AK

One day I woke up in the stacks of the library.

[Barchart @Barchart]

A reversal in semiconductor stocks could see huge inflows go back to Gold and Bitcoin 🤯 👀

[Cheddar Flow @CheddarFlow]

U.S. federal debt held by public has surpassed 100% of GDP for the first time since WWII

[AK @Info_Triage]

RT @chigrl: Interesting note on gold, every tiny dip below $4K has been bought. Could it go lower? Absolutely. But this level is notable to…

[Oliver Groß @minenergybiz]

Historic Gold & Silver Seasonality: The strongest period starts now ⚡️👇

[Otavio (Tavi) Costa @TaviCosta]

Copper refuses to confirm gold’s recent weakness.

That resilience speaks volumes.

I suspect gold is about to remind investors why this remains a well-established secular bull market.

https://t.co/CLuc6PkMLp

[Otavio (Tavi) Costa @TaviCosta]

Remember when Scott Bessent said to judge him by the 10-year Treasury?

US 10-year real yields just reached their highest level in more than 2 years.

Markets are the ultimate judge of fiscal discipline.

Reminder:

The US simply cannot afford both a war and higher interest rates.

https://t.co/XL4PidBKZo

[Mario Nawfal @MarioNawfal]

Technical Analyst and Market Strategist Michael Oliver says everyone is watching the Iran war, but the real crisis is already forming inside the U.S. bond market, and when it breaks, it could hit everything.

For decades, investors have treated U.S. government bonds as the safest asset on Earth.

Michael says that assumption is beginning to crack.

He argues the real crisis isn't inflation, it isn't recession, it isn't even the Middle East.

It's the growing possibility that confidence in government debt starts to break down.

If that happens, the Federal Reserve will have to create even more money to support the bond market.

And he believes investors are already starting to prepare for that shift by quietly moving into real assets: gold, oil, industrial commodities, and agriculture.

Assets that can't simply be created with another round of monetary expansion.

He also pointed to something that rarely gets discussed.

The biggest bubble is the belief that government debt will always remain the world's safest investment.

If that confidence disappears, the consequences won't stay inside the bond market; it will ripple through virtually every corner of the financial system.

Most of the world is focused on the next missile strike on Iran, but he's watching the next Treasury auction.

Because in his view, history won't remember the Iran war as the event that changed the markets.

It'll remember it as the distraction that kept everyone looking in the wrong direction while the real crisis was gathering underneath their feet.

@Oliver_MSA

[zerohedge @zerohedge]

Gold Selloff Seen As "Stop-Loss Liquidation Positioning Reset", Not Fundamentally Driven https://t.co/4I1igEjcAc

[Dale Pinkert @forexstophunter]

#Copper Manifesting

[AK @Info_Triage]

@KnicksMemes "short goat"

[U.S. Global Investors @USFunds]

Central banks remain bullish on gold.

In WGC/YouGov’s 2026 survey, a record 45% expect their own gold reserves to rise over the next 12 months, while 89% expect global reserves to increase.

Visit https://t.co/VrOCVqoB6A for our free weekly research into the world of gold.

[Robert Friedland @robert_ivanhoe]

Congratulations to @JoshCrumb and the team at Abaxx on this milestone.

@Abaxx is disrupting the plumbing of commodity markets. Traditional commodity exchanges are like taxi ranks: They provide a place for buyers and sellers to meet.

Abaxx, like @Uber, will own and manage the whole journey, completely redesigning how commodity markets are priced, traded, settled and ultimately financed.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Global gold-backed ETFs posted -38.3 tonnes in outflows last week, the largest weekly outflow since September 2022.

This was led by North America, at -23.6 tonnes, followed by Asia, at -8.7 tonnes, and Europe, at -5.9 tonnes.

In Dollar terms, these funds posted -$4.7 billion in withdrawals, the largest weekly outflow on record.

The largest US gold-backed ETF, $GLD, alone saw -$2.0 billion in outflows, the 4th-largest this year.

So far in June, $GLD has recorded -$3.2 billion in withdrawals, on track for its 2nd-worst month since February 2021, after a record -$8.5 billion in March.

