Exclusive Comments from Marc Chandler – Mon 30 Apr, 2018

A Major Shift Is Taking Place By Speculators In Currencies

Global Head Of Currency Strategy at Brown Brothers Harriman Marc Chandler joins me today to outline a major shift underway in currencies. Over the past year the trade has been short USD / long Euro. This is no longer the case.

The past expectation was that the ECB and BoJ were going to take a more hawkish stance moving forward and that is why the Euro was strengthening. I doubted it would be as smooth as lots of spec traders anticipated and now that is becoming the case. Marc addresses some key points that need to be considered for all the Euro bulls.

Click download link to listen on this device: Download Show

Click here to visit Marc’s site and read his recent post on the spec positions in a number of major currencies around the world.


Featuring:
Marc ChandlerCory Fleck
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Comments:
  1. On April 30, 2018 at 12:51 pm,
    Excelsior says:

    Receding supply risks in Copper market

    Sunday 29, April 2018 – William Mullally

    http://www.cpifinancial.net/news/post/44857/receding-supply-risks-in-copper-market

    • On April 30, 2018 at 11:25 pm,
      Excelsior says:

      Louis James: You Can Call Me a Silver Bug this Year

      Palisade Radio – Apr 30, 2018 #AudioInterview

      https://www.youtube.com/watch?v=oeAsv8pU-IA

      • On April 30, 2018 at 11:45 pm,
        Excelsior says:

        Full Stack Video of 6,000+ ounces of Silver Part 1: Bars

        https://www.youtube.com/watch?v=4BMIi6X8rxw

      • On May 1, 2018 at 4:55 am,
        Excelsior says:

        (BHS) (BALMF) Bayhorse Silver: Actuals vs. Estimates

        by @CaptainDuff – May 1, 2018

        “Obviously, the price of silver is important as well. It is not, however, something Bayhorse can control. What Bayhorse can do is use sorting technology, recovery technology and intelligent mine planning to reduce the costs and increase the shipping grades at its Oregon mine. The lower the all in cash cost per ounce of silver, the less the fluctuations in the price of silver matter to Bayhorse investors. With one, big, exception: having a low cost silver mine in operation gives an investor significant exposure to the possibility of a substantial upwards move for silver.”

        “The final item an investor looking at Bayhorse needs to pay attention to is the ongoing expansion of the mine’s silver showings. While Bayhorse is not filing 43-101 resource estimates, it is disclosing what it is finding as it extends the workings of the mine. And, of course, the company is not flying blind. While the Herdrick 1981 technical report does not qualify for 43-101 status, it can guide Bayhorse to where the best chances of finding more silver are.”

        “The biggest issue for an investor in Bayhorse is the need for the company to provide pretty much continuous updates on its progress and production. While there are still some flow chart issues to be worked out, a regular, quarterly, then monthly, report of throughput tonnage and, in due course, ounces of silver and other materials sold, would go a long way towards inspiring investor confidence. All the more so as the credits for the other metals in the Bayhorse rock, begin to show up: copper and gold are part of the system. So is zinc and there is some hint of rarer and more valuable minerals.”

        “There is no need for a 43-101 set of reports if a mining company can produce a monthly announcement of how much material it has shipped, how many ounces of silver that material contained and how much money the company has been paid for those ounces. Actuals beat estimates every time.”

        https://ceo.ca/@captainduff/bayhorse-silver-actuals-vs-estimates?7152ab88c967

  2. On April 30, 2018 at 4:36 pm,
    Excelsior says:

    The Problem With Turkeys: A Curious Case For The Platinum Group

    by @Keecher on April 30, 2018

    “As economic tides continue to rise around the world and drag people into the middle consumer class there will continue to be a demand for personal vehicles; for the medium term at least, the majority of those will be hydrocarbons (and PGMs).”

    “Coupled with instability in the world’s major platinum producing regions and intense pressure on PGM stockpiles, I’d be willing to bet that platinum starts to move in the same direction as its more en vogue cousins.”

    “The most difficult part about PGMs is finding exposure to good assets and good teams outside of South Africa. In the coming weeks we’ll be exploring opportunities in the space and looking at leaders best positioned to leverage the current climate.”

    https://ceo.ca/@keecher/title

    • On April 30, 2018 at 5:44 pm,
      OOTB Jerry says:

      Well, Platinum has gone nowhere in 5 yrs……..hard to believe…….jmo

      • On April 30, 2018 at 6:41 pm,
        Excelsior says:

        Yes, in the article that was their point, because Palladium and Rhodium got the love, and this is all the more reason that Platinum may get the bid in the future as they replace Palladium and Rhodium with Platinum. Ironically they were Platinum replacements the last few years and have become a victim of their own success, so good ole Pt is ready for a re-rating now.

