➡ The European Union (EU) has decided to delay the implementation of the Basel III review of the trading book (FRTB) until January 1, 2027. This decision, announced by senior EU and national officials, is due to concerns about maintaining the international competitiveness of European banks. The delay has implications for gold prices, the solvency of EU banks, and the relationship between the EU and the U.S. The EU has a history of delaying the full rollout of Basel III, which has been in the process of being implemented since 2009.
➡ The silver market is currently unpredictable, with buy signals ending and the potential for a downturn. However, there’s a chance for a resurgence if certain conditions are met. Meanwhile, Dolly Varden Silver, a company active in the Golden Triangle region of British Columbia, is expanding its land holdings and preparing for a significant drilling season, particularly at the promising Wolf deposit. The company will be closed for Memorial Day weekend but will resume activities on Tuesday.

May 22nd in Frankfurt, the European Union will postpone the implementation of the Basel III fundamental review of the trading book FRTB by another year, now targeting a go-live date of January 1st, 2027, according to senior EU and national officials speaking with Reuters. Welcome to the Morning Markets and Metals with Vince Lancey. Where each morning Vince brings you the financial and precious metals news to get you ready for your day. And now, here is Vince. Good morning, everyone. I’m Vince Lancey. It’s Friday, 744. And this is the Golf Fix Market rundown. There’s the home page.

Today, we will be discussing exclusive by Reuters and exclusive by the non-mainstream media, by us. The EU delays its Basel III rollout again, and it blames the US, plus lots of other stuff. Let’s start with the markets. Ten-year yields are down almost five. The dollar is down 52. The S&P 500 is $57.84. Down a massive, relatively speaking, $67. The VIX is trading 22 and change up almost two. Gold is 23.30. I’m sorry. It’s been a long time. 33.35. Up 40, likely responding to recessionary and stock sell-off. Silver, 33.12. Up only 7 cents. Copper, 4.65.

Up 2 cents. I’m processing this as I’m reading it. WTI, 61.26. Down 1. Natural gas, 3.30. Unchanged. Centered. Bitcoin down over 1,300. Platinum and palladium are mixed violently. Platinum continues higher. Grains are all offered very mildly. You’re looking at four charts there. Today’s charts. Top right-hand side, that’s gold. Top left-hand side, that’s Bitcoin. Lower left-hand side, that’s platinum. And lower right-hand side, that’s silver. We’re going to discuss silver in light of yesterday’s buy recommendation for myself. And we’re going to revisit Bitcoin and what it could imply. But before we do that, let’s cover the story.

Over the past several months, this has been hinted at, but yesterday it was pretty much written in stone by Reuters. And we’ve taken some content and we’ve reassessed it, and we have that for you as a news item. The EU delays Basel III rollout and it blames the U.S. May 22nd in Frankfurt. The European Union will postpone the implementation of the Basel III fundamental review of the trading book FRTB by another year, now targeting a go-live date of January 1st, 2027, according to senior EU and national officials speaking with Reuters. Industry officials argue the delay is necessary to avoid unilateral regulatory exposure, Commerce Bank CEO Bettina Orlop noted at a recent bank conference to that effect, quote, and now looks as if this set of rules will not exist in the U.S.

And we know that Brussels is looking at this carefully. We have to be careful and we maintain the international competitiveness of European banks. This has far-reaching implications, although it’s not brand new news. The U.S. hasn’t even spoken about their delay if there is a delay or if they’re going to forego the reality of it all together. So I want to give you a quick comment on that. This is not the first time the EU has delayed full rollout. There is a history of this proverbial can being kicked down the road going back to 2011 when gold made fresh all-time highs on the back of the euro crisis.

Basel III has been in the process of being rolled out since 2009. There have been multiple important delays, and this is a new one. There are also serious implications for number one, gold’s price. Number two, the EU bank’s solvency. We happen to believe that while their explanation is legitimate based on U.S. potentiality of deregulating banks under Trump, we also think that they’re laying it at the U.S. fee because of their own bank insolvency problems. So it’s a convenient excuse. Blame it on COVID. Blame it on Trump. Same idea. This underlines the deteriorating relationship between the EU and U.S.

A hat tip to Tom Luongo, who brought this up years ago, but there are just so many signposts on this path to complete split up. I want to add that in their comment about the U.S. deregulation, they lump the U.K. So the recent deal between the U.K. and the U.S. is probably related to that, meaning the U.K. is going to be in our financial loop one way or another. We’re not going to abandon them. We’re an anglophile country. Sorry, Tom. I wish it were true, but it’s not. Anyway, so those are the three areas, and we’re going to discuss what we believe the implications are for the price of gold, for the European bank solvency.

They already have major problems and the deteriorating relationship between the EU and the U.S. And you can read that story. The full news item unlocked for all at EU delays, Basel 3 trading rules to 2027. Coming up this weekend, the BRICS 2025 summit, gold collateral and the Yuan endgame. That’s pretty much exclusive from conversations that we’ve had with multiple mainland China people. Before every BRICS summit, there is an agenda. There are usually multiple agendas. One is the front agenda, what they’re going to tell everyone. And that’s important. Like last year, for example, was BRICS pay.

And the year before that was Enbridge. Well, this year it’s probably going to be BRICS pay again up front. But what we like to focus on, as we have done in prior years, is what the homework assignment is for the members of the BRICS. And this year, based on last year, we know what’s coming out. And that is the Yuan endgame is going to be revealed. And gold is directly involved in this. Next, Trump’s bill tells you the U.S. dollar a week and further. That’s our interpretation of something that David Stockman wrote.

