Canada exported 10 times more gold to China than stated. China has quietly placed Canadian gold at the top of its import ledger, with official customs data valuing bullion inflows at more than 10 times the level reported by Canadian authorities. 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’s Vince. Good morning everyone. I’m Vince Lancey and this is the gold fixed market rundown for Friday at 7 42 a.m. Before we get started, I’d like to share something that I’m working on with you right now.

It’s pretty shocking for me anyway. Here it is. Replacement migration is the solution to declining and aging populations. That’s a UN paper written I believe in 2000. I read the whole thing yesterday. It’s published in about five different languages by the UN because it’s a global plan. That question is answered and the answer is no. It’s not enough. The number of migrants needed to offset declines in the working age population are significantly larger than those needed to offset total population decline. Reading you the bullets. The levels of migration needed to offset population aging are extremely large.

Maintaining population support ratios at current levels through replacement migration alone seems out of reach because of the extraordinarily large numbers of migrants required. They’re telling you that there aren’t enough working people to support the retired and retiring boomers. They’re telling you that the Ponzi of Social Security that you’ve been told would be there for you will not be there for you unless they import people. They go through every nation what needs to be done and their conclusion it’s still not enough. They do however say support ratios, meaning the number of working people for non-working people can be maintained by increasing the working age to 75.

Get ready for the retirement age to be 75 years old. Get ready for migration to not be over and ask yourself are there any other ways that they could have lowered the burden on the working class of the elderly and then look at what happened during COVID. I’m going to do this. I’m writing this whole thing up. I’ve read the whole thing and I will share it with you over the weekend. I’m getting to be like Alex Jones reading this stuff. Okay, the markets 10-year yields are unchanged. The dollar is up 7.

The S&P 500 is up 10 at 63.83. The VIX is 16.53 unchanged. Gold is 33.29. Down 9 and change. Silver is 37.94. Down 19. Copper is 441 unchanged. Offered WTI 6439 up 15. Natural gas is 279 unchanged. Offered Bitcoin 112 and change. Down Ethereum 4286 up 62. Palladium down a buck. Platinum down 21 bucks. Again, everything is gyrating against itself. We’ll get some perspective on these markets in a green up. It’s probably a planting season situation. What are we going to talk about? We have a couple of stories to discuss today. One of them is in the top right-hand side.

Canada exported 10 times more gold to China than they said they did. Front and center, the ultimate gold primer. It’s not to say there aren’t really good gold reports out there, but for a bank to put this out, my goodness. It is excellent. Part two for that will be out this weekend. Let’s go to the stories. Canada exported 10 times more gold to China than stated. China has quietly placed Canadian gold at the top of its import ledger, with official customs data valuing bullion inflows at more than 10 times the level reported by Canadian authorities.

According to the Globe and Mail report, gold, not canola or coal, is China’s number one import from Canada, at least according to China. Figures from China customs show 25 billion of Canadian unwrought gold imports in 2024, compared with the 1.9 billion reported by Statistics Canada. Remember, concentrated silver in Latin America, unwrought gold, gold is money and gold is a commodity, and that’s how they avoid the money thing. All right, the gap stems from differences in reporting. Canada tracks sales to first buyers, often in London or New York, while China tracks the true origin of the gold, regardless of trading hubs along the way.

Banks the question, how does US and London treat gold exports that come from Canada going there? Do we market as exported or do we say it’s a pasture? Or is there just like a black hole where the gold just appears in China and nobody claims to have it? I’m telling you, man, this is some shady shit. More in the premium post, Canada exported 10 times more gold to China than stated. That was mailed this morning. I can’t even get into it. US imports of Swiss gold surged 51 tons in July, the other gold story.

Swiss gold exports to the US reached their highest levels since March. Bloomberg reported that, with July shipments climbing to nearly 51 tons, compared to less than 0.3 tons in June. The previous high occurred in January. This graphic is not perfect, but it gives you an idea of what they’re looking at here. When exports surged to 193 tons, Swiss gold exports to the US jumped to nearly 51 tons in July, the highest since March. Trade surplus and tariff pressures are part of the problem. Now, this story, as framed by Bloomberg, is not about the fact that we’re importing gold again, although it is.

