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John Reade
@JReade_WGC
, 7 tweets, 4 min read Read on Twitter
Gold is trading quietly today at 1290/oz. The RSI, at 63, is in positive but not overbought territory and my colleague, Jaspar Crawley, points out that the spot #gold price has made a golden cross, with the 50-day crossing the 200-day (and with positive spot momentum).

1/7
Gold: Jaspar suggests that this may trigger some momentum buying in #gold but I wonder whether the active Comex future (Feb) is more important and the golden cross in this is still some way away.

2/7
Gold: I hardly ever mention the B word (Brexit, not bullion or bars) because I don’t think it matters for the global #gold market and yesterday’s lack of reaction is a partial justification for this stance.

3/7
Gold: There are some UK-inspired flows: two of the top five ETF inflows into #gold backed ETFs are based in the UK and aggregate inflows of ~$300 million this year have been seen from from ETFS Physical Gold, Invesco, iShares ETC and ETFS Physical Swiss shares alone.

4/7
Gold: and as we pointed out the other day, “The Royal Mint says Brexit Turmoil Spurs U.K. Investors to Buy #Gold”

bloomberg.com/news/articles/…

5/7
Gold: But the flows are mixed: @bullionvault report that higher GBP-denominated #gold prices are triggering sales.

So, we are not going to be giving a blow-by-blow account of Brexit because it doesn’t seem too relevant to gold and because it’s too depressing.

6/7
Gold: On the subject of ETFs,

Another day, another inflow into #gold-backed ETFs.

Bloomberg automation reported a 13th successive day of inflows of gold as the graphic below shows.

Have a great day

7/7
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John Reade
@JReade_WGC
Gold: We've seen dollar-denominated #gold soften a little since the start of February, as this chart shows.
Gold: The major driver of this weakness in #gold was the strength of the US dollar, which looks relentless on this one-month chart.
Gold: ...and this is reflected in #old's performance against other currencies which generally have not seen the same softness since the beginning of February.
Read 4 tweets
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John Reade
@JReade_WGC
#gold is pushing higher in European trading on Tuesday morning, last at $1307/oz.
The US dollar remains nailed to the lower end of its recent range and US S&P500 equity futures are (slightly) lower, not shown here.
US Real 10-year Treasury yields are almost unchanged, off 1bp
Read 5 tweets
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John Reade
@JReade_WGC
#Gold is trading around $1300/oz at noon in the UK on Monday, holding onto most of Friday afternoon’s gains.
#Gold: As a reminder, we believe these gains come after a Wall Street Journal article suggested an early end to Fed balance sheet shrinkage (paywalled).
wsj.com/articles/fed-o…
Gold: Comex #gold open interest increased by 1.5 million ounces on Friday, suggesting more new longs than covering shorts.

Some modest inflows were reported by the ETFs too, but less than 100koz.
Read 7 tweets

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J.D. Morris
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Judge Alsup asks of PG&E lawyer why it paid $4.5B to company owners in recent years when that money could have been used to trim trees.

"Why is it PG&E always say safety is our number one thing ... it's not really true," he says.
Judge Alsup and one of the PG&E lawyers are now getting into a testy exchange about how CA utilities and regulators apply the state's vegetation management laws. The judge thinks the law is really stricter than how PG&E and the CPUC implement it re power lines
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Nick Ochsner
@NickOchsnerWBTV
Bailiff just announced that we CAN tweet and take pictures from the #nc09 hearing. This is a very big deal in NC, where many courthouses still don’t allow phones at all. Many props to Judge Ridgeway and @kzmyers for facilitating as much media access as possible!
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EHSANI2
@EHSANI22
In this era of income & wealth disparity, it is worth remembering that world’s richest man that ever lived was a Moslem Black African.

Meet Mansa Musa who owned all the Gold and Salt of the Mali Empire. He had made the legendary 2 year long 6,000 mile trip to Mecca
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David Jensen
@RealDavidJensen
1) @Gold_AntiTrust is frustrated James Grant doesn't know central banks manipulate #gold.

Ea day in London, 220M oz of unbacked gold debt instruments are traded primarily between bullion banks.

Est'd 500M oz open int. claims in spot contracts.

#silver gata.org/node/18244
2) In 1985, Larry Summers' paper identified neg. correlation w/ real interest rates "dominant feature of gold price fluctuations".

In 1987, Bank of England created the LBMA (90% of global gold trade ea day) trading unbacked paper #gold.

safehaven.com/article/42493/… @Gold_AntiTrust
3) Suppress #gold and interest rates can be suppressed (shut down gold alarm system). Lower int. rates cause speculation / mkt bubbles.

Bullion banks trading paper gold in London benefit fr. low rates w/ $100s billions profits & asset transfer since 1987. safehaven.com/article/34980/…
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David Jensen
@RealDavidJensen
Impact of the Petro-Yuan (w/ Gold settlement option) contract still to be seen; first Yuan contract settles in September 2018. As @Ole_S_Hansen notes, trading volume of the Petro-Yuan oil contract continues to build. A developing story. #OOTT #PetroGold
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cnbc.com/2018/05/17/tru… #oott #oil
Russia has been receiving physical gold payment from China for oil for years.
President Trump can see where this is inevitably going globally.
Out comes the mallet.

zerohedge.com/news/2018-05-1…

#oil #oott #gold #petrogold
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