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Cigarlover said:
I mentioned in an earlier post that that was the playbook to knock it down. Interesting that it doesn't seem to be working yet. I also wonder if the arb play is offsetting losses on the short positions. Be interesting in the next COT report to see if they are lowering their short positions.
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To that end Ted Butler seems to have vanished. Anyone seen him or have some info?
 
pmbug said:
Over the last few days, there's been a good bit of media reporting on the Japanese Yen and I only gave those headlines a cursory look. Maybe I should have been paying more attention...
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Data from Japan's Ministry of Finance Friday confirmed the country's first currency intervention since 2022, after the Japanese yen plunged to a 34-year-low in April.

The finance ministry on Friday stated that Japan spent 9.7885 trillion yen ($62.25 billion) on currency intervention between April 26 and May 29, according to a Google-translated statement.

This is the first time that the Japanese government has undertaken such a market measure since October 2022, according to ministry records.

The timeline of the government step coincides with a sharp rebound in the Japanese currency in recent weeks, after the yen plunged to a 34-year-low of 160.03 against the U.S. dollar on April 29.
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The personal consumption expenditures price index excluding food and energy costs increased just 0.2% for the period, in line with the Dow Jones estimate, the Commerce Department reported.

On an annual basis, core PCE was up 2.8%, or 0.1 percentage point higher than the estimate.

Including the volatile food and energy category, PCE inflation was at 2.7% on an annual basis and 0.3% from a month ago. Those numbers were in line with forecasts.

Fed officials prefer the PCE reading over the more closely followed consumer price index, which the Labor Department compiles. The Commerce Department measure accounts for changes in consumer behavior such as substituting less expensive items for costlier alternatives, and has a wider scope than the CPI.
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X/Twitter was buzzing yesterday because it was disclosed that Roaring Kitty apparently has somewhere between $65 and $180 million in calls placed on GME (expiring June 20 IIRC). And he posted a tweet or something. Expect more mindless pump and dump action on GME for the next few days.
 
How this doesn't run afoul of market manipulation laws baffles me...

GameStop (GME) stock could make Keith Gill, known as “Roaring Kitty,” the first GME billionaire as soon as this week while short sellers are bleeding.

Gill, the trader widely credited with kickstarting the GameStop saga, is currently up over $300 million in his GME position.

Provided that GameStop’s rally continues, Gill could become a billionaire as soon as this week, according to a June 3 X post from The Kobeissi Letter:
“Roaring Kitty” is currently up over $300 million in his $GME position. The stock has now added $5 BILLION of market cap today alone. He could become a billionaire this week.”
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The prediction follows an over 74% price surge for the GME stock in pre-market trading on Monday, according to Google Finance data.
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pmbug said:
X/Twitter was buzzing yesterday because it was disclosed that Roaring Kitty apparently has somewhere between $65 and $180 million in calls placed on GME (expiring June 20 IIRC). And he posted a tweet or something. Expect more mindless pump and dump action on GME for the next few days.
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Still don't understand the situation we find ourselves. In order to be a pump and dump one would presumably have to sell. Do you have any evidence he's ever sold anything? Besides a few calls to exercise in the first run.
 
Ah silver 'the sleeping giant'

I just crunched some numbers for my sleeping giant

If I had bought bitcoin in August 2012 when I sold my last proper residence, rather than £50k worth of 'the sleeping giant',
the bitcoin holding today would be worth £ 287 million ( $368,000,000 )

Realistically, I would not have punted such a large number at that time because at $12, it was still just an interesting idea.
A purchase of 100 bitcoin was not out of the question though and Do-Chen (Roller bearing) a former contributor on this forum even offered to set me up with an electronic wallet and half a bitcoin to get it up and running .......... so a mere $7 mill

:ROFLMAO:
 
Half a BTC is currently around $35K, not $7 million, but I understand your point. Hindsight is 20/20 though. When BTC was $12, not only was it a very speculative thing, it was downright difficult to buy. I tried to open an account with Mt. Gox back then and failed though I don't remember the details as to why.
 
the $7 mill was in the event that I had got persuaded by Do-Chen and purchased 100 bitcoin and yes it wasnt quite so simple back then but $120 was a managable amount for a very speculative idea. And even in the month of August 2012 there was a 40% fall in price ......... ( up to $14 and back to $10 !)

oh and for that sleeping giant to get me to where bitcoin could have put me, it only needs to increase by around 5 million or something stupid ;)
 
sorta has the ring of Hunt Bros and silver back in 1980.....get control and they change the rulz to break you
 
Except this time it was ALL well planned for I am sure. They know what they are doing and I'm sure they are ready for the heavy flak. And it's gonna get worse the closer they get to succeeding.

