The LBMA is dead. Let it die. Yesterday, the FT did a piece on the LBMA’s idea to create a futures exchange for gold trading. The LBMA is the bureaucracy that’s supposed to watch the members and make sure they do their job. The LBMA did not do its job. The LBMA was benignly neglectful at best and grossly incompetent at worst. And as a result, Western wealth has been transferred to the East in the form of gold and silver. 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. This is the Golf X Market Rundown. It’s 8.03. That’s what we’re going to talk about today, hopefully in short order. Number one, the LBMA wants to start a futures exchange. We explain that in a post. Number two, we tell you why that is too little too late for the LBMA. Number three, courtesy of one of the Golf X founders, we have a nice microcosm of the global war that is the US versus China in gold. Very nice fractal moment. And we actually have a merchandise announcement. Not our own, but one that we’re using.

And finally, silver is a buy again, at least for us, not for you. You do what you want to do. We’re going to walk through a fish hook and why silver is a buy and gold is not, at least on this system. Let’s get started. There’s the homepage. We’re going to talk about the LBMA is dead. Let it die on the lower right hand side. Ten yields are up four at 3.99. The dollar is 99.10 up 22. The S&P 500 is 66.88 down 12. NASDAQ down 80. VIX up 70. Gold is up 14. Off its highs, but still relatively strong.

41.12, remember $100 move off the lows yesterday. Nothing to sneeze at. Silver 49.20 up 75. Off its highs, but still very strong. Copper 503 up 8 cents. 181. Obviously, industrial metals are the thing again. At least silver and copper are. WTI up 230. Well, there you go. Oil’s up. Okay. Natural gas up 5 cents. Bitcoin up 1100. Ethereum up 35. Palladium down 2. Platinum up 39. Whoa. Gold silver down 1. Soybeans. Grains are up a little bit. Okay. So you’re looking at that board. What would cause this? It’s actually pretty uniform. It’s pretty lined up. And that would be Trump announcing and enacting more sanctions on Russian oil, which would drive the price of oil up.

At least the market is perceiving that is having teeth this time. And that would be bullish for gold from a stagflation recession sort of situation. It would be could be bullish for silver. Certainly not that bullish. So that’s a good thing. It could be bullish for commodities in general. And if you look at things like platinum and palladium, you would expect them to be up to. So platinum, I understand. But palladium, I don’t understand why it’s weak. But when you look at the whole board there, you could see that this is another reaction to tariffs. The question is, is it going to fall through or not? And we don’t know.

But let’s move on. The LBMA is dead. Let it die. Yesterday, the FT did a piece on the LBMA’s idea to create a futures exchange for gold trading. That was broken down here in a story titled FTLBMA wants to start a futures exchange. What follows is an analysis of the potential for such a venture. That analysis is based on the FT piece we covered. And essentially, it says it’s too little too late and let it die. Sorry, that’s just the way it is. We get into why we get into previous coverage as to why it’s too little too late.

And we reiterate the concept that the LBMA is the table that sits in between the members. The LBMA is the bureaucracy that’s supposed to watch the members and make sure they do their job. The LBMA did not do its job. The LBMA was benignly neglectful at best and grossly incompetent at worst. And as a result, Western wealth has been transferred to the East in the form of gold and silver. And their liquidity pool has been fractured and their members are trading somewhere else now. The LBMA is the old mall. Can they fix it? Yeah, they can, but not with these half measures.

Look, you try to start a futures exchange when you were the dominant player years ago and it didn’t work. Why do you think it’s going to work now? There’s a lot more to it than that. Anyway, that’s our opinion. Those two pieces are up. The news piece is up and the analysis or opinion piece is up. There’s the related posts. You can see the titles. And there’s the data today, none scheduled. Before we get to the technicals, I want to cover these other areas, the areas mentioned here. Overnight view of the global gold war. We have contended over the last year and more intensely over the last week that you could see the market is in a stalemate.

China is buying where someone is buying and someone is selling and this market is getting very volatile as we reach all-time highs. You’ve got Deutsche Bank and other banks saying at this price, there will be more gold in central banks, balance sheets than dollars. You’ve got Europe attacking the dollar openly. The dollar is not as good as gold. What about all these credit problems? We’re at war at a central bank level. You’ve got it manifesting in the gold market. We’ve been contending that for some time, but it’s writ large now. However, yesterday, one of the gold fix founders who was on top of the overnight session, whereas I used to be, no more, I’m too old for that, relayed something to me that I felt was very important.

It’s a microcosm of what’s going on. Let me just read her quote. In Singapore, we watch the price moves through the day. Like clockwork, when Japan opens at 8 a.m. Singapore time, the price takes a knock. When China opens at 9, it starts to climb. Then there’s another big hit. That’s probably the US blowing back skin involved on the dot when London opens. That’s easy for me to track, but the 8 a.m. her time, it’s obvious. We sell the APM open. I’m sorry. Singapore is 12 hours ahead of us. We sell the APM open, and then China buys the 9 p.m.

open. So it’s just between 8 and 9, you could see that when a market is closed, order flow builds up. And then during when they’re on stage, they come out. So it’s kind of like the opening boom. The opening is selling in Japan, knocking it down. And then it’s buying in China. And it didn’t always used to be that way, at least that obvious. But now it’s obvious you’re seeing a world divided as represented through exchanges, and you are seeing the Gold War. So I really appreciate that. I’ll leave her name out of it. But thank you very much for that insight.

