Is China ramping up Gold Purchases? | Market Rundown

Gold, miners, and some long term drivers

Housekeeping: The Active Trader post will be out shortly

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Today:

1. Market Rundown

2. Excerpt: Gold, China, and real rates comment

1- Market Rundown:

Good Morning. The dollar is down 18. Bonds are unchanged. Stocks are down 20bps on average. Gold is down $9. Silver Fu. are down 26c. Oil is up 56c. Nat Gas is up 29c. Crypto is slightly softer and grains are mixed and mellow.

TUESDAY, JAN. 17 					
8:30 am 	Jan. New York Fed Empire Index at -32.9, Est. -8.6		

Comment: If you believe the Fed will ease, then the data today was bullish. To the extent the market does not, the data is bearish. This week will be about Retail sales and PPI mostly as well as chatter about the Debt ceiling

2- Excerpt: Is China ramping up Gold Purchases?

The Bear Traps report opens it’s Gold section up this week noting the premium in price for Shanghai Gold is $38.00, the highest in years while simultaneously noting the price in India is trading at a steep discount.

Getting right to the point: They note that Gold has recently disconnected from higher Real Rates and has gotten to levitating all by itself recently.

There have been several pieces on this most recently here. But Bear Traps sees some things worth mentioning that add to the case made by many including Zoltan Pozsar and Zerohedge.

ANALYSIS/CHARTS BELOW…

Zen Moment

Michael Warburton @MichaelWarbur17

70yr old FRED ASTAIRE - that’s SEVENTY - gets his stylish groove on at the 1970 Academy Awards.