To that end, did anyone see that ole Buffet took a plane trip down to Argentina? In the middle of his stock being Glitchy.
 
GOLD INVESTING sentiment among Western economies rose again in May, reaching its strongest in 11 months on world-leading marketplace BullionVault as the precious metal extended its run of new record prices in US Dollar terms, writes Adrian Ash, director of research.

Profit-taking on existing gold bullion investments eased back for the second month running. The number of new users choosing to buy precious metals for the first time was more than 50% above its prior 12-month average.
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... the number of net buyers across the month on BullionVault – now caring for a record $4.6 billion (£3.6bn, €4.2bn, ¥729bn) of gold, silver, platinum and palladium, and finding 9-in-10 of its 100,000 clients in Western Europe and North America – slipped by 8.1% from April's 10-month high.

The number of people choosing to sell gold in contrast more than halved, down by 51.5% to the fewest since August last year. ...
...
As a group, investors used BullionVault to sell just 134 kilograms more gold than they chose to buy as a group in May, liquidating less than half the quantity sold in April and trimming their aggregate holdings by 0.3%, the smallest net outflow since January.
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Western Gold Investing Sentiment Hits 11-Month High | Gold News

Gold and silver investment sentiment among Western economies rose in May for a 2nd month running from March's record low, with BullionVault's Gold Investor Index reaching an 11-month high as gold profit-taking slowed despite fresh all-time record Dollar prices
www.bullionvault.co.uk

If I read that right, there are a few deep pockets on BV still selling, but most of their customers have stopped selling.
 
Job openings fell more than forecast in April, signaling a potential weakening in the labor market that could provide the Federal Reserve more impetus to start lowering interest rates.

The Labor Department's Job Openings and Labor Turnover Survey showed that the level of employment vacancies slipped to 8.06 million for the month, down by nearly 300,000 from March and nearly 19% lower than a year ago.

Moreover, the total marked the lowest since February 2021. The ratio of job openings to available workers edged down from 1.2 to 1, after being around 2 to 1 when openings peaked above 12 million in March 2022.
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Sell in May and go away is still in play this year.
Lets see what the new bottoms are for these metals. 2200 and 26?
 
Cigarlover said:
Sell in May and go away is still in play this year.
Lets see what the new bottoms are for these metals. 2200 and 26?
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i would say your pretty close if your looking at charts.......... but looking at other factors such as geo political risks, etc i dont see gold getting to soft until things calm down
 
... ADP reported that in May, the US added just 152K Private Payrolls, a 36K drop from the March (downward revised) number of 188K (originally 192K) to the lowest number since the 111K reported in January ... and far below the median consensus of 175k. ...
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ADP Payrolls Unexpectedly Tumble To Lowest Since January As Wage Growth Continues Slowing | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

After the Manufacturing ISM unexpectedly tumbled to the lowest level since February (led by a collapse in New Orders which tumbled at the fastest rate since Dec 2023), markets were expecting today's Services ISM to come in well below estimates and to be generally ugly. And, as always happens, when Wall Street expects something, the opposite happens and moments ago the Institute for Supply Management reported that the May ISM Services index unexpectedly jumped from a contractionary print of 49.4 in April to a 53.8 in May, which was not only the highest print since August 2023 ... but was also above the highest Wall Street estimate of 52.5 (from Dai-Ichi) and was a 4-sigma beat to the median estimate of 51.0. ...
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Services ISM Unexpectedly Surges Out Of Contraction, Prints At 53.8, Above All Estimates | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

As widely expected after significant dovish commentary in recent months, moments ago the Bank of Canada cut rates by 25bps from 5.00% to 4.75% as a majority of economists expected, and signaled that it is "reasonable to expect further cuts" if inflation eases.

The 25bps cut, which comes just under a year since its last 25bps rate hike in July 2023, means that Canada is the first G7-member central bank to launch an easing cycle. ...
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Bank of Canada Cuts Rates By 25bps As Expected, First G7 Central Bank To Launch Easing Cycle | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

So job growth slowing, manufacturing slowing, services running hot, Canada cuts rates. 2 up, 2 down.

iu
 
...
According to Jeffrey Gundlach, the chief executive of investment management company DoubleLine Capital, there are signs of trouble brewing in the U.S. economy – including rising credit card delinquencies and softer retail sales data – which suggest the possibility of an economic contraction is more imminent than the risk of an inflationary rebound.

