Monetary Metals Supply and Demand Report: July 21, 2013

“Gold went up $11.70 this week,” is how most people would say it. This would be perceived as good news amongst the gold bugs. Of course, Monetary Metals looks at it differently. We say, “The dollar fell this week.” Expressing it this way makes it clear that there is no cause for celebration. As we [...]

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2 replies
  1. Rueffallais says:

    Humm ,

    Interesting , being expatriated in Turkey it allows me to compare on the ground how a “physical” country reacts. I think my remarks could be extended to some other countries (muslims ones) , Guess what :

    1-Turks buy physical (gold is definitelly in the street)
    2- Ramadan started on July 08th
    3- in the bazzar at the moment it is empty (ramadan) and when you speak with gold dealers it is perfectly normal due to the previous explanation . During this period Turks don’t buy quite a lot of gold.
    4- Ramadan is finishing on August 07th but the “movement” in the bazar will start around 10 days before (end of July)

  2. says:

    Why has this backwardation happened in the midst of bear markets? Your basic thesis is that it is a sign of super bullishness.
    My experience is that in general backwardation is bullish at the terminal phase of a bull market. But it terminates the move.

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