Vince Lanci: After Gold, Silver Rally, Attention Shifts To The Miners

Vince Lanci: After Gold, Silver Rally, Attention Shifts To The Miners

those correlations we have contended are
not broken those correlations are
suspended while the market again
recalibrates rebalances at higher levels
okay normal c will return after gold and
silver are at their proper price welcome
to the morning markets and medals with
Vince Lancy where each day he brings you
the precious metals and financial news
to get you ready for your day and now
here’s Vince good morning everyone I’m
Vince Lancy and today’s morning meeting
we’re going to talk about UBS giving
gold and silver miners implicitly some
love and uh we had previewed this on
this program and in premium posts last
week with an excerpt from that report
that someone had passed along to us but
now we have access to the whole report
and we’re sharing that with uh you
today okay we’ll also quick comment
about the Yen and we’ll touch on some uh
Market driving news all right so there
you go UBS gives miners some love all
right let’s go through the markets now
while we’re doing that that’s the goix
homepage the dollar is down 42
impressively weak uh my guess is that’s
Yen related uh the US 10year is 462 down
four basis points S&P 500 is up 11
handles the vix is
1525 up 23 basis points gold is 2342 up
$4 40 after being down around $9 last
night the buying if you’re interested uh
started coming in at around 3:00 a.m.
which is London time so Europe and the
US are buying now over the last five
years it hasn’t been like that silver
2740 up 20 cents copper again strong
strong Up 3 cents at
457 oil is up 13 cents 8440 I truly
believe that the Saud in the US are
closer than people think and they are
pumping oil to keep a littleness during
the whole Middle Eastern War thing old
habits die hard and everybody wants
normaly uh when it comes to cash flow
that gas
174 up three cents Bitcoin 62 283 down
789 a lot of bearish looking news came
out this weekend on
bitcoin um the government is going to be
regulating it more and more he ly uh
meaning now that they’ve got the ETF
started and they’ve got the normies in
it they’re going to uh
slowly cut off and isolate and build
walls around uh the people that don’t
comply and that would be in the form of
uh lowering ability to use it as
collateral uh throttling connectivity
somehow uh and
um just generally making it pain in ass
to use and
that’s what they do and then they’ll
come after you
for taxes by let me think about it
they’re going to come after you in taxes
by changing the settlement prices and
how they affect you’re going to end up
paying taxes on an annual basis on a
spot product that you haven’t sold yet
which is kind of screwed up that’s my
guess ethereum 3162 by you I mean me too
uh down 99 padium Platinum both up 959
of padium and 32 in Platinum it’s taken
like five years for this to happen but
it’s happening again meaning uh Platinum
should be more than Palladium and I’ve
been looking at that for years
and put a couple trades on that lost
money
grains soybeans up 5
cents corn unchanged wheat down 16
that’s interesting I bet you there’s war
and seasonality involved there there’s
intermarket play here if you’re not
planting you’re not planting soybeans
you’re planting wheat there there’s a
lot going on there you have to
understand the market itself
anyway
okay let’s get to it oh back to this
this page here I repin this this is a
broadcast from last week touching on the
overview of what we’re going to get into
a little bit more of now uh this is
tectonic gold gyration uh greed and fear
had a report and we discussed that uh
with people in a post and we put this
out there it is why gold why now that’s
a free post for everyone and it gives I
think a nice overview of what’s going on
in the world with regards to Gold All
right so premium we have some charts
it’s not all boring words we have some
charts here for you as well this report
is the best report on reasons to own
gold we’ve ever seen it touches on every
reason described in Gold fix for the
last two years and serves as a vind
vindication
of what readers have known for some time
one caveat we are not telling you to buy
miners they are it’s a bold statement
and not without risk but there it is
miners are near their lows with gold
bullion near its high which is why we’re
thinking about personally we’re long
miners right shorting medal against long
miners but that’s that’s neither here
nor there all right so we’re going to go
through the contents very quickly and
very broadly to let you know what’s in
this report executive summary reasons to
own gold it goes through all the reasons
in very overview fashion structural
reasons stuff that we talk about here on
goix a lot macro reasons stuff that we
also talk about here a lot flow
mechanical reasons very tactical stuff
fundamental reasons meaning the miners
themselves okay then they get into the
actual reasons themselves
and we’re going to go through them with
a quick comment so you know what they’re
really getting out here all right the
reasons Central Bank buying not just
bricks every Central
Bank
and they’re not all showing their hand
unsustainable us deficit we all know
what that means what does it imply
something will break you can’t keep
spending the money that we are China QE
soon
China has economic
problems okay uh they’re dealing with
them there’s no crisis right now but
they’re going to have to stimulate more
and that means they have to print
especially with the end getting slammed
like it is Bitcoin Is Not Gold
2.0 well there’s a chart we’ll show you
that chart for a time period people were
saying gold Bitcoin is gold 2.0 look at
how it’s going up during inflation well
you know it wasn’t going up because of
inflation it was going up because of
