Weekly: Bank Calls For $28 Silver Inside Ninety Days, $30 in Six Months

Goldman Update on Gold

We raise our prior bullish 0-3 month forecast to $28/oz (from $24/oz), our 6-12 month forecast to $30/oz (from $28/oz), and our annual average price forecast to $27/oz (from $25/oz) - Citi Report

SECTIONS

1. Market Summary— Debt Ceiling and VVIX

2. Week’s Analysis/Podcasts— Tokenization, Cold War, Silver

3. Research— Silver, Gold, Hartnett,

4. Charts— Metals, Energy, FX, Bonds, Crypto

5. Calendar— GDP, PCE

6. Technical Excerpts— GC, CL, BTC, S&P

7. Zen Moment— Herd Behavior

8. Full Analysis— silver train

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1. Market Summary

Stocks suffered their worst week since March 10th (SVB collapse) with Nasdaq the biggest loser but Small Caps actually managing small gains. Energy stocks were the weakest this week while Staples and Real Estate outperformed.

Defensives outperformed Cyclicals. Treasury yields ended the week higher (with the short-end underperforming) after Friday’s post-PMI spike changed the week

• USA default risk is rising, US equity risk has been falling all week (to its lowest close since Nov '21)

  

  ZEROHEDGE

• VIX tumbled to cycle lows this week, but VVIX ( the volatility of volatility index) is notably decoupling from it, implying low volatility.. but risk of surprise vol spikes from event risk.. consistent with Debt ceiling risk

Sectors/Technicals:

• We continue to see bifurcation within sub-sectors like Healthcare, Tech, Banking and Basic materials.

Commodities:

• Grains had a very wild week, sinking almost relentlessly

• The dollar saw its first weekly gain since 3/10 (but remains only marginally off the February lows)

  

• Gold was choppy, but resolved lower, Silver did not!

• OPEC+ production-cut spike gains... the West wins this week it seems

Bonds:

• Volatile and slightly, uniformly weaker on the surface. kinks are firming due to pre-post debt ceiling risks

• Rate-hike expectations continue to rise for next week (now 92% odds of a 25bps hike)

  

• Fed Chair Powell's favorite yield-curve-based recession-signal (18m fwd 3m to spot 3m yield spread) hit its most inverted ever this week

  

  People do not want to own the TBill with debt ceiling risk, even if only technical risk.

Crypto:

• Crypto suffered likely on growing risk of continued rate hike extensions

• Ripple continues to recover well however.

2. Week’s Analysis/Podcasts:

1. Tokenized Gold & Silver Will Explode Prices***

2. Citi Says Silver is Best Asset if Dollar Falls

3. "San Francisco's changing landscape raises questions on municipal solvency"

4. Zoltan Interview: "You basically see a commodity supercycle in embryonic form***

5. The BRICS vs G7: Mercantilism, Multipolarity, and War***

6. IMF Unveils 'One Coin To Rule Them All'

7. Weekly Part 1: Tokenized Gold Gets Big**

8. Must Read: "The next $200 is more likely higher than lower”

9. Moor Technical Podcast Excerpt for Gold, S&P, BTC

10. Founders : Miners Earning Season

11. Fed Paradox: Raising Interest Rates accelerates inflation in core items

12. Silver Institute: Demand Set Records In Every Category In 2022

13. Founders: The BRICS vs G7 Cold War

14. Inflation Bomb: Christine Lagarde Just Showed the West's Hand

15. Look What I did!!!

16. First Gradually, Then Suddenly... The Everything Collapse

17. Ethereum's Big Week

3. Research Focus:

1. CITI Gets Aggressive on Silver***

2. GS Trader Updates on his Gold comment last week**

3. BOAs Hartnett believes structural inflation is here to stay

4. JPM on Default risk (technically)

FULL ANALYSIS AT BOTTOM…