Asian Metals Market Update: November-17-2017

Gold and silver are steady on increasing chances of the passage of the US tax cut bill. Resurgence in bitcoins and other crypto currencies is preventing investment interest in bullion. Short term hot money has moved to cryptos from bullion. The price moves in gold and silver are mainly dependent on physical demand and physical premiums in Asia.
In India I see more and more retail trading volumes in Industrial metals than gold and silver. This year’s rise in industrial metals has attracted brokers, retail traders and everyone alike. Aluminum was untouchable a few years ago and has attracted good trading volumes. Nickel’s recent breakout has also resulted more numbers of daily traders. Some of the head core silver traders have moved to industrial metals as it gives more profits than silver. A word of caution to industrial metal traders. The rise in industrial metals has been mainly on expectation that the global switch to electric vehicles can result in a long term shortage. But in my view traditional auto makers are making their vehicles more fuel efficient buy making engines from Aluminum instead of cast iron. The global switch to electric transport may not happen overnight. A sharp correction in industrial metals can happen anytime. Nickel has seen a very sharp correction over the past seven days. Other industrial metals could follow Nickel soon.
Traders will start taking positions for the first week of December from now. Geopolitical risk and political instability in the UK and some Eastern European nations can cause furor. Economic data releases from anywhere in the world will affect markets if and only if they indicate a slow down next year.

This post was published at GoldSeek on November-17-2017.



Stocks and Precious Metals Charts – The Willful Mispricing of Risk

Today was a stock options expiry.
Gold and silver rallied smartly, back up to the levels where they roughly were before they were bushwhacked on the Comex into the FOMC meeting and Non-Farm Payrolls boogie woogie.
I guess the theory that this smackdown of gold to retest 1270 earlier this week was a gambit ahead of stock option expiry was tradeable.
We are in a new era. I am hearing this on TV and in comments and on chat forums.
We are in an era where risk has been abolished by the central banks and their free money. So there is little difference between prime and subprime, between 2 year and 10 year Treasuries, and between stocks and bonds.
According to some of the Pied Piper pundits stocks are better than riskless cash, because stocks are going to keep rallying forever after, and cash is trash. Buy buy buy, and don’t be left behind.
This is the kind of mantra that the sell-side and the wiseguys of the Street too often resort to when they are taking profits from their pool after a big price run higher, and unloading mispriced junk on mom and pop, through the funds and institutions.
Once the selling starts in earnest, and it will beyond any doubt at some point, by whatever event that may happen to trigger it, this is going to get ugly very quickly. But this is the system that we have today. This will be the third bubble and bust since the repeal of Glass-Steagall, one of the highest funded PR and political campaigns in modern history.

This post was published at Jesses Crossroads Cafe on 17 NOVEMBER 2017.


Global Silver Investment Demand Maybe Down, But Still Double Pre-2008 Market Crash Level

While physical silver investment demand experienced a pronounced decline this year, the volume is still much larger than the level prior to the 2008 U. S. Housing and Banking Crash. Investors frustrated by a silver market plagued with lousy sentiment and weak demand, may not realize that silver bar and coin demand is projected to be double what it was in 2007.
Thus, long-term precious metals investors continue to acquire silver on price dips while others may be selling out and placing their bets into the bubble stock market or cryptocurrencies. It’s not the larger precious metals investor who is worried about the short-term price, rather its the smaller investor.
Regardless, according to the Silver Institute’s 2017 Interim Report, global silver bar and coin demand are projected to fall to 130 million oz (Moz) in 2017 compared to 206 Moz last year. Even though physical silver investment demand will drop by 37% this year, it will still be more than double the 62 Moz in 2007:

This post was published at SRSrocco Report on NOVEMBER 17, 2017.


NOV 17/GOLD HAS A HUGE DAY UP $16.60 AND SILVER SURPASSES THE KEY $17.25 MARK/FBI INFORMANT CAMPBELL WILL BE TESTIFYING BEFORE CONGRESS NEXT WEEK/

GOLD: $1295.10 UP $16.60
Silver: $17.33 UP 24 cents
Closing access prices:
Gold $1294.10
silver: $17.31`
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1290.19 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1282.60
PREMIUM FIRST FIX: $7.59
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SECOND SHANGHAI GOLD FIX: $1288.82
NY GOLD PRICE AT THE EXACT SAME TIME: $1282.40
Premium of Shanghai 2nd fix/NY:$6.42

This post was published at Harvey Organ Blog on November 17, 2017.


The Metals Market Is A Mess And Will Likely Continue To Frustrate You

First published on Sunday Nov 12 for members: When I sat down to review how I can update the analysis I provided to our members in my mid-week update, I realized that there is not much more technical analysis I am able to add to what I wrote to our membership in my mid-week analysis, so I am going to repeat it here, with some additional general thoughts below:
While I strive to provide deep insight into the markets I track for you, I am somewhat at a loss in this region with the metals, especially with the various charts presenting quite differently.
For those that have followed me for years, you know when I am bullish and you know when I am bearish. And, for the great majority of the time, my bullishness and bearishness have been appropriate to prepare for impending price action. However, we are now in a region of uncertainty, and I don’t think I can classify it any better than that at this point in time.
In starting with silver, we had a wonderful i-ii set up in the (c) wave of the b-wave higher, as I had been presenting over the last week. However, the action we have seen this week has stalled and overlapped enough to make this potential much more cloudy now. While we may still move higher within an ending diagonal, the overall structure has become much more messy. And, as long as we remain over 16.30, I can still maintain this count, even if we see a more protracted (b) wave.

This post was published at GoldSeek on Friday, 17 November 2017.


NOV 16/2017/GOLD UP 90 CENTS ON THE DAY BUT SILVER, IS THE REAL STAR UP 11 CENTS TO $17.09/IN ZIMBABWE ROBERT MUGABE REFUSES TO RESIGN/THE HOUSE PASSES THE TAX REFORM BILL AND NOW IT GOES TO THE …

GOLD: $1278.50 up $0.90
Silver: $17.09 UP 11 cents
Closing access prices:
Gold $1278.60
silver: $17.08`
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1286.38 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1278.35
PREMIUM FIRST FIX: $8.03
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SECOND SHANGHAI GOLD FIX: $1287.39
NY GOLD PRICE AT THE EXACT SAME TIME: $1276.15
Premium of Shanghai 2nd fix/NY:$11.19

This post was published at Harvey Organ Blog on November 16, 2017.