They’re noticing, they’re focusing on, probably correctly, that $36 billion was the gold import, and that accounted for more than two-thirds of Switzerland’s trade surplus with the US. So, number one, their refining is the only thing that’s really giving them a trade surplus with us. Number two, and this is important if you’re an accountant, they’re counting all the bullion as an export of a value good. So, they’re exporting $36 billion in gold, but they’re not really exporting $36 billion in value added to the gold. You follow? The gold is what it is.

Let’s say they’ve added $100,000 in value by refining it. It’s a pass-through. By the way, this goes to something Martin Armstrong said years ago, and I’ve been paying attention to for a while. Gold and silver are intentionally left as a loophole commodity to balance trade deficits. Oh, I’m Japan. This month, we sold too many cars to the US. I’m sorry, we bought too many cars from the US. We need to offset our balance. So, let’s sell them some gold. More commonly, it’s like this. We’re a country that sells too many things to the US.

Let’s offset our trade deficit by buying some silver, by buying some gold, and then they take it. They take the silver and gold in, and then they wash it through the LBMA, and they send it somewhere else. But that’s how they surreptitiously balance the trade deficit. They’ve been doing it for decades. It’s all bullshit. And you know they know it’s bullshit because they will not call gold money, yet they treat it like it. Yet, simultaneously, they also treat it like it’s a commodity or a finished good. That’s how they do it.

It’s a dual-purpose product. Lovely, lovely game they play. Okay, relating posts, the ultimate gold market primer, we said that. Founders, Jackson Hole Prep and Q&A, we sent that out yesterday. We didn’t send it. We posted it yesterday. Founders, why no data matters today. Happened to be right when we sent that out. Gold fixed PM. Let’s go to this weekend, and then we’re going to go to Jackson Hole a little bit. This weekend, ANZ Bank makes gold’s case compelling. UBS raises gold targets for fresh reasons. America’s two paths towards anti-goldilocks. Goldman’s gold primer, part two, and will give you the full development of the world leaders planned the immigration surge and more.

I don’t know how much more, but there can be more. I promise you, we’re taking off next week. That’s why we’re throwing a lot of content to you now. Let’s move to what’s next. Daddell & Dack, Jackson Hole. Pal speaks at 10 a.m. today. Okay, that’s what you need to know. Let’s talk about Jackson Hole, and then we’ll go to the charts. Yesterday, we said markets are expecting a very dovish pal based on STIRS, short-term interest rate futures, and the anticipation of further revisions downward in employment, which is something zero had you alerted us to.

They did it last year in September. They’ll do it again this year. Several banks are less sanguine on pal being dovish, however, now thinking pal will likely put his bias on rate cuts until the last minute, given he has two more data points, payrolls and CPI again, to squeeze in before he announces September. We will see. We don’t know. So that’s your bottom line. Some people have asked a question, and it’s not a stupid question. Don’t make fun of them. We’re all friends in the community chat. No, we could, but he’s not going to cut today.

He’s going to give a speech. All this is not a cut month or August is not a decision month. September is. I could be wrong. I don’t think I am, but I could be wrong. Nobody’s perfect. All right. Let’s go to the charts, and let’s get this boy over with. I want to focus on Bollinger Bandstay. First of all, the moving averages. Let me get rid of all my pretty drawings here. The moving averages are, that’s a weekly. The moving averages are where the market is right now, right? So now you’re going to have to see if they retest a moving average skin.

But I want to do, I do want to talk about Bollinger Bands though. Okay. On my system and other systems, gold on a weekly basis has pretty much inhaled. So Bollinger Bands are a measure of volatility in combination with implied volatility and historical mean reverting volatility. We can predict when a market will move, which direction we don’t know, it’s not going to happen this week. It could, you never know. If the week settles over 3404, you should expect continuity of movement. If the week settles below 3240, 3244, you should expect continuity of movement lower.