stimulus checks and Retail getting being
given
money uh the behavior in Global Panic
which is what you’re seeing a little bit
of now tells you this and they show a
chart to that effect inflation targets
will be raised something we’ve also said
here many times footnote we we we say a
lot of things here say them a couple
times then as they start to happen we
stop talking about them we’re not
talking our book we’re not selling
advertising space it happens we move on
right but everyone’s catching up now and
that’s really kind of cool so inflation
targets will be raised
whatever they’re saying now they will
say something else later and before they
change what they’re saying now to what
they’re saying later they will start to
permit things they didn’t otherwise
permit inflation’s going to float at
three to 4% if the federal government
keeps spending I don’t care what Biden
and that one B what how says unless
you’re changing the numbers you can’t
get in inflation down to 2% with
unemployment this low low unemployment
means High inflation now meaning the
economy is a three-legged
stool the
GDP how it’s doing
unemployment and inflation and if you
continually lower two legs the other
legs got to drop if you continually
raise two legs the other legs got to
raise or the whole thing tilts and
doesn’t work okay so we’ve had low
unemployment for a long time we’ve had
low inflation for a long time okay and
we’ve had
high uh GDP well the GDP is now
higher and the unemployment remains low
with the inflation high so either people
have to get fired or inflation comes
down if people get fired GDP comes down
if inflation gets lower GDP comes down
the point
is what was equilibrium is no
longer all right correlations will
return we talk a lot here about
correlations and how the dollar gold
correlation isn’t working like it used
to the dollar is strong gold is up why
is that it’s because of the war it’s
because of this it’s because of that no
it’s because they want the gold right
and they want the silver too they’re
just not as vocal about it yet so those
correlations we have contended are not
broken those correlations are suspended
while the market again recalibrates
rebalances at higher levels okay normal
c will return after gold and silver are
at their proper price so they contend
the correlations will return as
Tailwinds once things uh get balanced
again so what they’re saying is the
Dollar’s strong and Gold’s not going
down when the dollar gets weak Gold’s
probably going to go up isn’t it okay
the dollar sells off and that’s that’s
one that we all know but just to put a
finer point on it that’s americanism we
need a weaker dollar to export if we
don’t export stuff we’re not going to
recover uh we’re not going to hold our
place on the world stage the other
reasons the funny thing is these are the
other reasons geopolitical risk is other
reason uh not diminishing I’m just
saying that’s how big these other
reasons are to them Cold War
2.0 geopolitical risk meaning it’s not
necessarily manifest it may go away
doubtful but it could go away bulling
this is very tactical bulling 40% below
all-time highs gives it room to move up
they’re looking at the alltime that’s
that’s a that’s a tactical thing I
wouldn’t uh I wouldn’t have that as a
reason to get long but I would say it’s
a reason to not worry that gold is
overbought okay gold may be overbought
but it’s not really at all-time highs
mining fundamentals this is what they
get into a lot more of stocks are ready
to run now if they’re saying stocks are
ready to run then guess what that’s
because their clients are saying it and
if their clients are saying it that’s
why they’re pitching it it’s a very big
self-reinforcing cycle we’re entering
now all right in buying itself spec LS
are not as high as they look includes a
trade idea again it’s another tactical
reason uh
that’s
true I don’t know if that’s a reason to
buy
miners okay uh a couple charts for you
there’s like 30 charts in here but
here’s a couple that I thought were
worth showing official sector gold
bind so the Orange is official sector
means central banks or Sovereign funds
all right so you can just see it’s going
up uh 20 20
24 is actually lower so far but that’s
because the price is much
higher next chart some major central
banks have a low percentage of their
reserves in Gold take a look at China at
4 and a half% it looks like roughly now
their Central Bank Reserves are a low
percentage in Gold
terms now that’s the official number we
know go China has a lot more gold than
that but what they’re getting on is see
all these countries that are let’s hope
being honest the UK Australia India
Switzerland
Japan Singapore’s got more gold than
that Saudi Arabia has more gold than
that UAE has more gold than that Brazil
Korea they’re all buyers of gold if
everyone else is buying gold they’re
going to buy gold and there’s there’s a
lot of validity to that asset allocation
of gold asset
managers asset managers have a
ridiculously low allocation to gold or
gold exposure right to silver or silver
exposure now that doesn’t always mean
Futures doesn’t always mean GLD oov it
also means miners how low is it well
that’s
1% these guys are in the
6% what are they
30% uh in Tech 50% in Tech give you an
idea of how much UPS side there is when
somebody says you know what I think I’ll
buy a little bit of gold
today next chart this chart is an
example of
the the decoupling uh or
reintermediation that’s the word they
use right yeah
reintermediation it’s basically like
saying uh crypto is not a hedge for a
disaster anymore so if you look in this
area here
2122 crypto the Blue Line does extremely
well volatile but extremely well
relative to gold and that correlation is
fictitious I’m telling you uh but it
certainly was something to pay attention
to and people were saying well gold is
