June 7, 2021 "GOLD & SILVER UPDATE"

 

American Bankster!

 

WSJ MarketWatch: Jamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’

 

Wed, June 1, 2022 (Bloomberg) -- Jamie Dimon warned investors to prepare for an economic “hurricane” as the economy struggles against an unprecedented combination of challenges, including tightening monetary policy and Russia’s invasion of Ukraine. “That hurricane is right out there down the road coming our way,” the JPMorgan Chase & Co. chief executive officer said at a conference sponsored by AllianceBernstein Holdings Wednesday. “We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.” Dimon said at JPMorgan’s investor day in May that there were “storm clouds” looming over the US economy, but he said he’s since updated that forecast given the challenges faced by the Federal Reserve as it attempts to rein in inflation. “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it,” Dimon said. Dimon said Wednesday that JPMorgan is preparing for that turbulence by being conservative with its balance sheet. “I kind of want to shed non-operating deposits again, which we can do in size, to protect ourselves so we can serve clients in bad times,” he said. “That’s the environment we’re dealing with.”

 

U.S. Mint Sells 147k Ounces Of Gold Last Month, A Sign Of Growing Investor Anxiety

 

Wednesday June 01, 2022 For the year, bullion demand is up a massive 617%. U.S. gold bullion sales are up more than 400% from the five-year average between 2015 and 2019. "Gold will always be a long-term store of value." While gold prices appear to be trapped in neutral below $1,850 an ounce, physical demand for the precious metal appears to tell a different story, one of growing investor anxiety, according to some market analysts.  In its monthly sales data, the U.S. Mint sold 147,000 ounces of gold in various denominations of its American Eagle Gold bullion coins, the best May performance since 2010. Compared to April, sales are up 67%. For the year, bullion demand is up a massive 617%. Even taking COVID-19-related production issues out of the equation, U.S. gold bullion sales are up more than 400% from the five-year average between 2015 and 2019. Phillip Streible, Chief Market Strategist at Blue Line Futures, said there is a false equivalence between gold future prices and sentiment in the marketplace. "Bullion sales better reflects the anxiety investors are feeling right now. When you hear economists talk about a recession, it starts to make sense why bullion sales are so strong," he said. "Gold will always be a long-term store of value." "Gold futures are capped by rising interest rate, but people having been going out to buy the physical metal to have some 'real money stashed away," he said. Pavilonis added that he is ultimately bullish on gold as there is solid demand for the precious metal. He said that he sees gold as undervalued given where inflation is and how persistent it will be through 2022.

 

Goldman Sachs and Wells Fargo See Gold Hitting Record Highs Above $2,000 In 2022

 

Among the bullish banks, Goldman Sachs is one of the most optimistic. In November, analysts said they see prices pushing above $2,000 an ounce by the end of the year. Wells Fargo is also bullish on gold next year, looking for $2,000 an ounce as the precious metal plays catch up to the rest of the commodity complex. John LaForge, head of real asset strategy for Wells Fargo gold, will be sensitive to U.S. monetary policy in 2022; however, he added that it is unlikely the Federal Reserve will adopt overly aggressive monetary policies. Bloomberg Intelligence sees gold outperforming other metals in 2022, citing enduring trends favoring the precious metal. After largely ignoring the problematic inflation narrative for most of 2021, the markets are becoming fearful of the growing price pressures, Gareth Soloway, chief market strategist of InTheMoneyStocks.com, told Kitco News. "What I am bullish on is gold. It is going to be the biggest performer here in 2022. You should see a move up to the highs from 2020. There is even a potential for a $3,000 price target on gold. You have to look at the inflation numbers. I don't think inflation will go back to 2%. The Fed will taper, but ultimately people will rotate into gold," Soloway said.