Craig Hemke, Editor of TF Metals Report, joins us to review the gold chart from 2011-2013 compared to the chart from 2020-2022 and notes the potential bearish implications and risks. In addition to the caution warranted if the bearish scenario was to play out again, Craig makes the point that there are some key differences in the data and macro backdrop compared to that time period, and also outlines the potential bullish scenario that could still unfold.
This leads the conversation into a wide-ranging discussion touching upon COT positioning, silver backwardation in prices, the question of who exactly will buy the US debt moving forward if it is not the Fed as the buyer of last result, treasury yields versus real inflation-adjusted interest rates, the recent US Dollar strength, and Fed jawboning versus actual policy moves. We look forward to the jobs data tomorrow, and more importantly next month for data that could change the prevailing market trends and expectations.
Click here to visit Craig’s site – TF Metals Report.
