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Market Oracle FREE Newsletter

Category: Gold and Silver 2022

The analysis published under this category are as follows.

Commodities

Friday, September 02, 2022

Gold Falls as Powell Appears Hawkish in Jackson Hole / Commodities / Gold and Silver 2022

By: Arkadiusz_Sieron

Powell’s speech at the Jackson Hole symposium confirmed his hawkish stance, sending gold prices towards $1,700.

Markets Were Quick to React to Powell’s Speech

Jackson Hole is behind us! What have we learned from Powell’s remarks at this year’s symposium? Well, the Fed Chair delivered a decisive and firm speech that reinforced the Fed’s hawkish stance and put to rest beliefs about a quick dovish pivot:

Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy.

Although Powell didn’t specify how large the next interest rate hike will be, he said that “another unusually large increase could be appropriate at our next meeting”. Importantly, Powell downplayed July’s deceleration in inflation, saying that “a single month's improvement falls far short of what the Committee will need to see before we are confident that inflation is moving down”.
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Commodities

Saturday, August 20, 2022

Gold 2022 Doesn’t Have to Be Like 1980 / Commodities / Gold and Silver 2022

By: Arkadiusz_Sieron

A recession is coming – but will it really be positive for gold? After all, the yellow metal plunged in 1980, despite an economic downturn.

Recession and Stagflation


Everyone says that the upcoming recession and stagflation will be good for gold. However, will they really? Some doubts also arose in my mind, so let’s investigate them. I, of course, don’t dispute that gold soared in the 1970s. This is a fact which is illustrated nicely by the chart below.
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Commodities

Thursday, August 11, 2022

Silver Coin Premiums – Another Collapse? / Commodities / Gold and Silver 2022

By: Kelsey_Williams

SILVER COIN PREMIUMS

In 1972, a bag ($1000 face value) of “junk” US silver coins sold for approximately $1300-1350. The average closing price of silver that year was $1.68 oz; hence, the silver content (715 ounces) value was $1200 per bag. The remaining difference was a premium of about ten percent.

A lower silver price would generally result in higher percentage premiums because the face value of $1000 represented a ‘floor’ which limited the risk of holding the coins. In other words, the real investment risk was limited to the amount you paid over the $1000 face value.

For example, if the price of silver were to fall to $1.00 oz., the silver content value of the bag would be $715 ($1.00 oz. x 715 ounces) Since the coins were legal tender and still accepted at their face value, though, the full bag of coins retained its face value of $1000.

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Commodities

Thursday, August 11, 2022

Gold-to-Silver Ratio Heading Lower – Setup Like 1989-03 / Commodities / Gold and Silver 2022

By: Chris_Vermeulen

Fear is starting to become an issue. Traders are starting to realize inflation, CPI, PPI, and global currencies are reacting to the sudden policy shift by the US Fed and global central banks. This fear is showing up in the Gold-to-Silver ratio as well.

My research suggests the closest comparison to the current Gold/Silver setup may be found by looking at the early 2000~2003 US markets. Let’s investigate this setup a bit further.

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Commodities

Monday, August 08, 2022

The End Game for Silver Shenanigans... / Commodities / Gold and Silver 2022

By: MoneyMetals

The federal criminal trial of JP Morgan executives Michael Nowak, Gregg Smith, and Jeffrey Ruffo began on July 8th. These senior bankers are accused of running a years-long scheme to manipulate precious metals prices through what is known as “spoofing.”

Perhaps the three will be found guilty, but it isn’t likely to have much impact on trading in the paper silver markets. If there is solution to artificially rigged prices, it will come from somewhere else.

It isn’t that regulators don’t have a lot to go on. Investigators had the goods when prosecutors got Deutsche Bank to plead guilty and cooperate.

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Commodities

Friday, August 05, 2022

Recession Is Good for Gold, but a Crisis Would Be Even Better / Commodities / Gold and Silver 2022

By: Arkadiusz_Sieron

The US economy fell into a technical recession. As a safe-haven asset, will gold soar now?

What Is Recession, Anyway?

Ladies and gentlemen, please welcome the technical recession! According to the initial measure of the Bureau of Economic Analysis, real GDP dropped 0.9% in the second quarter, following a 1.6% decline in the first quarter (annualized quarterly rates). As the chart below shows, on a quarter-on-quarter basis, real GDP decreased by 0.4 and 0.2 percent, respectively. Thus, the US economy recorded two quarters of negative growth, which implies a technical recession.

