Author Archives: USAGOLD

Short and Sweet

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When the United States owned
most of the gold on Earth

Chart courtesy of GoldChartsRUs

Few Americans know that just after World War II the United States owned most of the official sector gold bullion on earth – about 22,000 metric tonnes or 80% of the world total. As part of the 1944 Bretton Woods Agreement, though, the United States allowed unrestricted redemptions from its reserves at the benchmark rate of $35 per ounce. In the 1960s, a group of European nation-states, led by Germany and France, got the idea that U.S. trade and fiscal deficits had undermined the dollar, making gold a bargain at the $35 benchmark price.

Steadily over the next decade, they exchanged dollars for gold at the U.S. Treasury’s gold window. By the early 1970s, 14,000 tonnes of gold – or 64% of the stockpile – had departed the U.S. Treasury never to return. The transfer of gold finally ended in 1971 when President Nixon halted redemptions, devalued the dollar and freed the greenback to float against other currencies.

The era of global fiat money with the dollar as its centerpiece had begun.  Gold went from its official role as backing the dollar to one as a hedge among private investors against its depreciation. Since that role reversal, gold has risen in fits and starts from the $35 official benchmark in 1971 to a peak of over $1900 in 2011.  It is trading now in the $1300 range. For the central banks that made those original redemptions at $35 per ounce, the gains have been extraordinary – over 3700% at current prices or 7.5% annually compounded over the 47-year year period.  Simultaneously, the dollar lost 84% of its purchasing power.  In short, for those central banks that redeemed their dollar for gold in the 1960s, gold lived up to its historical billing as a means to long-term asset preservation.

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Better Business Bureau Five Star Review

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Recent Better Business Bureau Client Review

“For more than a year now, I have been very concerned about an impending crisis in the financial markets and decided to diversify into gold coins. Thus, I visited a couple of high profile online-coin shops/discount dealers which advertise extensively over the internet and was immediately overwhelmed by the confusion and large spread in prices for the same coin. I also noticed that the BBB reviews of these firms were far from stellar with complaints about quality of the merchandise, spotted and/or marked coins, incomplete orders with substituted items, etc.

Since I was interested in a large order of several hundreds one-ounce coins, I got really concerned and realized that it is truly a wild world out there in the gold coin business. I needed to look for a trustworthy firm and went to the BBB. I immediately found USAGOLD which had received an A+ rating and had ZERO consumer complaint. I got in touch with Jonathan Kosares who immediately inspired me confidence.

I explained to him that I am a “safe-haven” investor not interested in a collection of exotic rare coins but rather in a Krugerrand-type of investment which ensures liquidity and price appreciation. After numerous phone conversations, Jonathan got a better understanding of my investment goals and slowly directed me towards pre-1933 certified coins which had added premiums currently at historic lows. He also explained to me, referring to the graphs on the USAGOLD website, that these premiums can typically reach values 2 to 3 times that of the underlying gold itself in times of financial crisis!

For someone like me, concerned by an impending meltdown of the markets, this was an ‘Eureka’ moment. Jonathan had truly identified – better than I could articulate myself – my investment goals. So far this year, I have made two purchases, the last one being very significant. Throughout, service was impeccable, delivery was fast and the coins were exactly as described. I could not be happier and I am looking forward to more purchases in the future, assuming the financial markets still hold…”

Scorecard: 38 45 48 52 five star reviews. Zero complaints.
A+ rating. Accredited since 1991.

[Link]

USAGOLD Recommendation: The precious metals industry is unique in the financial industry in that it is not subject to oversight or regulation by third-party government entities like the SEC or CFTC. As such, marketplace forums and feedback sites often serve as a replacement for investors attempting due diligence. While several options can be found, by far the most impartial and least susceptible to vested influence is the Better Business Bureau. When looking at a company’s BBB profile, don’t focus solely on the rating. To be honest, pretty much everybody has an ‘A’ or ‘A+’ rating. What is far more important to assess is the number and nature of complaints, number and caliber of positive and negative reviews, longevity with the BBB, as well as the number of ‘stars’ given a company through the actual customer review system.

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The Power of Gold Diversification
“Although it is needed in good times,
it can be vital when times are difficult.”

Enlarged version at link

This short article begins with reference to a speech by Sir Peter Tapsell on the merits of gold ownership before the House of Commons in 1999. The occasion was Britain’s proposed sale of over half of its gold reserves at under $300 per ounce. It ends by comparing the performance of two investment portfolios from the time of that speech to present.  One portfolio – the more successful of the two – included a diversification with gold; the other did not. Sir Tapsell, who passed away this past August, lived to see his defense of gold vindicated. Though his argument before the House of Commons failed to stop the sales, it goes down as one of the most eloquent appeals ever made on the merits of gold ownership for nation states and individuals alike.

