With gold and silver surging and many people focused on the chaotic trading in China, this is what’s really happening.
The PBOC Weighs In To Stabilize Markets
July 3 (King World News) – Here is what Peter Boockvar had to say as the world awaits the next round of monetary madness: The Governor of the PBOC, Yi Gang, in an interview with the China Securities Journal tried to talk down the weakness in the yuan, saying it’s more to do with externalities like dollar strength everywhere….
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Peter Boockvar continues: He also said the PBOC will keep in place its stable and prudent monetary policy. The yuan is higher in response but hasn’t even gotten back what it lost just yesterday. Chinese A shares did rally overnight. Bottom line, while the Chinese always do their best to maintain order in their markets as they hate disorderly moves, I also don’t think they want a pronounced move lower in the yuan from here.
As stated before, Q3 begins a net draw of monetary liquidity when combining the policy actions of the Fed and ECB. The BoJ is the only one left adding juice but the pace at which they are continues to slow. Their monetary base in June rose at a y/o/y rate of 7.4%, but that is the slowest rate since November 2012. As yield curve control is their main focus rather than the quantity of money, the BoJ remains in a stealth taper.
Dollar Weak, Gold & Silver Surge
King World News note: The rally in the yuan today is being met with weakness in the dollar. This has created a surge in the gold and silver markets in early trading, and may possibly mark a July bottom for the gold market. Only time will tell. In the meantime, for those of you who dollar cost average, simply continue to accumulate physical gold and/or silver at the same time each month. Don’t try to get cute and time the market(s). It is also a good idea to take advantage of any weakness during the summer to accumulate shares of the high-quality companies that mine the metals as those stocks will have very big upside as the metals reverse to the upside.
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