Concerned about a weaponized financial system, many countries have signaled plans to remove their gold and other assets from the US in the wake of the unprecedented western sanctions imposed on Russia over its invasion of Ukraine. At least one congressman is demanding answers from the Federal Reserve as to how much foreign gold has actually been removed from U. S. Sure. So far. Welcome to the Daily gold and silver fix with Vince Lancey, where each morning he brings you the precious metals news and insights to get you ready for your day.

And now, here’s Vince. Good morning, I’m Vince. We have today us national debt is rising. A trillion dollars every 100 days. That’s 32 trillion to 33 trillion. It took 92 days. 33 trillion to 34 trillion took 106 days. 34 to 35 will take 95 days. Financing domestic bliss and overseas wars. The US budget deficit the past four years equals 9. 3% of GDP. Little wonder that the debt debasement trades closing at an all time highs.

I. E. Gold, 2077 an ounce. Bitcoin, $67,734 an ounce. That’s Michael Hartnet’s current flow. Show just came out. We have it and we’re going to be sharing that with premium subscribers today. At the bottom, we’ll be showing you some charts from that. What we have on our agenda today is that. And we also have a story that Powell will not discuss, gold repatriation. That’s been circulating. So we’re going to touch on that and give you some insight into that.

But first, let’s take a quick look at the markets. The dollar is down seven. Bond yields are unchanged at 424. The SP is 50 93 head and shoulders. I’m sorry, there’s a cup and handle formation in there. I think the VIX is trading 1344. Gold is up 941 at 2053 30. Important that it’s above 2055 on the April contract. That’s a big technical number for us. Silver 22 71, lagging up $0.

05. Oil is up a dollar. 37. Strong again. Strong again yesterday. Sold off at the end of the day. Natural gas up a penny at 182. Bitcoin is up 2. 17% at 62,538. After weathering some perpetual futures selling yesterday. And ethereum is up 2. 77%. Grains are mixed with soybean, the only thing that’s positive. Okay. All right. As I suggested, as I suggested, as I said, Powell will not discuss gold repatriation.

We’re going to get to that in a second. Yesterday’s activity in a nutshell. Us equities rallied on Thursday as the Nasdaq closed at a new all time high gold was stronger, as was the dollar, and bitcoin oil finished weaker after a strong start. Market news. Okay, so here’s the pal thing. Fed chair mum on foreign nations evacuation of gold from the US. I’m quoting from the article, which we have a link to for you.

Concerned about a weaponized financial system, many countries have signaled plans to remove their gold and other assets from the US in the wake of the unprecedented western sanctions imposed on Russia over its invasion of Ukraine. At least one congressman is demanding answers from the Federal Reserve as to how much foreign gold has actually been removed from us. Sure, so far. But amidst the geopolitical angst, Fed Chairman Jerome Powell is refusing to divulge information about the US central bank’s gold holdings.

Insiders say such information could be highly damning. And there’s the link to the full story. A couple places are covering this. Most of them are our circle of friends, but it’s starting to get a little traction in the mainstream media. FX street had it. They’re not mainstream, but they’re certainly not on the side. Right, let me just go through this a little bit. This has been spearheaded over the years by Gata.

Quick comment about that. Right. And Gatta has been saying the same thing for years to mostly deaf ears. This might not be so deaf ears anymore. It might be the overnight sensation for those guys. They’ve been working at this for a long time. And if the press starts to pick up on this, that could be very interesting. With regards to the meat of this, I’m going to discuss that in premium.

But I’ll just say this. Of course it’s not their policy to discuss the gold because it’s not their gold. The Federal Reserve does not hold any gold. Okay? The Federal Reserve is custodian for other countries gold, but it doesn’t have any gold on its balance sheet for risk. That’s Department of Treasury, if it does in fact exist. So the statements that you’re going to see coming out of the Fed are going to be legally correct.

Whether they’re obfuscating, avoiding, or just sidestepping, they’re going to keep doing that until it becomes loud enough, and it won’t become loud enough until after, in my opinion, it will increase in volume if we levy more sanctions or start to repurpose the money that we’ve confiscated. Also by the Fed. The Fed is still thinking publicly inflation is not a problem despite supercore spike. That’s my statement there. The Federal Reserve’s preferred gauge of underlying inflation rose in January at the fastest pace in nearly a year, helping explain policymakers’patient approach to start cutting interest rates.

Fed’s Williams voter and a couple other guys said the Fed can take time to deliberate on the next policy move, and he expects the Fed to cut interest rates later this year, but doesn’t see a sense of urgency to cut rates. Okay, data. Yesterday, super core came in hot. So PCE came in where they expected, but super core came in hot. Now, to put it simply for you, there’s two types of inflation.