[LINK]

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COT–Gold speculators lowered their bullish bets for 3rd straight week


–– Now posted ––
Commitment of Traders reports for Tuesday, March 12, 2019
GOLD • SILVER • US DOLLAR INDEX

Commentary by Zac Storella, CountingPips

[LINK]


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Better Business Bureau Five Star Review

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Recent Better Business Bureau Client Review

It was 2005 when I first started to learn about the possibility of investing in gold for a secure future. Seeking on the internet a company to engage with for this purpose I chose USAGOLD Centennial Precious Metals because they offered education for first time investors including a book I could purchase and read through at my pace. All my communications with USAGOLD felt like I was talking with caring family members. This helped me so very much being a divorced woman and turning 60 years old. Since that wonderful beginning I have had two times a need to cash in some of my coins. Once in 2009 for a down payment to buy a house and recently to buy a new car because my oldie but goodie died on the highway. The administrative process to do this is not a familiar everyday task. But, with the help of Jonathan K****** this happened in a timely way meeting the needs of all concerned. I am in the process tomorrow of offering to a friend the reference information for USAGOLD. It is unknown if my friends needs are possible to be filled at USAGOLD, but I know for sure she will receive quality guidance filled with knowledge and truth.

Judith M.

Scorecard: 38 45 48 52 five star reviews. Zero complaints.
A+ rating. Accredited since 1991.

[Link]

USAGOLD Recommendation: The precious metals industry is unique in the financial industry in that it is not subject to oversight or regulation by third-party government entities like the SEC or CFTC. As such, marketplace forums and feedback sites often serve as a replacement for investors attempting due diligence. While several options can be found, by far the most impartial and least susceptible to vested influence is the Better Business Bureau. When looking at a company’s BBB profile, don’t focus solely on the rating. To be honest, pretty much everybody has an ‘A’ or ‘A+’ rating. What is far more important to assess is the number and nature of complaints, number and caliber of positive and negative reviews, longevity with the BBB, as well as the number of ‘stars’ given a company through the actual customer review system.

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USAGOLD Special Report

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Bridging the ‘Fourth Turning’ with Gold
It began in 2008.  It is scheduled to end in 2028.
What happens between now and then?

“Howe designates 2008 as the start date for the current fourth turning. Since turnings typically last 20-23 years, it will end sometime between 2028 and 2031. That puts us about midway through the cycle. At the moment, if the politicians, Wall Street and press accounts on the status of the economy are to be believed, the good times have arrived. For many Americans, though, that arrival has some pretty dark clouds hanging over it – the deep political divisions, the escalating trade wars, the emerging nation debt and currency crisis, the overvalued stock market, the threat of rising interest rates – and that is just a sampling of fourth-turning strata that worries global investors. The nation despite the rosy outlook is a bit unnerved by it all. For his part, Howe, who saw it coming, believes things could get much worse before before they get better.”

–– Full Article ––

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Favorite web pages

Gold Trends and Indicators

Our Gold Trends and Indicators page was first constructed many years ago to serve a specific need.  At the time, there was no single place a client, or prospective client, could go to monitor statistical categories and correlations relevant to gold ownership.  This page filled that need with interactive, automatically updating charts that featured gold’s annual returns; one-year, ten-year, and long-term price charts; correlations like gold and the purchasing power of the dollar, gold and the S&P 500 and gold and the volatility index (to name a few); and, real rates of return over the long term on gold and the dollar.  It remains a favorite reference among serious investors and students of the gold market to this day.  We believe it to be particularly useful to the prospective gold buyer who wants to understand the history of gold under various circumstances as part of the due diligence process.

Gold Trends and Indicators is another of the quiet pages at USAGOLD that garners significant global interest particularly when the market is moving or breaking news warrants more than average interest. We also invite you to return here regularly – to this Live Daily Newsletter page – for up-to-the-minute gold market news, opinion, and analysis as it happens.

We invite your visit.  We encourage your bookmark.

USAGOLD’s
Gold Trends and Indicators
Charts offered in conjunction with the St. Louis Federal Reserve and the ICE Benchmark Administration

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Better Business Bureau Five Star Review

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Recent Better Business Bureau Client Review

I made my first purchase of gold about 5 years ago and it was with USAGOLD. They answered all my questions and allowed me to buy a larger amount than they usually allow for a first time buyer. They trusted me and it worked out fine for both parties. Their BBB rating was a big factor in me trusting them. Other firms looked pretty sketchy and I didn’t want to spend that much money on a shaky firm. Since then I have purchased coins quite a few times from USAGOLD and have never been disappointed with the quality of the coins. The whole staff is very professional and courteous and are not pushy at all. They treat you as a friend, not a number. They remember me as soon as I tell them my name. That is a nice feeling. I will continue to buy from them and I highly recommend them.

Jim W.

Scorecard: 38 45 48 52 five star reviews. Zero complaints.
A+ rating. Accredited since 1991.

[Link]

USAGOLD Recommendation: The precious metals industry is unique in the financial industry in that it is not subject to oversight or regulation by third-party government entities like the SEC or CFTC. As such, marketplace forums and feedback sites often serve as a replacement for investors attempting due diligence. While several options can be found, by far the most impartial and least susceptible to vested influence is the Better Business Bureau. When looking at a company’s BBB profile, don’t focus solely on the rating. To be honest, pretty much everybody has an ‘A’ or ‘A+’ rating. What is far more important to assess is the number and nature of complaints, number and caliber of positive and negative reviews, longevity with the BBB, as well as the number of ‘stars’ given a company through the actual customer review system.

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The USAGOLD Website – A guiding light for current and would-be clientele since 1997

Welcome newcomers!

