Premium Reports

Da Boyz Whacked Silver Again, Update 28 Nov 2017

The price of silver abruptly dropped on Tuesday. There it was, sitting around $17.05 at 14:00 GMT. And boom. By 15:10, it was $16.78. Twenty seven cents of Fed-petrodollar-supporting non-profit illicit profits for da boyz in da cartel (you know who you are)! Or was it…? In the gold and silver communities, one needs no […]

Intraday Price Analysis, 17 Nov 2017

In this article, we show intraday graphs of both metals for Friday’s price action and provide our analysis of the basis moves. Here is a graph of Friday’s price action in gold, with the February basis overlaid. At around 1:30pm (GMT), you can see some buying of futures occurring, but the price does not move, […]

Intraday Price Analysis, 10 Nov 2017

In this article, we show intraday graphs of both metals for Friday’s price action and provide our analysis of the basis moves. This is the February gold contract basis plotted with price. Times are GMT. It is interesting how the basis looks like it wants to fall long before the price does. So there is […]

Intraday Price Spike and Crash Analysis, 1 and 3 Nov 2017

In this article, we show intraday graphs of both metals for Wedneday’s price spike and Friday’s price crash, and provide our analysis of the basis moves. Here is the gold intraday graph for Wednesday November 1. This is our recurrent pattern. Basis rising with price, though we read it as reluctant to fall when price […]

Gold and Silver Get Powelled, 27 Oct 2017

On Friday’s “Powell Spike”, somebody thought Powell would be good for gold. The price rallied four bucks in a minute, and then another three bucks within 8 minutes. But who? Was it stackers loading up on coins, prepping for inflatiocalypse? Or was it speculators loading up on leverage, betting on futures? And how can we […]

What Made Silver Go Up, Update 20 Oct 2017

Silver’s move on October 19th was more extreme than gold’s (see here for an explanation of gold’s price action). The price move was four times as great. What of the basis move? The basis move was also correspondingly larger: 30bps vs. 7bps. Again, it uncannily tracks the price. Unlike gold—for whatever it’s worth—the silver basis […]

Gold and Silver Intraday for Friday 6 Oct 2017

These are the intraday charts for Friday, subscriber-only supplement to the Supply and Demand Report for 8 October. The price action was pretty crazy on Friday, so we wanted to show what happened with the basis. Speculative or fundamental? Here is the chart. We see that the basis tracks the price. Although, there is this […]

Thoughtful Disagreement with Ted Butler – Gold Basis

This article follows on from Keith Weiner’s response to Ted Butler’s Thoughtful Disagreement challenge. Below is a graph of all 130 gold contracts since February 1996, aligned by contract age in terms of number of days until expiry on the X axis of the chart and basis in percentage per annum on the Y axis. […]

Outlook 2016

We have consistently been making the contrarian call for a falling silver price and a rising gold to silver ratio for years. This ratio has risen a lot during this time. So are we ready to change our call yet? This being the start of a new year, we wanted to take the opportunity to […]

Monetary Metals Supply and Demand Report: 28 June, 2015

The price of gold sagged all week. The price of silver took a similar journey, though it was up on Monday. On the week, they were down 25 bucks and 28 cents, respectively. On Friday around midnight Arizona time, there was a flash crash. We will publish a forensic analysis of this event late on […]