friday wrap
market vibes
January 31…)
Preachin to the choir folks… That is gold. Every dealer and refiner of gold and silver are sayin’ it with a shrug,
“There is no demand for these metals!”
“I am swimming in coins!”
“I have tons of industrial gold products that usually sell at premium to London and they are offered at a discount. No body wants them!”
The big story today was JPM’s announcement they were delivering 3 mm toz into the Comex during the month of February. The post didn’t specify whether these deliveries are in addition to the 29,621 contracts of February gold tendered today. If they are, Comex warehouses are going to be stuffed with 60 mm toz of gold! Whoa. That’s a quarter of total 2024 production.
A canny trader in OZ, Rupert Mitchell of The Blind Squirrel bought a few shares of Brinks! Nice one.
If the narratives were not so negative, I’d say this gold chart looks fantastic. All-time highs and rising OI are not the technical trends you sell. Or do you? You decide…
Brinks equity, 5 year chart in daily data in blue, overlaid with Silver inventories in white. Think of it like a hotel for gold … More on this in the vibe…
Silver, Platinum, Bitcoin, Canadian dollars on new contract lows in all fractal samples, WTI in a late rally and Stock indexes closing on the lows. Coming up…
