Cellar Politics®

Warehouse Director | (Precious) Metals Zealot | Commodity Novice | Crypto Neophyte | Coffee Fiend | Politically Impartial | English/Dutch | #Gold #Commodities

[Cellar Politics® @CellarPolitics]

The current #Oil supply crisis highlights a glaring issue: underinvestment in refining capacity. Saudi Aramco notes that losing millions of barrels per day of refining capacity in recent years has left the market vulnerable, even as global demand remains highly resilient. #Energy

[Peter Spina ⚒ GoldSeek | SilverSeek @goldseek]

Japan warns of 'decisive action' to defend yen as FX reserves tumble

The Ministry of Finance said Japan's foreign reserves fell by $77.1 billion, or 5.6%, from a month earlier to $1.306 trillion, representing the largest-ever drop after Tokyo resumed massive interventions to stem the yen's slide.

"It appears that U.S. Treasuries were sold to fund market intervention. Tokyo has signalled a willingness to sell U.S. Treasuries to finance such operations"

- Reuters

[VBL’s Ghost @Sorenthek]

Russia's Missing Gold Tonnes Suddenly Appear

GFN – MOSCOW: Russia may have mined as much as 485 metric tons of gold in 2025 and could produce up to 500 tons in 2026, according to estimates released by the country’s Natural Resources Ministry, a figure that has surprised analysts and, if confirmed, would place Russia ahead of China as the world’s largest gold producer.
https://t.co/r7uhLZcCee

[Willem Middelkoop @wmiddelkoop]

Antwerpen, next stop for my ‘Theatertour’ (June 8th)

‘Middelkoop warned for the Dotcomcrash early 2000’s and the crisis in 2008’

Some honest reporting by the Gazette van Antwerpen

[In Gold We Trust @IGWTreport]

When @RonStoeferle says “gold isn’t about gold”, he’s pointing to something deeper.

The price of gold reflects changes in the monetary and institutional systems, not the metal itself, but the world around it.

@trey_reik interviews Ronnie Stöferle on @Wealthion.

[MINING.COM @mining]

Gold prices are expected to average a record $4,920/oz in 2026 as the bull run resumes, according to Metals Focus.

• Supply is forecast to rise 3.1%, driven by modest gains in mine production and recycling, while total demand is expected to fall 2.3% due to weaker jewellery consumption and lower central bank buying.

• Physical investment (bars and coins) is forecast to surpass jewellery as the largest component of gold demand for the first time.

Metals Focus notes the outlook reflects ongoing US policy uncertainty, concerns over the dollar’s long-term trajectory, and elevated geopolitical risks.

[Krishan Gopaul @KrishanGopaul]

Gold-backed ETFs logged in May: investors pulled US$2bn, as #gold was range bound and risk assets regained appeal. However, Europe bucked the trend with inflows. Still, 2026 YTD inflows remain strong at US$17bn, with holdings near record highs. See more: https://t.co/5sIYddbIgC

[OilPrice.com @OilandEnergy]

Gold delivered its strongest annual performance since 1980 in 2025, surging 44% and hitting $4,550/oz as geopolitical tensions, inflation concerns, and central bank buying fueled demand for the safe-haven asset. #Gold #PreciousMetals #Investing #OOTT

https://t.co/gmBfs1M0Hl

[Jeremy Szafron @JeremySzafron]

The market is convinced the AI boom is deflationary. They are completely missing the physical cost of the build-out.

@TaviCosta explains why the AI infrastructure scramble is actually a massive inflation trap.

Watch the full breakdown on @KitcoNewsNOW

[*Walter Bloomberg @DeItaone]

SPOT SILVER RISES MORE THAN 3% TO $74.97/OZ

[Peter Spina ⚒ GoldSeek | SilverSeek @goldseek]

Indian owner of Swiss gold refiner probed for $159 billion of inflated revenue

Mumbai-listed Rajesh Exports Ltd. prima facie misrepresented about 15.2 trillion rupees ($159 billion)- equaling 99.80% of its revenues from subsidiaries over the five fiscal years

Shares of the company, valued at about $321 million, hit their 5% daily lower limit on Thursday and have lost more than 40% this year.

[Hedgeye @Hedgeye]

Central banks resumed gold buying in April

[In Gold We Trust @IGWTreport]

The market continues to interpret gold’s recent correction as evidence that the gold bull market has lost momentum.

In reality, gold is being drawn back into the monetary core through six distinct channels that operate independently of short-term price pressure.

Full interview with @RonStoeferle at @TheMarket_CH below.

[Ronnie Stoeferle @RonStoeferle]

Interesting: Investors are taking money out of China at a fierce pace!

ht @kevinmuir

[Ole S Hansen @Ole_S_Hansen]

Copper is moving from being “Dr Copper” to “strategic copper”. It still reflects global growth, but it increasingly reflects energy security, industrial policy and infrastructure resilience. https://t.co/KbdjDpRlwg via @saxobank

[Lobo Tiggre @duediligenceguy]

No way to verify, but it makes sense they'd put the effort in, given the hit they took to oil revenue before the Iran war...

[Peter Spina ⚒ GoldSeek | SilverSeek @goldseek]

Gold investment demand to overtake jewellery for first time in 2026

- Metals Focus sees gold resuming bull run in H2

- Expects 2026 average gold price to rise 43% to a record $4,920

- Sees net demand by central banks falling by double digits this year

Source: Metal Focus

[Taylor Burnette @tb_burnette]

Global gold-backed ETF investors remained largely sidelined in May as rangebound gold prices and renewed appetite for risk assets limited demand. And Europe was the only region to register inflows during the month

[Cellar Politics® @CellarPolitics]

Source:

https://t.co/jNdQUPHazK

[Cellar Politics® @CellarPolitics]

The current #Oil supply crisis highlights a glaring issue: underinvestment in refining capacity. Saudi Aramco notes that losing millions of barrels per day of refining capacity in recent years has left the market vulnerable, even as global demand remains highly resilient. #Energy

[Cellar Politics® @CellarPolitics]

Source:

https://t.co/7KRZshSJZE

[Cellar Politics® @CellarPolitics]

Prices #Copper retreat from their recent three-week peak, slipping below the $14,000/t mark on the London Metal Exchange. The drop reflects a mix of investor profit-taking, growing demand concerns linked to rising US-Iran geopolitical tensions and anticipated global growth risks.