance.
