Saturday, December 21, 2024

Metals

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Gold Contracts for Immediate Delivery Explode Higher

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by Peter Schiff, Schiff Gold:

In 5 days, the COMEX has seen 4,190 contracts open and stand for immediate delivery. This is the strongest start to a month going back at least 2 years, which includes the start of the war in Ukraine and the February 2021 Reddit silver squeeze.

In the latest Comex update, I mentioned that:

Gold has started a bit slow. This shouldn’t be a surprise though as the game in gold continues to be net new contracts.

As the chart below shows, total delivery volume remains a bit below the trend. However, the delivery month just got started.

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Bank crisis pushes gold to near record

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by Alasdair Macleod, GoldMoney:

On the back of worrying developments in US regional banks, gold and silver performed well this week. This morning in European trade, gold was at $2039 up $53 from last Friday’s close after briefly testing new high ground, and silver was at $25.88, up 90 cents. Volumes on Comex picked up with the rise, and gold’s Open Interest is moving into neutral territory rather than being overbought, but silver is still marginally oversold. This is illustrated in our next two charts below:

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WAGNER GROUP WARNS RUSSIA THAT THEY MAY EXIT BUKHMUT DUE TO LACK OF AMMO

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by Harvey Organ, Harvey Organ Blog:

THE CROOKS RAID GOLD AND SILVER ON PHONY JOBS REPORT: GOLD CLOSED DOWN $30.30 TO $2016.90//SILVER CLOSED DOWN 31 CENTS TO $25.64//PLATINUM CLOSED UP $20.95 TO $1062.20 //PALLADIUM WAS UP $45.75 TO $1504.40//COVID UPATES/DR PAUL ALEXANDER/VACCINE IMPACT/SLAY NEWS//RUSSIA VS UKRAINE UPDATES/SUDAN WAR UPDATE//WAGNER GROUP WARNS RUSSIA THAT THEY MAY EXIT BUKHMUT DUE TO LACK OF AMMO

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Ongoing U.S. Mint Failures Bring Discredit to America, Raise Costs

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by Clint Siegner, Money Metals:

We are one third of the way through 2023, and it has certainly been interesting in the bullion markets thus far.

The year opened with supply and demand for coins, rounds, and bars pretty well balanced. Demand surged when the failure of Silicon Valley Bank awakened investors to the possibility of systemic problems among smaller and regional banks.

In the background, gold and silver prices have been drifting higher.

For the moment, retail bullion demand has eased, and the markets seem to be taking a breather.

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Record Silver Demand in 2022 and Other Silver News

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by Peter Schiff, Schiff Gold:

All major categories of silver demand charted highs in 2022, contributing to a new total global silver demand record of 1.242 billion ounces.

This is one of several silver-related stories in the latest edition of Silver News published by the Silver Institute.

Industrial demand was up 5% last year to 556.5 million ounces, driven by rapidly increasing use in the green technology sector. Industrial offtake makes up nearly half of all silver demand.

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COMEX Gold JOLTed Again

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by Craig Hemke, Sprott Money:

Last month, we wrote about how employment is usually the ultimate lagging indicator of recession, and when the JOLTS jobs report was issued on April 4, the slowdown in hiring “jolted” gold prices higher. The latest report is having the same impact.

As we often do in these weekly columns, let’s begin this one with a reference to that last time we covered this topic. Here’s a link to the article of four weeks ago along with a snippet of the first three paragraphs:

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