And it certainly fractally proves what we’ve been talking about here. So thanks. Merch announcement. We don’t have any merchandise. Not yet. But we’re just going to tell you two things that we bought recently. Chris Marcus, Ben Bernanke, you remember helicopter Ben? Chris Marcus started making these and we bought one about four months ago. We had been it’s a great item. It’s not cheap. OK, but it is a piece of art. So. And we had been using it like a fidget spinner, you know, because it’s just that’s something that we do. And then although we saw one right and I’ll tell you who’s doing this later on, but we got a fidget spinner.

So now I’ve got something to hold in my hands and play with while we’re talking. Anyway, that’s it. It’s not our merchandise. We’ll give you all the contact information tomorrow when we go through them again. That’s it. So moving on to silver is a buy again. Are you ready? Fisher clubbers. This is the gold chart. The daily. Just yesterday I was talking to you guys about this. If I have nothing to say, I have nothing to say. All right. Two things I said. Well, the one thing that I said, that’s actually right, was you don’t buy gold until this is over.

We don’t know when it’s over, but you certainly like this long wick here. Let me hide Polly here for a second. You certainly like this long wick here underneath that hundred dollar. I mean, this is a huge range, guys. This is like over two hundred dollar drop. But this is a hundred. Look at these ranges. I mean, it’s it’s it’s amazing. This. These are big ranges. These are huge ranges. OK, so you have your wick. And when we talk about fish hooks, we talk about the open interest, maybe going out at the bottom here or ceasing to come in on the sell off.

That’s a sign that the over that the selling could be done, at least temporarily. But you don’t buy it. You wait. You buy it above. Forty one twenty on spot or. You buy it above forty one, say, fifty six. OK, conversely, if you’re bearish, you sell it right now. And you buy it above those levels that I said to get long. That’s how it works. It’s not official. It’s not, you know, but you could see the formation there. So you’re not supposed to buy gold. You’re not. At least I’m not supposed to buy gold. Silver, even though it’s starting to come off now, is a different story.

Silver gives us the long wick underneath. Not a huge long wick, but that’s OK. It’s underneath. It’s a new low. And the market is above this area here. So if you’re speculating and you can afford to lose the money, you buy silver right here. Don’t go doing that. I’m just saying theoretically you buy silver right here at forty nine or two. I’ll write it down. So when I’m wrong, I can say that I didn’t say that and you buy it with a stop out. Either forty eight sixty two or forty thirty six. Or you get ready to buy above today’s high.

This is visually official. I haven’t looked at the open interest yet. But silver is a buy relative to gold, according to this chart. Now, to give you the risk of it. First of all, the idea is above this area. If you have a capitulation, this has all been cleared out. There’s there’s no buying in this area because it was hit on the way down. Right. But now there’s buying sell stops on the way out. People got short on the way down. So I’m sorry. Buy stops on the way up. So it could skate, as I like to say, back higher.

I’m not saying it will. But you should get something like two fifty sixty one. If the market cracks above here significantly, that’s how this works. Now, that said, we did get above this year already and the market didn’t run. So you have to temper your enthusiasm and say, I’m bullish, but I won’t add to a position. Or maybe I won’t put a position on until it gets above that level again or maybe above today’s high. Conversely, if you’re bearish, you short it right now and stop yourself out on new highs. Because if this doesn’t fish hook, it bear flags.

Right. So it’s down, up, down. Right. So the whole point of technical analysis is they’re just fucking numbers. You have to have the opinion and you use the numbers to give you the risk reward. Head and shoulders, all that stuff. Great. Great. But have a bias. Your bias is where you make your money. Your risk reward is where you preserve your money. OK, so to just lay it out for you here, I’m long some calls and silver that are going off tomorrow. You know, they’re like forty seven in S.L.V. So they’re not going to happen. Would I buy it above above this level today? I would I would.

I haven’t committed yet, but I would strongly consider me. I would strongly consider buying it if it gets above today’s high after nine thirty, because I want to see the U.S. buying take it above that, which means it’ll it’ll keep going. Anyway, maybe the trade is just to be long oil. Right. If you love it, if you like all buy silver, if you like silver in this environment, maybe buy oil. We’ll say I’m Vince. Have a great day. Well, thank you, Vincent, as always for today’s show in this exciting time in the financial markets, especially as the LBMA, according to Bloomberg, thinks that this isn’t just a dislocation of silver between geographic locations, but that there’s actually a shortage of silver that is Bloomberg’s LBMA source.

Not my words, although I am starting to agree that that stunningly may be the case. Not stunning in one sense since I’ve been seeing this build for years, but when it actually happens, it sure is stunning. And just one final note before we wrap up. Did have some news from Dolly Bart and Silver to pass along as they have completed their fifty six thousand one hundred thirty one meter drill program. That included eighty four drill holes, all as part of their twenty twenty five kids old valley exploration program, which confirmed resource expansion through step out and infill drilling at the Wolf and Homestake deposits.

And as CEO Sean Kunken, who you’ve seen several times on the show, we’ll be having back on with David Morgan soon enough. He mentions early season high grade wide solar results from the Wolf fame backed up the expansion of the twenty twenty five drill program from thirty five thousand meters to fifty five thousand meters at Kitsil Valley with successful step outs and exciting new mineralized zones that give them a clear line of sight on the next set of priorities. And obviously that’s been helpful to Dolly at the same time that we’ve had a silver price rally and you can see on Monday of forty one cents almost ten percent on the news and certainly has been a good year for Dolly Bart and Silver.

Of course things work out well when you’re increasing your ounces in the midst of a historic silver rally and to find out a little bit more about them. Well, here is the last call that we did on the show with Sean Kunken, the CEO of Dolly. And the next one is with David Morgan and it’s coming to rain out. [tr:trw].

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