SGOL is holding physical gold. My friend who started buying "gold", in the form of GLD, when it was $350 always thought it was a physical backed ETF. Now, this may have changed since then. https://www.investopedia.com/articl...onship-between-gold-and-gold-etfs-gld-iau.asp "...Because these ETFs <claim to> hold physical gold, their prices move with the price of gold over the short and long term. However, there are sometimes minor tracking errors when the ETF price deviates from its reference asset. When tracking errors occur, arbitrageurs quickly step in."
the mickey, Is this aquaponics system cost in the ballpark? greenhouse cost not included. good info sources to reco? The “64” costs around $1,100 to build ($2.70 per plant space) the “128” costs around $1,400 to build ($1.70 per plant space) 256 square feet in size costs around $2,700 to build, or $3.27 per plant space Family System of 512 square feet https://www.friendlyaquaponics.com/backyard-aquaponics-systems/ Backyard Aquaponics - Friendly Aquaponics
I had a read of the factsheet and it looks quite interesting. https://notes.credit-suisse.com/api/DocFile/GetFactSheet/GLDI
https://www.afr.com/companies/minin...-as-government-spending-soars-20200723-p55erp Miners see golden days ahead as government spending soars Peter Ker Resources reporter Jul 23, 2020 – 2.32pm Evolution Mining executive chairman Jake Klein has vowed to prioritise profits over production volumes through a period of massive government spending that he believes will ensure strong gold prices for years. Evolution Mining boss Jake Klein is taking a value over volume approach. Ryan Stuart As Treasurer Josh Frydenberg was confirming Australia's biggest budget deficit since World War II, Mr Klein said massive stimulus spending by governments around the world meant high prices for the traditional safe haven metal were here to stay. "We are in a very favourable gold price environment given the amount of fiscal expenditure required to address this pandemic,'' he said. ''Hopefully we will get a recovery from it from a health, safety and community perspective, but the amount of money that is being spent and required by governments globally suggests that we are in a very positive gold price environment for at least the medium term.'' Gold was fetching $US1871 per ounce on Thursday, up from $US1413 per ounce a year ago. Evolution's gold output has declined for two consecutive years and its rank as Australia's second-biggest producer has been taken by Northern Star, which produced about 20 per cent more gold than Evolution over the past 12 months. But Mr Klein said cash generation was the aim of the game, and Evolution still led the local sector in terms of profits per ounce. "Our focus and strategy is about margin over volume. We believe this is a very cyclical industry ... where there is a great gold price we need to be making super returns," he said. "We have paid out 13 consecutive dividends and have a target of paying up to 50 per cent of free cash flow and so in these environments investors are getting a good yield if they are investors in Evolution." Decision justified Northern Star executive chairman Bill Beament said his company's decision to work only in developed jurisdictions such as Canada and Western Australia was being justified at a time when mines in South America and developing nations were typically facing greater disruption from the pandemic. Northern Star's worst-affected mine was Pogo in Alaska, where 36 cases of the virus were recorded and production was duly affected. "As long as the virus is prevalent in Alaska our volumes at Pogo will be reduced, probably to the tune of 25 per cent,'' said Mr Beament. But Pogo still managed to produce more gold in the past three months than the previous two quarters and Mr Beament said the mine would eventually prove its worth. ''Our strategy for Pogo is working ... it is a tier-one asset in a tier-one location and the results will reflect that once we emerge from the COVID fog,'' he said. Like Northern Star at Pogo, Evolution acquired Canada's Red Lake mine last year in the belief it could dramatically improve its performance by changing the operating model to one that processes lower grade ores. Mr Klein said the renovation of Red Lake was progressing faster than his company had expected, with staff numbers at the mine reduced by 20 per cent. "Red Lake is surprising us on the upside in every aspect of the operation, from a geological perspective, from a mining perspective but most importantly from the way in which [workers] are embracing the change,'' he said. Shares in Evolution and Northern Star closed slightly lower on Thursday, putting them at odds with the 1.93 per cent share price rise enjoyed by Australia's largest listed gold producer, Newcrest Mining. Newcrest's rise appeared to be on the back of more encouraging drilling results at the Havieron discovery in Western Australia, which looks increasingly capable of extending the life of Newcrest's ageing Telfer mine.
