Bill Holter: New Concerns Emerge about Availability of Gold in Western Vaults

by Mike Gleason, Money Metals Exchange:

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Coming up we’ll hear a fantastic interview with Bill Holter of JSMineset.com and the Holter/Sinclair Collaboration. Bill tells us about the implications of dwindling precious metals production in the face of what he believes will be massive worldwide demand. Also, how you’ll know when it’s “game over” for the dollar. Don’t miss an incredibly important interview with Bill Holter, coming up after this week’s market update.

The gold and silver markets are trading around some critical price levels this week.

After dipping to new lows for the year and the lowest levels since early 2010 on Tuesday, gold stabilized Wednesday and closed Thursday back slightly above the $1,080 level.

The $1,080 level is significant because that’s where gold bottomed in August. As of this Friday morning recording, gold prices come in right at $1,080 an ounce, registering a small weekly loss of 0.4%.

Turning to silver, the white metal tested the $14.00 level inter-day on Wednesday, where buyers stepped up to the plate. Wednesday’s market action also brought silver back to its August lows. If prices can rally from here, that would put a potential double bottom in play. Silver currently trades at $14.20 an ounce, down 0.7% on the week.

As for the other white metals, the platinum and palladium markets are settling down this week after suffering two straight weeks of heavy selling. Platinum is down 0.5% on the week to trade at $859 an ounce, while palladium is up 2.2% to trade at $553.

Precious metals markets showed some strength following Wednesday’s release of the most recent FOMC minutes. Federal Reserve policymakers stated that they would consider raising rates at their December meeting. They didn’t go so far as to say that they are actually going to raise rates; just that they are considering it. The Fed-speak line they used this time was that “it may well become appropriate to initiate the normalization process at the next meeting.”

Basically, the Fed didn’t drop any bombshells on the markets. The Fed reiterated that it will be data dependent, which we already knew, even as it hinted that it’s leaning toward a December hike. Whether Fed officials are crying wolf again or they actually mean it this time when they threaten to hike rates remains to be seen.

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