Nugget News November

30 Day Market Moves

Gold Outlook...The gold market continues to look very strong this past month, as the market has a massive amount of reasons to continue to go higher over the longer-term. This is a situation where there are a lot of buyers wanting to get on the the train. There are plenty of reasons for gold to go higher, not the least of which probably would be geopolitics. There’s so much going on right now around the world. We also have to keep in mind that central banks around the world are cutting rates, and several of the larger ones are actually buying gold, so that provides a little bit of upward pressure as well.

- Gold is expected to reach $4,500 by 2025 due to geopolitical tensions, inflation concerns, and election uncertainties.

Silver Squeeze is On!...Short-covering is happening in the silver market. Short-covering happens when traders who have bet against an asset, like silver, through short-selling are forced to buy it back as the price rallies, in order to limit their losses. As the asset's price rises, these traders become increasingly desperate to buy it back to close their positions, which in turn fuels the rally even further. If the buying is aggressive enough, this can lead to a short squeeze, amplifying the upward momentum. This is currently the case in COMEX silver futures, where swap dealers—mainly bullion bank trading desks hold their largest net short position in eight years, totaling 38,832 contracts. This is equivalent to 194.43 million ounces of silver, or roughly 23% of the annual global silver production—a staggering figure.

-Many analysts believe that bullion banks like JPMorgan and UBS are engaging in aggressive naked short-selling—dumping silver futures without actually holding the physical silver to back them up—in an effort to manipulate silver prices downward. There is a strong chance that these banks will end up on the wrong side of the trade as this rally continues, triggering a powerful silver short squeeze.

Gold Demand Busting!...World Gold Council says Q3 global gold investment demand more than doubled year over year. Global gold demand climbed to a record high in the third quarter of 2024, with the value of demand for the precious metal topping $100 billion for the first time ever. Demand was supported by investors in the third quarter, particularly those from Western markets who responded to a combination of lower interest rates and continued geopolitical risk. Total gold demand, including over-the-counter, or OTC, climbed by 5% year over year to 1,313 metric tons.

-In the third quarter of 2024, the National Bank of Poland was the largest buyer of gold among central banks, purchasing 42 tons of the precious metal.This brought the banks total gold holdings to 420 tons, which is 16% of its total reserves.

Silver Electric BandAid?... Bandages that use electricity to speed up healing are not new, but they had drawbacks. For instance, even the smallest conventional batteries can be too bulky or awkward for a patient to wear. Now, a bandage that makes its own electricity, with silver as a main component, eliminates these issues. When a drop of water was applied to the cellulose layer it produced a voltage of about 1.5 volts at very low current so that a patient’s tissue would not be harmed. The silver chloride cathode is crucial, because it is not only flexible but provides a low resistance conduit for electricity to help heal the human body.

-The wet bandage produces a healing electrical current without the use of conventional batteries.

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