Loading ...*How bad is it today? John Embry remarked on a Basquiat painting bought in 1984 for $19,000 just sold for $111 million. While silver, which sold for $50 in 1980, can’t get over $17. More appropriately: not allowed to get over $17.
*The dichotomy between bitcoin and the gold price action is both breathtaking and very revealing. Bitcoin has caught up to other asset prices which have been soaring and is now leading the pack. Gold and silver can’t get out of their own way thanks to The Gold Cartel. The contrast between the precious metals and everything else is causing more and more veterans in our sector to quit and has bullish sentiment as low as it has ever been.
*The growing disparity between the precious metals prices and other assets clearly reveals the extent of The Gold Cartel’s market suppression/manipulation. In terms of numbers, James Turk made note just how egregious it all is by pointing out that if gold had just kept up with inflation in the U.S., it would be $3300 an once today.
*In silver the egregiousness of the situation is best pointed out by its astoundingly high open interest, as covered of late. James Mc’s stark comparison to lumber is mind blowing.
*How bad is it today? The DOG has soared right back close to its all-time high, competing with bitcoin for flying the bullish flag honors for the day … while gold is down $2 with the dollar down .60.
The Commitment of Traders Report
Silver
*The large specs increased their long positions by 5,160 contracts, but increased their shorts by 15,811 contracts.
*The commercials increased their longs by 7,212 contracts and reduced their shorts by 4,720 contracts.
*The small specs decreased their longs by 706 contracts and increased their shorts by 575 contracts.
Gold
*The large specs reduced their long positions by 14,583 contracts and increased their shorts by 8,699 contracts.
*The commercials increased their longs by 8,759 contracts and reduced their shorts by 12,804 contracts.
*The small specs increased their longs by 12 contracts and reduced their shorts by 1,707 contracts.
No surprises, but constructive theoretically.