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SD Bullion Weekly Update

Smithys Bullion - FINE GOLD AND SILVER


The first half of the trading year 2024 is completed today, and in the second half of this week's SD Bullion Market Update, we'll examine how silver and gold have fared around the world.

But to begin, I want to focus on a chart regarding the ongoing high silver premiums paid in China for industrial-sized 1,000-oz silver bullion bars.

The silver and gold markets traded sideways and slightly down, respectively, on the week.

The spot silver price ended the month, quarter, and half-year point just over $29 oz bid.

The spot gold price finished just over $2,325 oz bid, and gold was slightly stronger than silver on the week.

The spot gold-silver ratio finished at 79.
 


Happy 4th of July holiday to our US customers and viewers out there.

It was a busy week of positive price action for both silver and gold. Today's most bullish moves followed this morning's US jobs report data.

The spot silver and gold markets finished the holiday-shortened week with strength.

The spot silver price closed the week at $31.21 oz bid, while the spot gold price closed just under $2400 oz bid.

The spot gold-silver ratio fell to 76 on the week.

Year to date, both silver and gold have performed well in fiat US dollar terms.

But the fundamental drivers for both are still not reflected as bullish enough.

That will be all for our weekly SD Bullion Market Update.
 


We have previously produced 7 videos (backlinked below) related to this subject. Along with the show notes, there will be a public Google Doc spreadsheet below documenting the ongoing data and source links for each respective video, present and past.

When we began making these particular types of updates in the summer of 2020, the hard US debt was at the time $25 trillion, and it has since ballooned to almost $35 trillion, a gigantic growth of 40% more US debt outstanding in just the last four years. Continue this trend, and the outstanding hard US debt will balloon to $50 trillion by the summer of 2028.

This video's long-term gold price target data is based on historical US financial history precedents and the past, where the US Official Gold Reserve value accounted for 40% of the outstanding physical fiat US dollars in domestic circulation at the time.

This happened on three different occasions in the 20th Century. Given the building evidence of a global return towards a gold bullion financial foundation in this 21st Century, producing another 40% coverage rhyme in time is the thesis of these coming price projections.

Take advantage while you can, acquiring a prudent position in bullion like central banks are collectively doing in record size. Simply knowing the long-term trend will be our net wealth friend.

That will be all for this week's SD Bullion Market Update.

I'll be back next week with real-time updates.

Until then, as always, take great care of yourselves and those you love.

Public GOOGLE DOC with data source links:
 


Lots of craziness has passed since we Bullion Market Updated two weeks ago.

Some in the form of live bullets aimed at assassinating the former and current leading US Presidential candidate Donald Trump.

Thankfully only the top portion of his right ear was struck and he was otherwise unharmed.

Today, Friday, July 19th, 2024 the Western world awoke to a new cyber shutdown brought on by a supposed IT update which shut down many banks, airlines, and media companies causing major disruptions with Microsoft service applications worldwide.

The finger was pointed directly at a major global cybersecurity firm ironically called Crowdstrike which turns out to be a World Economic Forum partner.

The same transnational organization that makes dramatic trailers and war games about global cyber panics and system shutdown threats.

And so today many millions of workers and those seeking services were left in the digital world lurch as system failures worldwide caused canceled flights, ATMs not to function, and basically the biggest IT failure in world history according to experts.

In an increasingly digitally leveraged world that seems hell-bent on having next to no backup plans or systemic redundancy responses in case of grid failures. This is one of the big driving forces to owning prudent physical bullion positions outright and rainy-day physical fiat cash on hand.

The spot silver and gold markets have had a hot month of July until recent sell offs to close this week.

The price slam in silver was most pronounced with the spot silver price closing the week at $29.25 oz bid.

The spot gold price closed the week just under $2400 oz bid after hitting a record nominal price high in fiat US dollars just below $2,500 oz.

The spot gold-silver ratio has been rising, with gold's relative strength over silver lately, with the spot GSR closing this week at 82.

Physical bullion premiums remain relatively low with major gold and silver bullion sales this weekend at SD Bullion — www.sdbullion.com/deals

That will be all for this week's SD Bullion Market Update.
 


The silver spot price in fiat US dollar terms got cut down by over $2 oz within a 24-hour trading window this past Wednesday to Thursday as price volatility picked up in many major financial and commodity markets worldwide.