When the USAGOLD website was established in 1997, there was no Google, no Facebook, no I-Tunes, no Amazon. Instead there was just a handful of scattered websites trying to figure what this new technology was all about and how it could be used to some advantage.  We were among that group.  Our idea of innovation in those early days was two spinning globes on either side of the USAGOLD logo.  We marveled at it; considered it state of the art.  If you would like to witness that piece of technology in action, you can see it here at the WaybackMachine.  (Don’t laugh.)

But being among the first on the internet to have spinning globes was not our only achievement. We were also among the first to sponsor a Daily Market Report (1996), a Discussion Group (1997), Live Prices and Charts (2007) and a Mobile Website (2011) – to mention just a few of our ground-breaking internet ventures.  We await the next wave of innovation so that we can offer even more value to our regular visitors.

Through our 22-year presence on the world wide web, the philosophy underlying our website has always been a simple one – to act as a guiding light for our current and prospective clientele by providing a state of the art information portal coupled with a reliable and competitive brokerage service.  We had and still have no aspirations beyond that, and that pinpoint focus has paid dividends beyond anything we would have imagined in 1996.

From a humble beginning (When you visit the WayBackMachine, take special note of the number of visitors registered on our counter!) we have grown to over 600,000 visitors per month currently and there have been times when that count has been significantly higher. USAGOLD today remains one of the most highly referenced and visited web portals in the gold business. We once had a client tell us of visiting the Gold Souk in Dubai and being surprised that so many merchant stalls had USAGOLD on their computer screens. 

If you would like to gain a better understanding of what USAGOLD has to offer to you as a current or prospective client, the menu at the top of the page is good place to start.  For a full site outline including links and page descriptions. . . . . .

We invite you to visit our
Table of Contents

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USAGOLD – Quality service and pricing since 1973

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USAGOLD ranks among the most reputable gold companies in the United States with several thousand clients and multi-millions in annual revenue. Founded in the 1970s and still family-owned, we are one of the oldest and most respected names in the gold industry. Our unblemished, zero-complaints record and solid reviews with the Better Business Bureau testify to the exceptional customer service and professional excellence which sets us apart from the competition.

USAGOLD specializes in gold and silver coins and bullion delivered to our client’s safekeeping. For over 45 years, we have resolutely advocated owning precious metals for asset preservation purposes rather than speculation. Admittedly, this philosophy does not resonate with all prospective gold and silver owners, but if it does with you, we think you will find our firm a kindred spirit.

When it comes time to pursue your first (or next) purchase, we invite you to learn first-hand why so many have chosen USAGOLD as their precious metals firm.

Call or drop us an e-mail.

1-800-869-5115
Ext#100
orderdesk@usagold.com


To end right, start right.

Choose the right portfolio mix with the right firm at the right price.
Choose USAGOLD – reliably serving physical gold and silver investors since 1973.

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NEWS & VIEWS
Forecasts, Commentary & Analysis
on the Economy and Precious Metals

March, 2019


Gold in the age of high-speed electronic trading

The March issue of News & Views is now out to subscribers.  This month we delve into the reasons why gold makes a great deal of sense in the age of machine-driven financial markets.

[LINK]

[FREE SUBSCRIPTION sign-up]

If you appreciate analysis that is a bit off the beaten track and concentrates on the long term merits of gold and silver ownership, you might appreciate receiving our monthly newsletter on an on-going basis. It is offered free-of-charge as a service to our regular clientele and as a courtesy to prospective clients.


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Short and Sweet

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Will 2019 be the year of the big breakout for gold?

“In each of the last three years, gold has gotten off to a strong start only to fizzle as the year moved along.  Will 2019 be the year gold finally breaks the pattern? A good many investors, fund managers and analysts think that 2019 might very well be the year when gold breaks the restraints and pushes to higher ground.  One of those is Carter Worth of Cornerstone Macro in New York who CNBC’s Melissa Lee refers to as “the chart master.”  In a recent interview with Lee, Worth referred to a rendition of the long-term chart below saying that there is “a well-defined set-up and a lot of tension.” He says that combination is going to resolve to the upside – “a breakout to all-time highs.” With respect to gold’s relationship to the dollar, Worth says “Gold’s got its own momentum now. . .It is all setting-up for higher gold prices and trouble for equities, trouble for the economy.”

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Short and Sweet

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Gold coins, hoofs found in 2,000 year old Chinese tomb

“Chinese archaeologists. . . discovered 75 gold coins and hoof-shaped ingots in an aristocrat’s tomb that dates back to the Western Han Dynasty (206 BC – 24 AD). The gold objects — 25 gold hoofs and 50 very large gold coins — are the largest single batch of gold items ever found in a Han Dynasty tomb. They were unearthed from the tomb of the first ‘Haihunhou’ (Marquis of Haihun) in east China’s Jiangxi Province. The coins weigh about 250 grams each, while the hoofs’ weights vary from 40 to 250 grams, said Yang Jun, who leads the excavation team.” – Xinhuanet/11-17-2015

USAGOLD note: These gold artifacts were found along with a portrait of Confucius, perhaps the oldest known. Wisdom and gold make easy company. Confucius once said something that has current applicability:  “In a country well governed, poverty is something to be ashamed of. In a country badly governed, wealth is something to be ashamed of.”  Or at the very least, well-hedged . . . . . . . .