        • On April 30, 2018 at 6:49 pm,
          Excelsior says:

          Group Ten Metals is a company with the PGM goods next to Nickel Creek (old Wellgreen Platinum) in the Yukon and adjacent to Stillwaters PGM property in Montana. They also have a 3rd Gold property on trend with First Mining Finance and Treasury Metals.
          ______________________________________________________________________

          Exposure to Key High-Demand Commodities – Group Ten Metals (PGE) (PGEZF)

          Cambridge House – Feb 16, 2018

          https://www.youtube.com/watch?v=1lmaLKypGbU

      • On April 30, 2018 at 6:59 pm,
        Excelsior says:

        Another company that deserves more attention than it gets is Polymet (PLM) (POM) as they have a significant Copper – Nickel – PGM – Cobalt project in the Duluth complex in Minnesota.

        Polymet March 2018 – Corporate Presentation

        http://polymetmining.com/wp-content/uploads/2018/03/Investor-Presentation-March-2018.pdf

        • On April 30, 2018 at 7:07 pm,
          JohnK says:

          I haven’t been keeping track lately,but Polymet was in the news about water issues and Wild Rice. Correct me if I’m wrong but it was something about sulfide levels.
          Funny thing when the U S Government resettled the Indians they ended up in the damnest places.

          • On April 30, 2018 at 7:17 pm,
            Excelsior says:

            They got their Environmental Impact Study completed and signed off on and have all of that behind them now. It only took 14 years. 🙂

            Note (pg 10) in the presentation linked above about responsible and environmentally friendly mining.

            ____________________________________________________________

            > ENVIRONMENTAL STEWARDSHIP

            – Design safeguards water, air and other natural resources
            – Repurposes idled plant and addresses legacy water quality
            – Among highest EPA rating of EIS of any mine in U.S.

            >COMMUNITY COMMITTMENT

            – Vested partner in Iron Range communities
            – Aligned company and community values
            – Strong support across business, labor and community spectrum

            http://polymetmining.com/wp-content/uploads/2018/03/Investor-Presentation-March-2018.pdf

        • On April 30, 2018 at 7:13 pm,
          Excelsior says:

          One of the advantages that Polymet has is that they are polymetallic, an in addition have an existing milling infrastructure & tailing dam in place, and they’re close to rail to transport their concentrates. This is a huge leg up over remote Copper or Nickel or PGM or Cobalt projects in 3rd world locations in the middle of nowhere.

          Now that they finally got their EIS and draft permits they are moving towards final permitting and 2 years to Production.

          They’ve been a sleeper for a number of years, but it is time for the sleeper to awaken.

          • On April 30, 2018 at 7:31 pm,
            JohnK says:

            It wasn’t but a couple of weeks ago I heard about some kind of vote they were having.
            Here’s more.
            http://www.startribune.com/minnesota-pollution-control-agency-bails-on-effort-to-protect-wild-rice/480971961/

          • On April 30, 2018 at 7:37 pm,
            JohnK says:

            I’ll be driving that way pretty soon. I’ll try talking to some of the people in the area.

          • On April 30, 2018 at 8:20 pm,
            Excelsior says:

            Interesting. Apparently the concern is sulfate salts in the water, but the rice protection bill was also rejected by the native groups and locals because the standards would be so prohibitive to any work getting done in the area. It sounds like the final chapter of the Polymet permitting will revolve around this area of the water treatment, and to what extent of treatment needs to be completed. It also doesn’t read that there is much consensus yet on what level it should be.

            Here’s an interesting snippet from that piece. Of course the environmental agency calls their project “controversial” but most of the locals including the indigenous people have shown support for the Polyment project and things have been moving forward.

            ______________________________________________________________-

            “It is also critical to the PolyMet Mining Corp.’s controversial project near Hoyt Lakes, which would become Minnesota’s first copper-nickel mine. The mining permit, still awaiting final state approval, would require the company to treat water from the open pit mine and tailings basin indefinitely, in large part to remove sulfate. Water treatment would be required for decades after the mine closes, driving the company’s financial protection cost, as required by the state’s permit, up to nearly $1 billion. Without a sulfate standard, the cost would be significantly less.”