"There's a lot of recessionary signals out there," he said while speaking at a webinar hosted by David Rosenberg, founder and president of Rosenberg Research. "There's more of a recessionary feel than an inflationary feel.”

The ‘Bond King’ added that he was staying away from the riskiest parts of the corporate debt market, such as triple-C rated companies' bonds and private credit investments, as he expects companies' debt defaults to surge.

When it comes to private credit, Gundlach warned that investors looking for higher returns in private markets rather than in public debt markets run the risk of remaining stuck with illiquid assets in case of a sharp economic slowdown.

"There is no factor on which private credit looks better than public credit at the present moment,” he said. “It's riskier, it doesn't have the same reward, it's the absolute worst.”

For this reason, Gundlach said DoubleLine is heavily exposed to U.S. government debt.

"We have more Treasuries now in our strategies than we've ever had," he said, despite concerns over rising U.S. debt levels and soaring government interest debt payments caused by higher rates.

Gundlach suggested that, over time, a growing debt burden could lead to the need to restructure U.S. government debt, which is why he focuses on low-coupon Treasury bonds.

“I've got this crazy idea that I want to buy only the lowest coupon Treasuries ... because if I have a very low coupon Treasury, I don't have to worry about being restructured," he said. "I worry that the federal government might be forced to restructure the Treasury debt.”

As for other trades that Gundlach is eyeing, he said, “Commodities could be your real asset play,” during a separate interview with DoubleLine Captial portfolio manager Sam Garza.

“Gold is getting long in the tooth… I think it's up about $40 today,” he said during the May 23 interview. “It’s just amazing. Gold was one of my number one recommendations for 2024, but I sure as heck didn’t think it was going to go up 25% in three months.”
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www.kitco.com

Jeffrey Gundlach: Never-ending debt-based scheme is pushing people to gold, Bitcoin

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
www.kitco.com www.kitco.com

Recessionary risks are real. I'm not so sure about his "gold is long in the tooth" thesis though. I think it's just getting started. Is he expecting the BRICS to pivot back to dollars? :ROFLMAO:
 
I may have jumped the gun in my previous post. Looking at gold in a longer timeframe is looks like sideways consolidation between 2300 and 2400. I was really expecting this to start making a move down to 2200. For whatever reason it is certainly showing some strength and holding these levels very nicely.
Silver is still up in the air. Broke down below the 20 day on Tuesday and stayed there yesterday but has since moved back up to it. A break and retest or a fakeout to shake out weak hands? It did test the 29.50 level from mid May. That held and bounced back up over 30. This could be setting up a new channel between 29.50 and 32.50. If so the next leg up in the metals is going to be tremendous.
 
UBS strategists have lifted their silver price forecasts, expecting that the white metal will outperform gold in the near term.

Now, the Swiss investment bank projects a 2024 year-end price target of $36 for silver and an average of $30.5, up 20% and 14%, respectively, compared to its previous forecasts.

“Our new silver price expectations reflect outperformance relative to gold, and show the gold:silver ratio falling towards the long-term average, which is currently ~68,” strategists noted.
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https://www.msn.com/en-ph/news/othe...ts-expects-outperformance-vs-gold/ar-BB1nGvbS
 
The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve's impetus to lower interest rates.

Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000.

At the same time, the unemployment rate rose to 4%, the first time it has breached that level since January 2022.
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^^ I don't understand how this tweet squares with the CNBC (et al) reports.



 
Voodoo said:
Jim has some Live competition here soon. He's BACK johhny. Small disclosure myself, I just sold one of two June $18 calls.



There are 13,933 people in that room. 20 hrs early. Probably better numbers then CNBC. Burn.
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70k waiting on the kitty now
 
Like 600,000 ended up being there for the live stream. Never saw the dude before but how he made any money in the markets is beyond me. Seems like a retard.
 
Silver lower high and back to the low $29's. No real problems unless we can't hold $26. Looking for $28.50ish maybe down to $27.50 this run down. Some analysts see today as a low going higher for another month or so then on down. Buying small positions in PSLV looking to buy SILJ into the gap near $10.40. Nice bull trap The Boyz set up in Silver. Long term bullish.SILJ_2024-06-07_12-51-51.png
 
Cigarlover said:
Like 600,000 ended up being there for the live stream. Never saw the dude before but how he made any money in the markets is beyond me. Seems like a retard.
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During the June 7 livestream, Roaring Kitty revealed his portfolio and announced that he was down $235 million, as GameStop shares fell sharply from the previous day's close of around $46 to a low of around $26. Shares of GameStop are trading around $28 at the time of this writing.
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