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Thank the IRS for Sell Season | Market Rundown

Thank the IRS for Sell Season | Market Rundown

On a Bizarre and Unsustainable Path...

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VBL
Aug 17, 2023
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GoldFix
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Thank the IRS for Sell Season | Market Rundown
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Government, wherever it asserts power, distorts commerce to the market’s detriment and the parasitic bureaucrat’s delight.

Good Morning.

Today:

  1. Silver and Government distortions

  2. Market Rundown

  3. Zen moment- We’re here to help

  4. Report excerpts.

    1. MUFG- on the sustainability of Fiscal policy

    2. ANZ- on commodity shortages

Manipulation is only one type of government distortion. Government’s mere existence is another.

1- Silver Selling and Government Distortions

Continue to expect pressure on metals that defies economic expectations right now for several reasons, not the least of which is Sell Season is here.

Facts and Observations

The very big funds are just beginning the process of unwinding their futures positions slowly.- Fact

Many of them end their fiscal year in November, in order to prep for the new investing rounds that come in December.- Fact

This usually means a mechanical downdraft begins between now until October. This can be offset by real events like war, credit problems etc. But absent meaningful news.. the markets are held hostage by Fund mechanics this time of year.- Observation

The Silver lining is: not just the buy season that comes in November.. but sometimes in metals like Silver, we get an opposite effect during “Sell Season”.- Empirical Observation

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