And we happen to agree with it. The next is why China will spend even more than believed. That’s an analysis and commentary on something that TS Lombard’s Rory Green had said. And for founders, we’re going to give a portfolio update and Basel three delay risks, portfolio update for Bitcoin and silver and what have you. A couple of founders asked me about that yesterday. So we put it together for you. Moving on. Yesterday’s post, China, Shanghai gold traders raised the floor, as promised, a continuing explanation on what the hell is going on with China and their growing footprint in the market and the shrinking COMEX footprint.

Dying, not dead, though. OK, COMEX geopolitics. Trump’s big, beautiful deals. There are three of them. He’s pivoting on multiple fronts. And I think his benefit to our benefit as well. Excuse me, I have the hiccups founders. Financial repression is back on the table. That’s a walkthrough of what we think is going to happen given the fact that the deficit or debt is not going to be addressed. It cannot be addressed even if Trump wants to. And yesterday’s morning meeting, sell U.S. brick, sell U.S. bonds, pre-U.S. summit, pre-their summit. Data on deck.

Kansas City President, 10 a.m. new home sale, significant Fed Reserve Governor Lisa Cook’s speech. And on Sunday, Federal Reserve Chairman Jerome Powell commencement address. What a perfect way to ruin your weekend by throwing Jerome Powell in there. Sorry, but somebody had to do it. There’s the homepage. Again, let’s go back to the charts as promised. We start with gold. Nothing new to say here. Let me throw up those lines that I drew. Fascinating, right? I say this line. I put that line there. And I’m saying it doesn’t matter. But apparently, the market thinks it matters, at least for the time being.

So if we get above this high, there’s a good chance we run up to this. And that’s according to other technical work as well. Oh, I dropped my pen. Let’s go to the backup. Backup. Moving to Bitcoin, we mentioned yesterday. That’s a daily. We mentioned yesterday the measured move concept, meaning the weekly V, the break above it and risking one to make two. Well, here’s a daily chart pointed out by the morning year that the 50-day moving average on the daily has just broken the 200-day moving average. You can see that right here.

And so that would be a golden cross. They note in their analysis that it had so I forget the number, but it was over 40% rally the last time this happened. So take heed that that’s another arrow in the quiver of this rally. Of course, the market is lower right now. Moving to Platinum, not much to say except it’s off the highs of the evening or the day, but it certainly has still more buying to come in. I would comment to you that in the first phase above 1000, this is a short covering rally.

At some point between here and here, it goes from short covering to new money getting in. So open interest probably dropped a little bit. I mean, at least dropped a little bit for half the day. And now you have loans getting in. So the question is, will the longs continue to get in at this price or will they run out like air coming out of a balloon? And if they do, then the rally is over. If this rally is over, that should make you, if you see this market lower on the day, you want to keep your eye on silver.

White metal fever is a two-edged sword. So if they stop buying Platinum, they’ll stop short covering or they run out of money allocated, then you watch for silver to back off, and then you have to look for the whole snowball the other way. Just be careful. Use your technical levels if you’re trying to integrate these two. Finally, silver. We have a full update on our portfolio and what our levels are here, but simply put, the buy signal that we got on the 21st, which we executed on, is by the numbers done. It’s over.

Does that mean we’re going down? No, it means you’re in the range again. You could go down. However, the signal can re-instigate if we go back above. Theoretically, 3311, 3331. So our position remains intact for different unwholesome reasons, but that’s how it works, and that’s where we are. A final reminder. That’s what we have coming this weekend. You saw what we have out today and yesterday. Hopefully, that’ll keep you busy, as well as your family and friends. I’m Vince. Have a great day. We enjoyed the show, and thanks for being here all week as we round out the week with another rally in the gold market, at least as we are recording this on early Friday morning, but hope you’re getting set for a great, safe, wonderful, and fantastic Memorial Day weekend.

We will be closed on Monday, but we’ll look forward to seeing you back here on Tuesday. And before we wrap up, one final note that I would like to thank Dolly Varden, Silver, who did kindly bring us today’s show. And as I’ve mentioned over the past couple of weeks, they’ve been quite active consolidating the land package in the Golden Triangle region up in British Columbia, which is where they are active. Here is the press release from when they acquired the High Grade Silver Porter Project region in the Golden Triangle. They also recently acquired Hecla’s Kinscuk property that is also in the Golden Triangle.

And then last week, they also had another announcement to acquire another strategic portfolio that includes another 20,000 hectares in that same Golden Triangle region. And of course, what does that leave next? Obviously, to get out there and do some drilling. And fortunately, we do have a quick comment from Robert Van Eggman, who is their VP of Exploration. And to hear about the upcoming drill program, here’s Robert. Here we are in early May, and we’re getting our crews mobilized to the Kitsault Valley down here into our Alice Arm Camp. And we’re getting ready for a great season.

We’ve got 35,000 meters planned. That’s a minimum so far. We’re going to be focusing in on expanding out our resources, testing out exploration targets. And one of the main things that I’m excited about getting to is the Wolf deposit, because we ended last year with a step-out hole, 120-meter step-out hole, 350 grams silver, over 20 meters. But it was significant, because that’s a big step-out. And we’re getting closer to this Central Valley fault. And we’re finding, in the studies we did this winter, that as we’re getting closer to that, the mineralization and the alteration around the Wolf vein is getting hotter, which indicates that it’s getting closer to its heat source.

The mineralization is also becoming more consistent and keeping that nice wide width. So we’re excited about doing big step-outs. We’re going to do another 100, 200-meter step-outs. Well, thank you, Robert. Thank you, Vince. And thank you to everyone watching at home. Do hope you have a wonderful Memorial Day weekend, and we will see you back here next Tuesday. [tr:trw].

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