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Rising Fundamentals for Gold and Silver

Rising Fundamentals for Gold and Silver The Different Theories on What Moves Gold and Silver Prices For example, the Quantity Theory school attempts to relate the quantity (or change in quantity) of dollars, to each commodity. Generally, this theory predicts rising prices based on the reasoning of “more dollars chasing the same or fewer ounces […]

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Oil Spreads Trading at Historically Unrealizable Levels

Oil Spreads Trading at Historically Unrealizable Levels Outright oil prices have continued to rally this year as economies recover from impaired pandemic levels, however calendar spreads have been unable to realize their bullish intent. In fact, calendar spread structures have continued to disappoint into expiration. In some respects this is less about a failure of […]

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Anyone Who Believes The COMEX Numbers Is Very Naive (They Are Much Worse!)

Anyone Who Believes The COMEX Numbers Is Very Naive (They Are Much Worse!) “The information in this report is taken from sources believed to be reliable; however, the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness. This report is produced for information purposes only.” – disclaimer now posted on […]

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The Market’s “Other” Panic Indicator Just Went Off The Charts

The Market’s “Other” Panic Indicator Just Went Off The Charts With indicators from macro-fundamentals (e.g. retail sales, core capex, inventory-to-sales) to market-oriented measures (VIX levels and backwardation, HY credit spreads, commodity prices) all flashing various colors of dead canary in the coal-mine red, we thought today’s colossal spike in the Arms (TRIN) Index was a notable addition. An Arms Index […]

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Why Is Gold Becoming Scarcer

Why Is Gold Becoming Scarcer A Tight Market For quite a while, we have been talking about scarcity in gold. The cobasis for both October and December is positive. These contracts are backwardated. The cobasis for the February 2016 contract is not far from backwardation. The gold market is tight. Why? Let’s explore. Part of the matter is […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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