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Gold speculators pulled back sharply on their bullish bets this week

Through Tuesday, March 5, 2018
Charts and commentary courtesy of CountingPips.com
Tables courtesy of GoldSeek

Note: Commitment of Traders reports are published Friday with data from the previous Tuesday.


Gold speculators pulled back sharply on their bullish bets this week

Gold Non-Commercial Speculator Positions:

Large precious metals speculators reduced their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The latest COT data is now up to date after delays in previous weeks due to the government shutdown.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 88,018 contracts in the data reported through Tuesday March 5th. This was a weekly fall of -47,678 net contracts from the previous week which had a total of 135,696 net contracts.

The week’s net position was the result of the gross bullish position (longs) declining by -34,207 contracts to a weekly total of 202,628 contracts combined with the gross bearish position (shorts) which saw a gain by 13,471 contracts for the week to a total of 114,610 contracts.

The net speculative position has now fallen for two straight weeks and for three out of the past four weeks. The current standing has now decreased under the +100,000 contract level for the first time in the past five weeks.

Gold speculator sentiment has been on a strong bullish run since late in November with contracts turning bullish and running to their highest levels since April of 2018 before cooling off these past two weeks.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -113,997 contracts on the week. This was a weekly advance of 45,848 contracts from the total net of -159,845 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1284.70 which was a decline of $-43.80 from the previous close of $1328.50, according to unofficial market data.


Silver speculators sharply liquidated their bullish bets this week

 

Silver Non-Commercial Speculator Positions:

Large precious metals speculators sharply cut back on their bullish net positions in the Silver futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The data is now up to date after delays in previous weeks due to the government shutdown.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 32,521 contracts in the data reported through Tuesday March 5th. This was a weekly lowering of -25,792 net contracts from the previous week which had a total of 58,313 net contracts.

The week’s net position was the result of the gross bullish position (longs) lowering by -14,017 contracts to a weekly total of 76,954 contracts combined with the gross bearish position (shorts) which saw an advance by 11,775 contracts for the week to a total of 44,433 contracts.

The net speculative position dropped this week by the most in over a year and has now seen declining speculator bets in three out of the past four weeks. The overall standing remains in bullish territory at +32,521 contracts this week but below the +40,000 net contract level for the first time in ten weeks.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -52,241 contracts on the week. This was a weekly gain of 25,928 contracts from the total net of -78,169 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1510.50 which was a decline of $-72.70 from the previous close of $1583.20, according to unofficial market data.


Speculators rebooted US Dollar Index bullish bets.

US Dollar Index Speculator Positions

Large currency speculators boosted their bullish net positions in the US Dollar Index futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The latest COT data is now up to date after delays in previous weeks due to the government shutdown.

The non-commercial futures contracts of US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 33,714 contracts in the data reported through Tuesday March 5th. This was a weekly gain of 1,801 contracts from the previous week which had a total of 31,913 net contracts.

This week’s net position was the result of the gross bullish position tumbling by -6,925 contracts to a weekly total of 41,672 contracts compared to the gross bearish position total of 7,958 contracts which saw a lowering by -8,726 contracts for the week.

The net speculative position had fallen in five out of the previous six weeks before this weeks rebound. The overall standing is back to the highest level in seven weeks and has remained above the +30,000 net contract level for thirty-one consecutive weeks.

 


*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
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Favorite web pages

Gold Trading Hours

Whenever the gold market gets active, we have a large increase in visitors at our Gold Trading Hours page.  Investors want to see which markets – Asian, European or American – are the focal point for price movement.  They also want to know when a particular market is going to open or close in areas where gold might experience an influx of buyer or seller interest.  That is why we designed this popular page with market hours and a live clock showing the local time in that particular market and all the other major gold markets.  Gold Trading Hours is one of the quiet pages at USAGOLD that garners significant global interest particularly when the market is moving or breaking news warrants more than average interest. We also invite you to return here regularly – to this Live Daily Newsletter page – for up-to-the-minute gold market news, opinion and analysis as it happens.

We invite your visit.  We encourage your bookmark.

USAGOLD’s
Gold Trading Hours
London – New York – Sydney – Hong Kong – Shanghai – Tokyo – Zurich

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Special Report

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The National Debt and Gold
Here’s why the two have risen together since the 1970s
and why the correlation is likely to continue

[LINK]

“It is a fact that when your national debt gets to the level ours is, that it constitutes an economic threat to the society, and that kind of threat ultimately has a national security consequence for it.” – John Bolton, U.S. National Security Adviser to President Trump

“Last month, as the US midterm elections approached, Deutsche Bank analysts released a calculation that should have made American voters wince. It shows that the US government currently pays $1.43bn each day (yes, day) to service its public debt — 10 times more than any other G7 country (Italy is a distant second in this grim league).” – Gillian  Tett, Financial Times

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Favorite web pages

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Alan Greenspan’s long-time advocacy of gold

As most of you already know, former Fed chairman Alan Greenspan is a long-time advocate of private gold ownership as well as the gold standard.  Some see his chairmanship of the Fed and gold advocacy as contradictory, but in fact, Greenspan always saw the two as complementary.  Here is a very interesting quote taken from an interview in the World Gold Council’s Gold Investor magazine in February, 2017:

“When I was Chair of the Federal Reserve I used to testify before US Congressman Ron Paul, who was a very strong advocate of gold. We had some interesting discussions. I told him that US monetary policy tried to follow signals that a gold standard would have created. That is sound monetary policy even with a fiat currency. In that regard, I told him that even if we had gone back to the gold standard, policy would not have changed all that much.”

