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The Commitment of Traders Report

Silver

*The large specs reduced their long positions by 2,060 contracts and increased their shorts by 10,393 contracts.

*The commercials increased their longs by 4,112 contracts and reduced their shorts by 3,483 contracts.

*The small specs increased their longs by 2,221 contracts and decreased their shorts by 2,637 contracts.

The net short position of the commercials is down to 5,183 contracts.

Gold

*The large specs reduced their long positions by 22,733 contracts and increased their shorts by 12,998 contracts.

*The commercials increased their longs by 8,383 contracts and reduced their shorts by 20,862 contracts.

*The small specs increased their longs by 224 contracts and decreased their shorts by 6,262 contracts.

The net short position of the commercials is 107,930 contracts.

From a historical standpoint this is a bullish report on both precious metals. How the silver positions are being reversed is most strange considering so little price movement. Have to leave it at that for now.

“Neither the publisher of the list, nor a single one of the 1,000 wealthy UK individuals realise that in the next 5-10 years they will have lost on average at least 75-90% of their wealth in real terms.”

You know what I say to that? They will still be ahead of where they would be if they would have held gold and gold stocks.

My portfolio is littered with ridiculous losses that will never be recovered even if gold doubles from here. If it goes to $5K maybe I have a shot, but it’s doubtful because I’ll be paying $10 a gallon for milk.

Great effing insurance Egon.

Waiting for the last hour smash. Weaker USD is really helping pm’s today…LOL

Sorry folks, I’ll head back to the cave.

Trading in a very tight range today. I expect a big day Tuesday. I hope it’s UP.

rno

Donald Trump has terminated the preferential trade agreement which provided Turkey with partial tax-free access to US markets, in a move some see as Washington’s retaliation for the NATO ally’s increasingly independent policies.

More than two months after the United States threatened to end Turkey’s participation in Generalized System of Preferences (GSP) program, President Donald Trump on Thursday cut off Ankara’s access to the program, noting that the country is no longer a developing state.

It came amid heightened tensions which, in addition to a number of contentious points, have recently soured over Turkey’s refusal to give up the purchase of Russian S-400 missile air-defense systems, which the US apparently sees as a direct threat to its own national security and interests.

cont. https://www.rt.com/business/459548-turkeys-preferential-trade-agreement-cancelled/

The $ index is down .213–gold down $2–

http://futures.tradingcharts.com/marketquotes/DX.html

Japan PM Abe mulling visit to Iran as early as mid-June: NHK

https://www.reuters.com/article/us-japan-iran/japan-pm-abe-mulling-visit-to-iran-as-early-as-mid-june-nhk-idUSKCN1SU0EE

Bet you can’t guess what it is!!

WITHOUT GOLD THE WEALTHY WILL BE WIPED OUT–The world is about to experience the biggest wealth destruction in history,Egon von Greyerz

May 24, 2019

Neither the publisher of the list, nor a single one of the 1,000 wealthy UK individuals realise that in the next 5-10 years they will have lost on average at least 75-90% of their wealth in real terms. The world is about to experience the biggest wealth destruction in history which will destroy the artificial paper wealth that central banks have created. This will of course happen worldwide.

*********************************************

The massive explosion of wealth in the world could be a sign of general prosperity but that is certainly very far from the truth. The printed money and credit expansion has only benefited a very small minority. The gap between the rich and the poor is getting ever wider but it will soon shrink dramatically.

Neither the publisher of the list, nor a single one of the 1,000 wealthy UK individuals realise that in the next 5-10 years they will have lost on average at least 75-90% of their wealth in real terms. The world is about to experience the biggest wealth destruction in history which will destroy the artificial paper wealth that central banks have created. This will of course happen worldwide.

NONE OF THE WEALTHY OWNS GOLD

Stoppage at Newmont Goldcorp mine costs Mexico millions daily – official

Ongoing stoppages at Newmont Goldcorp Corp’s Penasquito gold mine in Mexico are costing “millions” every day to both public coffers and the company, a senior Mexican official said on Thursday, urging a solution that will restart operations.

Speaking to reporters in Mexico City, Francisco Quiroga, the deputy economy minister responsible for mining, said he wanted operations at the country’s largest gold mine to continue.

“Every day that it’s shut, there are millions lost for the company and for public coffers,” Quiroga told reporters. “We want a solution that allows mining activities to continue.”

Stoppage at Newmont Goldcorp mine costs Mexico millions daily – official

Theresa May Cries As She Announces June 7 Resignation

https://www.zerohedge.com/news/2019-05-24/theresa-may-says-she-will-resign-2-weeks

gold’s back in its box–The fact that stock futures are up in a devil-may-care display of hubris could be interpreted bearishly…in bear markets stock futures usually open up and are sold…in bull markets they open down and an army of drooling bargain hunters rushes in…

Futures, Global Stocks Jump As “Trade Deal Optimism” Makes Scheduled Appearance

 

“As a dog returns to his vomit, so a fool repeats his folly” is an aphorism which appears in the Book of Proverbs in the Bible — Proverbs 26:11

https://www.marketwatch.com/investing/index/gdow

The summer Ski Train in Rio Grande paint
climbing thru the mountains… literally!
https://railpictures.net/photo/694576/

Pretty tough not to get discouraged we’ve been beaten so regularly. If it was market forces that would be one thing but this giant thumb on the scale is a real pisser.

We know that we’ll have a PM reversal but who knows what the timing will be. We’ve all been waiting far too long!

Cheers

same message we see often from Mr Copper, namely that there has been a reversal or there is going to be a reversal. I still hold out hope that someday something will reverse PM shares upward, but I do have some of the pessimistic doubts that Buygold mentions from time to time. Cheers. Equiz