Gold market sentiment remains highly volatile.

[Josh Crumb 🆔++ @JoshCrumb]

Abaxx is native North American, but not in US 🇨🇦
Abaxx is native Chinese, but not in China 🇸🇬
1of1
Markets need to be neutral.
We are building a bridge, keeping the world trading, trusted prices. Trusted infrastructure. Global liquidity.

Biggest Abaxx news perhaps all year. First new Clearing Member since launch and it’s a big one. More coming. Great work by Nancy Seah and the Singapore ExCo team.
$ABXX.TO #29ers #WorldBuilders

[Bloomberg @business]

Abaxx is asking Canadian market regulators to investigate whether manipulative trading occurred in its shares, and has hired law firm Paul Weiss for help in response to a short-selling campaign by Viceroy https://t.co/YoekRtBMKF

[Barchart @Barchart]

JUST IN 🚨: Silver on track to close below its 200-day moving average 📉📉

[Formula 1 @F1]

HE’S DONE IT!!! 🤩

LEWIS HAMILTON WINS THE BARCELONA-CATALUNYA GRAND PRIX!!! 🏆🎉

#F1 #BarcelonaGP

[Steve Hanke @steve_hanke]

AI = HIGHER ELECTRICITY PRICES = AN AFFORDABILITY PROBLEM.
https://t.co/VC3TIM7e9b

[fred hickey @htsfhickey]

Gotta love the headline below: Cramer stating gold is currently "bad money" as it's getting dumped by investors in order to buy the SpaceX IPO. Gold is never bad money - it's the only "real" money that lasts over time. It can be overbought and at risk of a correction, as it was earlier this year. Hulbert out with an article bashing gold (as he typically does near bottoms). Gold-related headlines have changed dramatically from rampant exuberance earlier this year.

I haven't been tweeting much about gold because, as HTS subscribers know, late last year into early this year I had slashed my gold miner positions as far as I could "and still be able to sleep at night." That left me with a lot of cash (in short-term Treasuries) that I plan to put to work - eventually.

With gold down $1,500+ from its top and miners on average 40% lower, it's likely that a lot of the damage has been done. Gold & miner 200-day moving averages were broken - sending all the technicians to the sidelines. Gold's Daily Sentiment Index fell to just 14% bullish yesterday. Gold futures contracts open interest (speculators) has plummeted to levels lower than even at the late-2015 to early 2016 gold bottom (at $1,050). Daily futures contract trading volumes have dried up (to less than 20% of the level at the top). The Gold Miners Bullish Percent Index (BPGDM) has fallen to rock bottom 0% (the 100% reading in January concerned me). CEF trading at a 4.8% discount (high). Gold Relative Strength Index (RSI) down to just 22.6% - lowest since Oct 2023 (great time to buy gold - see chart below). Didn't like that 90% reading earlier this year. None of these indicators guarantee a rally - but they are around levels where rallies can occur.

Though gold still is facing a lot of headwinds (closed Hormuz pressuring international buyers, dollar strength, seasonality etc.) and gold could certainly keep falling, it is greatly oversold in the short-term and may at least experience a rebound.

Long-term, all the bullish catalysts are still in place. China has sped up its gold buying at these lower levels. De-dollarization is a long-term trend. So is dollar debasement. Miner's balance sheets are terrific and generating huge margins and cash flows at these lower levels (P/E ratios are very low).

Warsh's first FOMC presser next week could be a bullish catalyst if he has to defend (sound dovish) not raising rates with his theory the FOMC can look through the rising inflation ("transitory"??) due to productivity increases from an AI boom (likely a false hope). Some governors are pushing for hikes. Getting past tomorrow's SpaceX IPO could be another catalyst.

Already, we're approaching or at negative real rates which is bullish for gold. Doesn't matter if interest rates rise - if inflation is even higher - as it was throughout the 1970s great gold bull market.

Therefore, I've started buying a few of my favorite gold miners gingerly - including this morning.

https://t.co/9oDVrWVfWH