These blow up in people’s faces always, just not yet. And it’s going to get stretched more than usual. But that’s why you trade silver on silver. You don’t trade silver on gold right now. 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, everyone.

I’m Vince. And in today’s discussion, we’re going to talk about gold’s potential for greatness, technically speaking, and where silver fits in. In that, we’ll also go through top stories and news. But first, let’s take a look at the markets. The dollar is down five. Bond yields are up a little bit at 420. Spot nine. SP 500 is trading 51 32. The VIX is 1349. Gold is essentially unchanged at 2082.

Spot 67. Silver 20 312. Oil is down 19 at 79, 79 99. Natural gas is a dollar 92 which is up 7%. $0. 12. What do we say about the one handle? Bitcoin is up over 3%, trading 65,191. Ethereum is up 50 basis points. Grains are mixed with wheat being the laggard. Okay, a couple of things. This weekend I put out two stories, two premium stories. One is on the Fed and it’s more technical describing what this reverse twist could be.

And the second one is a little bit less wonky. A lot of charts, and it flows, I think, pretty well for someone who has five minutes and wants to catch up on what the hell is really going on. Excuse my french. And that’s the inflation special. Why? It’s bullish gold and hopefully the US economy. All right, so where are we? Here we are. Little bit of housekeeping first.

Expect more activity for subscribers in the substac. Comments there have been a lot of good questions I haven’t gotten to over the last month or so, and I’m going to get to them now. Let’s face it, Twitter is just not fun right now anymore. There’s a quote that I’d like to start with from a preem subscriber that I think is very good. Bubbles are the gallows for asset preservation.

I don’t know if he said that at first or if he got it from someone else, but it’s wonderful, especially with bitcoin and Nvidia and tech stocks and things just not making that much sense right now. So today, as I mentioned, gold is poised for greatness above 2088. We’ll talk about silver as well before that, actually. And in the premium section. We’re going to talk about bitcoin and its relationship to gold from a technical perspective.

That’s from Michael Oliver. We have some information on stocks and CTA positioning for metals. All right, starting Friday. Us equities rallied on Friday with the Nasdaq closing at an all time high. Gold roofed on fresh buying. Big deal. What happened on Friday. We’re going to get into that. First, some market news. Fed Chair Powell is expected to double down on his message that there’s no rush for the Fed to cut rates when he delivers in semiannual testimony to the House committee and a Senate panel on Wednesday and Thursday respectively.

Those are the big items this week, what Powell says will matter. Us congressional leaders released a text of a bill to fund the government through September 30 and avert a government shutdown. It’s like I’m slurring here a little bit. Former US president, possibly future Donald Trump won the Michigan Republican caucuses. Fitch affirmed the US a plus rating looking stable, and also downgraded New York community Bancorp’s New York NYCB rating.

Outlook negative. Geopolitics, there’s a lot of them today. But I’m just going to give you the ones that I think matter to markets the most. OPEC is going to extend their latest round of voluntary cuts. That’s a strong sign for them that says that means sanctions and whatever it is we’re doing to them are just not working. Us officials also said on Saturday that the outlines of a Gaza peace deal are in place.

Yada, yada, yada. So a lot of the stories focused on that were good news. Like we’re getting closer. We’re getting closer and we probably are getting closer. But the fact that the weekend was filled with good news on the military front, this week’s data, nothing today you can see there except for Philadelphia fed president Tom Harker. You don’t care about anyone who talks this week if you can help it.

The only person who does matter is Powell. So everyone else is like an opening act. Gold. Let’s get right to the markets. I’m going to read through this first and then we’ll go to the charts. Friday morning I said sideways was bullish above 2055. If it’s breached, then we need to go to 2085. And I had those on the charts as well. That was the end of the week level.

We had to be above 2055 for me. So 2085 is an end of the week level for us next that we have to close a of. That’s what we’d like to see today silver. In a nutshell, we like the market. We’re long it, we will be longer on a 25 27 basis. Made contract settlement. Now according to Michael Oliver, now without getting too far into it, don’t buy silver because gold, because gold’s going up.

That’s my advice to you if you want to give you that, buy silver because silver is going up if you’re bullish, okay, right now silver is being held down. It just is. I don’t mean that in a paranoid, conspiratorial way. I mean people who want to have gold risk don’t want to have industrial risk at all. So what they’re doing is they’re buying gold and they’re selling silver.

And I’ve been talking about this for a year and a half and now people are catching on to it. But that’s what goes on. It’s a margining issue. It takes $10,000 to buy a gold futures contract. And if you sell a silver futures contract against it, it takes $2,000. Your rate of return is that much better. These blow up in people’s faces always, just not yet. And it’s going to get stretched more than usual.