Many years ago, we catalogued those exchanges between then Texas congressman Paul and Greenspan here at USAGOLD.  I was among the small group at the time who appreciated the dialogue as friendly intellectual exchanges between two heavyweights and not as a contentious debate between adversaries.  In the preface to the transcripts written several years ago, I pointed out that both seemed to enjoy and relish the exchanges. It is interesting that Greenspan would reference the banter between the two in such a telling way so many years later.

Here is an excerpt from that preface:

In putting this page together, I was struck with Dr. Paul’s ability to cut through the political gamesmanship that necessarily comes with being chairman of the Fed to Alan Greenspan, the man and political/economic philosopher. What emerges is a powerful figure conflicted between the practical manager charged with operating within the current fiat monetary system and the philosopher-academic with a “nostalgia,” as he puts it, for the days of the gold standard. Without Dr. Paul’s incisive questioning, I doubt that this aspect of the Greenspan character would have found its way to the public venue and the historical record. Though the relationship appears adversarial at first blush, one also detects a certain amount of mutual respect and interest. Says Dr. Paul of the exchanges: “My questions are always on the same subject. If I don’t bring up the issue of hard money vs. fiat money, Greenspan himself does.”

Here is a final anecdote from that same preface I have always appreciated:

In closing, I would like to pass along an anecdote reported by SmartMoney’s Donald Luskin in a 2002 interview of Ron Paul. Paul told Luskin the story of his owning an original copy of Gold and Economic Freedom, and asking Greenspan to sign it. While doing so, Paul asked him if he still believed what he wrote in that essay some 40 years ago. That tract, written during Greenspan’s days as a devotee of Ayn Rand, is a strongly worded, no-holds-barred attack on fiat money and the central banks as an engine of the welfare state. It also endorses the gold standard as a deterrent to politicians’ penchant for running deficits and printing money. Greenspan – enigmatic as ever – responded that he “wouldn’t change a single word.”

Upon leaving the Fed, Greenspan has spoken as a private citizen on a few occasions about gold as an investment.  In 2014 at a  conference sponsored by the Council on Foreign Relations, Financial Times’ Gillian Tett asked him: “Do you think that gold is currently a good investment?” He replied,  “Yes. Remember what we’re looking at. Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can match it.”

–– Michael J. Kosares, USAGOLD


Please see the following from USAGOLD’s Gilded Opinion Library:

Ron Paul-Alan Greenspan transcripts (1997-2005)

Gold and Economic Freedom / Alan Greenspan / 1967

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Short and Sweet

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Gold in six easy lessons

1. Don’t buy it because you need to make money; buy it to protect the money you already made.

2. Don’t look at price as a barrier; look at it as an incentive.

3. Don’t buy the paper pretenders; buy the real thing in the form of coins and bullion.

4. Don’t fall prey to glitzy TV ads; do your due diligence instead.

5. Don’t allow naysayers to divert your interest; allow yourself the right to protect your interests as you see fit.

6. Don’t forget the golden rule: Those who own the gold make the rules!

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Recent client testimonial

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“Thank you! It has been a pleasure doing business with your Company! You’ve treated the small investor (me) just like you would a millionaire. Best wishes, and I hope I can make some purchases in the future.” – L.W., Savannah, Georgia

We also treat millionaires . . . well. . . like millionaires – whether they admit to being millionaires or not [smile].

We receive unsolicited testimonials like L.W.’s routinely. Please see our Client Testimonials page for more feedback, and be sure to visit the Better Business Bureau for even more in the way of FIVE-STAR reviews.  Don’t do business with any gold company until you have checked it out.

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Short and Sweet

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Worry about the return ‘of’ your money,
not just the return ‘on’ it

“To be fair, the fiscal side of our current system has been nonexistent. We’re not all dead, but Keynes certainly is. Until governments can spend money and replace the animal spirits lacking in the private sector, then the Monopoly board and meager credit growth shrinks as a future deflationary weapon. But investors should not hope unrealistically for deficit spending any time soon. To me, that means at best, a ceiling on risk asset prices (stocks, high yield bonds, private equity, real estate) and at worst, minus signs at year’s end that force investors to abandon hope for future returns compared to historic examples. Worry for now about the return ‘of’ your money, not the return ‘on’ it. Our Monopoly-based economy requires credit creation and if it stays low, the future losers will grow in number.”

Bond-fund guru Bill Gross posted that piece of advice in his Investment Outlook column back in 2016.  It still applies today – maybe even more so now than it did then. In the wealth game, emphasize defense when you need to, offense when it makes sense. At all times, remain diversified. And by that, we mean real diversification in the form of physical gold and silver coins and/or bullion outside the current fiat money system. There is nothing wrong with owning stocks and bonds. Realize though that these assets are denominated in the domestic currency.  If it erodes in value, the underlying value of those assets erodes along with it.  A proper diversification addresses that problem now and in the future.  Bill Gross, by the way, has recommended buying gold on a number of occasions over the years.

