It appears that both gold and silver may have found a bottom. Nothing in financial markets is certain, but the charts are giving me increasing confidence that a turning point may be close. My initial reaction to this week’s Middle East crisis was that the market was finally behaving in
The fundamental picture for silver has worsened in terms of supply, if anything. The three largest traders have massive short positions on silver, so of course they want the price suppressed. The Shanghai premium for real metal is running at present around 11% greater than the western paper price. On
The Strait of Hormuz is again effectively closed. Iran mined it shut, the U.S. blockaded Iran, then the U.S. launched “Project Freedom” to escort neutral ships through, and then Trump, true to form, paused the whole thing mid-stream to negotiate a ceasefire deal. Meanwhile, every barrel of oil that can’t
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