22 June 2016

SP 500 and NDX Futures Daily Charts - Coiling For a Move


The coiling is most obvious on the NDX chart.

Brexit tomorrow.

VIX elevated.

Have a pleasant evening.








NAV Premiums of Certain Precious Metal Trusts and Funds - Market Dislocation


Again the premiums to NAV are interesting.   Sprott gold is still positive, with Sprott silver slightly at a discount.

The discount on the Central Fund has continued to narrow.

As you may recall, I 'forecasted' at the beginning of this year that the shortages in physical gold in London would start manifesting this month.

That may have been delayed a bit through the relief to the physical supply being received from the re-repatriation of the Venezuela gold.

Unless something radically changes I do still believe that we will be seeing a 'break' in the physical market at some point in the not too distant future.

We may already be seeing indications of this in some of the pricing, although the official price of gold has become dominated by a currency trade without respect for physical supply and demand.  And as a currency it has been caught up in the trading centered on the questions and concerns raised by Brexit.

And therein lies the roots of the 'break' in the physical and paper markets should it occur.  Because unlike a sovereign currency, no central bank can print additional physical bullion, but only the appearance of it.    And that central bank perception game has grown very old.




21 June 2016

Gold Daily and Silver Weekly Charts - Paper Chase


Today I have included the delivery report for gold which is small but typical, and the silver inventory warehouse report which shows the continuing drawdowns and the big hoard at JPM.

Brexit is weighing on the currency markets and therefore on paper gold.

Have a pleasant evening.







SP500 and NDX Futures Daily Charts


It's all about the Brexit apparently.

Have a pleasant evening.





Chindia Takes 207 Tonnes of Gold In March






20 June 2016

Gold Daily and Silver Weekly Charts - Two for Flinching


The 'tell' today was that silver never really faltered, even though gold was hit early and a bit hard, down about 30 at one point from the Friday close at around 1299.

The net longs on the Comex in gold are at record highs, so a few gut checks might be in order to shake out the weak hands.

Let's see what Janet has to say to the Senate in her annual testimony this week.

And of course, there is the Brexit vote on Thursday.

Have a pleasant evening.