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Better Business Bureau Five Star Review

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Recent Better Business Bureau Client Review

“In June, 2009, I decided to make gold ownership an essential part of my investment portfolio. Based on the recommendation of financial professionals, and because I liked that they had been in business for so long, I contacted USAGOLD. After a thorough review of my financial goals and budget constraints, they provided me with a comprehensive set of suggestions as to which gold coins, and what quantities, I should consider. That advice perfectly addressed my investment needs and I have been a customer ever since. Over my years with USAGOLD, I have completed several transactions, both buying and selling gold. Each one was handled with the highest integrity, and the advice I received was always reliable, based on their extensive awareness of current and projected market conditions for gold. I recommend them without reservation. Do not make a decision regarding gold ownership without contacting them.” – Jack D., 1-31-2017

Scorecard: 38 43 48 five star reviews. Zero complaints.
A+ rating. Accredited since 1991.

[Link]

USAGOLD Recommendation: The precious metals industry is unique in the financial industry in that it is not subject to oversight or regulation by third-party government entities like the SEC or CFTC. As such, marketplace forums and feedback sites often serve as a replacement for investors attempting due diligence. While several options can be found, by far the most impartial and least susceptible to vested influence is the Better Business Bureau. When looking at a company’s BBB profile, don’t focus solely on the rating. To be honest, pretty much everybody has an ‘A’ or ‘A+’ rating. What is far more important to assess is the number and nature of complaints, number and caliber of positive and negative reviews, longevity with the BBB, as well as the number of ‘stars’ given a company through the actual customer review system.

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Short and Sweet

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For gold . . .
It is not a question of if, but when

The lesson is one as old as the gold market itself:  The best time to buy is when the market is quiet – a strategy that requires both discipline and conviction.  As an old friend and client used to say (he passed away years ago):  “It is not a question of if, but when.” He accumulated a large hoard of the metal in the 1990s and early 2000s between $300 and $600 per ounce and lived to see his prediction come true.  His estate though was the ultimate beneficiary of his wisdom. He was not one to sell gold once he had acquired it.  We chatted regularly on the phone back then and I told him that I had used the story just told in one of my newsletters.  He was in his late 80s at the time. “Tell them,” he said resolutely, “that I bought my first ounce of gold at $35.”

The possession of gold has ruined fewer men than the lack of it.”
– Thomas Bailey Aldrich –

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Gold specs push bullish bets to highest since April 2018

Through Tuesday, February 19, 2018
Charts and commentary courtesy of CountingPips.com
Tables courtesy of GoldSeek

Note: Commitment of Traders reports are published Friday with data from the previous Tuesday.

Important notice from the CFTC on post-shutdown reporting schedule: “The last COT report was published on December 21, 2018. Reports going forward from that date will be published in chronological order beginning with the report previously scheduled for release on Friday, December 28, 2018 (based on data from Monday, December 24, 2018). The CFTC expects to publish this report on Friday, February 1, 2019. After this, the CFTC expects to publish one report on Tuesday and another on Friday of each week until the reports are current as per the normal schedule.”


Gold specs push bullish bets to highest since April 2018

Gold Non-Commercial Speculator Positions:

Large precious metals speculators lifted their bullish net positions in the Gold futures markets in February, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 145,647 contracts in the data reported through Tuesday February 19th. This was a weekly increase of 40,773 net contracts from the previous week which had a total of 104,874 net contracts.

The week’s net position was the result of the gross bullish position (longs) increasing by 39,916 contracts to a weekly total of 254,086 contracts compared to the gross bearish position (shorts) which saw a lowering by -857 contracts for the week to a total of 108,439 contracts.

The Gold speculative position rose for the third time in four weeks through the February 19th data and pushed the overall net position to the highest level since April 17th of 2018. Gold speculators have now had a bullish overall position for the past fourteen weeks going back to November 20th.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -166,477 contracts on the week. This was a weekly drop of -40,366 contracts from the total net of -126,111 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1344.80 which was an uptick of $30.80 from the previous close of $1314.00, according to unofficial market data.


Silver specs trim bullish bets off highest level since Nov. 2017

Silver Non-Commercial Speculator Positions:

Large precious metals speculators cut back on their bullish net positions in the Silver futures markets for a second week through mid-February, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 50,269 contracts in the data reported through Tuesday February 19th. This was a weekly reduction of -2,934 net contracts from the previous week which had a total of 53,203 net contracts.

The week’s net position was the result of the gross bullish position (longs) decreasing by -587 contracts to a weekly total of 89,135 contracts compared to the gross bearish position (shorts) which saw a advance by 2,347 contracts for the week to a total of 38,866 contracts.

The Silver speculator positions declined modestly for two straight weeks through February 19th after a two-week rise had brought bullish bets to the highest level since November of 2017. The spec position had been in extreme bearish territory as recently as November 27th of 2018 before the spec positions rose sharply for eight out of the next ten weeks through early February, bringing the net positions roaring back into a bullish standing.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -73,874 contracts on the week. This was a weekly increase of 1,620 contracts from the total net of -75,494 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1596.70 which was an advance of $27.70 from the previous close of $1569.00, according to unofficial market data.