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Commodities

Friday, August 05, 2022

SILVER’S BAD BREAK  / Commodities / Gold and Silver 2022

By: Kelsey_Williams

Bad breaks can be tough to recover from. The process can be arduous and can take a long time. Sometimes a full recovery remains elusive and distant.

Silver has a history of bad breaks over the past half-century.  Below is a series of charts that tell the story…

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Commodities

Wednesday, August 03, 2022

Don’t Be Misled by Gold’s Recent Upswing / Commodities / Gold and Silver 2022

By: P_Radomski_CFA

Despite gold’s latest move higher, its outlook remains bearish. If its 2012-2013 pattern is to repeat, it means gold is now preparing for a big fall.

Patience Advised

Gold moved higher on Friday, so you might be wondering if this changed anything regarding the outlook. In short, it didn’t.

Let’s take a closer look at what happened.

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Commodities

Friday, July 22, 2022

Gold Will Come Out Stronger from the Economic Hurricane / Commodities / Gold and Silver 2022

By: Arkadiusz_Sieron


Recession calls are getting louder. If history is any guide, the bust is coming. Good news for gold!

An economic hurricane is coming. Brace yourselves! This is at least what Jamie Dimon suggested last month. To be precise, he said: “Right now, it's kind of sunny. Things are doing fine. Everyone thinks the Fed can handle this. That hurricane is right out there down the road, coming our way. We just don’t know if it's a minor one or Superstorm Sandy.” When JP Morgan Chase’s CEO is painting such a gloomy picture, you know that something serious is going to happen!
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Commodities

Friday, July 22, 2022

Do Fed Rate Decisions Affect The Price Patterns For Gold? / Commodities / Gold and Silver 2022

By: Chris_Vermeulen

Many traders are focused on Gold as price has contracted over the past 5+ weeks, and the $1700 level is being retested. This prompted my team and I to do some research related to the US Federal Reserve’s recent rate increases and how Gold has previously reacted to rising and falling interest rates.

Exploring Price Patterns Between Gold and Fed Rate Decisions

I knew from the 2008-09 Global Financial Crisis and the 2020 COVID-19 event that Gold initially moves downward as extreme selling pressures drive almost all assets lower. Yet, in both cases, Gold quickly rebounded and began to move higher within 5+ weeks after setting up a bottom.

I started my research by outlining “Normal Fed Activity” and “Extended QE Fed Activity” to see if I could identify any difference in how Gold reacted to fear and uncertainty in these phases. My thinking was that Gold would react more muted in a price range in Normal Fed Activity phases because crisis events and economic uncertainty are more muted overall. When the Fed enters an expansive QE phase, this activity is associated with a US/Global economy that requires extraordinary measures to prompt expected normal capital functions.

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Commodities

Wednesday, July 20, 2022

Gold Is Getting Ready to Follow in Junior Miners’ Footsteps / Commodities / Gold and Silver 2022

By: P_Radomski_CFA

As junior miners continue to rise and the USD keeps falling, it seems like a matter of a short time before gold soars. It only needs a proper trigger.

Gold is doing pretty much nothing these days, but junior miners tell us what gold’s going to do next. It’s most likely to rally in the short term.

Why? Because the mining stocks tend to lead gold higher and lower, and looking at the relative performance of both parts of the precious metals sector, we see that this time, miners are already moving higher, while gold is getting ready to follow in miners’ footsteps. Let’s take a closer look at what junior miners (the GDXJ) did recently.

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Commodities

Friday, July 15, 2022

Gold Inflation Disconnect / Commodities / Gold and Silver 2022

By: Zeal_LLC

Gold should be soaring with red-hot inflation raging, but instead it is breaking down.  This history-defying disconnect has devastated sentiment, leaving this leading traditional inflation hedge despised.  Traders need to realize gold’s bizarre decoupling from all precedent is an extreme anomaly that will prove short-lived.  It has been driven by a parabolic US-dollar surge fueling unsustainable heavy gold-futures selling.

As a professional speculator and financial-newsletter writer for the past 23 years, I’m deeply immersed in the markets.  I eat, breathe, and sleep trading, watching and analyzing market action all day every day.  In such a long span of time, I’ve seen plenty of irrational episodes where prices temporarily disconnect from reality.  But recent months’ serious gold weakness may take the cake as the most absurd I’ve witnessed!

For millennia, gold has proven the greatest investment in inflationary times of monetary debasement.  Its supply growth from mining is very-slow, constrained naturally by the rarity of economic gold deposits and the decade-plus timelines necessary to bring them to production.  So when governments irresponsibly expand their money supplies at excessive rates, gold prices surge to reflect those depreciating currencies.

