Nugget News March

30 Day Market Moves

Gold Outlook...Gold continues to surge as the market crashes, off the latest news that Canada can do nothing to avert the US tariffs that will be implemented at 12:00 am tonight! As equity markets plunge fast, gold is surging higher another $65 per oz today. The latest data on US factory activity adds to growing concern that Trump’s moves will undermine the economy that’s already showing signs of cooling — a scenario which underscores the precious metal’s haven status.

-While trade policy remains the dominant theme in gold markets, investor sentiment toward inflation, interest rates, and equity volatility will continue to shape bullion’s trajectory.

Silver Outlook...Silver is also surging another .89 cents per oz today. Macroeconomic indicators, political events and trends, and general uncertainty around tariffs also affect investors’ appetite for silver, more than do industrial demand trends. Most of the demand for silver, therefore, is speculative. If there is market panic due to the Fed’s policy shift—in other words, more policy easing than previously expected—unforeseen political events or many professional investors rushing to buy silver, then private investors are likely to follow suit.

-The paper-to-silver ratio is a whopping 378.39 to 1, according to the US National Debt Clock website.

Gold Revaluation..Recent anomalies in the gold market, including London delivery delays, repeated record highs, and unusually large bullion shipments to U.S. vaults, have precious metals analysts speculating about an official revaluation of the gold price. If “deep storage gold” on the U.S. Treasury’s balance sheet were increased from its present $42.22 an ounce to improve the nation’s fiscal position or borrowing capacity, the move would constitute a devaluation of the American dollar against gold. Gold revaluation is not out of the question. It’s happened before. It could happen again despite what Treasury Secretary Scott Bessent did or didn’t imply earlier this month by suggesting the Trump administration is “going to monetize the asset side of the U.S. balance sheet for the American people.”

-Gold revaluations and dollar devaluations have occurred several times in American history, last in 1834 and 1792.

Gold's London Moves...A lot of gold has moved from London to New York in recent weeks. Mainstream analysts blame the dynamic on the threat of tariffs pushing the futures price of gold higher in New York. There could also be a more fundamental issue at play: the fact that there is a lot more paper gold than physical metal. No matter what's driving the movement, there has certainly been a significant disruption in the gold market evidenced by this movement of metal across the pond. Just how much gold has shifted to New York? According to the most recent data, COMEX registered gold has increased by nearly 300 tonnes (9 million ounces). Eligible inventories have swelled by more than 500 tonnes (17 million ounces).

-The last time we saw COMEX inventories spike this quickly was during the early stages of the pandemic.

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