Daily Market Wrap – Wed 12 Apr, 2017

A Trump bump to end the day

Trump ended the trading day with a comment that he thought the USD is “getting too strong”. This caused the dollar to sell off and gold to pop. Here are some comments to wrap up the markets that focus on Trump’s comment and the actual trend of the dollar.

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Cory Fleck
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  1. On April 12, 2017 at 1:59 pm,
    GH says:
    • On April 12, 2017 at 11:47 pm,
      Excelsior says:

      There was a good chart out today from FullGoldCrown over at GoldTent:


      Bonds and Gold
      April 12, 2017 – 9:32 pm – FullGoldCrown

      The Co Relation between the Yen and Gold has been well documented here at Goldtent.

      However there is another very tight Co Relation between Bond Prices and Gold as well.

      Thanks to Optional for emailing me the TLT chart ( 10 yr bond price)

      I added Gold to show the tight co relation.


    • On April 12, 2017 at 11:51 pm,
      Excelsior says:

      GH – by the way….. WOW, that is an information dense chart. It took me a while to absorb everything. Thanks!

  2. On April 12, 2017 at 2:07 pm,
    Markedtofuture says:

    Trump Trounces Dollar, Yields Cementing Tech Stocks’ Worst Streak In 5 Years

    Well that was a day… Tillerson/Lavrov presser sparked a small relief in the safe-haven trend (sending the dollar and bond yields higher) but then Trump’s comments on China, Dollar strength, and Yellen sparked a serious reaction…


  3. On April 12, 2017 at 2:09 pm,
    Markedtofuture says:

    North Korea Tells Foreign Journalists To Prepare For “Big” Event On Thursday

    In a potentially concerning geopolitical development, Reuters reports that foreign journalists visiting North Korea have been told to prepare for a “big and important event” on Thursday, although the wire service says there were “no indications it was directly linked to tensions in the region over the isolated state’s nuclear weapons program.”

    According to Channel News Asia reported Jeremy Koh, “we’ve been told to be ready to move out at 620am, but no idea why. Also, no cell phones allowed.”


  4. On April 12, 2017 at 2:15 pm,
    CFS says:

    Interesting that AFTER the NYMEX closed, Gold moved up to essentially the Shanghai price.

    • On April 12, 2017 at 2:42 pm,
      OOTB Jerry says:

      was a nice move after hours……….

      • On April 12, 2017 at 2:58 pm,
        OOTB Jerry says:

        How much of the move …..was the dollar crash? After Trump’s comment on the dollar was to strong…..just wondering……..

  5. On April 12, 2017 at 2:33 pm,
    Markedtofuture says:

    China tells military to be ready to ‘move’ to North Korea border

    April 12 (UPI) — China has ordered its military to be on nationwide alert, in addition to areas near the North Korea border, as tensions escalate on the peninsula.


  6. On April 12, 2017 at 3:09 pm,
    Bob UK says:

    I really do not know how to play this now. Just saying.

    • On April 12, 2017 at 4:22 pm,
      Tad says:

      I hear ya 🙂

  7. On April 12, 2017 at 3:18 pm,
    CFS says:



    Russia is still insisting Assad did not use Sarin. Wants UN investigation.

    • On April 12, 2017 at 3:22 pm,
      OOTB Jerry says:

      I thought we came to the conclusion , it was not Sarin…..

  8. On April 12, 2017 at 3:26 pm,
    OOTB Jerry says:

    opioid epidemic ………..Maryland Govn said State of emergency…..worried about tax revenue.

    • On April 12, 2017 at 3:27 pm,
      OOTB Jerry says:

      Fox news……my wife watches it…….. 🙂

  9. On April 12, 2017 at 3:58 pm,
    Silverdollar says:

    With China moving troops to their border with N. Korea, could be they are preparing for a massive rush of refugees trying to cross the Yalu. If Zero Hedge is correct, the idiot that runs N. Korea could be preparing another nuclear device for Saturday. If he does explode it, all bets are off. Trump will likely begin lobbing more Tomahawks. Tomorrow’s markets could get dicey, real fast.