            “The state’s final proposal to protect wild rice was opposed by Minnesota’s Indian tribes, environmental groups, industry and wastewater treatment operators. But they opposed it for different reasons.”

            “The highly complicated plan would have used a chemical formula to set individual sulfate limits on discharges upstream of many of the 1,300 individual lakes or rivers where wild rice grows. Industry representatives said the state’s new rule would be prohibitively expensive and unworkable.”

            “Environmentalists and the tribes said the state’s existing sulfate standard of 10 parts per million, which has been in place since the 1970s, is enough to protect wild rice if the standard is enforced. With few exceptions, however, the state has not enforced it.”

          • On April 30, 2018 at 8:24 pm,
            Excelsior says:

            I’m sure like any major project or mine being built that there are those that are for the job creation, economic boon for the area, assistance miners bring to other businesses, schools, infrastructure and then those that are environmentally militant and would stop every new mine or oil well on the planet if they had their way.

            There is a middle path where a mine can be run properly, and the tailings and waste dealt with properly, and the impact to the environment minimized where the community, nature, and the company/staff all find a win – win. Hopefully they’ll find this middle path where all stakeholders views and concerns are addressed as best they can and still find a working solution.

          • On April 30, 2018 at 8:29 pm,
            JohnK says:

            I’ll try find out what I can.

          • On April 30, 2018 at 8:32 pm,
            Excelsior says:

            Cool. Boots on the ground reporting. It would be interesting to get a sampling of different types of peoples perspectives that would directly/indirectly impacted by the mine moving forward.

            If you build it, they will come……

          • On April 30, 2018 at 8:38 pm,
            Excelsior says:

            It’s interesting that the article said that Polymet would be the areas first Copper/Nickel mine, when there is a 130 year history of Iron mining in that area.

            In addition, I was invested in a company called Duluth Minerals that is on the same trend and was acquired by the large base metals producer Antofagasta. I never followed through to see if they moved that project into production yet, but it seems this area has had a long history of mining. (That’s why Polymet already has the old mill / processing center in place and the prior tailings dam — it used to be a mine).

            At this point, since all of that is already in place, and the labor/expense/impact has already been deployed, why not put them all to good use and stimulate the economy of that area, provide much needed copper/nickel/pgms/cobalt to the supply chain and do it where the water gets treated and protects the local environment. Surely their cost savings on having all the infrastructure in place will offset the water treatment, and they can find a way to keep everyone happy.

          • On April 30, 2018 at 8:49 pm,
            JohnK says:

            I’m also going to the Hull Rust Mahoning Mine in Hibbing,Minnesota which is one of the largest open pit mines in the World. Polymet isn’t to far away.

          • On April 30, 2018 at 9:05 pm,
            Excelsior says:

            JohnK you may want to start up a newsletter and showcase the site visits. 🙂

            Now I’m curious what ever happened to Duluth Minerals after Antofagasta acquired them. They should be very close as well.

            >> Hibbing is on this old map as well.

            https://img.apmcdn.org/903259236020ec6aeed0ca6e4e7621e53fa4772f/uncropped/7672af-20140820-map.jpg

          • On April 30, 2018 at 9:09 pm,
            Excelsior says:

            Here’s a good map that shows both the Polymet project and the Twin Metals project that Antofagasta now holds.

            The Duluth Complex is highly prospective geologically, but Minnesota has water everywhere and is known as “Land of 10,000 Lakes”.

          • On April 30, 2018 at 9:09 pm,
            Excelsior says:
          • On May 1, 2018 at 6:56 am,
            JohnK says:

            Your way to funny Shad. Newsletter. I’m still trying to figure out how to send a QR code on my phone so I can trade some cryptos.

          • On May 1, 2018 at 8:25 am,
            Excelsior says:

            Haha! Well, “inch by inch is a cinch, but yard by yard is hard”. 😉

            You just have the knack of investigative journalism, and if you’re going to be out on site visits and interviewing people, you may as well work up a 1 pager and post it.

          • On May 1, 2018 at 2:13 pm,
            OOTB Jerry says:

            MOE AND CURLY……..now just add KUDLOW…………

          • On May 1, 2018 at 2:16 pm,
            OOTB Jerry says:

            You have to laugh , when you want to cry………
            Don’t Quit
            Don’t Quit no matter what!
            May 29, 2010 @ 11pm,

            When things go wrong, as they sometimes will,
            When the road you’re trudging seems all uphill,
            When funds are low and the debts are high,
            And you want to smile but you have to sigh,
            When care is pressing you down a bit,
            Rest if you must, but don’t you quit.

