Look at who is long gold, silver, miners, oil, fertilizer and uranium stocks.

Gold
May 26 (King World News) – Graddhy out of Sweden:  Gold walked sideways for the week, and is now right at red line. 

The red slingshot parabolic move for gold is still in play, as long as the red parabolic curve is not broken to the downside. 

KING WORLD NEWS NOTE: Gold’s Parabolic Slingshot Still In Effect

So if that red line is to hold, the way is still up…

Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.

Long Gold, Silver, Miners, Oil Stocks, Fertilizer & Uranium Stocks
Peter Boockvar:  While markets have been rallying since early April in anticipation of a deal to end the conflict and fully reopen the Strait, this time feels much closer to it actually happening but the fate of the Iranian uranium stockpile still seems to be the major sticking point.

On the assumption that this time is for real, a deal is had and ships are allowed again to traverse the Strait without threat and hopefully without payment, commodity prices will have their pullback, as they did yesterday and today, particularly with crude oil. But, I reiterate my belief that we’re in a full fledged commodity bull market that will be marked in the next few years by global stock piling and hoarding of all key materials at the same time supply just won’t be able to keep up with. We remain long physical precious metals and mining stocks, oil and gas stocks and picks and shovels within the industry, along with fertilizer and uranium stocks.

As just one example of the strategic reserves that are going to be created/added to in the years to come, I read this article in the FT last week, “EU explores fertilizer stockpiling as food crisis looms.” https://www.ft.com/content/6414307b-eff4-4dc6-9093-9368ce6c7f37?syn-25a6b1a6=1

We’ll see if this continues if oil prices fall further but the US crude oil rig count is finally moving up. After rising by 5 rigs in the week ended 5/15, they increased by another 10 as of Friday to 425. It was at 407 on the last Friday of February. This is now the most since last July but as seen in the chart, its still 200 rigs below the late November 2022 count.

KING WORLD NEWS NOTE: Increasing US Oil Rig Counts Good For Stocks Like Patterson Energy (PTEN)

This was a very interesting piece when looking at the US dollar and the efforts of the Chinese, among others, to further diversify its use of it for transactions, particularly for oil and other commodities. In an article titled “Iran war opens ‘golden window’ for China’s renminbi,” it said “China’s drive to widen global use of the renminbi has been boosted by the Iran war, with adoption of Beijing’s cross border payment system surging since the conflict erupted. The average daily value of transactions settled through China’s cross-border interbank payment system (CIPS) hit a record of Rmb920.5bn ($137.5bn) in March, according to state media. It briefly rose even higher at the start of April to as much as Rmb1.22tn with almost 42,000 transactions in a single day before transaction volumes fell back.”

Some details, “After the US lifted some sanctions on Russian and Iranian oil to ease the global energy crunch, buyers such as India were left with few options but to use renminbi to pay for deliveries given the inability of Russia and Iran to receive dollar payments.” Saudi Arabia too is increasingly receiving renminbi for its oil too.

This all said, we are not yet in a ‘petroyuan’ situation as we are still talking about a single digit market share for the renminbi when pricing oil with the US dollar at about 80% but there is definitely a shift going on which also has ramifications for gold which is becoming an increasingly used settlement currency with these transactions as any extra currency is used to purchase it on the Shanghai Gold Exchange to transform renminbi into a neutral asset.

JUST RELEASED!
To listen to Gerald Celente discuss gold, silver, oil as well as what surprises to expect CLICK HERE OR ON THE IMAGE BELOW.

JUST RELEASED!
To listen to Alasdair discuss what to expect next in the gold and silver markets and more CLICK HERE OR ON THE IMAGE BELOW.

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Food Inflation Running Hotter Than Ever, But Look At Gold & Silver CLICK HERE.
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More Good News For The Gold & Silver Markets, Plus Look At What Is Skyrocketing CLICK HERE.

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