Yes, Jamie Dimon said the price of gold may hit $10,000.
October 30 (King World News) – Alasdair Macleod: Despite extremely negative sentiment, large flows of bullion continue to leave western markets, and bullion banks appear to be positioning themselves for higher prices.
This week saw gold move sideways, while silver dips towards historic peaks at $50. But quietly, there appears to be a move of bullion into stronger hands. Silver’s open interest on Comex is an illustration:
Note how open interest has been increasing since the highly oversold level of last April — not dramatic, but coupled with healthy trading volumes, silver paper appears to be moving into stronger hands:
These are still early days, but we see something similar in gold. There is a further clue: the insiders’ insider Jamie Dimon mentioned $10,000 gold and called for foreign holders to retain their vaulting in the US saying it is the safest place. Clearly, bullion holders disagree. But when the boss of the largest bullion bank suggests gold could go to $10k we should sit up and take notice. And when we look at Comex, stands for delivery so far this year total over 600 tonnes. Furthermore, gold has been leaving Comex’s inventory at a 250-tonne pace this year so far:
Silver deliveries this year total 9,284 tonnes, and that has left inventories in addition to a further 3,000 tonnes (100m ounces) since last December:
As we’ve said before, Comex is the largest gold-cum-silver mine in the world by far.
While amateur traders have given up hope of ever making imaginary money out of gold and silver, the big players are still stacking. Some of this has to do with a market transition from west to east, following bullion flows. Having more or less cornered the physical bullion market, China is establishing a replacement of London and New York bullion markets in Hong Kong.
Meanwhile, with bond yields at current levels, the tide appears to be turning against equity markets which appear to be losing upside momentum building losses for investors. Clearly, the investment management establishment is on the cusp of change for which it is wrong-footed.
How do modern macroeconomists assess rising oil prices, rising interest rates, and higher bond yields? Do they continue to trade the existing trends and hope for the best? Or do they consider the dreaded debasement trade? You can feel the confusion. But the facts point to the bullion bank establishment setting itself up for the next run into higher gold and silver prices. Listen to Jamie Dimon. The major bullion banks are also beefing up their Hong Kong trading desks.
Politics and geopolitics
Next week sees the US mid-terms, after which it is widely believed in the Middle East that the US and Israel will renew attacks against Iran and that Iran has threatened to retaliate against all US allies in the region with renewed force. The initial reaction in capital markets could be a flight into the dollar. But further consideration will undoubtedly focus on the economic consequences for the global economy and bond yields, leading to a bond market crisis spilling over into equities.
We must hope that fears over a new phase of the war against Iran do not materialise. But the greatest transition currently underway in capital markets appears to be from investor greed for profit towards fear of losses. It is also clear to those in the know that markets are hostage to western propaganda claiming that the oil disruption in the Middle East is now minimal; claims not borne out by satellite tracking data for those who care to look.
Meanwhile, the wisdom of stacking gold and silver instead of being hostage to short-term market emotions continues to make sense. There are fundamental shifts underway. Indeed, this appears to be a golden opportunity to continue accumulating physical bullion while investor interest is at its lowest ebb.
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