Jim Sinclair’s Commentary
More positive developments in Tanzania for ethical mining, from artisan to major.
East Africa’s First Gold Trading Hub To Fight Smuggling
March 18, 2019
Tanzania has launched an international gold trading centre in the gold-rich region of Geita.
Tanzania will thus join South Africa and Botswana, which boast a gold exchange hub and diamond bullion market respectively.
The centre, inaugurated on March 17, is among reforms introduced in the mining sector in the past three years to curb mineral smuggling.
The gold hub is meant to ease mineral trading, and ensure that businesses pay the required levies to the government.
Geita produces over 40 per cent of the gold exported from the country.
According to Geita Regional Commissioner Robert Gabriel, each of the five districts in the region will have one gold collection centre for small-scale miners, and two banks where gold trading will be taking place.
Comex Opens, Now It’s Time To Go Back To Sleep…
March 19, 2019
Good Tuesday Morning Folks,
Gold is up again and hopefully it will stay that way when the Comex opens and we all go back to sleep (immediately after it opens) with the trade now at $1,308.50 (April) right beside the high of $1,308.80 with the low at $1,302.10. Silver is following with the May contract pegged at $15.41, up 8.8 cents and right beside its high at $15.42 with the low at $15.32. The Rollover in the currencies is complete with the June US Dollar trade now at 95.785, down 19.8 points and close to the low at 95.73 with the high at 95.975, of course all this was done way before the Comex Open and a hair past 5 am pst. At least in Venezuela, the currency prices remain steady (cough) with Gold’s price now at 13,068.64 Bolivar gaining 47.94 overnight with Silver pegged at 153.907, gaining only .699 Bolivar in value as we wait for the emerging currency markets volatility to infect the calm in the majors.
March Silver’s Deliveries are now showing a reduced count at 65 demands for physical with zero Volume up on the board so far this morning proving a 10 count drop being delivered/settled/cleared somewhere between COMEX and the City and as we near the Brexit and Basel III date (3-29-19) that was set up a long time ago. Silver’s Overall Open Interest gained a bit more during yesterday’s nap time trading period at the Comex showing a gain of 481 Obligations making the count 187,344 Overnighters as of this morning’s report.
Bill Holter’s Commentary
…and a century is a very long time frame!
Buy Gold, Sell Stocks Is the ‘Trade of Century’ Says One Hedge Fund
March 19, 2019
One of last year’s best-performing hedge funds says the “trade of the century” is to buy gold and sell stocks as risk assets are due for another meltdown.
It’s only a matter of time until the bearish bet pays off big, according to Crescat Capital LLC. While the Denver-based firm has only about $50 million under management, it has a history of outperforming the S&P 500 Index — with its Global Macro Fund returning 41 percent last year alone. Now the investment company says it’s ready to capitalize on an end of the economic cycle as indicators warn that a recession is imminent in the coming quarters.
The consensus is pointing to a recession in 2020 or 2021, Tavi Costa, a global macro analyst at Crescat, said by phone. “We think it’s a lot closer than that and we have a number of macro timing indicators that we look at.”