Month: July 2022

Financial Times/Emiko Terazono, Neil Hume, Laurence Fletcher, and David Sheppard/7-6-2022

“A total of 153,660 agricultural futures contracts worth $8.2bn were liquidated in the week to June 28, the US Commodity Futures Trading Commission said in its latest report. This was the second biggest sell-off of long positions on record, according to Peak Trading Research.”

USAGOLD note: Though gold has been drawn into the recession-induced commodities sell-off, its decline has not been nearly as severe as the rest of the complex. Silver, on the other hand, declined with the index, though not quite as severely. Over the past thirty days, commodities are down 18.6%, silver 12.4%, and gold 6.2%

Gold, Silver and the S&P Goldman Sachs Commodity Index
(%, one month)

Chart courtesy of TradingView.com

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MoneyWeek/Dominic Frisby/7-7-2022

“But I will say this: “long dollar” is a crowded trade. Everybody’s talking about it. When it turns – and it will – there’s going to be a lot of money made on the other side of this trade. FX traders are going to be all over it. Long anything anti-dollar – gold, the euro, perhaps even the yen.”

USAGOLD note: Frisbee takes on the dollar – which sits on its wall, oblivious to the impending danger around it. Somehow silver and platinum snuck into this discussion. on the greenback. “There will come a time in the future,” he says, “when we’ll be wondering how on earth it was possible to buy these metals at these prices.”

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