Tangibleist.
Joined August 2024
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White Metal Macro ✊🏼 retweeted
Even the most fervent silver bulls are capitulating because silver has dipped below a crucial support level.
Maybe it’s a max pain fake out. Maybe this capitulating will trigger a new leg of panic selling.
The reality is the downside is maybe 10% at today’s price. The upside is essentially 100-400%.
I’m still buying. The last I checked it’s still in a supply deficit that keeps getting worse.
White Metal Macro ✊🏼 retweeted
People will wish they sold their kidney for these metals levels next year
White Metal Macro ✊🏼 retweeted
Gold fell nearly 34% in 2008. By textbook definitions, a bear market. By market structure, a correction within a secular bull market.
The real bear market came after the 2011 top, when monthly structure broke down.
Market structure matters. 👇
White Metal Macro ✊🏼 retweeted
This may be one of the most important charts in the current macro environment.
Mortgage rates now approaching 7.5% is like tightening a belt until you can barely breathe.
Buyers are priced out, sellers stay put, and residential construction slows.
This makes government intervention increasingly likely, in my view.
None of us own enough hard assets.
tavicosta.substack.com/p/top…
White Metal Macro ✊🏼 retweeted
Silver must be getting discontinued because the blowout sale today is a great deal!
White Metal Macro ✊🏼 retweeted
Honestly, what do you think will happen to gold, and maybe even bitcoin, as the destruction of all global fiat currencies accelerates and there’s no where else to hide?
And when gold explodes, what will happen to silver which is multiple times more scarce than gold.
When you understand what Samsung is doing with solid state silver batteries, you’ll quickly realize Silver is truly too valuable to use as currency.
The future belongs to the silver stackers. It will rewrite history and will restore the middle class.
I’m selling my gold to build the New Earth, but I’m holding tight to my silver.
Stack silver and wait. That’s the game
White Metal Macro ✊🏼 retweeted
It’s ironic that the only way to prevent an economic collapse and financial crisis is to continue to be fiscally irresponsible.
White Metal Macro ✊🏼 retweeted
“The boom can last only as long as the credit expansion progresses at an ever-accelerated pace. It comes to an end as soon as additional quantities of fiduciary media are no longer thrown upon the market.
But it could not last forever even if inflation and credit expansion were to go on endlessly. It would lead to the crack-up boom and the breakdown of the whole monetary system.”
Ludwig von Mises, Human Action, 1949
White Metal Macro ✊🏼 retweeted
When it comes to gold and silver, only invest the money you want to keep
White Metal Macro ✊🏼 retweeted
It’s happening. The US10Y is going vertical, even after additional Treasury buybacks were announced for tomorrow.
The market is interpreting the action from the Treasury as panic. The more the government intervenes, the worse it gets.
White Metal Macro ✊🏼 retweeted
The CME delisted "Enhanced Delivery" gold vault stock from their COMEX reporting as of September 21. That was 4,059,364.4 troy ounces or ~126.3 metric tons that just went "and ... poof! It's gone" with zero explanation as to what happened to it. In the absence of transparency, we are left to speculate and having some time this morning, that's what I've done.
It occurred to me that when a foreign nation repatriates their gold held in the USA, that gold isn't held inside the COMEX system. The Federal Reserve holds that gold in their vaults in NYC. The movement of gold when nations repatriate is opaque.
Around the beginning of this month (about 3 weeks ago), news broke that the Dutch National Bank had physically repatriated 27 metric tons of gold from the USA and Canada (exact breakdown not reported). We don't see these flows in COMEX vault reporting.
Within the last few months, several European nations have had politicians publicly call for repatriating at least part of their gold from the USA including:
🇩🇪Germany (still owns 1,236 metric tons in USA after repatriating 300 metric tons in 2017)
🇮🇹Italy (owns 1,061.5 metric tons in USA)
🇪🇸Spain (owns an undisclosed portion of 281 metric tons in USA)
It's not hard to imagine that the Bundesbank, Bank of Italy and/or Bank of Spain might have requested some gold repatriation without a formal requirement from their respective governments.
Suppose the Bundesbank or Bank of Italy asked for just 10% of their gold. That's more than 100 metric tons. Suppose that The Fed isn't able to deliver that gold (because the gold is encumbered or simply not there where it is supposed to be).
If the suppositions are correct, it puts a whole new light on the USA's recent custody of Venezuela's London held gold and the 4M ozt "Enhanced Delivery" enigma.
COMEX gold vault stock report issued yesterday for activity on Sep 21 did not include the "Enhanced Delivery" vault data like previous reports, so the total reported vault stock was down ~4M ozt (~126 metric tons) from the day before.
COMEX September gold futures hit a huge ~$19 discount to LBMA spot yesterday afternoon after the close. One can imagine that this is sufficient to realize an arbitrage profit for buying the September contract, taking delivery and shipping the gold to be sold in London at the LBMA.
For the last four days, the COMEX has been reporting an increasing number of deliveries against the September gold 100 contract with 340 contracts posted yesterday (the 22nd).
So far, I haven't seen a corresponding uptick in actual withdrawals of gold from the COMEX. At least, not in the WITHDRAWALS column. It remains to be seen if the absence of "Enhanced Delivery" data was just a reporting anomaly (in which case it might reappear in future reports) or it was indicative of the ~4M ozt being used to satisfy some heavy physical demand.
White Metal Macro ✊🏼 retweeted
I actually think we see a genuine squeeze in silver in the next 2 months.
Not talking the big steady gains we’ve been seeing.
Most won’t even profit much from this… picture nickel in 2022.
White Metal Macro ✊🏼 retweeted
#silver is about to squeeze again, this time copper will be squeezing ahead of it.
Real endgame shit.
Congrats to those positioned correctly.
Sorry everyone else, truly. This is gonna suck for you.
White Metal Macro ✊🏼 retweeted
Boomer is a state of mind, anyone can be a boomer.
All you have to do is just assume everyone has walked the same path you did and nothing has changed.
Thats boomer.