Relatively-way-more money is suddenly available to compete for relatively-much-less gold, bidding up its price levels.  And the higher gold powers, the more investors want to chase it accelerating its upside.  This logical gold-inflation dynamic has fueled legendary gains during past inflation super-spikes.  The previous couple before today’s monster hit in the 1970s, and gold’s performances reflected how it should react.

From June 1972 to December 1974, headline year-over-year US Consumer Price Index inflation soared from 2.7% to 12.3%.  During that 30-month span, conservative monthly-average gold prices blasted up an amazing 196.6%!  After that serious inflation wave passed, another one soon followed.  From November 1976 to March 1980, the YoY CPI prints skyrocketed from 4.9% to 14.8%.  Gold was a moonshot in that span.

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Commodities

Sunday, July 10, 2022

Trial Begins in Gold & Silver Manipulation Case Against J.P. Morgan Official / Commodities / Gold and Silver 2022

By: MoneyMetals

Fears of further Fed tightening continue to weigh on metals markets.

On Wednesday, the Federal Reserve released the minutes from its most recent policy meeting. As CNBC reported, central bankers remain fixated on inflation.

CNBC Reporter: The minutes of the latest Fed meetings show that officials agreed that another rate hike of 50-75 basis points would likely be appropriate at its meeting later this month. Officials also acknowledge that there could be an even more restrictive stance that could be appropriate if inflation remains high. Now, the minutes show that Fed officials were worried about inflation becoming entrenched, that was debated several times in this document. Many participants viewed that as a significant risk.

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Commodities

Saturday, July 09, 2022

Euphoric US Dollar Slams Gold / Commodities / Gold and Silver 2022

By: Zeal_LLC

The euphoric US dollar rocketing stratospheric to extreme multi-decade highs slammed gold this week!  That vertical surge ignited heavy gold-futures selling, hammering gold into a serious technical breakdown.  The resulting sentiment damage was severe, with traders now convinced gold is doomed to spiral much lower.  But a major reversal is imminent in the radically-overbought dollar, which will catapult gold higher.

Gold has two primary drivers, investment demand and gold-futures speculation.  Investment capital flows are much-larger and ultimately far-more-important.  But because of the extreme leverage inherent in gold futures, speculators punch way above their weights in influencing gold price action.  They totally dominate gold when investors are mostly missing-in-action.  And the US dollar’s fortunes are their main trading cue.

Each gold-futures contract controls 100 ounces of gold, worth $180,600 entering this week.  But traders are only required to maintain $7,200 cash margins in their accounts for each contract traded.  That makes for maximum leverage of 25.1x, over an order of magnitude greater than the 2x legal limit in the stock markets.  At 25x, each dollar traded in gold futures has 25x the gold-price impact of a dollar invested outright!

But that kind of leverage is exceedingly-risky, as a mere 4% gold move against speculators’ bets wipes out 100% of their capital risked.  Always facing fast total ruin, these traders’ time horizons are forced to be ultra-short-term.  They can only care what gold prices are doing in coming hours or days, even weeks are too distant.  That extreme-leverage-necessitated myopia often leaves gold inversely slaved to the US dollar.

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Commodities

Tuesday, July 05, 2022

Gold Price Summer Seasonal Doldrums / Commodities / Gold and Silver 2022

By: Zeal_LLC

Gold, silver, and their miners’ stocks suffer their weakest seasonals of the year in early summers.  With traders’ attention normally diverted to vacations and summer fun, interest in and demand for precious metals usually wane.  Without outsized investment demand, gold tends to drift sideways dragging silver and miners’ stocks with it.  Long feared as the summer doldrums, they’ve actually moderated in recent years.

This doldrums term is very apt for gold’s traditional summer predicament.  It describes a zone surrounding the equator in the world’s oceans.  There hot air is constantly rising, spawning long-lived low-pressure areas.  They are often calm, with little prevailing winds.  History is full of accounts of sailing ships getting trapped in this zone for days or weeks, unable to make headway.  The doldrums were murder on ships’ morale.

Crews had no idea when the winds would pick up again, while they continued burning through their limited stores of food and drink.  Without moving air, the stifling heat and humidity were suffocating on these ships long before air conditioning.  Misery and boredom were extreme, leading to fights breaking out and occasional mutinies.  Being trapped in the doldrums was viewed with dread, it was a very trying experience.

Gold investors can somewhat relate.  Like clockwork trudging through early summers, gold starts drifting listlessly sideways.  It often can’t make significant progress no matter what trends looked like heading into June, July, and August.  As the days and weeks slowly pass, sentiment deteriorates markedly.  Patience is gradually exhausted, supplanted with deep frustration.  Plenty of traders capitulate, abandoning ship.