USD Index specs reduce bullish bets

 

US Dollar Index Speculator Positions

Large currency speculators cut back on their bullish net positions in the US Dollar Index futures markets through mid-February, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 32,839 contracts in the data reported through Tuesday February 19th. This was a weekly reduction of -446 contracts from the previous week which had a total of 33,285 net contracts.

The net position was the result of the gross bullish position gaining by 1,898 contracts to a weekly total of 48,544 contracts compared to the gross bearish position total of 15,705 contracts which saw a lift by 2,344 contracts for the week.

The speculative US dollar index positioning dipped for the fourth time in the previous five weeks through February 19th. The standing for USD index spec positions remained strong and above the +30,000 contract level for a twenty-ninth straight week


*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
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How to choose a gold firm
A quick guideline for beginning investors

It is surprising how many prospective investors simply dive into gold and silver investing without much in the way of a consumer inquiry. That lack of simple due diligence has ended up costing a good many investors thousands of dollars, and sometimes even hundreds of thousands before the damage is detected.

Here you will find some brief but valuable guidelines to help you choose the right gold and silver company.

It might be the most important decision you will make on the road to becoming a gold and silver owner.

To end right, start right.
Choose the right portfolio mix with the right firm at the right price.
Choose USAGOLD
Reliably serving physical gold and silver investors since 1973.
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USAGOLD Special Report

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The $12 trillion federal debt bombshell
“Who on earth, or in global finance, will buy
this looming mountain of Treasuries”


In a recent Financial Times editorial, Gillian Tett, who rose to prominence for her coverage of the 2008 financial crisis, raised the question of financing the U.S. debt. Headlined America faces a battle to find buyers for its bonds, her article begins by referencing a letter to Secretary Mnuchin from Beth Hammack, a Goldman Sachs banker who also chairs the Treasury Bond Advisory Committee. The letter, she says, contains a bombshell . . .

[LINK]

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Short and Sweet

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Gold mine production by country

Divergent paths among the major global producers tell an important tale


When you take in the table to the left, it inspires little beyond a shrug until you consider the policies toward gold of the countries involved. China, for example, is the world’s top gold producer, but its production is essentially sequestered, i.e., it stays in the country and winds up at the central bank as part of its monetary reserves. Russia, the world’s third largest producer, also channels its production into central bank reserves. Thus, 23% (700+ tonnes) of the world’s gold production in 2017 did not see the light of day on international markets. Of the top-ten producers that still make their production available to the rest of the world, production is level for two – the United States and Australia. Of the three countries experiencing production growth – Canada, Russia
and China – only one, Canada, makes its production available in international markets.

In short, the world is a different place now than it was prior to the 2008 financial crisis in terms of gold production. Should physical demand soar once again as it did in the 2009-2013 period, we could get the same price response we did then. Even as it is, substantially less metal is reaching the marketplace at a time when central banks have become net buyers of the metal and investor demand, though presently in a lull, is generally on the rise.

The trends now favor “strong-handed” long-term gold investors holding for asset preservation purposes and capable of weathering the market’s ups and downs. As for the official sector, the trend toward building gold reserves is likely to continue. More and more emerging countries are likely to see diversification as in their best interest while established states are likely to hold close the gold reserves they already own.

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Ask the Governor about the future of money

Bank of England/Mark Carney

“For example, EMEs’ share of global activity is now 60%, but their share of global financial assets lags behind at around one-third. And half of international trade is currently invoiced in US dollars, even though the US has a much lower 10% share of international trade. As the world re-orders, this disconnect between the real and financial is likely to reduce, and in the process other reserve currencies may emerge. In the first instance, I would expect these will be existing national currencies, such as the RMB. However, history suggests these transitions will not happen overnight. The US economy overtook Britain’s in the second half of the 19th century, but it took until the 1920s before it became a dominant currency in international trade.”

USAGOLD note:  Remarkably candid and detailed assessment from the Governor of the Bank of England throughout this Q&A with the public.  He covers a wide-range of topics and states what he has to say without the usual central bank-speak we get as a matter of course. His comments on China’s yuan though will take many by surprise. He does not see much of future for cryptocurrencies, at one point stating that they “currently are not promising even as a form of money let alone as a global currency.” In response to a question about banking the IMF’s SDR with gold, he makes the following comment:

“It would be undesirable to base the value of a global currency on gold. Under the Bretton Woods system – the international system of linking exchange rates to the US dollar which was pegged to gold existing from 1944 to 1971 – there was a fundamental tension in that the global supply of gold did not grow in line with the global demand for money. This tension peaked in the early 1970s and the system collapsed. Since then, major economies have moved towards a system of floating exchange rates, and the basis for the SDR’s valuation has also been switched from gold to the more stable arrangement of valuation based on a basket of currencies.”

Such thinking underscores the flaw in the SDR as a store of value, and why it will never replace gold as the primary asset of last resort on central bank balance sheets.  The great mistake made by the Bank of England, or better put the British government, was to encourage and sponsor the sale of a good portion of UK’s gold reserve at the turn of the century.  In the throes of Brexit, there are many within Britain, no doubt, who would rather see that gold sitting on the BoE’s balance sheet rather than someone else’s.


