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Topic:
Don't Get Shaken Out
Market Analysis: Don't Get Shaken Out
The UBS Gold House View:
UBS- China's imports of gold exceeded 127 metric tons in April, the highest in nearly a year and up 73% month-over-month. This came after Beijing allocated fresh quotas to commercial banks last month. Meanwhile, Purchase limits have tightened on Costco gold bars. Source Meanwhile...
Costco Restricts Gold Purchases While China Buys Even More
“You know things are getting weird when your mom starts eyeing gold bars at Costco like it’s toilet paper in 2020.”
Costco is imposing stricter limits on member purchases of gold bars as demand surges alongside record-high bullion prices. As of this week, members are restricted to one 1-ounce gold bar per transaction and two per 24-hour period, down from an earlier cap of two per transaction.
Comment: Sideways is bearish has been gold's history as less liquid owners are forced to sell in times of monetary duress. We may be entering that for some. Simultaneously, with the Fed now on pause of rate cuts, the ETF buying in the West has dropped off.
In the East, China just now began a trade counterpunch that could have nasty deflationary consequences. But remember, the smarter, bigger money is buying more than it always has. Don’t get shaken out if you can help it. Buy when you can, not when you have to. But also, if you buy, own it, do not rent it. That is more impirtant right now Yet gold remains criminally underowned
Continues in Gold is Criminally Underowned
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Data on Deck: TUESDAY, MAY 27 (PCE Week)
4:00 am Minneapolis Fed President Neel Kashkari speech in Tokyo
2:00 pm Minutes of Fed's May FOMC meeting
Summary and Final Market Check…
MONDAY, MAY 26None scheduled, Memorial Day holiday
TUESDAY, MAY 274:00 amMinneapolis Fed President Neel Kashkari speech in Tokyo8:30 amDurable-goods ordersApril-7.8%9.2%8:30 amDurable-goods minus transportationApril--0.0%9:00 amS&P CoreLogic Case-Shiller home price index (20 cities)March--4.5%10:00 amConsumer confidenceMay86.086.08:00 pmNew York Fed President John Williams speech in Tokyo
WEDNESDAY, MAY 284:00 amMinneapolis Fed President Neel Kashkari speech in Tokyo2:00 pmMinutes of Fed's May FOMC meeting
THURSDAY, MAY 298:30 amInitial jobless claimsMay 24228,000227,0008:30 amGDP (First revision)Q1-0.3%-0.3%8:30 amRichmond Fed President Tom Barkin speech10:00 amPending home salesApril-0.4%6.1%10:40 amChicago Fed President Austan Goolsbee speech2:00 pmFed Governor Adriana Kugler speech4:00 pmSan Francisco Fed President Mary Daly speech8:25 pmDallas Fed President Lorie Logan speech
FRIDAY, MAY 308:30 amPersonal incomeApril0.3%0.5%8:30 amConsumer spendingApril0.2%0.7%8:30 amPCE indexApril0.1%0.0%8:30 amPCE (year-over-year)2.2%2.3%8:30 amCore PCE indexApril0.1%0.0%8:30 amCore PCE (year-over-year)2.6%2.6%8:30 amAdvanced U.S. trade balance in goodsApril---$163.2B8:30 amAdvanced retail inventoriesApril---0.1%8:30 amAdvanced wholesale inventoriesApril--0.4%9:45 amChicago Business Barometer (PMI)May45.544.610:00 amConsumer sentiment (final)May50.850.84:45 pmSan Francisco Fed President Mary Daly speech
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