Later in this week's bullion market update, we'll look at how far this current silver spot price sell-off might go. And the longer-term bullion bull market drivers were left unshaken from recent spot price weakness.

The spot silver and gold markets sold off on the week.

The spot silver price finished just below $28 oz bid while the spot gold price closed the week at just under $2,400 oz bid.

The relative pronounced weakness in spot silver versus gold caused the spot gold-silver ratio to rise to close the week at 85.

The current 200-day moving average for spot silver is near $26 oz. It will be interesting to see if spot silver prices see more downside weakness before the Fed begins talking rate cut timelines in public.

I hope many of you are taking advantage of this latest spot price weakness and adding to prudent bullion positions as the central banks have been doing in record size for nearly 3 years running.

That will be all for this week's SD Bullion Market Update.
 


All financial market eyes were on Jerome Powell of the fiat Federal Reserve this week as they left interest rates unchanged for 8th straight meeting. The Fed reiterated no rate cuts until confident inflation is moving to 2% stating while inflation has lightened but remains "somewhat elevated"

I am filming this early Friday, August 2nd, 2024 as I will be traveling this evening.

Trading for both silver and gold has been positive overall this week.

The spot silver price is closing in on $29 oz and the spot gold price is currently trading over $2,450 oz.

The spot-gold-silver ratio has remained flat at 85.

USA-based silver bullion buyers and investors, you can still get investment-grade silver bullion products on sale as low as 99¢ oz over spot at www.SDBullion.com/deals while supplies last.

Take advantage of the fact that silver is still relatively cheap versus escalating gold prices, for now.

That will be all for this week's SD Bullion Market Update.
 


Market chaos hit early this week as the fiat Japanese yen carry trade unwind violently flushed various financial markets around the world.

Reports also on Monday indicated that many of the retail public's largest stock market brokerage account websites were frozen and offline, leading many to deduce coordination. Whatever the reason, it's not confidence-inspiring, to say the least.

Let's put this week's yen carry trade unwind into further local gold and silver context.

The spot silver and gold markets closed lower on the week, mainly driven by Monday's yen carry trade unwind selloffs.

The spot silver price finished the week near the $27.50 oz bid, while the spot gold price nearly erased all losses from early in the week, finishing at the $2,430 oz bid.

The spot Gold Silver Ratio finished up on gold's relative strength over silver ending at 88.

That will be all for our weekly SD Bullion Market Update.
 
the Start of the YEN carry trade,
first the YEN was too strong in the 90s, need to beg on its knees, so WallSt help to go down with near zero interest, in the name to bring competitiveness and carry 20T usd into existance and earn 6% doing nothing, that is 1.2T free money each year. after 30 years, with 1.5T pension money taken hostage, JP will have to sell 400B from its 800B holding in a hurry. WallSt is left with no choice, when BOJ increased the rate to just 0.25%. so someone got wounded, and 3-6T evaporated worldwide.
 


In almost all markets, the Friday closing price is typically the most significant price point of the week.

The reason for this is multifold.

One is simply weekly price chart candles.

Think about it: traders worldwide finally get enough time outside of normal trading hours on quiet Saturday mornings, for instance, to look around financial markets for trading ideas and or markets that illustrate a potential move up or down soon.

Here's a year-to-date weekly price chart for how gold closed this week.

Looks like a bullish breakout, no?

Gold just finished its fourth consecutive all-time Friday high price close in fiat US dollars.

Passing and closing above the psychological $2,500 oz price point and doing so out of the congestion zone gold has been trading in the last few months will surely catch increasing attention from traders worldwide.

Watching the spot gold price trade today, the current levered gold longs seem pretty savvy judging by how $2500 spot gold was slowly inched up to and patiently methodically passed on the close over the day. It seemed professionally executed.

Add on the fact that Spot Gold tends to front-run fiat Fed rate cuts and next week's Jackson Hole major central bank meeting in Wyoming. Gold has the potential for some real action and price volatility coming up to close Q3 in Q4.

Bloomberg Intelligence's senior macro strategist Mike McGlone is still out here banging the table on a not-too-long-from-now gold price target of $3,000 oz, but more important are some of his reasons.

Have a look and listen.

Volatility could push gold to $3,000 per ounce: Strategist
• Volatility could push gold to $3,000 ...

The spot silver and gold markets traded up through the week with a solid close, respectively.

The spot gold price finished at $2,506 oz bid, and the spot silver price closed at a $29 oz bid.

