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John Reade @JReade_WGC
, 7 tweets, 4 min read Read on Twitter
Gold: Stubbornly Short:

CFTC data, released Friday for positions as of Tuesday 4 September, show that Comex Managed Money remains short #gold.

1/6
Gold: There was little change to the already-elevated gross Managed Money short #gold position, which increased by only 100Koz; gross longs fell by 900koz to 10.5 million ounces, driving the net short position 1moz higher to 7.9Moz

2/6
Gold: There has been little change in price or Comex #gold open interest since last Tuesday, indicating little change in positions since then and no obvious technical trigger for a further move.

3/6
Gold: The US dollar remains the greatest determinant of the short-term #gold price direction.

4/6
Gold: Precious metals appear out of favour now, at least from the investment and speculative community: one barometer for this is the #Gold: Silver ratio, clearly elevated currently.

5/6
Gold: The net speculative short position in silver is at an all-time high (using data back to 1993), confirming this negative sentiment.

6/6
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Gold: Bit of a groundhog day today, gold at $1283/oz, slightly weaker in Asia trading overnight after talks of 'good progress' on US-China trade talks. US Equity futures modestly green and ETFs added gold again, now the eight straight day.

1/2
Gold: my technical analysis-minded frieds have noted that gold had done a lot, quickly, and that it would be healthy if the market saw a period of consolidation to let the RSI come lower - perhaps what's happening now is healthy.

2/2
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Gold: Considering that we had a very strong Employment Report out of the US on Friday, #gold performed pretty well over the past 18 trading hours. At $1291/oz at the time of writing it is some $15 above its post-NFP plunge and only about $7 below Friday morning's high.

1/6
Gold: This strength in #gold is not coming from US equity market fears, as US futures are roughly flat.

2/6
Gold: Rather it appears to be a combination of a modestly weaker US dollar, shown here as DXY over the past three days...

3/6
Read 8 tweets
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Gold: I find it ironic that that the government shutdown is making it 'harder' to trade #gold with confidence.

The CFTC's commitment of traders (COT) report is delayed indefinately while the US government is out of action.

1/3
Gold: Fortunately, Comex is not a government entity and continues to function. As you can see from here, open interest is reported daily and has increased quite a lot (4moz equiv) since 18 December.

2/3
Gold: Simplistically, with gold prices going up and OI up, speculators are likely adding to longs, driving the OI change and helping the price move higher.

I estimate the net managed money long is now at least 6.5 moz but could be more if short covering has happened too.

Ends
Read 4 tweets

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1. Let me share my #MSExcel story to encourage learning.

Despite being an accounting student, the 1st time I saw MS Excel was during the 6 months #EndASSUstrike of 2003 or so, I was in 300L. I enrolled for a Desktop publishing training at a business centre.
2. Desktop Publishing was very popular then, following the Y2K computer compliance. Someone came to the business centre to do some printing jobs. The operator opened MS Excel to calculate his cost and I wondered what the grid lines were all about. I wanted to know more.
3. He couldn't really teach or tell me more about it as his focus was on Corel Draw but I was amazed at how some grid lines would add up figures. Seeing A,B,C....on one side and 1,2,3 on another side with lines joining them, for me was a miracle. I was very fast with typing
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1/ Below is a Q3 2018 update on the global monetary base, or base money. This is certainly not the M1 money supply. Not M2. Not M3. The distinction is important. What is base money? Is it #gold? Is it government fiat? #Bitcoin?? Have some charts to share. This is installment #2…
2/ To begin, it's important to understand the universal accounting identity: Assets = Debt + Equity. Today, it's true that all fiat money is debt-based. But before exploring fiat money, let's look at asset-based money.
3/ Traditionally, commodity money has been asset-based, most notably gold. Gold is a true asset of the holder. If you own gold free and clear, it is your asset, and no one else's debt, no one else's liability.
Read 64 tweets
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Money, money, money! Let's talk money. Have you ever saved money with a group of friends or strangers? You're not alone. Many people do this in Africa. But what do you call it?

This is a map of what people across Africa call their 'merry-go-round' savings circles!

A Thread.
1. Africa is a fascinating place, no lie. We've go so many cultures. There are also thousands of languages spoken on the continent and each one is beautiful and unique in its own ways. Here's a map that shows the most widely spoken languages in Africa -
2. However, one thing seems to unite us - the social savings. Some people call it 'rotating savings', 'tontine', 'ajo', 'stokfel', 'maround', 'abota' or 'ekub'. In Kenya, it is called 'chama'. While this practice is popular in rural areas, many urban dwellers use it to save!
Read 11 tweets
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Mini-thread from WWR's Radio/TV shows this week: Beyond good economic headlines, there are underlying concerns
/1
1) Wages are not keeping up. Data released Friday by the Labor Dept. says the cost of living is rising faster than wages — meaning a dollar doesn’t go as far as it used to. Health care costs are surging, gasolines up — and the tariff war is also beginning to hurt
2)
the Trump administration also acknowledges that the deficit is soaring — it was up 79% in July from July of last year. It adds that the deficit will top $1 trillion next year, and this red ink gets tacked onto the national debt — on track to hit $33 trillion in nine years
Read 8 tweets
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Bought a lot of #gold today. Going home now because I think I might throw up.
Gold vs Commercial Short position with Daily Sentiment (DSI) indicated in red. I'm estimating real time commercial shorts are now less than 50k (green box) and maybe even lower.
1/ I have received so many DMs, emails and phone calls regarding the initial tweet about #Gold (above from Thursday) that I’m going to try and explain my thinking here. Hopefully it translates into a coherent answer.
Read 26 tweets
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Change of personelle (regardless of racial make up) without addressing cultural issues is proven to create very little change in companies, organizations & institutions.
In fact what happens is that POC brought in are rarely given the true power they would need to create change & are put under impossible to succeed conditions.
Creating change requires tandem cultural shift along with increased representation of marginalized people in positions of power through organizational structures.
Read 5 tweets

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