Here is a look at the mother of all shorts squeezes, gold, another day another record, more inflation, 1950-today, and LA-fication.
June 2 (King World News) – Ole Hansen, Head of Commodity Strategy at Saxo Bank: With RSI (14) above 70 for the past two weeks, gold increasingly needs a period of consolidation, but so far the underlying bid has been strong enough to prevent this. Support: $1890/65/42 and resistance $1916/24/40 (see chart below).
Gold Remains In Beautiful Uptrend Channel
Another Day, Another Record
The Daily Shot: Economists were surprised by the intensity of the recent price gains. The Citi Inflation Surprise Index hit a record high. (See chart below).
Citi Inflation Surprise Index Hits Record High!
To hear Sean Boyd discuss $3,000 gold and the big game-changer
for the gold market CLICK HERE OR ON THE IMAGE BELOW.
The Daily Shot: Manufacturers are rapidly boosting prices as inventories dwindle. Consumers will increasingly feel these hikes. (See chart below).
Consumers Have Yet To Feel The Real Pain Of Inflation
Between 1950 and 1970
Adam Tooze, Director of the European Institute: Between 1950 and 1970 US agricultural workforce fell from 8 m out of pop of 152 to 3.5 m = huge structural change. Workforce today is 2.3 m. Still larger than total workforce in oil, gas and coal industry = 1.2 m. -> decarbonization is far smaller transition. (See chart below).
US Ag Workers Collapsed From 1950-Today!
Look At What Is Leading Commodities
Adam Tooze, Director of the European Institute: Gold, cocoa, nickel, cotton, nat gas, silver and zinc are at the bottom of the commodity league. Lithium and iron ore lead the pack. (See chart below).
It’s Not About Gold & Silver, Yet…Tick-Tock
Gold & Bonds
Tom McClellan: Why is inflation not being reflected in bond yields? It’s coming. Gold prices lead LT interest rates by 20-1/2 months. Gold paused in 2019, so rates are echoing that pause now. Uptrend to resume after low for rates in mid-August. (See chart below).
Will Bond Yields Surge Like Gold?
Jeffrey Gundlach: Austin Texas broadly was beautiful last I was there about twelve years ago. From what I read and see lately Austin is rapidly getting “LA-ified”. Other places too. I predict not a single town or city in America will find “LA-fication” to be a positive.
And You’re Now Homeless
Sven Henrich: If you shorted AMC an hour ago you’re now homeless.
MOTHER OF ALL SHORT SQUEEZES!
AMC Nearly 20% Short Being Badly Squeezed
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