Despite the ongoing correction in the metal of kings, physical gold is scarce.
Gold
June 22 (King World News) – Simon Mikhailovich: Paper contracts are limitless; physical goods are scarce.
In 1971, the US had to end the US dollar gold backing after selling down most of its gold reserves to keep a lid on gold. Physical demand was due to a loss of confidence in the US fin position. Gold went from $35 to $850 and settled in the $300-$400.
Similarly, the US had to back down vs Iran after selling down most of its oil reserves to keep a lid on oil. Otherwise, $100++ oil would have broken the global economy.
Paper gold is a trading asset; physical gold is a safe haven. So far, Western demand has been for trading, not safety, but the flip from greed to fear is non-linear as are credit events, monetary crises, wars, etc. Don’t expect “forward guidance.”
Expect Another Massive Inflation
Peter Schiff: In May, the U.S. government spent $628 billion yet collected just $335 billion in taxes. That means that balancing the budget would require taxes to almost double. Since that won’t happen, massive money printing will cover the shortfall, sending consumer prices doubling instead…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
Propping Up The Ponzi Scheme: Bankrupt US Spending Spree
Charlie Bilello: The US government has never consumed a larger share of the economy than it does today.
Black Gold
Ole Hansen, Head of Commodity Strategy at SaxoBank: Over the past seven weeks, managed money’s net long position in Brent crude has collapsed from a 7½-year high of 496k contracts to a 2026 low at 114k contracts in the reporting week ending 16 June, when prospects of a US-Iran peace deal gathered momentum and Brent subsequently tumbled 14%. The scale of the liquidation highlights how quickly speculative sentiment has swung from fears of a prolonged supply disruption to expectations of a sizeable supply surge once flows through the Strait of Hormuz normalise.
However, as highlighted previously, last week’s 45% reduction in the net long was driven primarily by aggressive short selling rather than long liquidation. Gross short positions surged to 231k contracts, the highest level since the pandemic, while long exposure remained relatively elevated. This leaves the market increasingly vulnerable to a short-covering rally should the expected supply recovery prove slower than currently priced, or if traders are forced to reassess what given the present situation constitutes a fundamentally justified crude price.
Note weekly COT data from the CFTC will be published Monday due to Friday’s Juneteenth holiday.
Costa On Friday’s Takedown In Gold & Silver
To listen to the brilliant Tavi Costa discuss what to expect in the coming days, weeks and months in the gold, silver, mining and oil markets CLICK HERE OR ON THE IMAGE BELOW.
Just Released!
To listen to Alasdair Macleod discuss the takedown in the gold and silver markets and what to expect next CLICK HERE OR ON THE IMAGE BELOW.
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Gold Takedown Quote Of The Week CLICK HERE.
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