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A rising gold price means nothing in this sector ATM. Details follow in a separate post...

Not just here, but in mining stocks generally. In a week where gold is up over 1% & silver is down just over half of 1%, the PM mining sector gets absolutely whacked!

Defiance Silver -16%
Endeavour Silver -14%
Liberty Gold -13%
First Majestic -12%
Coeur -9%
MAG Silver -9%
Silvercrest -8%
Pure Gold -8%

And on & on it goes.

Did gold fall to $1,500 & nobody told me?
Did silver drop to $14 whilst I was putting the bin out?

My mining portfolio (which was up 77% at it's peak) is now flat.
Anyone care to elaborate on why miners are getting absolutely clobbered ATM?

11am on the dot.

SMASHHHHHH!

Rich, you really shouldn't post comments like that when you're trunk ;)

LOVE this company. What a gem.

Nationalisation concerns, perhaps?

Yep: metals getting whacked again now.

Traders took the chance to close-out more than 53M paper short AG oz yesterday, but there are still over 400M oz outstanding for July delivery. Nice shake-out by the Cabal.

PermaBear: comment of the day!

My AG average price is £12.12 p/oz
AU average price £955 p/oz

Whilst it galls me to see it fall (& work out just how much I'm "down" from the highs, I console myself that I'm still well "up" on my purchases.

A lot of this is really just noise. PMs are insurance, & anyone who was sceptical 12 months ago as to whether or not it would be needed will (I'm sure) no longer be doubting the necessity.

I'm overweight the sector & the metals themselves to the point of being clinically obese. Any further downside will be met with buying. By me!

So, the US is gripped by the highest inflation for 40 years RIGHT NOW, & the Fed says it MAY raise interest rates in EIGHTEEN MONTHS. And gold FALLS. Makes perfect sense to me (rolls eyes).

Moving the market with words has far fewer consequences than moving it with actions.
Give me an example of when the Fed's "dot plot" was accurate. I'll wait.
Give me an example of when the Fed was right on inflation. Again...I'll wait.
Give me an example of when the Fed successfully predicted a recession. Yet again... I'll wait.

The Fed is not there to serve the American people. It exists for the sole purpose of enriching it's owners. Nothing more: nothing less. Watch what they DO, not what they SAY.

The traders amongst you may well want to react to last night. The rest of you (myself included) sit tight. I'm (still) here for the same reason that brought me here in the first place. Have the fundamentals changed? No one iota.

When the world goes back into lockdown this coming Autumn (& it will) what do you think that will do to the economy? How will governments finance their exploding expenditure? What will that do to the price of PMs?

I'm sitting tight & buying popcorn.

In the event of a cyber attack on the financial system, what happens to:-

1) Markets?
2) Currencies?
3) Metals?

NO WAY ON THIS EARTH that gold closes above $1.900 & silver above $28. Happy to be wrong. VERY happy, actually, but it's not going to happen.

Wake me up when we get price discovery.

The Cabal are making it quite clear that they will defend $1.900 (AU) & $28 (AG) like The Alamo. Any break through these levels are swiftly (sometimes within minutes) smacked back down. It's so predictable it's comical. Maybe we should all be betting on the emergence of the monkey hammer. We'd certainly make more money doing that than we would by holding this stock.

Check out the gold graph over the last decade: for 5 or 6 years it was quite clearly capped at $1,350. Are we now to expect the same? Are we stuck at $1,900 for another 5 years??? Economics & plain old common sense would say "no", but we do NOT have free market capitalism. Price discovery is a fairy tale that my father used to tell us about around the camp fire.

We all know that Basel III is coming (in stages) starting 28th June. Did anyone see Macron announce today that all G7 nations should sell their gold reserves to provide financial aid to Africa? Coincidental timing??? I think not. Bullion banks are short, big time. I'd suggest we're about to see a re-run of "Brown's Bottom".

I wouldn't say that the metals are steady: they took a whack overnight.

https://www.zerohedge.com/commodities/us-mint-delays-silver-shipments-due-global-silver-shortage

...is a thing of beauty.

https://www.bullionvault.com/gold-price-chart.do

Does this explain the smack-down on Silver:-

https://www.zerohedge.com/commodities/china-halts-banks-selling-commodity-linked-investment-products-retail-traders

?

Anyone here clever enough to interpret this? I mean, I get the increase here & decrease there, but how does it compare with what was expected? SP is flat, so I'm guessing it's not a biggie either way.

Because right now it looks like either $1,900 or $28.00, depending upon which market you're looking at :)

Yep: they're defending those lines like the Alamo. BTW, the US REPO market has just gone jugs-up again (like in mid-September 2019). I'd suggest this is what's driving metal prices higher. It could blow-over... On the other hand, it could just blow.

Very little coverage in the MSM (surprisingly /s) but ZeroHedge are on it (for anyone who wants to read about it). I understand it, but the implications of it (i.e. which way the Central Banks will pivot) are a little harder for me to fathom. Either way, it seems that The Fed has to **** or get off the pot.

If anyone here has a thorough understanding of what's going on over there, I (& no doubt others here, too) would be grateful for an explanation.