Another BLSBS Week

Mon, Mar 1, 2021 - 10:28am

It's a new month and it's finally March. Could our long precious metal winter finally be drawing to a close? We'll find out as the month progresses but we kick things off this week with an action-packed schedule and a Friday date with your latest BLSBS.

Unfortunately, the new month has begun where the last month left off. After a nice rally last evening on Globex and in Asia, bonds rolled over as soon as the London trade began and it was straight back downhill from there. I'd been hoping for a better start to the month than this and there's still plenty of day left, but this is a little disappointing.

Comex Digital Silver continues to outperform Comex Digital Gold and it's having a much better day today...especially when you consider that the POSX is up about 15¢ as I type. After the pounding we took late last week, we'll need to rebuild from here based off of continued strong physical demand. The first step is to get back above $27 and then hold and base there. This is a positive first step.

For this week, the list of pending datapoints and Goon appearances is below:

The main items for today have just come out while I've been typing and they are quite interesting. The Markit and ISM manufacturing PMIs have been picking up as the US comes off of Covid lockdowns and now today they are beginning to show that big surge of inflation that everyone has been talking about ...and that has been driving the bond market lower and lower. Here's that "Cost-Push" inflation I've been telling you about for months...

ISM Prices going apeshit: 86.0 - this is runaway inflation

— zerohedge (@zerohedge) March 1, 2021

last time ISM prices were here oil was $140

— zerohedge (@zerohedge) March 1, 2021

So what else is going on? Not much, really. Until we begin to get some inklings from The Fed Goons that the FOMC meeting in two weeks may bring some hints at change, it's going to be hard for Comex gold to catch a sustained bid. As you just saw, even the oversold bounce of last evening was quickly driven straight backward.

Thus we'll keep our focus, for now, on Comex silver and the silver miners. As mentioned above, there doesn't seem to be any wavering of interest in physical accumulation and in keeping the pressure on The Banks. We'll take all the help we can get from a falling POSX and some lower nominal interest rates, but that physical demand must continue otherwise The Criminals will simply have their way and force price lower.

As far as that tweet above from Chris Marcus, I'm still planning to visit APMEX/OneGold on Thursday of this week. I look forward to discussing things in person with Ken Lewis and the rest of his staff and it will be fun to see for myself just how stretched their inventory is at present.

In the meantime, we just keep going. I personally added another 2 ounces of gold and 200 ounces of silver last month and we all need to keep doing our part. If The Criminals keep bifurcating price by driving digital silver lower at $27 while physical silver remains $32-38, the digital price will eventually be forced higher.

As I close, I see there's some good news....the bond market has actually RALLIED since those inflationary PMI reports and the yield on the 10-year note is less than one basis point higher than it was at 1:00 am CT when CDG was at its HOD near $1757. So maybe we can rally the rest of the morning?

Have a great day but please be sure to check back later for your full daily podcast summary.


About the Author

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Mar 2, 2021 - 5:02am


I asked the beneficiary question and was told to just add the person's name to my account along with my name.

Mar 1, 2021 - 5:07pm

If Yield Curve Control can be implemented?

Would not the indicators of inflation need to also be tampered with to complete the scheme? The result is when Gold Paper/ Comex prices diverge from the physical gold price. This is what we are seeing right? If a Central Banker stomps on the thermometer no one can tell they have a fever....Until the fever kills them that is.

robobrewerRonnie 666
Mar 1, 2021 - 5:07pm


Looked like YCC to me today.

The 10 year was clearly locked down IMO and it was an abrupt change in it's behavior.

Will gold and silver prices react?

Mar 1, 2021 - 5:02pm

i've learned over the years

i've learned over the years of being on this board that when its this bleak that you should stay in and hold.

I joined in 2013, when I was 32 and basically was one of the normal stock buying public on wsb in a lot of ways..... knew nothing about silver and immediately started losing on paper. By late 2015 I was debating cashing out all of my silver mining investment in first majestic at sub $3 and just giving up. Was debating buying a bmw with the money and washing my hands of investing. Didn't buy the bmw, kept the first majestic and liquidated my 401k to double down on it....

This doesn't feel quite as bad as those late 2015 days. But it does feel about as bad as its been since. we're gonna be fine, theres literally trillions about to be printed. Cheer up guys, gold is still $1725. It is not $1050

SteveWNigel Black
Mar 1, 2021 - 4:47pm


Not really, que sera sera. But I have found myself thinking recently about how much junk Canadian silver I have. I think it's around $100 face. Wonder if I'll find any use for it.

Ronnie 666
Mar 1, 2021 - 4:41pm

Greg Mannarino - YCC has started ?

ALERT! The Federal Reserve Appears To Have Begun YIELD CURVE CONTROL. Mannarino
Mar 1, 2021 - 4:37pm

I admit to drawing optimism

From the frenetic new interest of the young apes; chest pounding over on reddit. I am always too early buying dips;( a weakness of mine); but I have learned to compensate via buying tiny bites of a position at a bunch of entry points... This is deadly if you are trading near term options; but typically works on the Leaps; so long as you execute as RickshawETF often mentions; take some profits when they come!

I hope the current decimation of the miners ends soon; and that massive loss you are sitting on moderates. This is financial repression on steroids.

TF Metals fan
Mar 1, 2021 - 4:32pm

Bluestone resources

Most telling about today is Bluestone Resources. They announced yesterday a revised NPV which almost tripled based on their latest findings. Company is run by the Lundins. Shareprice even went, for a short moment, negative today. It closed 1.1% up on the day. These were stellar results. The shareprice hardly responded. I keep telling myself that sanity will come back one day......

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Mar 1, 2021 - 4:22pm

You're really lucky you have

You're really lucky you have a supportive wife. Many wives would go ape shit knowing hubby lost a lot of money...especially when the SM is rocketing My wife doesn't really understand what I do with our money but as long she can go web shopping for whatever she wants she's I let her do whatever she wants and hope one day our boat load of PMs will come sailing in.

Mar 1, 2021 - 4:19pm

COT Reports / HUI Support

The good news for today is that the HUI held at the key support level of 250. If the HUI breaks below that level, that's not good news at all.

The bad news, the COT report show that a lot of short covering took place last week, but the short position by the Commercials is still very high at 252K Net short contracts. It's much better than 320k from a few weeks ago, but it's still too high.

Something is telling me a very good buying opportunity will exist in the spring or summer time. I want to see that short position down to at least the low 100K level before I get bullish for the next move higher, which should take out the recent high of last year.

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