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Ed Steer: The empire strikes back
11a Saturday, January 31, 2025
Dear Friend of GATA and Gold:
The weekend edition of GATA board member Ed Steer's Gold and Silver Digest letter, headlined "The Empire Strikes Back," is posted in the clear at SilverSeek here:
https://silverseek.com/article/empire-strikes-back
Steer concludes: "There were major key reversals to the downside in all four precious metals yesterday, so from a technical point of view, a lot of damage was done. But the 50-day moving averages in both silver and gold weren't violated, even intraday, so we'll see what next week brings.
"And to make matters more interesting ... the silver premium in Shanghai on Friday over the U.S. price was at new record high, 17.54%.
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"But nobody in the precious metals space, from the smallest investor up to and including the executives of every precious metals miner in the world, was at all fooled by what went down yesterday, as they and we have seen this movie countless times over the last decade or so. It was another attempt at a 'wash, rinse, and spin' cycle by 'da boyz' -- and all that remains to be seen is how quickly this one reverses itself.
"Demand, particularly in silver, remains rapacious -- and the drumbeat of its looming supply/demand deficit grows ever more deafening."
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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