  10. On April 12, 2017 at 4:25 pm,
    Dennis M. O'Neil says:

    Looks like Ag is taking out the 18.50 resistance level.

  11. On April 12, 2017 at 4:46 pm,
    CFS says:
  12. On April 12, 2017 at 4:50 pm,
    CFS says:

    Trump full interview with Maria Bartiromo


  13. On April 12, 2017 at 5:26 pm,
    CFS says:

    Lavrov-Tillerson press Conf.


  14. On April 12, 2017 at 6:27 pm,
    CFS says:

    What surprised me slightly in the Lavrov-Tillerson press conference were Lavrov’s response to the Press questions about Russia interfering with the American elections.
    His response was always show me proof and I will respond.

    Maybe it is a difference in culture or maybe because he is a diplomat.

    I would have responded differently.
    By saying something along the lines….
    Of course< Russia did not interfere in the American elections. We would not think of doing that.
    However, we are delighted to have a reasonable person like President Trump as the winner and look forward to be able to work with him towards world Peace, even though he is a very tough negotiator.

  15. On April 12, 2017 at 6:39 pm,
    CFS says:

    April 10, 2017
    Andrew B. Busch via Email
    Chief Market Intelligence Officer
    James McDonald
    Director – Enforcement Division
    Commodity Futures Trading Commission
    1155 21st Street NW
    Washington, DC 20581
    Dear Sirs,
    Congratulations and best wishes on your appointments to key positions at the Commission at this
    critical time in market history.
    I’m writing concerning a matter that the Commission has considered on a number of past occasions
    – allegations of a silver price manipulation on the Commodity Exchange, Inc. (COMEX). The reason
    the Commission has considered the issue of a silver price manipulation several times in the past is
    because the agency’s own public data and guidelines point strongly to such a manipulation. Never
    have the data been more convincing than what was just published Friday, in the Commission’s
    release of its weekly Commitments of Traders (COT) Report, for positions held as of April 4, 2017.
    That report indicates that the concentrated net short position held by the four largest traders in
    COMEX silver futures hit an all-time extreme in numbers of contracts of 78,021, the equivalent of
    390 million oz. of silver. The concentrated net short position of the eight largest traders was
    indicated at 104,978 contracts or the equivalent of nearly 525 million oz., or more than 60% of
    world annual mine production. No other commodity comes close to COMEX silver futures in terms
    of a larger concentrated short position when compared to real world production. On its face, the
    large concentrated short position in COMEX silver futures would appear to be an artificial price
    As you know, the Commission monitors and publishes concentration data in all regulated futures
    markets as the prime front line defense against price manipulation. After all, it would be nearly
    impossible to manipulate any market without a concentrated position. But not only do COMEX
    silver futures stand out as having the largest concentrated short position of any commodity, in
    terms relative to real world production, consumption and existing inventories, the concentrated
    short position in COMEX silver futures is notable for other reasons.
    For one reason, the big short traders do not appear to be engaged in any sort of legitimate hedging,
    since there are no signs they represent actual producers or hedgers of physical holdings. Separate
    agency data, contained in the monthly Bank Participation Report, indicate that the largest shorts
    are mostly domestic and foreign banks essentially operating as speculators, in a pseudo-market
    making capacity against other speculators. Publicly-owned mining companies are required to
    disclose any hedge activity and few, if any have disclosed any hedging in silver. The big short sellers
    in COMEX silver futures are financial firms, mostly banks, speculating against other big speculators
    and have no legitimate economic or hedging purpose in dealing in COMEX silver in the first place.
    As I’m sure you know, Congress allows futures trading for the purpose of encouraging legitimate
    hedging, not to encourage excessive speculation.
    The largest COMEX silver short seller for the past nine years is JPMorgan. That has been the case
    ever since it acquired the failing investment bank Bear Stearns, the former largest COMEX silver
    short seller, according to Commission data and its correspondence with lawmakers. The special
    manipulative twist here is that since 2011, JPMorgan has engaged in an epic accumulation of
    physical silver at prices much lower than would have existed if the bank had not also been the
    largest silver short seller on the COMEX. In the recently completed COMEX March silver futures
    delivery period, JPMorgan stopped (accepted) 2689 contracts in its own proprietary trading
    account, plus another 739 contracts on behalf of a client(s), considerably more than the 1500
    contracts allowed according to exchange regulations. This while JPMorgan was the largest short
    holder in COMEX silver futures. It is not possible to imagine a more compelling motive or intent for
    manipulation than to acquire a massive amount of any commodity at depressed prices, where the
    acquirer is responsible for the depressed prices.
    Almost without fail, on every past occasion where the concentrated short position in COMEX silver
    futures reached extreme levels, it was only a matter of time before the price of silver gets rigged
    lower by these big shorts to induce speculative selling from traders operating on technical price
    signals. In fact, COT report data indicate that JPMorgan has never taken a loss, only profits on every
    silver short position it has added over the past nine years. Such results would not be possible in a
    market that wasn’t manipulated in price. In essence, speculators have taken over the price
    discovery process in silver because there are so few real hedgers trading on the COMEX, only
    speculating banks betting against other speculative traders. Even assuming the current extreme
    concentrated short position leads yet again to a sharp selloff in silver, there is another issue that
    goes to the core of regulatory concern.
    In addition to the clear agency data pointing to a silver price manipulation, the presence of such a
    large and non-economic short position necessarily enhances the likelihood of disorderly market
    conditions once it becomes clear to enough market participants that unbacked concentrated short
    positions on the COMEX have been the reason why silver prices are so depressed.
    I have communicated all this to the Commission, JPMorgan and the CME Group (owner-operator of
    the COMEX) for many years, with hardly any acknowledgement or rebuttal. I am hoping you will
    consider this matter differently and act to finally end the manipulation. I’m sure how you handle
    this matter will define your tenure. If I can be of any further assistance, please do not hesitate to
    call on me.
    Sincerely yours,
    Ted Butler

