• Gold: 1,313.92 0.68
  • Silver: 16.24 -0.08
  • Euro: 1.229 0.000
  • USDX: 90.233 0.094
  • Oil: 62.19 1.05

Weekly Wrap-up: “Maybe the whole fraud of the Comex is unwinding.”

January 5, 2018 - 3:53pm

Precious metals are off to a great start here in 2018: gold has been up for fourteen of the past fifteen days and silver had a strong 2017 as well. What’s the secret?

Eric believes it’s dollar-related. “The U.S. dollar has been very, very weak. The economy is not really showing great signs of doing anything, quite frankly. It’s kind of coasting along. You have a new tax plan which is going to increase the deficit considerably…. Lot’s of people know there’s a high degree of recklessness going on at the federal government level. And people are losing confidence in currencies.”

Add to that a weak U.S. jobs report, anemic wage growth and higher-than-suggested inflation, and “it’s very difficult for the U.S. consumer to kind of hold it together here.”

After a run-down of how the commodities markets will benefit from the anti-dollar sentiment, this week’s wrap-up also includes a lengthy discussion on the “exchange for physical” phenomenon off of the Comex that you won’t want to miss.

Finally, Eric closes out with a brief chat about what’s going on with palladium.

To get his full thoughts, listen to the first weekly wrap-up of 2018 here: https://soundcloud.com/sprottmoney/sprott-money-ne...

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About Eric Sprott

Eric Sprott is Chairman of Sprott Inc., CEO, CIO and Senior Portfolio Manager of Sprott Asset Management LP and Chairman of Sprott Money Ltd. Eric has over 40 years of experience in the investment industry.

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