“If you want to put on a decarbonization trade in commodities, the only truly liquid commodity is copper, and it’s the most liquid by a country mile. Copper’s unique characteristics mean that it could make oil’s 2008 bull run look like child’s play.”
https://t.co/GqcbV4JkFp
NATO's objective of bringing the war to Russia is advancing, as evidenced by today's attack on Wildberries in Moscow. This can only go on for so long before Russia brings the war to NATO territory. Lunacy.
The popular thinking in NATO is that bringing the war to Russia will force Russia to capitulate. This is based on the false assumption that Russia is fighting an "unprovoked" imperial war. Moscow considers itself to be fighting a defensive war against a NATO determined to use Ukrainians to destroy Russia. From Russia's perspective, a ceasefire is not peace as NATO countries would then send in their troops and military hardware. NATO in Ukraine is considered an existential threat, and the only possible response now for Russia is escalation that may take us to nuclear war. This should be obvious. Sadly, our freedom of speech is in free fall and our populations have been indoctrinated to squeal "Russian propaganda" whenever an argument deviates from NATO-approved narratives
#gold#silver#preciousmetals#cycles
Our last key date has captured the recent short-term low and the short-term high. Price is still within that range. Once gold trades out of that range and turns it into support (or resistance), the real move will unfold. So far, the bounce has been weak.
A few weeks ago, I noted that there was NO PATTERN OF HIGHER HIGHS yet. Many have described this bounce as "short covering". That is not true. You cannot have short covering without being in a shorting phase. I explained this before. For the past six months, gold has been in a profit-taking/'lack of interest phase' (see my previous posts). In the long-run, this is strong evidence that we will see new highs here. In the short term, only the usual permabulls are making the noise. The big guys are still waiting for lower prices.
If gold breaks the June 29 low and turns it into resistance, that will be a very bearish signal. The USD is trading into strong resistance (see ytd's post). The PM bulls don't want to see the USD break the recent high.
I don't care what some PM sentiment indicators suggest. The same accounts that walked you off the cliff over the past few months are still very bullish and hyperactive.
German authorities seem to have zero recognition of the security dilemma, and even believe it is immoral to recognise that there is any security competition. Germany assisted in toppling the government in Ukraine, developed Ukraine as a frontline against Russia, and sabotaged the Minsk peace agreement—yet any reaction by Russia would inevitably be considered “unprovoked", and Germany predictably went into full moral outrage.
Germany can cut energy deals with Russia, stay silent about the U.S. destroying Nord Stream, and assist in targeting Russian oil refineries and hunting Russian commercial vessels—yet Russia cutting energy supplies to Germany is met with righteous indignation as it is believed to be an unprovoked “hybrid war”.
Similarly, German-backed attacks on Russia will at some point trigger retaliatory strikes against Germany. In the minds of social constructivists, recognising this reality and the world as it is, is consistently condemned as “legitimising” Russian aggression, taking the side of Russia etc. etc.
Recognising how your own side threatens the security of others and having the foresight to predict how the opponent will likely react is effectively criminalised. Armed with normative arguments and moral righteousness, how have any of the "pro-Ukrainian" policies since 2013 actually helped Ukraine? What was smeared as "pro-Russian" arguments in 2013/2014 would have resulted in Ukraine keeping its territory (including Crimea), its men and infrastructure. Is morality about chanting normative arguments, ignoring the security concerns of opponents and criminalising foresight? Or does morality demand that we recognise the world as it is to set achievable objectives?
Russia invades Ukraine claiming there's a NATO proxy force directly on its border = Crazy. Evil. Worse than Hitler.
US invades Venezuela claiming China is making energy deals there thousands of miles from US border = Fine. Normal. Monroe Doctrine. Just wish he'd asked Congress.
@badcharts1 Yes, it is funny. If share holders were completely rational, they would not sell when the recession becomes clear and the index crash. They would sell now or just sit tight and ride it out.
Every company listed below has suspicious revenue recognition. The actual chart with ALL the give-and-take deals would be unreadable. The future will regard this a picture of fraud, not a flywheel. True end demand is ridiculously small. Almost all customers are funded by their dealers. If you can name OpenAI's auditor in 1 hour you win some pride.