    Ted Butler is requesting people send emails to 2 new appointees of the CFTC and the two existing members:
    Andrew B. Busch – abusch@cftc.gov

    James McDonald — jmcdonald@cftc.gov

    Acting Chairman J. Christopher Giancarlo — cgiancarlo@cftc.gov

    Commissioner Sharon Y. Bowen — sbowen@cftc.gov

    • On April 13, 2017 at 9:38 am,
      OOTB Jerry says:

      silver stealers.net………..read first then do some action…..Trump will need to do some action before the cftc acts…………

      • On April 13, 2017 at 9:39 am,
        OOTB Jerry says:

        cftc is simply a pawn…………

  16. On April 12, 2017 at 7:00 pm,
    CFS says:
  17. On April 12, 2017 at 7:13 pm,
    CFS says:
  18. On April 12, 2017 at 8:03 pm,
    Markedtofuture says:

    North Korea Said To Be Preparing Nuclear Device Detonation; Test Site Is “Primed And Ready”

    In a striking development involving the rapidly changing North Korean geopolitical situation, moments ago Voice of America reporter Steve Herman stated that according to US government and other sources, North Korea has “apparently placed a nuclear device in a tunnel and it could be detonated Saturday AM Korea time.”


  19. On April 12, 2017 at 8:07 pm,
    Markedtofuture says:

    Visualizing Korea’s North-South Military Divide

    North Korea warned the United States that it would respond to “reckless acts of aggression” after a carrier battle group led by the 97,000-ton USS Carl Vinson was deployed to the Korean peninsula. As Statista’s Niall McCarthy reports, the aircraft carrier is being escorted by a guided-missile cruiser and two destroyers equipped with Aegis technology capable of shooting down any future North Korean test missiles.