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Commodities

Sunday, July 03, 2022

Stagflation With Powell Could Make Gold Price Happy / Commodities / Gold and Silver 2022

By: Arkadiusz_Sieron

The upcoming stagflation might be less severe than in the 1970s. So is the Fed’s reaction, which could mean good news for gold.

There are many terrifying statements you can hear from another person. One example is: “Honey, we need to talk!” Another is: “I’m from the government and I’m here to help.” However, the scariest English word, especially nowadays, is “stagflation.” Brrr! I’ve explained it many times, but let me remind you that stagflation is a combination of economic stagnation and high inflation. This is why it’s a nightmare for central bankers as they should ease monetary policy to stimulate the economy and simultaneously tighten it to curb inflation. Although we haven’t fallen into recession yet, the pace of GDP growth has slowed down recently. According to the World Bank’s report Global Economic Prospects from June 2022, “the global economy is in the midst of a sharp growth slowdown” and “growth over the next decade is expected to be considerably weaker than over the past two decades.” The U.S. growth is expected to slow to 2.5 percent in 2022, 1.2 percentage points lower than previously projected and 3.2 percentage points below growth in 2021.

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Commodities

Thursday, June 30, 2022

Central Banks Plan To Buy More Gold In 2022 / Commodities / Gold and Silver 2022

By: Travis_Bard

While gold and silver prices have fluctuated somewhat of late, both assets were performing a little more solidly throughout US trading last week.

In fact, August gold futures were up by around $6.90 at $1,828.10 by Wednesday last week, while July Complex silver futures increased by $0.054 to $20.86 per ounce during the same timeframe.

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Commodities

Thursday, June 23, 2022

Why Are Precious Metals Considered A Good Investment? Find Out Here / Commodities / Gold and Silver 2022

By: Steve_Barker

Are you thinking about investing in precious metals? Precious metals have been considered a good investment for centuries. There are many reasons they are seen as a valuable commodity, and in this article, we will discuss some of the most important ones. From their stability to their ability to hold value over time, precious metals are an excellent choice for investors who want to protect their money. If you're considering investing in this type of asset, read on to learn why it might be a smart move.

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Commodities

Monday, June 20, 2022

Gold/Gold miners fundamental checkup / Commodities / Gold and Silver 2022

By: Gary_Tanashian

As they leverage the macro, what’s good for gold is even better for gold miners

After last week’s article, in which we noted a unique move on ‘CPI Friday’ as gold and the miners put in an expected test of the lows and quickly reversed upward, unique among a world full of bearish markets…

A pivotal juncture for gold and gold stocks

…let’s take a checkup on and important fundamental consideration in the wake of FOMC and the .75% rate hike that everyone knew was coming.

But first I want to remind readers that this (NFTRH & NFTRH.com) is not a place to visit if you want to get pumped on oil, copper and general (and cyclical) commodities and resources along with gold. It is the place to visit if you want discrete commodity analysis amid cyclical/inflationary conditions and/or a guide to the proper macro fundamentals that should be in place for gold and gold stocks in their rare but unique utility as a counter-cyclical market, unlike commodities and stock markets.

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Commodities

Wednesday, June 15, 2022

The Gold Market Is Getting Ready for Another Interest Rate Hike / Commodities / Gold and Silver 2022

By: P_Radomski_CFA

As predicted, gold stocks are gradually declining. Their situation is unlikely to improve - the Fed is already planning another interest rate hike.

After yesterday’s huge slide in the PMs (GDXJ declined by over 8%!) and a sizable increase in our short positions in junior miners, gold and silver are moving back and forth, gathering strength for the next move. Or waiting for the next trigger.

They are likely to get it tomorrow (Wednesday, June 15), as the Fed is about to make another interest rate decision. The word got out yesterday that the Fed might hike interest rates by 0.75% instead of just 0.5%, and the markets reacted accordingly. Stocks and PMs fell, while the USD Index rallied.

The best part is that you knew about the bigger rate hike before almost everyone else – I wrote about that in the extra analysis that I posted/sent out on Saturday. Quoting:

The next interest rate decision is this Wednesday, and it’s probably going to be very interesting. I wouldn’t be surprised if we saw a rate hike by more than 0.5% - for example by 0.75%. This might be enough to send a message to the market that they are serious about the inflation and have positive political implications. Whether that happens or not, the following conference will likely aim to rebuild investors’ confidence in the Fed. It might or might not work with regard to confidence, but it should be enough to trigger declines in the markets (including PMs) – after all that’s how hawkish surprises work.

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