It's been a while since I've done any kind of market post, but this article from King World News was emailed to me by a friend. It's a report of the major bullion banks and how they are covering their short positions. This is more evidence that points to a bottom is near or has already been put in, in the precious metals markets.
Gold and silver have gotten beaten up lately. Gold is nearly 350 dollars an ounce lower since it's recent highs made earlier this year at about $2,075. Now it's trading at about 1725 after dipping to 1680 last week.
Silver is a similar story with the price down to 18.50 from March's high's of about 27 dollars an ounce. This is a steep sell off as the US dollar has risen strongly against a basket of heavily in-debted nation's fiat currencies putting pressure on both Silver and Gold, which are looking quite oversold from a technical perspective at the moment.
Further more, the ECB bank is now raising rates, this may put downward pressure on the dollar putting upward pressure on the metals markets for a while. We can see the dollar has come down some on the daily chart. If it can break down through that circled support zone, we can probably see a rally across many markets including crypto as the dollar may find support around 100 on the DXY index.
Now here is the article from King World News Explaining the very bullish short covering situation in the metals markets.
People are selling during summer and economic crash
It is a blatant way to see the FUD of a broken system
Certainly seems that way. Thanks for stopping by and leaving a comment and curating my post! :)
I was part of King World News getting their very first story break back in 2010. They became a very hype-centered site, releasing clickbait articles and interviews and making outlandish calls that never happened. Most in the precious metals community I was a part of tuned them out, just another one of the nonsense outlets. To be honest I hadn't heard of them in several years and assumed they disappeared! That article is funny - right off the bat they call their 10 year chart a "multi-decade" chart, after claiming it is one of their biggest articles of all time.
As for gold and silver bullion, you may be right about the price! The electronic (spot) price is so heavily manipulated, I think only a complete collapse of the financial system can save it. JPM and friends can't allow the dollar to crash or metals to shine. They just paid another billion dollar fine for rigging prices, but again, nobody went to jail. They make 10 billion in profits and then give the government a billion in fines, wash and repeat. I think PMs will finally rise, but I don't know if it will be within my lifetime.
Wow. I had no idea about that from them. Every now and then people send me things from different sources. I thought the info was legit with the charts they show of the short covering and it lines up with what I see as an oversold metals market here, so I thought this was a fun post to put together. But yes, it's a super manipulated and suppressed market, but I think market forces are going to end up pushing the price higher sooner than later. Thanks as always for contributing your input to my posts. Hope you having a great day!
Heh not really... all 4 of us have Covid! The newborn and toddler are miserable, nobody's sleeping, temp of 40oC (danger), hot and cold flashes, joint aches, shooting nerve pain (that might just be my own previous health issues), fatigue, etc. Not getting tested or treated, just riding it out. But as you know, we aren't permitted to drive, so getting food is pretty hard when we're sick. Even at the best of times, a lot of grocery shops have closed up, or gone online/app. We are unbanked and unsmart, so most of those options aren't available. Anticipating this, we moved 3 years ago to my family's smaller town... but my parents cut me out of the family (because they did something really terrible to Katie and I, and I don't want to let them get away with it, so they made me a black sheep). So there's nobody to call upon when we need help. We tried meeting people in the freedom community here, but it's very cliquey, and there are government agents in the group sowing discord and spreading lies about various individuals, shutting down any attempts for people to connect, network, and find support. At this point we'd be better off as total strangers in a new place, because our reputation has been artificially tarnished here. People ask how we're doing and we tell them the truth, and they say "but I thought you had all kinds of support from the community, like ___ and ____!" So everyone has been told not to help us because we've already been fully helped. Pretty messed up, eh? That's what you get in the grassroots activism world sometimes... when you get powerful, the govt sends spies (literally) to infiltrate and weaken.
Consider a young family with 2 babies, 150 years ago, in a small town. They would be given support by the community. True, we didn't have modern medicine, and mothers/babies often died in childbirth, or from now-treatable illnesses. But we did have connections! We relied on them for our lives. Everybody in the community pitched in, had an expertise, contributed goods or services. Today, there's none of that. In m specific case, not even FAMILY is willing to lend a hand, or offer a supportive word. We don't trust the medical system, which is literally trying to kill us, and is now mandating my newborn be injected or removed from society. So we have no health care (like 150 years ago), but also no community. We are literally caring for babies with no help, no advice, no village elders that have seen it 1000 times and know what to do, no experienced matrons, not even a friend to call for help if we're dying. We are truly on our own, more so than any young family has ever been through history. Both of us being disabled on top of that, and now with Covid, and we are really struggling. Literally to remain healthy and alive at this point. I've slept 5 hours in the past 3 days... in segments of about 15 minutes. I can't think straight or make good decisions. Not a happy situation.
