On the edge of world economic breakdown as countries running out of jet fuel.
Central Banks Keep Buying Gold
April 9 (King World News) – The Kobeissi Letter: Global central banks bought +19 tonnes of gold in February, posting their 23rd consecutive monthly purchase.
This follows +6 tonnes in January, with year-to-date purchases now at +25 tonnes.
The National Bank of Poland led with +20 tonnes, bringing gold reserves to 570 tonnes, or ~31% of total FX holdings.
The Central Bank of Uzbekistan added +8 tonnes, lifting its gold reserves to 407 tonnes, or ~88% of total FX holdings.
China purchased +1 tonne, marking the 16th consecutive monthly purchase, pushing the total to 2,308 tonnes, or ~10% of FX total reserves.
Meanwhile, Turkey and Russia saw the biggest declines in February at -8 tonnes and -6 tonnes, with Turkey later selling an estimated ~120 tonnes in March to fund FX operations amid the Iran war.
Central bank gold demand remains strong…
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Speculators Got Hurt
Ole Hansen, Head of Commodity Strategy at SaxoBank: A 470 million barrel Brent gross long and an elevated 11.7 long-short ratio are weighing on prices this morning. Further downside likely hinges on whether additional near-term long liquidation is required. In that context, additional price weakness would reflect a speculative flush rather than underlying fundamentals.
KING WORLD NEWS: Delayed Report Does Not Show Massive Number Of Speculative Long Positions That Have Been Blown Out
Running Out Of Jet Fuel
Peter Boockvar: Just to highlight how dangerously close the world was on an economic breakdown that was headed big time to the US, Lori Ann Larocco wrote a piece yesterday talking about the shrinking supplies of jet fuel in Europe that was the on cusp of creating a major supply problem for the US. “Europe is a major US air freight exporter to the US grappling with lower jet fuel inventories. US companies are facing a triple whammy of higher air freight costs, diminished belly capacity, and the risk of not receiving critical equipment on time. Airborne components manufactured in Europe are critical to the US economy. Pharmaceuticals, aerospace parts, automotive parts, electronics, high end fashion, advanced machinery, specialized AI/cryptocurrency hardware, and specialized data center and artificial intelligence equipment all move by air.”
“Major airports in Italy have announced fuel restrictions, and airlines in Europe are warning of flight cancellations. All have a direct impact on air freight capacity…Aerospace components, pharmaceuticals, and ‘Made in Italy’ perishables all leave via air freight. Aircraft and helicopter components represent over 60% of Italian aerospace exports to the US.”
So, we’re going to get some well needed commodity inflation relief but I’ll argue again that we’re not going back to $65 oil. We are in a commodity bull market (not withstanding today’s pullback in energy prices) and countries and companies around the world are going to shift to stockpiling mode of all key things. I read today from Nikkei News referring to one anecdote pointing to this, “The Taiwan Semiconductor Industry Association is calling on the government to stockpile strategic raw materials such as helium and liquified natural gas and voicing support for the reopening of nuclear plants amid concerns that conflict in the Middle East could disrupt long term supplies of critical materials and energy.” We’re also long uranium producing stocks.
Greyerz’s Latest Predictions For Gold, Silver And More!
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