The spot gold-silver ratio fell slightly on the week to a still historically high level of 86.

International Banker Silver Demand 2024 vs Price:

That will be all for our weekly SD Bullion Market Update.
 


It's Jackson Hole week, and the fiat Federal Reserve has announced its next rate-cutting cycle pivot.

Fiat Fed Chairman Jerome Powell cites rising unemployment as a critical reason for kicking off this cutting cycle. This same week, the US government data-rigging Bureau of Labor and Statistics admitted they have recently overstated US job growth this year through March 2024 by nearly 1 million phoney job hires.

This is the largest job rigging number admittance since we were at the heart of the Global Financial Crisis stock market bear bottom in March 2009.

How large will the first rate cut be on September 18th? Hard to know.

What we do know is that the last two times the fiat Federal Reserve cut rates to address escalating unemployment numbers, the US economy experienced deep recessions and massive stock bear market crashes in nominal terms and in terms of valuations versus silver and gold, respectively.

Both the 2000 stock bear and the 2008 stock bear cycles were followed by massive spot price and relative valuation rallies for silver and gold.

The spot silver and gold markets traded up to close on the week's ending news of the fiat Federal Reserve's interest rate cut cycle pivot.

The spot silver price closed just under $30 oz. I wonder how long it will take China to blow through the old Rostin Behnam TAMP line again. Perhaps early next week?

The spot gold price closed the week again above $2500 oz.

The spot gold-silver ratio fell to close the week at a still-high level of 84.

Bloomberg Gold Silver Ratio Clip • Why is the Gold-Silver Ratio Peaking?...

The aggregated shadow eastern price for silver since 1970 has recently ballooned to nearly $400 oz.

This is the same price chart but in logarithmic format, so we can see the black intra-COMEX silver hours starting all the way back in 1970 at $1.92 and 1/2¢ oz for silver. Remember that number; it will help explain how the silver market eventually comes back into equilibrium.

Since 1970, starting at $1.925 oz, the silver price within COMEX has dwindled to 15¢ oz over the last 54 years.

You might need to pause and listen to that again. It is the most crooked COMEX market, and that's saying something.

But there are eras when silver future long betters do, in fact, win versus the COMEX silver shorts, and this blue line runs up a wall.

It all started in 1970, at the starting line of $1.925 oz for silver intra-COMEX hours.

My contention is that when this repeating phenomenon reoccurs, it will be likely at or near the peak of the coming silver bull market mania. It will most likely be at multi-triple-digit per-ounce silver spot price points where the Eastern blue and red spot price lines converge for the fifth time, many years and multiples in price from where we are now.

That will be all for our weekly SD Bullion Market Update.
 


The spot silver and gold markets traded down on the week.

The spot silver price sold off hard to close trading today, finishing below the $29 oz bid.

The spot gold price still managed to record its highest monthly price close, settling above $2,500 oz for the week.

The spot gold-silver ratio ballooned back to 86 on silver's relative price weakness to gold over the week.

This week, Goldman Sachs, BASF, HSBC, and ICBC Standard Bank out of London made a Platinum and Palladium price-fixing lawsuit settlement of a slap on the wrist of $20 million.

The price rig lawsuit occurred from the start of 2008 through nearly the end of 2014. This latest admitted precious metals price rig was during the twice-daily platinum and palladium "fixings", with the four guilty financial institutions sharing customer data, front-running expected price moves, and placing bogus "spoof" orders, which enabled banks to avoid losses on "short" positions they maintained in futures markets.

Similar price rigging data points to gold and silver prices being consistently rigged over a similar historical timespan. This data from 2006 to 2012 shows how the intraday gold price was consistently rigged lower during the London AM & PM fixes over those years as well.

The last 24 years of data throughout this 21st Century suggest similar price suppression programs are still active, though perhaps not as effective as they once were.

Looking back at the Palladium market during the settled lawsuit timeline illustrates what eventually happens to an artificially suppressed market. Eventually, they run into physical shortages, and the spot price explodes to eventually find a much higher equilibrium or price balance. Palladium, for instance, ran from a $180 oz low in the 2008 GFC to a price spike high of $3,400 oz by the start of 2022.

In another piece of circumstantial evidence of a potential recession underway, Goldman Sachs announced this week that it would be cutting 1,300 employees, or 4% of its overall staff.