    Is North Korea’s nuclear program going to be next? That’s the question many experts are asking themselves after American cruise missiles struck a Syrian airbase last week. If the U.S. does carry out a pre-emptive strike, Pyongyang is likely to launch a substantial military retaliation against the south. If that nightmare does one day come to pass, how well equipped is the South Korean military to repel an offensive from the North?


  20. On April 12, 2017 at 8:23 pm,
    CFS says:

    Pravda is reporting that the Capital city of North Korea is being evacuated.


  21. On April 13, 2017 at 1:38 am,
    Excelsior says:

    (EDR) (EXK) Endeavour Silver Corp.
    April 4, 2017 – 1:50 pm
    Zurich, Switzerland – European Gold Forum


  22. On April 13, 2017 at 4:52 am,
    CFS says:
  23. On April 13, 2017 at 4:54 am,
    CFS says:
  24. On April 13, 2017 at 7:13 am,
    Excelsior says:

    Chart of the Day: Turkey Showing us a Glimpse of the Future?
    The Hedgeless Horseman – April 13, 2017

    “Turkey today is a good example of what I believe we will see happening in most countries in the coming years. Namely surging inflation along with heightened worries about the solvency of entire nations. Oh and to every MSM financial pundit that can always be seen on air touting that higher rates will slaughter the gold bulls… The Central Bank of Turkey’s official repo rate is at 8 percent currently. Rates in a vacuum is meaningless to look at. It’s what the real rates are at that is the important thing. As I have shown in a prior post, gold in US dollars is trading more like a currency as well as tracking real rates more since after Trump got elected.”

    “Gold in Turkish Lira has already surged past it’s 2010-2011 high of about 3200 lira/oz.”


  25. On April 13, 2017 at 7:28 am,
    CFS says:

    Turkey, historically, has been kind of like Venezuela…..when they run out of money, they just print more.
    I have no idea why the EU ever considered admitting them. It never made economic sense.

    • On April 13, 2017 at 7:44 am,
      Excelsior says:

      That’s why they’re called Turkey. 🙂

  26. On April 13, 2017 at 7:42 am,
    CFS says:

    Michael Belkin on KingWorldNews:


    • On April 13, 2017 at 7:44 am,
      Excelsior says:

      Thanks – Always good to hear from Mr Belkin….

  27. On April 13, 2017 at 7:52 am,
    Excelsior says:

    I will admit that its a bit disappointing to see the miners trading off when Gold & Silver are higher than they were in yesterday’s trading session, and much higher than last week. The higher metals prices should at least help out the producers, who are now selling their product for better margins, but so far the miners are weak pretty much across the board.

    • On April 13, 2017 at 7:54 am,
      Excelsior says:

      By Soren K.Group 2h ago

      – Gold: Aggregate OI up another 10.8K bringing two-day total to +33.5K with market up 1.93%
      – Silver: Aggregate OI up 4.4K to a record large 224,587.
      – Pay close attention to mid-morning final for adjustments as SIK7 is in the middle of the index roll.
      – Calls being Sold and puts being bought in Gold and Silver. This is not bearish. It is a sign of commitment to futures longs via buying hedges.


  28. On April 13, 2017 at 8:10 am,
    CFS says:

    Isn’t it about 4,000 contracts below the record set last year. The price of silver is a good $2.00 below the price when the record OI was set

  29. On April 13, 2017 at 8:16 am,
    spanky says:

    so far $hui has stayed above the price from exactly one year ago.

    To keep that up, $hui would have to be over 240 by the end of this June. It also should not drop below 200.

    I would expect to be over 280 by mid august. Expect another multimonth correction consolidation after that, but hopefully we will finally break out to new highs no later that February 2018 and never look back.

  30. On April 13, 2017 at 8:26 am,
    CFS says:

    With no trading tomorrow, it is interesting to see an early attack on PMs, but I think it will be taken as a buying oportunity. Even though the RMB moved up slightly, gold and silver are up nicely in Shanghai.

  31. On April 22, 2017 at 4:28 am,
    Tamra says:

    It is challenging to find knowledgeable persons on this topic, but you sound like you know what you’re talking about! Thanks