Housekeeping: Good Morning.
“Comex is dying”
Topic:
German, Italian Gold Repatriation Cries Grow Louder
Tactical Gold Comments
Market Analysis:
Growing Calls for Germany and Italy to Pull $245 Billion Out of US
Recall back in April of this year when GoldFix raised reader awareness by breaking the news that Germany had a nascent but growing movement to repatriate its Gold from the US. Of chief importance was the longstanding assumption that Germany’s gold reserves were safe in New York is no longer taken for granted….
Turns out this is now a growing risk to global bullion markets. Yesterday, the Financial Times reported that Germany and Italy are under mounting pressure to move their gold reserves—currently held in New York— back to Europe.
While we do not expect these cries from an increasing number of politicians to convince the Neo-Liberal establishment, we do expect behind the scenes governments are scheming how to fix this without roiling a bullion market already in turmoil from recent LBMA member failure to deliver to the US.
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Tactical concerns today
Data on Deck: Powell and PCE
MONDAY, JUNE 23 10:00 am Existing home sales
TUESDAY, JUNE 24 10:00 am Fed Chair Powell testifies to House
WEDNESDAY, JUNE 2510:00 am New home sales
THURSDAY, JUNE 26 10:00 am Pending home sales
FRIDAY, JUNE 27 8:30 am PCE index
Full calendar1
Charts and Final Market Check
MONDAY, JUNE 239:45 amS&P flash U.S. services PMIJune53.053.79:45 amS&P flash U.S. manufacturing PMIJune51.552.010:00 amExisting home salesMay3.95 million4.0 million
TUESDAY, JUNE 249:00 amS&P Case-Shiller home price index (20 cities)April--4.1%9:15 amCleveland Fed President Beth Hammack speaks10:00 amConsumer confidenceJune99.198.010:00 amFed Chair Powell testifies to House Financial Service Committee
WEDNESDAY, JUNE 2510:00 amNew home salesMay689,000743,000
THURSDAY, JUNE 268:30 amAdvanced U.S. trade balance in goodsMay---$87.6B8:30 amAdvanced retail inventoriesMay---0.1%8:30 amAdvanced wholesale inventoriesMay--0.0%8:30 amInitial jobless claimsJune 21248,000245,0008:30 amDurable-goods ordersMay6.5%-6.3%8:30 amCore durable-goods ordersMay---1.3%8:30 amGDP (second revision)Q1-0.2%9:00 amCleveland Fed President Beth Hammack speaks10:00 amPending home salesMay0.0%-6.3%
FRIDAY, JUNE 2710:00 amConsumer sentiment (final)June59.560.58:30 amPersonal incomeMay0.3%0.8%8:30 amPersonal spendingMay0.2%0.2%8:30 amPCE indexMay0.1%0.1%8:30 amPCE (year-over-year)2.3%2.1%8:30 amCore PCE indexMay0.1%0.1%8:30 amCore PCE (year-over-year)2.6%2.5%
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