Stick around; on the other side of this break, we will run through the week's most interesting news in the silver and gold markets. And why many fundamental reasons cited are having analysts call for higher spot silver and gold prices through the close of 2024.

Lower rates will have a bullish impact on gold, analyst says
CNBC International News — ...

That will be all for our weekly SD Bullion Market Update.
 
so the manipulation is not about shorting the markets, but the cover up of the concerted shorts prices
by setting the closing prices that are not near to the factual closing prices if/when these operators absents


"Looking back at the Palladium market during the settled lawsuit timeline illustrates what eventually happens to an artificially suppressed market. Eventually, they run into physical shortages, and the spot price explodes to eventually find a much higher equilibrium or price balance. Palladium, for instance, ran from a $180 oz low in the 2008 GFC to a price spike high of $3,400 oz by the start of 2022."

in Chat GPT
It sounds like you're discussing a situation where there's manipulation of closing prices in financial markets, specifically through concerted shorting activities. To clarify:

  1. Concerted Shorting: This involves multiple parties collaborating to short sell a stock or asset, driving its price down.
  2. Manipulation of Closing Prices: The idea here is that the operators involved in shorting might also be manipulating the closing prices. This could be done by artificially influencing the market to set closing prices that don't accurately reflect the actual market value, especially when those operators are not actively involved.
  3. Cover-Up: By setting these misleading closing prices, the operators might be trying to obscure their manipulative activities or avoid detection and accountability.
In summary, it appears that the manipulation isn't just about shorting itself but also about distorting closing prices to cover up these activities and potentially mislead other market participants.
 
so those company getting fines, its just like doctors treating the symtopms of an illness rather than cure the desease

In Chat GPT
Yes, that's a good analogy. When companies are fined for market manipulation, it's akin to treating the symptoms of an illness rather than addressing the root cause. The fines may penalize them for their wrongdoing but don't necessarily address the systemic issues that allow such manipulation to occur in the first place. To truly "cure the disease," broader regulatory reforms and stronger enforcement mechanisms would be needed to prevent such manipulative practices from happening and to ensure a fair and transparent market.
 


The spot silver price sold off on the week, finishing just below the $28 oz bid, while the spot gold price sold off slightly to finish the week's trading price just under $2,500 oz bid.

The spot gold-silver ratio rose again, this time due to silver's relative weakness versus gold, to a historically high level of 89.

That will be all for our weekly SD Bullion Market Update.

And as always to you out there, take great care of yourselves and those you love.
 


A scorching close into new record high prices for gold this week, not merely in the USA but in most major economies around the world. Take a look for yourself.

The spot gold price closed just under $2,600 oz on the week as the spot silver price popped higher, closing the week at $30.70 oz bid.

The spot gold-silver ratio fell on silver's relative strength versus gold to a still historically high figure of 84.

Let's see what kind of follow-up the two precious metals have in the coming expected first fiat Federal Reserve rate cut next week.

That is going to be all for this week's SD Bullion Market Update.
 
The spot silver and gold markets rallied through the close of this week's trading.

The spot silver price closed just over $31 oz while the spot gold price finished the week above $2,600 oz for the first time ever.

The spot gold-silver ratio actually went up one to close at 84 with gold's strength at the close of this week.

 


The spot silver and gold markets were both up on the week with what appeared to be some profit taking to close the trading this Friday.

The spot silver price finished at a $31.61 oz bid with the spot gold price closing at a $2,653 oz bid on the week.

The spot gold-silver ratio finished at 83, and we'll continue monitoring the spot GSR to see if the lower 80s and high 70s come back as technically that appears to be coming.

That will be all for this week's SD Bullion Market Update.
 


The spot silver gold markets traded and closed in mixed fashion this week with more relative silver strength than gold.

The spot silver price finished above the $32 oz bid, while the spot gold price closed just over the $2,650 oz bid.

The spot-gold-silver ratio dipped to 82.

That is going to be all for this week's SD Bullion Market Update.
 


The spot silver and gold markets had a mixed week in fiat US dollars given its recent relative strength versus other also further devaluing fiat currency units.

Both spot prices fell midweek only to rally into the week's closing price trades.

Spot silver finished just over $31.50 oz bid and the spot gold price closed just over $2,650 oz bid.

Gold's relative strength over silver this week pushed the spot gold-silver ratio up to close at 84.

That will be all for this week's SD Bullion Market Update.
 
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