Bill Holter’s Commentary
Harry Dent gets stuffed again only one day after pontificating…I don’t think he will need much time to see $1,525 in the rearview mirror, then maybe he withdraws his “$700 and possibly $250” gold forecast? I have publicly requested several times we debate the facts, and nothing but crickets from him. I know I am not “Harvard trained” and instead only went to the school of hard knocks and common sense but I renew my offer to debate the economic/financial facts. I will accept anyone he would like as moderator…what do you say Harry?
Harvard Trained Economist: Gold Fails Bullish Breakout, Stocks More Likely To Breakout Instead
August 14, 2019
Harry Dent says this could be it for gold. Here’s why…
The funny thing is that gold and stocks currently seem to like the same thing: more money printing.
Treasury bonds keep falling in rates and we’re seeing a slowing global economy despite Trump’s tax cuts and central banks leaning towards easing. That has hurt stocks a bit, as has the recent near break-off in trade negotiations with China. Markets were fearing a currency war now that the trade war is at an impasse.
So, no surprise gold has been rallying here. But for stocks, the surprise is that they’re holding up as well as they are considering the slow growth foreshadowed by the bond markets and trade impasses.
J. Johnson’s Latest – Will The London Precious Metals Sucker Punch Keep The Prices Down?
August 15, 2019
Great and Wonderful Thursday Morning Folks,
Gold just got a sucker punch right in price with the trade now at $1,524.80, down $2.80 and recovering from the hit that brought the price down to $1,518.30 with the high to beat at $1,534.90. Silver was negative first, giving the Silver Signal another shot with its trade now at $17.175, down 10.5 cents with the low at $17.075 and the high at $17.37. The US Dollar is also weaker in our early morning report with its value pegged at 97.72, down 10.6 points and close to the low at 97.68 with the high at 97.915. All this was done just before 5 am pst, the Comex open, and the London close.
The South American Currencies are still in mass print mode with the Venezuelan Bolivar now pricing Gold’s value at 15,228.94 Bolivar proving a gain of 31.96 with Silver now at 171.535 also gaining .299 Bolivar since yesterday’s early report. Argentina has been in the news of late with rumors of defaulting or collapsing everywhere and now has Gold valued at 91,892.54 giving the people, stuck under that currency, a 6,852.62 A-Peso value jump with Silver now at 1,034.99 Peso’s giving a jump of 80.783 A-Pesos as the Money of the People passes the 1,000 Peso mark. The Turkish Lira now has Gold valued at 8,532.98 subtracting another 33.06 from yesterday’s lower move with Silver now pegged at 96.1602 showing a slight increase of 0.0551 in T-Lira value.
August Silver deliveries continue to move along with the demand count now at 140 fully paid for contracts and with a Volume of 47 up on the board so far this morning, and once again, with no trading range to report, just like yesterday when 41 contracts got delivered either here or over in London. Based on Harvey’s stats, these demands were probably delivered over in London and most likely settled in paper. We’re starting to see the rolling out of the September contracts and the roll into the December with Silver’s Overall Open Interest now at 233,715 Overnighters proving 717 Obligations left the field of play when Silver made another new high for the year. I find it interesting that the Open interest in the September Silver $17 Calls are still elevated in count showing 1,261 purchased Calls giving the count a loss of only 400 contracts over last past week to now. I’ll do another Options tally for tomorrow’s report to see where we are in the total count including the “In The Money” situation in the Sept trade, so stay tooned! It may mean something.