You asked! : D
Damn @drutter! Looks like you are living the Canadian/American nightmare not the dream. The government really makes you pay for taking a stand. At least it's not the CCP busting down your door to harvest your organs. It's scary world we are living in. The saddest thing is...
With a wife and kids, babies....messed up to say the least. @junglegirl and I got covid around December of last year. We had bottle of "animal" ivermectin on hand just in case... sure enough we were both 100% in three days after taking it upon first symptoms. Do you have access to any of that? Probably a dumb question at this point...
You know I'm rooting for your big time, stay strong, and just do the best you can. Where is a Canadian village elder when you need one? Jeeeze. Keep your chin up or try to.... Wishing you the very best as always.
Thank you bro.
Yes, Ivermectin is the one thing I ever spent any HIVE on! Paid a follower 1000 HIVE for a box of tablets from Israel (made in India). It works! I used it to fight off Omicron a few months ago, and now whatever this is (probably "BA5", which I wrote about the other night. I took 6mg the other night when symptoms were coming on, and it made a real difference almost right away. Definitely not as bad as it was going to be. Gave a small dose to my toddler (based on his weight). Katie is still breastfeeding a bit, and Ivermectin isn't known to be safe through breastmilk, so she took a small dose and will express and dump for a few days. Quite the miracle drug. Amazing that wikipedia now does not even mention that Ivermectin is an antiviral! This was well-known and accepted for 30+ years, until Covid came along.
That is great to hear. I'm sure you guys will be fine real soon.
The world is so messed up, more in our lifetime than ever by exponents....makes me want to smoke a joint, eat my evil eggs, drink my Thai Tea Bag and toss the plastic in the street and not give a flying fuck anymore. Now I see masks littered everywhere in this country, including hiking trails out in nature. On the give a shit meter I'm starting to get into the danger zone. The events from covid 19 leading up to now has me on a whole new level of disgust I couldn't have even imagined years ago.
Okay, let's smoke a fatty! LOL at "evil eggs" : D (You know I'm not judging anyone, right? Just pointing out what I believe is true about the topic! Eggs can be gathered without any harm to the birds, and there would be nothing "evil" about that!) I hear you on the giveashitmeter. Most of the world is pretty gross now. But I'm slightly encouraged, because this explains a lot of things, like why the world has always seemed to not make sense to me. It was because I sensed something was wrong. Now we KNOW something is wrong, and has been wrong for decades in the leadup to this. At least I have confirmation I'm not crazy, or at least not in that way. ; ) Also, it means that now we've identified the problem, we have a chance to fix it. No guarantee mind you, but at least we know who the enemy is.
Totally agree on that. I think on the other side of the collapse there may be a real chance to rebuild a better world. We'll have to wait and see.
The ECB raised rates from negative to zero, and is still doing QE. The euro is not going to strengthen anytime soon.
Right. It's like a joke...But the dollar knee jerked lower and gold higher when the news came out, so we will see.
Inflation will feature in the US midterms. The strong dollar is suppressing US inflation - inflation would actually be worse without it. So I don't think they'll allow the dollar to weaken till after the mid-terms.
I take the opposite view. Even though I agree with you about inflation not being as bad as it would be in the US if the dollar was not so strong. The strong dollar has been putting major pressure on the stock market...making eveyones 401ks and stock portfolios suffer. So before major elections they usually manipulate stocks higher for that feel good effect, and this would most likely have to be done by manipulating the dollar lower. Either way I don't think it will be drastic, but I believe they will suppress the dollar's run higher while allowing for a bear market "feel good" rally to lead into the elections, then after that I think the dollar continues higher and stocks lower, while inflation and oil rising accelerate. But anything is possible these days. Investing has never felt more like gambling for me this year.
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I think we have about 3 to 12 months before fait has a total melt down and bullion becomes the real wealth
I think end of September will be the start of the real crash, then the FED will have to put things in reverse and that's when metals take off big time. Basically similar to what you are saying.
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