First and Last Word on Metals and Mining

Basis Update

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I appreciate Zero Hedge quoting my “old work” trying to explain the mysterious “registered” and “eligible” categories of COMEX warehouse bullion holdings. The thank you (and yes, it is sardonic) doesn’t come because I agree with the context in which … Read More →

Posted in Basis Update, Gold Market, Silver Market | Tagged , , | 7 Comments

It has been a while since we updated our basis analysis of gold and silver and this is primarily due to the fact that the basis wasn’t doing much of anything. It still isn’t doing all that much but there … Read More →

Posted in Basis Update | Tagged , | 91 Comments

Today gold closed under $1,160 (August 2010 COMEX contract) and appears to have decisively broken the intermediate uptrend established after the February 5 low at $1,050. If the recent “step down” pattern holds, we should now see a few days … Login or Subscribe to read more →

Posted in Alert Flag, Basis Update, Market Update, Member Only | 56 Comments

Gold and silver are consolidating near their highs and that could be setting up an explosive scenario especially with physical and speculative demand remaining solid at these levels. Both the big gold (GLD) and silver (SLV) ETFs are being bought … Login or Subscribe to read more →

Posted in Basis Update, Market Update, Member Only | 54 Comments

Stocks plunged again today after a disappointing jobs report and more fear and loathing out of Europe. In stereotypical fashion, the Hungarians are shooting themselves in the foot by admitting honestly that there is a risk they might default on … Login or Subscribe to read more →

Posted in Basis Update, Market Update, Member Only | 13 Comments

It was quite an ugly day in the markets on Thursday with longs the world over finding rotten eggs and dirty rocks in their shoes as they tried to hurriedly sneak away from the asset rallies that have kept the … Login or Subscribe to read more →

Posted in Basis Update, Market Update, Member Only, Option Strategies, Speculative Trading Ideas | 25 Comments

The Gold ETF Basis, representing the difference between the calculated net asset value (NAV) of the big gold ETF GLD and the spot gold price, is giving us a warning that price weakness in gold might lie immediately ahead. For … Login or Subscribe to read more →

Posted in Basis Update, ETFs, Gold Market Fundamentals, Member Only | 10 Comments

An incredible thing happened to start this incredible week. Some gold investors happily paid the equivalent of over $1,500 per ounce of gold. Granted this was on a day that gold was posing in preparation for breaking its previous all-time … Read More →

Posted in Basis Update, Gold Market Fundamentals, Market Update | Tagged , | 11 Comments

Gold and silver suffered nasty drops this morning as the markets reflected continuing uncertainty around Greek debt. Our basis indicators were already signaling some weakness yesterday (or to be more precise, they did not indicate the same strength or conviction … Login or Subscribe to read more →

Posted in Basis Update, Market Update, Member Only | 18 Comments

We wanted to provide an update of where the gold and silver basis currently stand given the recent flight to safety in Europe as a result of Greek and now Portuguese and Spanish debt woes. Clearly there has been quite … Login or Subscribe to read more →

Posted in Basis Update, Member Only | 5 Comments
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