by Craig Hemke, Sprott Money:
An easily-predictable short squeeze has lifted COMEX precious metal prices off their recent floor. Equally predictable is the current rush to proclaim that new highs for 2024 will soon be forthcoming.
Let’s start with the latest Spec short squeeze. How can I say it was easily predictable? Below are X posts from yours truly on February 6 with follow up on February 9:
by Dave Kranzler, Investment Research Dynamics:
Yesterday (Wednesday, December 13th) the Fed signaled the end to interest rate hikes and, in so many words, implied that now the timing of rate cuts is being informally discussed. While stocks and bonds staged a rally, the precious metals sector sprinted higher. Gold and silver rose 2.4% and nearly 5%, respectively, while the mining stocks as represented by GDX soared over 6%. Across the board, the precious metals sector and mining stocks in terms of percentage price gains ran circles around the rest of the stock market. This should be the start of a long, sustained bull cycle in the precious metals sector that could take even seasoned gold bugs like me by surprise with the size of the moving coming.
by Harvey Organ, Harvey Organ Blog:
GOLD CLOSED UP $1.50 TO $2064.50 WITH SILVER DOWN $.09 TO $23.73/PLATINUM WAS DOWN $5.80 TO $987,60 WHILE PALLADIUM WAS DOWN $24.40 TO $1080.60/IMPORTANT GOLD/SILVER COMMENTARY TONIGHT FROM TED BUTLER//CHINA TO CONSTRUCT MAJOR CITY OUTSIDE OF BAGDHAD//ISRAEL VS HUMAS UPDATES//WEST BANK VS ISRAEL UPDATES//LEBANON AND HEZBOLLAH UPDATES: MAJOR ASSASSINATION OF PALESTINIAN LEADER//SYRIA VS ISRAEL UPDATES//HOUTHIS ATTACK USA SHIP IN THE RED SEA///COVID UPDATES//VACCINE INJURIES//DR PAUL ALEXANDER/SLAY NEWS ETC//USA DATA RELEASE SHOWS MANUFACTURING SLUMPING AGAIN REVERSE REPO BACK TO 713 BILLION DOLLARS////USA ECONOMIC NEWS FROM MISH SHEDLOCK
by Ted Butler, Silver Seek:
It seems to me that the forces at play in silver, both working for and against sharply higher prices, show no signs of letting up. However, common sense and logic dictate that such diametrically-opposed forces point to an eventual end to the stalemate – with the only real question being when. Since these opposing forces have been in play for 40 years, they have taken on a life of their own and the purpose of this review is a brief overview and summary.
Let me start with the forces that have worked to suppress and manipulate the price of silver to be much lower than any objective analysis would suggest, both on an absolute basis and relative to just about any other commodity or asset, most specifically, gold. The direct cause of silver’s 40-year price suppression is collusive commercial (mostly bank) paper positioning on the COMEX, the world’s leading precious metals derivatives exchange.
by Harvey Organ, Harvey Organ Blog:
GOLD CLOSED DOWN $3.60 TO $2034.55//SILVER WAS UP 28 CENTS TO $24.32/PLATINUM WAS UP $10.50 TO $971.80 WHILE PALLADIUM WAS DOWN $15.65 TO $1217.10//GOLD COMMENTARIES TODAY FROM EGON VON GREYERZ AND MIKE MAHARRAY//UK INFLATION RATE WELL DOWN AND THAT PROBABLY SIGNALS A RATE CUT//ISRAEL VS HAMAS UPDATES; VERY QUITE AS THEY ANTICIPATE A PAUSE AND A HOSTAGE EXCHANGE//HOUTHIS VS ISRAEL AND THE USA: HOUTHIS STILL ON THE WARPATH//USA DATA RELEASES//USA EXISTING HOME SALES UP SLIGHTLY
by Craig Hemke, Sprott Money:
As 2023 ends, let’s take a quick stroll down memory lane to see if there are any clues as to where gold and silver prices are headed in the new year.
Sometime early next month, I’ll compose and post my forecast for 2024. I’ve been publishing these annual forecasts for the past seven or eight years, and I do so for two primary reasons:
to hold myself accountable for mistakes, errors, and misjudgments;
to have a permanent record of what I was thinking as the previous year began.
If you’d like to go back and review this year’s “macrocast”, here’s the link. Maybe you’ll find it to be of interest?
by Harvey Organ, Harvey Organ Blog:
GOLD CLOSED UP $12.15 TO $2038.15//SILVER WAS UP $.27 TO $24,04//PLATINUM WAS UP $9.50 TO $961.30 WHILE PALLADIUM WAS UP $49.95 TO $1232.75/BIG NEWS OF THE DAY IS THE JOINING FORCES OF LME WITH THE SHANGHAI GOLD EXCHANGE WHEREBY THE LME WILL SET UP A FUTURES EXCHANGE USING SHANGHAI GOLD AND SILVER PRICES//GOLD COMMENTARY FOR PETER SCHIFF//ISRAEL VS HAMAS UPDATES//10 NATIONS SET TO PATROL THE RED SEA AGAINST THE HOUTHIS//HOUTHIS PROMISE TO STRIKE BACK//UPDATES FROM LEBANON AND HEZBOLLAH AGAINST ISRAEL//COVID UPDATES//VACCINE INJURIES//DR PAUL ALEXANDER/SLAY NEWS//EVOL NEWS//NEWS ADDICTS//ICELAND’S VOLCANO FINALLY ERUPTS
