Fed official are on the spotlight again after a revised cooked number of GDP that made us 300B+ richer just minutes after 8:30 A.M than we were before (maybe nobody really felt it anyway) but Ben on this FED minutes just happened to chicken-out again and play with words more carefully than a master Swiss watch-maker… Nothing new. PM’s first on the corrective side, decisively correcting toward the 1300$ support for gold and 19.20$ for silver, then, as we all realized that a big bluff was in place one more time and that the FED is really scared of pulling away the oxygen cord out from the US patient economy already in a state of coma. The US $ index is also under the 100 days moving average, ,oil hanging at around 105$ or so. LBMA just reported that gold and silver transfers for the month of June are up 3% (12 yrs high!!!) and 7.5% for silver! WOW, about that for a bear market?! It is always getting better…
On the physical side seem to be getting harder in South Africa, the production of Krugerrands is shrinking and new orders are getting significant delays that are probably coming down the pipelines in just a minute, will see, keep an eye on that. Today I needed to cover a large sale for 5,000 oz of silver in the form of JM 100 oz bars, well, we called around all the big wholesalers, nobody, I mean nobody had available 50 of those bars. Insider scoop: due to a furnace failure JM just closed the facility production for few weeks! Now, that is a good news! We finally ended up finding the bars at the very last-minute before contacting Apmex which has them in quantity and is charging an arm & a leg plus a piece of kidney as well. Who wants to pay retail to resell at wholesale level???!!!
It is clear that some products are in shortage, it is also safe to say that prices of Ag & Au are destined to go up very soon… Till that day, we’ll keep stacking at every dip!
Ciao & thanks for following this blog!