But that’s why you trade silver on silver. You don’t trade silver on gold right now, period, end of story. Boaca analysis Boa raises their 2024 SP target MSA excerpt and let’s go to the charts. Right. Silver Daily doesn’t look very impressive, right? At least to me it doesn’t. However, we’re above that 23 area. 23 1020, 312 area is what I looked at before. And we’re strongly above it.

We retested it, we got above it, failed, and now we’re above it again. You would be bullish. If you’re aggressive, you’re bullish above 23 ten. Now, Michael Oliver’s price level is all the way up here, right? I’m not using that price level, but I understand why it’s a good level. Okay. So I’m going to leave it up there and we’ll zoom out to the monthly so you can see it.

What I would like to see is the market. Just get above here. If it gets above here, see how we skated down and we skated down. I think this time we skate up. I think when a market skates in one direction, that’s because someone is long and puking. Someone is long and puking. Someone’s going to the market. I mean, there’s not a lot of people who bought here.

There’s not a lot of people to get in the way, selling it on the way up. So we could theoretically skate up. And this is my level that I think we should go to. If we get above here, if we get above there now. Not married to that. Just saying. Think about it. We skated through it. We skated through it and somebody is selling this very aggressively in this area.

Okay. I would hope that if they get filled or if they back off, they’ll say, oh, forget it, we’ll sell it up here now sell it here because nobody wants to sell it in here. They want to sell it down here and they want to sell it up here. Anyway. That’s the silver one. I’ll bring it out to the monthly so you can see what Michael’s talking about.

Michael’s level. Oh, yeah. I left this in there. Just a little humorous note. In 2021, when silver went to $30 and then just got smacked down the next night, I just clipped the article and put it on my chart and it’s been there ever since. Miners decline as JPMorgan downgrades sector and silver prices slide from eight year high. That’s where the report came out during european time. But that’s ancient history.

But we know it can be done. It’s a reminder. So this is Michael’s level. Michael Oliver’s level. I would put one up here as well. That seems very obvious. Right? But this level here is the one that I think we’re going to. If we get above this wick here, I’ll make that a little bit bigger. Right. Michael wants to see the market settle over here to be super bullish, just to finish that up to him, that level is like the gold level I pointed out in November 2009.

Jordan and I were discussing it, and these monthly closes become very important now. So silver is not on anyone’s radar. That’s really big yet. It will be if things keep going up. Let’s go to gold monthly. All right, so there’s your monthly. Right. What I want to focus on now is the weekly. And let’s get rid of all these lines here today. Right. Last week, the market closed a week on a new weekly all time high.

If it had closed one day earlier, if it was a Friday, it was almost another one month high. Anyway, monthly all time high. Here we go. So the previous all time high on a weekly basis was, I believe, there. Right here it is. So we beat that. That was a big deal. And that was the 2055 level that I was concerned about in here. No, that level came from Michael Oliver.

My mistake. The 2085 level is my level. And that level comes in right above 2085 to 2088. And that level comes in from here. I pulled it from here over. We talked about it on Sunday. Anyway, poised for greatness. So what do I mean by that? Well, this market on a weekly basis continues to attract money. So November 30, the market had an all time weekly and monthly close.

Macro discretionary came in and bought it. Boom. Right? And then they were capped. Now, in this area here, options were oversold. That’s a sign that people are done getting out. The market was selling off during here. Options got oversold. The market was done dropping, and now options perked up again. Sometimes it’s a little bit of a leading indicator, and the market starts to rally. This is macro discretionary coming back in.

They’re back with a vengeance. Now, this is really important. This area here, market rallies, market ramps. Overnight, someone says no, market stays down. Now gets up here, fails. Whoever’s selling in here sold it here, no. Goes even higher. I’ll make this even bigger. Goes even higher to here. Someone says no. So in this wick, they don’t want it to go. Sounds like Yoda, right? And then the market makes less of a high and then just gives up the ghost and starts to work its way lower.

But never goes below 2000. Now, here we are. Last week closes here above this wick and above that wick, but not this one yet. So the seller that was here is either not here anymore, which you would think, or he’s backing off. I believe if we get above 2088, this market will run again. It’ll run into selling again. But I believe this market will run again. And what I would like, personally like to see for the next two or three days go to a daily.

I talked about this on Sunday as well. I would like to see the market go sideways and pull back and not really get crushed too much. Right. Because then you can have a bull flag and then the market can rip higher later in the week. I don’t want it to happen early in the week. And I have a feeling that this market may go sideways until pal speaks.

I don’t think people want to commit to this market yet. But if pal speaks and this market just pops over 2088, look out above. All right, 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.

Please contact your financial advisor before making any decisions. And thanks for watching. .

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