TF Metals Report Blogs

The Generally Accepted Narrative

One of the primary themes that we've been repeating is that 2017 is going to be a wildly unpredictable year. To that end, today we begin what might be a wildly unpredictable week. Buckle up.


In AlgoWorld, the actual data is insignificant. All that matters is the printed headline that forces the HFTs into some wild and crazy (over)reaction. In this context, today's "market" reaction to the latest retail sales and PPI numbers is not surprising in the least.

Fast Market

Things are getting really interesting, really quick as currency liquidity issues shake the global markets in a manner almost identical to January of last year.

Changing Your Mindset

Who knows how many times we're going to have to repeat this in 2017. There are no "markets" least not in the sense that there used to be or what you are told. Instead, there are only digital platforms where prices of nearly everything are discovered through High Frequency Computer Trading, totally disconnected from arcane notions such as physical supply/demand and fundamentals.

A Critical JBSFC

Commenting on the strange and surreal headlines of last evening, Professor Cohen began last night's show with these words: "It's a dark night in the history of the American republic". If you've been listening to these podcasts for the past three years, you know that he's completely serious and not simply being hyperbolic.

Green Day

Commodities are up across the board today and that, along with a falling USDJPY, has helped to nudge Comex Digital Gold even closer to its first encounter of 2017 with the important resistance of $1200.

The Growing Chinese Liquidity Crisis

The new week begins with one of those rare, Monday rallies in CDG and CDS. As we discussed in Saturday's podcast, perhaps Friday was an aberration and the macro trends from last week will now reassert themselves this week.


As we begin 2017, it's more important than ever to be clear about what we discuss here. To that end, today we add two new acronyms to the TFMR glossary...CDG and CDS. No longer will be discuss the paper derivative price of "gold" or "silver". Instead, we will refer to these issues as CDG (Comex Digital Gold) and CDS (Comex Digital Silver).

Gold In January 2017 vs Gold In January 2016, Part II

As we wrote yesterday, the striking similarity of 2017 to 2016 continues today, in everything from Chinese liquidity to the bond market to gold and silver.

Gold In January 2017 vs Gold In January 2016

Much like last year, the precious metals have begun 2017 with solid up moves that threaten the promoted narrative of lower prices in the year ahead. Can this trend continue and will early 2017 unfold in a similar fashion to early 2016?

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