Gold stock sentiment indicator
Spent a good deal of this morning on this video.
It is a forensic analysis of Perth Mint financial statements and not necessarily to every ones' taste.
Here is my amateur analysis of what has happened to the Perth Mint.
As of the EOFY LAST YEAR, approximately 15% of client gold has been given (not paid for), which you could call leased, to an unknown 3rd party(s). After all they are charging interest (less than 1%). But the gold can be settled for cash from the counterparty.
This gold has come from the EFT unallocated pool.
To me, this sets the Perth Mint up as fraudulent. And by extension the West Australian Government. Do note they have had a recent change in documentation.
This also suggests that PM is a counterparty to current gold price manipulation without their (the board) sanction.
IF Perth Mint are now saying they can settle ETF shares for cash while you bought with the understanding you could reconcile for gold, you would have a case in court.
This is like buying a new car with a 5 year warranty and after taking receivership, being informed the warranty period is now 12 months. Consumer Affairs would take them to the cleaners.
I suggest you have a close look at the credentials of the consultant in charge.
Note particularly where and when and DB's current standing in the gold space.
Under this dudes watch, PM have sold off the US ETF to Goldman Sachs.
Who does this guy work for? It is questionable it is PM and certainly not their clients.
The fox is in charge of the hen house and the financials for the end of this financial year are going to be fascinating.
Anyone that reads this have connections in the WA govt, Auditor Generals' office or ombudsman?
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Fed acknowledgement of inflation and the size of the projected rate increases should not be understated. This is a very big reversal in policy.
No good looking out 2 years when you cannot see what is happening right in front of you.
On the back of this I suspect we are going to see a significant pick up in volatility across most market sectors and huge money flows looking for an inflation-proof home. The USD will be a half-way house while this is going on.
Not long before gold and silver are noticed. The bull is about to roar.
Silver, if I am not mistaken, looks like it is in a massive Wyckoff Accumulation pattern.
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Back to the main game.
In my opinion we are now experiencing a bear trap in a bull market. Particularly in the gold stocks.
We have had the pull back I was expecting in my macro charts and pretty well all producers have had a reversal that will enable them to have a head of steam when the next hit resistance levels. Because of the pull back, resistance levels have also fallen (5%) therefore will be cleared much quicker. (If you understand how my charts work).
A lot of target prices have been reset but these are now buy signals.
Another half dozen have been consigned to the scrapheap on non-trend holders (therefore have strengthened resistance on an attempted breakout).
One thing I have noticed is a huge reduction in volumes in many of the juniors - along with the odd capitulation.
Gold is up around 7% from recent lows yet am seeing 52 week lows appear on juniors with some prices back to March/April '20 lows.
This selloff is way overcooked.
Sentiment poked below the trend yesterday but will certainly spike lower today. I believe today is a shopping day.
Missed a couple a bids last week. They are back on the table today.
Here is the indicator.
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