CONTRARIAN GOLD ALERT: Gold Now In Backwardation, Ominous Sign For US Dollar
CONTRARIAN GOLD ALERT: Gold Now In Backwardation, Ominous Sign For US Dollar from King World News
Here is a contrarian gold alert, gold now in backwardation, ominous sign for the US dollar, plus a bonus interview!
Gold Now In Backwardation
September 28 (King World News) – Garlic Moran, at Moran-Tice Capital Management: “I have open interest down 19,000 contracts Thursday & Friday. You can now buy Gold after Comex Options Expiration & Rollover below the 100DMA; with Gold $5 into backwardation in a bull market. The odds strongly favor a bottom over the short term.”
CONTRARIAN GOLD ALERT: Managed Money Exit Out Of Gold
Fred Hickey: Managed Money in gold COT report now shows a whopping 30K contract decline (-27%) to just 81.4K contracts. That level is 2/3rds lower than earlier this year. Managed money gold shorts highest since 1st half 2019. And the report did not include Thursday option-related gold bombing.”
“The US Is Next”
Albert Edwards, Former Global Strategist at Societe Generale: “The self-serving tosh published by the Fed reminds me of Bernanke commissioned Fed Research which demonstrated (surprise surprise) that the 2008 GFC crisis was not the Fed’s or Bernanke’s fault and they couldn’t have done anything different Embarrassing. The Japanification of eurozone is almost complete. The US is next.”
Gold & Silver Update
Ole Hansen, Head of Commodity Strategy at Saxo Bank: “Dollar strength and rising real yields, leading to technical selling below $1900/oz, helped drive a 21% reduction in the gold net long to 131k lots, near a 15 month low. Silver’s 11% sell-off drove a 9% reduction in the net long to 35.6k lots.”
Ominous Sign For US Dollar
King World News note: This is a very ominous sign for the US Dollar going forward and it is also very bullish for gold long-term (see chart below).