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The unfolding upmove in gold

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#471 Russ

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Posted 29 March 2020 - 02:18 AM

"Should the extreme in gold/silver ratio on the current gold benchmark be considered as important as the gold benchmark on May 2, 2011?" ... Ross Clark  Note: I am not sure how to interpret this information. Any opinions? 


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#472 Smithy

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Posted 29 March 2020 - 10:22 AM

Ray Merriman (MMA) holds that divergence between gold and silver is a necessary condition for a turn.

We have it here on a large scale.

 

The extreme GSR, if it turns, silver must gain more than gold going forward.



#473 Smithy

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Posted 03 April 2020 - 09:58 AM

This morning gold futures are acting as a lead indicator for spot.



#474 Smithy

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Posted 04 April 2020 - 10:18 AM

Saturday morning

 

Gold open interest has dropped 32% in 6 weeks, and silver down 42%.

OI is a form of sentiment indicator.

It would be good to know where the money fled to. I'm guessing some into physical.



#475 Smithy

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Posted 04 April 2020 - 10:18 AM

GLD physical gold inventory

 

GLD-holdings-4-4-20.jpg


Edited by Smithy, 04 April 2020 - 10:22 AM.


#476 Smithy

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Posted 04 April 2020 - 10:32 AM

On 12/31/19 a 100 oz silver bar at APMEX.com sold for $18.41/oz  when spot was $18.01, a margin of +$0.40 or +2.2%.

 

Today on APMEX that 100 oz silver bar sells for $18.61/oz  and spot is $14.34, that is +$1.29 or +30%.

 

Is this a temporary virus related panic spike or does it represent a new normal of an ongoing bullion shortage?



#477 Smithy

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Posted 10 April 2020 - 05:51 AM

I think this wedge may break to the upside.

 

4-10-20-silver-wedge.jpg



#478 Smithy

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Posted 14 April 2020 - 09:20 AM

A blow off peak in gold this way cometh.



#479 Smithy

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Posted 14 April 2020 - 12:23 PM

Spot gold curr. $1738.

I have a short term interim target of spot $1764.

We'll see.



#480 Smithy

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Posted 17 April 2020 - 10:11 AM

I'm wondering if spot 41 x 41 might hold.







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