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  1. phil
    November 12th, 2015 at 10:50 am

    Not the best view of gold:

    Yikes!  

    And there were two stories yesterday about physical gold flying off the shelves.  

    China is on a gold ‘buying spree’

    Gold Demand Climbs to Two-Year High as Buyers Snap Up Bargains

    U.S. buying of bar and coin more than tripled to 33 tons, the highest level in five years. The lobby also reported strong European investment demand on concern over the Greek economic crisis and Ukraine conflict. Chinese investment demand grew 70 percent.

    Holdings in exchange-traded products declined 66 tons, the council said, the biggest drop since the last three months of 2014. ETP metal has sunk a further 1.4 percent since end-September to 1,508.6 tons, according to data compiled by Bloomberg as of Tuesday.

    Newly mined gold fell 1 percent to 828 tons. Older mines in South Africa and the U.S. are seeing falling output while many large new mines are near their production peaks. Total gold supply reached 1,100 tons, rising 1 percent.

    Kind of hard to let go of longs with those numbers backing it up.

    Short story is the ETF goes down and dumps mega-tons on the market and that depresses prices further.  The good news is the opposite occurs on the way back up.  

    Silver/Cjji – Whatever Yellen said and then whatever she said next and then whatever the next Fed speaker says….  All noise this week.

    That's why I prefer to focus on longer-term macros.  



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