Housekeeping: This is the PM GoldFix post combining AM emails with additional intraday posts.
RECAP at bottom.
Morning Rundown:
Macro-Economics/Commodities:
Geopolitics/Elections:
N/a
Founders:
Week’s Recap:
This was a rough week. The previous weeks had shown strong buying interest after testing the 100-day moving averages post election, coinciding with several bullish drivers.
Bullish Drivers
Specifically, these drivers included China’s announcement of its return to buying gold through the PBOC, accompanied by hints of additional stimulus. This occurred during a week when bullion banks had recently taken short positions (see last Sunday’s CFTC discussion) at an inopportune moment.
Additionally, the collapse of the Syrian government, combined with rising tensions between Taiwan and mainland China, weighed on the markets. These factors contributed to the strength seen last week, which carried over into the early part of this week.
More details in Why Did Gold and Silver Wake Up?
This combination of news could have added $200 to gold’s price before the election and up to $5 to silver’s price. (Woulda-coulda-shoulda…) However, the election is over, Ukraine is edging closer to peace, and Syria—tragic as it is—may strategically benefit Western powers and in turn neo-Keynesian minds.