In this report, I cover the early market action from London on Monday, April 22nd, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look at the technical and fundamental picture for the precious metals. I will start with the technical picture and look at the Commitment of Traders Report or COT Report from the CFTC. The latest report shows that the commercials or bullion banks have increased their net long futures positions by a significant amount and especially in the gold futures.
Historically the bullion banks have been in charge of setting the tone for the market on Comex sol my conclusion is that we need to keep an eye on this development and see what the next COT report tells us later on this week and whether we might be seeing a bottom being formed in the price of precious metals.
The fundamental picture for gold and silver for the long term remains positive as I show how the major economies of the world continue to run big budget deficits and that this will probably get worse and not better as the nature of the current monetary arrangements demand a growth in the debt pile in order to keep the system from imploding.
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I wonder why they won’t tell us this on the news? . Cheers mike