When you look at where it comes from, either comes from goods, stuff you buy or services, things you purchase in a service manner, whether it be a manicure or mortgage loan. Those are the two types of inflation. So goods inflation has been greatly controlled because of the interest rate hikes, services inflation, which also includes salaries and raises and unions and the fact that your insurance is going up.

Those things have been continually going higher. Now, the Federal Reserve has not been able to control that inflation. I’m going to tell you why that’s extremely important. The Federal Reserve policy of raising interest rates historically can control services inflation more than it can control goods inflation. Why? Because goods inflation is stuff that we don’t make anymore. So we can’t control the supply. Supply chains, imports, those things are where the demand on goods come from and the supply comes from overseas.

We don’t make them. He can’t lower the prices of goods that are coming from overseas. Now, on the services side, supposedly they’re supposed to be very good at controlling inflation. On the services side, getting mortgages down, people get fired, right? If they raise rates. So interest rates go up, people don’t get raises, it slows the economy down. And that all that I just described to you is how the world operates, how the US world operates during a Goldilocks era.

And that’s an error of decreasing inflation. Disinflationary tailwinds pushing the market forward even as the economy gets better. We’re not in that market anymore, folks. We’re in an anti Goldilock situation. And that is we have global inflationary tailwinds, inflationary tailwinds pushing at us all the time, even when we get it under control. So if you’re a technician, it’s higher lows and higher highs right now. And when you look at it through that lens, you’ll realize that the Fed can’t control domestic inflation.

All this inflation is created domestically. It’s created by Biden encouraging unions to get rate raises. It’s encouraged by the cost of living averages going up for federal employees. It’s caused by the spending on infrastructure which we need. The question is, is it getting to where it’s supposed to go? It’s caused by a lot of things. And those are the things that we’re supposed to control. The goods, inflation we have under control.

Why? All because you and me, we’re not going out buying flat screen tvs anymore. We’re going on vacation. That’s how the economy is changing. We’ve gone to from a, give me the most recent tv. You don’t see those advertised anymore, right? You’re not all going out to circuit city. What we’re doing is we’re going on vacation, we’re treating ourselves to massages, et cetera, et cetera. Anyway, moving on.

That’s what I wanted to touch on, on that. Geopolitics the Biden administration on Thursday announced an investigation into possible security risks of chinese manufactured autos, saying that modern vehicles are full of sensors, cameras and software that China could use for espionage or other malign purposes. Comment the Biden administration also, I think, repealed the TikTok ban that Trump had put in place. And this announcement, which they’ve known for some time as anybody who’s paid attention have known for some time, is meant to counteract that.

They’re trying not to look soft on international relationships to the domestic voters. Israeli PM Netanyahu said Israel won’t fall to the delusional demand of Hamas. Well, there you have it. Today’s data, PMI that may be out by the time we get there, comment on the market. So I’m just going to throw through these comments and we’ll throw the gold chart up today. Gold sideways was bullish, as I said, 2055 was breached in GC April.

That’s the April contract. End of the week settlement is what you need above 2055. Right now. It doesn’t matter. You care where the market is at. 02:00 25 is the next level. The gata item. I mentioned that silver, gold did its job. Silver’s turn to lead and it’s not doing that yet. And if it’s not doing it by now, it may not do it until Monday. We’ll see what the data brings.

Oil sell offs on data, on the rig counts and on the SPR being refilled and then rallies on flows. Dips are being bought, stocks, regional banks are getting killed. Nvidia, et cetera, et cetera. Yada, yada, yada. Bitcoin. Comment about bitcoin. I’m not telling you to go out and buy it, okay? And certainly I’m not telling you to go out and sell it either, but Hong Kong ETFs are coming, okay? These are all the things that are making this market go up now.

And there’s more coming. Hong Kong ETFs are coming. Natural selling is being cut in half. The halving is what they call it. I call it natural selling being cut down. The grayscale BTC swap over has been handled like a champ. They’ve absorbed some selling sellers. The other sellers keep retreating. Bids are not chasing. Bids are not chasing. They’re still buying underneath. There’s no end to this season. JP Morgan is telling clients to sell for the having.

I look at that skeptically, but there you have it. That’s it. I’m Vince. Have a great day. Thanks for watching this morning’s gold and silver fix with Vince Lancey brought to you each day by miles Franklin Precious metals where this week only 2023 1oz. Silver Britannias are only 315 over spot, which you can get by calling Miles Franklin at 833-26-4653 please note that this video is not intended as legal licensed financial trading advice and is to be used for informational purposes only.

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