            Life is queer with its twists and turns,
            As every one of us sometimes learns,
            And many a failure turns about,
            When he might have won if he’d stuck it out.
            Don’t give up, though the pace seems slow –
            You may succeed with another blow.

            Often the goal is nearer than
            It seems to a faint and faltering man;
            Often the struggler has given up
            When he might have captured the victor’s cup,
            And he learned too late, when the night slipped down,
            How close he was to the golden crown.

            Success is failure turned inside out –
            The silver tint of the clouds of doubt,
            And you never can tell how close you are –
            It may be near when it seems afar;
            So stick to the fight when you’re hardest hit –
            It’s when things seem worst that you mustn’t quit.

    • On April 30, 2018 at 11:00 pm,
      Excelsior says:

      (BAR) (BALMF) Balmoral Resources – Corporate Presentation #VIDEO

      European Gold Forum – John Foulkes Apr 18, 2018 #Explorer #Gold #Nickel

      https://s3-us-west-2.amazonaws.com/denvergold/videos/egf18/egf18_211.mp4

  3. On April 30, 2018 at 5:43 pm,
    OOTB Jerry says:

    IF you Cooperate ………No tariff……..funny, see how that works….working together…
    https://www.zerohedge.com/news/2018-04-30/trump-delays-eu-steel-tariff-decision-until-june-1st-exempts-south-korea

  4. On May 1, 2018 at 5:23 am,
    Excelsior says:

    Cautious Optimism for Uranium Outlook
    30 April 2018

    “Growth in world uranium inventories is slowing as the supply sector is responding to a gradual recovery in uranium demand, according to speakers at the World Nuclear Fuel Cycle (WNFC) conference held in Madrid on 18-19 April. Uranium resources remain plentiful, but the investment needed to bring resources into production depends heavily on the market, the conference heard.”

    http://www.world-nuclear-news.org/UF-Cautious-optimism-for-uranium-outlook-3004187.html#.Wud5k57kusk.twitter

  5. On May 1, 2018 at 5:36 am,
    Excelsior says:

    This Billionaire Has Put Half His Net Worth Into Gold

    May 1, 2018 – Tamim Elyan and Manus Cranny

    https://www.bloomberg.com/amp/news/articles/2018-05-01/north-korea-is-a-bright-spot-for-billionaire-who-forecasts-crash

    • On May 1, 2018 at 3:49 pm,
      OOTB Jerry says:

      Long shot…………….odds, say he gets smoked…………. 🙂

  6. On May 1, 2018 at 5:54 am,
    OOTB Jerry says:
  7. On May 1, 2018 at 7:57 am,
    spanky says:

    Silver is now lower than when the large specs had their largest net short position in history.

    Just goes to show you how worthless, if not outright bearish based on past history, that fact was. Anyone who got long based on the large specs is getting smoked atm.

    • On May 1, 2018 at 3:39 pm,
      OOTB Jerry says:

      Silver is a nutter game………..silver stealers. net……

  8. On May 1, 2018 at 7:59 am,
    JohnK says:

    Soft commodities catching a monster bid in the futures.
    https://finviz.com/futures_charts.ashx?t=ZW&p=m5

  9. On May 1, 2018 at 8:03 am,
    spanky says:

    UUP looks like it will close 7 days in a row over the upper BB. That is statistically highly improbable. Even when it cools off in the near term, does anyone believe that there won’t be further upside?

    They should just eliminate income tax and run $2-3 trillion deficits annually, because it literally doesn’t matter.

    • On May 1, 2018 at 8:22 am,
      JohnK says:

      Larry Kudlow is part of the organization that use to roll out Liz Clayman in a tight turtle neck sweater with no bra to give us financial news.No wonder I could never see a crash coming.
      “King Dollar” Larry Kudlow is a throw back to the Reagon years off trickle down economics and no new taxes.
      Now he is on board with the President as the director of the National Economic council.
      The writing is on the wall.You just have to read it.

      • On May 1, 2018 at 8:27 am,
        JohnK says:

        Reagan, my bad

        • On May 1, 2018 at 2:11 pm,
          OOTB Jerry says:

          You are not bad…you are………funny as heck……….and you are correct……LMAO