Precious metals news

Experts say the 15th-century artifact bears striking similarities to the Middleham Jewel, a gold pendant found near the king's childhood home in 1985

A rare silver coin from the first century was found by an 11-year-old girl volunteering in an archaeological project, the Antiquities Authority (IAA) announced on Tuesday. The coin was likely minted by a priest who joined the Jewish rebels against the Romans, which would make it one of the very few remains coming directly from the Temple.

“Gold is in a long term bull move, and will remain so while above $1,677 the 2021 low.” “The long term target is the $2,052/72 2020 high.” “Risks are for an upside break, which if seen (favored) will target $2,300/01 and ultimately inter-year $2,676/$2,686.”

Hundreds of dredging rafts operated by illegal miners have gathered in a gold rush on the Madeira River, a major tributary of the Amazon, floating hundreds of miles as state and federal authorities dispute who is responsible for stopping them.

The Fed's Supervision and Regulation Report found 'weak practices' at firms with material exposure to the $10 billion default of Archegos Capital Management.

The Federal Reserve must speed up its fight against inflation, says Jeremy Siegel, renowned finance professor at the University of Pennsylvania’s Wharton School. The Fed now plans to finish tapering its bond purchases around the middle of next year, and some economists expect rate hikes shortly thereafter.

The opportunity to lower our exposure to risk is always present in some fashion, but embracing this opportunity becomes critical when precarity and change-points rise like restless seas.

FOMC Minutes Summary: Inflation just doesn't seem to be dissipating even as the labor markets heal at a rapid rate. This had led some participants said faster taper could be warranted. There was also recognition that the labor force participation rate could be "structurally lower."

This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail.
Silver is wrapping up November delivery which is typically a much smaller month than even other minor months. As the chart below shows, delivery requests are below the last 5 minor months. That being said, notice the orange dot. It represents the percentage of contracts delivered relative to the max open interest for the month. It currently sits at 170%. This means that 70% more contracts have been delivered in November than were ever open at any point. Other months have shown similar moves, going above 100%, but not to the same magnitude.

"Inflation models are worse than useless. They make central banks complacent."

New home sale rose 0.4% MoM (better than the expected unchanged print), but this hid the dramatic downward revisions of prior data (September's +14.1% MoM spike smacked down to +7.1% MoM). New home sales remain down over 23% YoY...

After plunging to decade-lows in preliminary data, analysts expected practically no bounce at all for the final November print of University Of Michigan's Sentiment survey, but in fact the data did bounce a little.

In the latest period, M2 increased by $193B, moving beyond $21T. This represents a 0.91% MoM increase which annualizes to 11.6%. This is above the six-month average which indicates money supply growth is accelerating.
Last week, a technical price analysis showed gold and silver looking very bullish and ready to break out. A Brainard nomination could have pushed both metals through the next major resistance level. Unfortunately, the opposite occurred and a Powell nomination hammered both metals down through several support layers.

The Fed, which has printed over $4 TRILLION to prop up the financial system can’t print new workers keen to return to work. Keeping interest rates at zero doesn’t make oil prices come down. And spending $120 billion on QE per month doesn’t result in cargo ships being unloaded and life returning to normal.

The president should be more worried about inflation, and government responsibility for it, than he's acting.

For decades China exported deflation as it gladly traded cheap goods for jobs. That has come to an end, no longer is China's labor market the cheapest in the world. This is now beginning to show up in the cost China charges those buying its products.

After the preliminary read of Q3 GDP disappointed bigly last month, when it came in at just 2.0%, missing expectations by a mile, moments ago the BEA disappointed data watchers (or what's left of them today) again when it reported that its first revision of Q3 GDP data was 2.1%, below the 2.2% expected, if slightly better than the 2.0% initial estimate.

After disappointingly dropping 0.3% MoM in September, analysts expected Durable Goods Orders to rebound in preliminary October data. They were wrong.

I would probably have a hard time convincing you that the higher prices you're paying at the grocery store and the gas pump are "good for you." But there are people out there making that claim.

On Monday, President Joe Biden reappointed Jerome Powell to head up the Federal Reserve and nominated Lael Brainard to serve as the vice-chair. In his podcast, Peter Schiff talked about Biden's decision, the markets' reaction and what the Fed will (or will not) do moving forward. Ultimately, Peter said the devil you know is still a devil.