Gold and silver delivery requests from the Comex neared a 1-year high in November.
Note: This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail. Additionally, numbers from Comex for December 1 are still preliminary as of publishing. Numbers may change some.
Earlier this week, President Joe Biden announced Jerome Powell will serve a second term as chair of the Federal Reserve. In effect, Biden stuck with the status quo. But the markets reacted as if big changes are afoot. Gold sold off hard, falling back below $1,800 an ounce. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about Powell’s appointment and the market’s reaction to it.
With several days to go in the month, the number of silver contracts taken for immediate delivery at the Comex already stands at 741, more than double the total in November 2020. That raises two big questions: who is taking delivery of all this metal mid-month? And more importantly, what are they anticipating?
This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail.
So much for fighting inflation.
Despite the Fed’s announcement that quantitative easing tapering would begin this month, money supply growth appears to be accelerating.
In the latest period, M2 increased by $193 billion, eclipsing the $21 trillion mark. This represents a 0.91% month-on-month increase. That annualizes to 11.6%. This is above the six-month average indicating money supply growth is accelerating.
Every key area of silver demand is forecast to rise in 2021, according to the Silver Institute’s Interim Silver Market Review.
The institute projects silver demand will come in at 1.029 billion ounces this year. That would mark the first year demand has exceeded 1 billion ounces since 2015.
Gold finally broke through the $1,800 resistance after yet another sizzling hot CPI read. Could $1,900 be next?
The analysis last month and the month before showed that a breakout in the price of gold looked to be very close.
It happened!
The retail sales numbers for October came in even better than expected. The mainstream reported this as fantastic news — proof that the economy is booming. Meanwhile, Janet Yellen went on national TV and put a new spin on the transitory inflation narrative. In this week’s Friday Gold Wrap, host Mike Maharrey explains why you shouldn’t fall for all this mainstream and government spin.
Gold stocks in the Comex vaults have recorded another significant drop since the beginning of the month. Silver inventories have also dropped over the last few months.
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.
The federal budget deficit in October came in at $165 billion. That represents a staggering 36.8% of total expenditures for the month.
This is slightly below the 12-month average where the deficit represented 39.3% of total expenditures. Over the twelve-month period, the total deficit was $2.65 trillion driven by total expenditures that reached $6.7 trillion.
The following analysis breaks down the huge October federal budget deficit and sets it in historical context.
The October Consumer Price Index data came out this week. They expected it to come in hot. But not this hot. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey digs into the CPI numbers, along with another inflation index that looks even worse, and he wonders out loud how anybody can still buy into this “transitory” inflation narrative.