Repost from 1-11-2019

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Posted in Today's top gold news and opinion |

Short and Sweet

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One for the history buffs:
730 years of a strong British pound ends
in 1931 with gold standard exit

Sources: Bank of England, ICE Benchmark Administration Limited, St. Louis Federal Reserve [FRED]

The St. Louis Federal Reserve recently released this interesting chart on consumer prices from 1209 to present. We added the price of gold to show the direct relationship between declining purchasing power in the British pound and the sterling price of gold after 1931, the year Britain departed the gold standard. Prior to 1931, there was an occasional minor bump higher in the price of gold, but for the most part, it followed along the same flat line as consumer prices. It was only after Britain separated the pound from gold in 1931 that the price began to move radically higher in terms of the currency. It gained significant momentum after 1971 when the Bretton Woods agreement was abolished. Currencies and gold were then allowed to move freely in international markets. Though interesting from a historical perspective, the real lesson in this chart is that when a nation-state goes from gold-backed to fiat money, gold coins and bullion become a logical and worthwhile alternative for citizen-investors – even after 730 years of relative price stability.

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Better Business Bureau Five Star Review

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Recent Better Business Bureau Client Review

“Before investing in gold I really didn’t have a clue about what or how much to invest in. I came across the USAGOLD website and found an excellent resource for both first time and seasoned buyers. My representative has always provided me with useful and trustworthy analysis related to the markets and trends that has further informed my purchase decisions. Transactions are timely and handled with a high degree of professionalism and integrity. I cannot recommend this company highly enough.” – Y.O., 5-14-2018

Scorecard: 38 45 48 52 five star reviews. Zero complaints.
A+ rating. Accredited since 1991.

[Link]

USAGOLD Recommendation: The precious metals industry is unique in the financial industry in that it is not subject to oversight or regulation by third-party government entities like the SEC or CFTC. As such, marketplace forums and feedback sites often serve as a replacement for investors attempting due diligence. While several options can be found, by far the most impartial and least susceptible to vested influence is the Better Business Bureau. When looking at a company’s BBB profile, don’t focus solely on the rating. To be honest, pretty much everybody has an ‘A’ or ‘A+’ rating. What is far more important to assess is the number and nature of complaints, number and caliber of positive and negative reviews, longevity with the BBB, as well as the number of ‘stars’ given a company through the actual customer review system.

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Silver specs push bullish bets to highest in over a year

Through Tuesday, February 5, 2018
Charts and commentary courtesy of CountingPips.com
Tables courtesy of GoldSeek

Note: Commitment of Traders reports are published Friday with data from the previous Tuesday.

Important notice from the CFTC on post-shutdown reporting schedule: “The last COT report was published on December 21, 2018. Reports going forward from that date will be published in chronological order beginning with the report previously scheduled for release on Friday, December 28, 2018 (based on data from Monday, December 24, 2018). The CFTC expects to publish this report on Friday, February 1, 2019. After this, the CFTC expects to publish one report on Tuesday and another on Friday of each week until the reports are current as per the normal schedule.”


Gold speculators boosted bullish bets for 2nd week into February

Gold Non-Commercial Speculator Positions:

Large precious metals speculators raised their bullish net positions in the Gold futures markets into February, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 109,095 contracts in the data reported through Tuesday February 5th. This was a weekly advance of 9,502 net contracts from the previous week which had a total of 99,593 net contracts.

The week’s net position was the result of the gross bullish position (longs) increasing by 5,882 contracts to a weekly total of 218,200 contracts compared to the gross bearish position (shorts) which saw a decrease by -3,620 contracts for the week to a total of 109,105 contracts.

The speculative net position rose for a second week through February 5th after dropping in the previous three weeks. The gold standing bounced back over the +100,000 net contract level for the first time in six weeks.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -131,242 contracts on the week. This was a weekly decrease of -12,633 contracts from the total net of -118,609 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1319.20 which was an increase of $10.30 from the previous close of $1308.90, according to unofficial market data.


Silver specs push bullish bets to highest level in over a year

 

Silver Non-Commercial Speculator Positions:

Large precious metals speculators continued to advance their bullish net positions in the Silver futures markets, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 57,095 contracts in the data reported through Tuesday February 5th. This was a weekly rise of 2,812 net contracts from the previous week which had a total of 54,283 net contracts.

The week’s net position was the result of the gross bullish position (longs) advancing by 3,794 contracts to a weekly total of 89,868 contracts compared to the gross bearish position (shorts) which saw a gain by 982 contracts for the week to a total of 32,773 contracts.

The speculative net position rose for a second straight week through February 5th and for the eighth time in the previous ten weeks. The silver standing rose to the highest level since November 28th of 2017 which is a span of sixty-three weeks.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -78,204 contracts on the week. This was a weekly decline of -5,742 contracts from the total net of -72,462 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1583.60 which was a shortfall of $-0.30 from the previous close of $1583.90, according to unofficial market data.


US Dollar Index speculators cut bets for 3rd week

US Dollar Index Speculator Positions:

Large currency speculators continued to slightly cut back on their bullish net positions in the US Dollar Index futures markets into February, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 30,778 contracts in the data reported through Tuesday February 5th. This was a weekly lowering of -236 contracts from the previous week which had a total of 31,014 net contracts.

The week’s net position was the result of the gross bullish position (longs) lowering by -2,685 contracts to a weekly total of 45,640 contracts which more than offset the gross bearish position (shorts) which saw a decline by -2,449 contracts for the week to a total of 14,862 contracts.


*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
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