being replaced uh by Bitcoin silver is
being replaced by Bitcoin because this
is when the inflation started it’s also
when the stimulus check started so this
was not Bitcoin being a hedge for gold
it was Bitcoin participating with mem
stocks at the time now here we are in
2024 and you have
doing what it’s supposed to do uh at
all-time highs Bitcoin also doing quite
well that’s probably again because of
another external factor and that is the
floodgates are being open and the ETF is
listed but anyway the point is this was
the aberration maybe the future but it’s
not the present that’s for sure those
are the charts those are some of the
charts Mark let’s move to market news
market news uh actually there’s a chart
I want to show you here see this here
people are going to start talking about
the Yen again again this is something
else we talked about last year and it’s
coming to the
US yield curve control did
this you use yield curve
control and one way or another it’s
going to weaken your currency and look
if you’re shooting a gun at a crow room
someone’s going to get shot okay if
you’re throwing a bowling ball at pins
and there’s gutter guards out you’re
going to hit some pins okay so you know
if you’re using yield curve control to
keep your long and rates low you’re
going to make your short end drop that’s
just how it works okay uh inflation
manifests in the currency now this is
also
uh very important towards China there’s
a lot of implications here put it this
way the Yen has been historically the
Asian dollar it’s been the Reserve
currency so I think what’s happening at
the end will happen to the dollar maybe
not as dramatically but eventually give
me an idea in the last week the Japanese
Yen has lost I don’t know between four
and 7% purchasing power so that’s like
going to the store and saying and seeing
prices go up in a week four to 7% That’s
after going up 7% over the last two
months so if it starts to feel like
hyperinflation yeah that’s what I mean
it’s not hyperinflation but that’s the
whole concept the concept is you get
your money you expect prices to go up
you go out and buy before prices go
up which makes prices go up all right
dangerous
stuff market
news Tesla’s CEO Elon Musk arrived in
Beijing on Sunday on an unannounced
visit where he’s expected to meet senior
officials to discuss the roll out of
full self-driving software and
permission to transfer data overseas
China currently has a Capac capity to
produce some 40 million Vehicles a year
though it sells only around 22 million
cars domestically that’s the Press I’m
not saying they’re wrong jumping on
China’s back now uh NASA says SpaceX is
on track to demonstrate in space
refueling of Starship next year a
critical technology for returning humans
to the lunar surface using that
vehicle never short Elon Musk you can
short us companies but don’t short Elon
Musk despite cost at the largest US
Banks deposit cost not the spike cost at
the largest US banks rose more than
interest Revenue last quarter for the
first time since the Federal Reserve
began raising rates two years ago as
Sabres demanded lenders share the
benefits for over a year and a half
these Banks were getting paid five five
and a quarter rates and giving zero so
you know I have no I have no pity for
them so why uh Microsoft meta and
Google’s parent company are going to
keep spending money on AI okay they need
to spend Germany’s economic prospects
are looking up after two grueling years
of near zero growth uh consumer Le
Revival footnote this is this is
meralis watch Germany was the engine of
Europe making stuff BMWs Mercedes we
bought them from them right they were
the highend China right we bought our
junk from China we bought our highend
stuff from Germany and Japan but now
Germany can no longer compete
economically as an export nation and so
they’ve been losing their industry
eventually they will come out as a
consumer they’ll be lending money to
Europe and buying stuff because Germany
is um apparently uh the wealthiest
country in Europe from all the
manufacturing that they spent so
Germany’s going to become like uh look
when the Euro breaks up the Deutsche
Market will be the currency to own in
Europe probably all right uh
geopolitics Israel is considering not
going into Rafa uh if they get some uh
hostage back
uh the most important news I think
yesterday was that us intelligence found
that Russian President Putin did not
directly order nal’s death in February
according to the Wall Street Journal
okay well there you have it uh Russia’s
Kremlin also said there would be a
severe response if Russian assets are
touched and is a Pity that some in the
west do not understand it that’s right
if we repurpose their money that’s not
just that’s not just freezing that’s
confiscating and and that’s stealing all
right data no data today big week for
the fomc on Wednesday Wednesday’s your
focus and there you have it I’m Vince
have a great day
talk to you tomorrow thanks for watching
this morning’s markets and medals update
with Vince Lany brought to you each day
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#VinceLanci: After #Gold, #Silver Rally, Attention Shifts To The Miners

With gold and silver prices stabilizing after a furious 2 month rally, the market’s shifting its attention to the earnings out of the miners.

In today’s show Vince mentions how the banks are talking about the mining stocks, which means their clients are asking about the mining stocks. Vince walks through the message the banks are sharing with their clients, and also the reasons they’re offering as to why to continue buying gold.

Of course Vince also covers the latest geopolitical news to bring you up to speed, and to find out more, click to watch the video now!

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