And it looks like it’s very nice and orderly. That’s a market that’s in play. Exhale, inhale, exhale, inhale. It’s lovely. Doesn’t mean it’s going to happen again, but that’s why your trend lines and moving averages form. When you see trend lines and moving averages and you see this oscillation of the Bollinger Bands in a direction, that’s usually a sign that really big money is methodically getting involved or has been involved. And it’s also a sign of a market that’s under control. So that’s gold, silver on the daily. Let’s go to the, let’s go to the weekly and silver.

Silver on the weekly is nothing. It’s actually calling for a consolidation. On daily, it’s ready. So what does that mean to me? If I’m just looking at silver and I’m trading it that gets above 3848, I’m getting long. If it gets below 3711, I’m getting short. I could be wrong, but you have to have your stops in. What I believe, so that’s the mathematical trade for me. My system is, my system has given me all the triggers. But what I believe, given that, given that I believe that silver and gold will move together if they go higher this time, then assuming that that is right, I believe that this daily signal, although it’s on the radar now, will probably not trip for a while.

So we could actually have this sideways thing going on in dailies and silver now. And I believe that the daily silver signal is premature. Now, I don’t know. I’m not married to it. With the number hits, I’m going to trade it. Okay. But I’m just saying I’m not going to go full bore. Bitcoin, I think I mentioned the other day, I really lightened my position there because I don’t understand what’s going on. Right. I think that’s it. Let me do something. Just going back as a preview for the story this weekend on the migrant thing, average annual net number of migrants between 2000 and 2050 to maintain the size of the working age population per million inhabitants in 2000.

And they have it all broken down. Japan is off the charts, right? I mean, they’re just like, apparently, Italy’s higher than Japan, which, you know, it’s kind of like Italy and Switzerland have had that have had that aging population thing. People live long there, they eat healthy. France, not too bad. Italy, a lot. Japan, a lot. But Japan’s not compliant. I’m wondering how that’s going. Korea, no. Russia, no. United Kingdom. I think that’s a lot for them. The US, not a lot. Europe, in general, a lot. European Union, a lot. So it is like the matrix.

They would like to stay a very, very, very cynical here at this moment. They would like to stay in power. Everybody wants to stay at least in their own class and not slip under. And to stay in power, you need to have that support group support the elderly population. And so the working class are the batteries just like in the matrix that support the lifestyles of the rich and famous and keep them having enough money to build security gates to keep us out if it ever goes to shit. Have a nice day.

Well, thank you, Vincent, as always for today’s show. Sure hope you enjoyed that at home and that your day is off to a good start. Real quick, before we wrap up, did want to thank our proud sponsor, Fortuna Mining, who actually had some drill results out earlier this week from Seguela at both the Kingfisher and Sunbird Prospects. And as Paul Weeden, who’s the Senior VP of Exploration at Fortuna, mentioned, they had several notable intersections at Kingfisher that confirmed the broad nature of the mineralization and included 4.5 grams per ton over a true width of 37.4 meters.

And at their Sunbird Prospect, which obviously if you’ve heard any of those calls we’ve done with Jorge following their earnings, is really the one that they seem most excited about. And they got back great results there, which included eight and a half grams per ton over a true width of seven meters. And near-surface, shallower mineralization, approximately 100 meters into the foot wall, where they found 2.1 grams per ton over a true width of 8.4 meters and 5.6 grams per ton over a true width of 4.9 meters, which has allowed them to upgrade their geological confidence and expand the mineralized envelope.

Here you can see the full drill results at Kingfisher. Obviously you can pause this or just click on the link in the description field below. And similar here are the results from Sunbird if you want to pause that there or click on the link below. And by their case, congratulations to Fortuna. Really exciting to see what they’re doing and the results that they are coming back with. So of course we will keep you posted as more news comes out, although in case you did not yet see that call with Jorge from last week, well, that one is coming your way now.

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