A Mighty Short Squeeze May Be Building in Gold https://www.bloomberg.com/opinion/a...be-building-in-gold-futures?srnd=premium-asia An increase in demand for physical deliveries could trigger a parabolic rise and cause problems for banks. By John Authers July 27, 2020, 12:01 PM GMT+8 Show me the (physical) money. Photographer: Akos Stiller/Bloomberg Silver and Gold There is plenty of talk about a bubble in some new companies with untried business models. Think, particularly, of Tesla Inc. But is there something equally unsustainable going on in a commodity whose virtues have been known for millennia, and remain unchanged? Spot gold rose to a record of $1,923.2 an ounce in Asian trading Monday: This is the third major spike in the modern era since the Bretton Woods tie of the dollar to gold was abandoned in 1971. Once inflation is accounted for, gold remains below the last all-time high of 2011, and far below the historic summit of 1980, in the wake of the second oil price shock, when investors assumed that endemic inflation would continue forever: That 1980 rally bore all the classic signs of speculative excess, and was born of the common but often mistaken tendency to extrapolate well-established trends into the future. Gold at that price would have made sense if double-figure price inflation had continued indefinitely. But it didn't. We need to bear this in mind when looking at current projections. It certainly looks from the chart as though gold is bound for the unprecedented level of $2,000 per ounce. Real yields on Treasury bonds are in a historic downward trend, and they overlap closely with the gold price — when bond yields are negative, gold's lack of income ceases to be a problem. The dollar is also weakening against a range of currencies, amid speculation that the time for a prolonged downward wave has arrived. The problem is that it is easy to over-extrapolate these trends. The relationship with real yields is undeniable. But having touched their all-time low from 2012 last week, can they possibly go much lower? Long-term Treasury yields have been flat at around 0.6% for four months, behaving as though the Federal Reserve is holding them there. The decline in real yields has come from a return to more normal levels of inflation expectations: There are reasons to brace for higher inflation. In the short term, the pandemic’s impact has been more deflationary. Can we really expect the Fed to keep nominal yields capped even as long-term inflation expectations take off? That is implicitly what bullishness on real yields and gold implies, and there are plenty of ways it could go wrong. So, is gold falling victim to speculative excess? One counter-argument comes from Michael Hsueh of Deutsche Bank AG. He points out that the price increase hasn’t been particularly swift or disorderly, with the greatest interest coming from central banks, and particularly, from exchange-traded funds. The GLD ETF now has a market cap of $75 billion, having grown at more than twice the rate of the gold price over the last five years. Meanwhile, speculative positioning in futures suggests the market is less overblown than it was earlier this year: This certainly doesn’t look like speculative excess that could lead to an imminent crash. More intriguingly, the rise in trading in “financial” gold — without taking physical delivery of any bars or coins — might bring with it the seeds of a big rise. The theory, which gets technical, is explained here. The issue, in short, is that far more investors are opting to take physical delivery when contracts end, rather than roll them over. This chart from Longview Economics shows the number of contracts that are being converted into physical deliveries. Gold futures are a handy way to hedge financial risks. But they have never been used to buy bullion on this scale before: As the next chart from Longview Economics shows, the same trend is at work for silver, although it isn't as extreme: Why is this happening? This behavior is coming particularly from the group labeled “other reportable” in commitment of traders disclosures, which includes family offices and high-net-worth individuals. Worried about protecting the value of their fortunes, they are opting for the perceived safety of physical gold. This creates a specific problem for swap dealers, which are run by the bullion banks that make a market in gold. At present, as the following chart shows, they are very “short” gold, meaning they need the price to decline. If gold doesn't fall, and investors ask for physical delivery, the risk is that they will have to buy bullion they don’t yet have. Longview calculates that the bullion banks have a short position worth $39 billion at current prices, the highest since records began in 2006: The concern is that we will see something like an old-fashioned bank run, or the remarkable events in the oil price which saw West Texas Intermediate go negative earlier this year. That was caused by an excess supply of physical oil; in the gold market, the fear is of insufficient supply. As Longview puts it: Bank runs occur when lots of depositors demand their money back at the same time. The bank, of course, doesn’t keep all their money in the bank. Deposits are lent out as loans (and so on). As such banks suffer short squeezes of liquidity if too many depositors ask for their money at the same time (unless, and until, the central bank steps in with newly created liquidity). Just like in a bank run, therefore, if too many gold future holders decide to take delivery of physical gold at the same time (rather than simply rolling their contracts), then it’s likely the swap dealers won’t be able to satisfy all those demands (i.e. the physical gold isn’t there/available). It’s with that backdrop that we wonder if the ‘other reportables’ investors/speculators are deliberately, or just coincidentally, trying to create that situation (akin to how hedge funds/other investors exploited the lack of storage capacity at Cushing, helping to push the oil futures contract into negative territory in April). If so, then this will be one of those ‘rare’ occasions when the message of the positioning, sentiment and other models is wrong – and markets don’t immediately mean revert but enter into one of their occasional parabolic price moves. The gold price sends valuable signals that other markets take seriously. If a golden bank run does come to pass, there would be ramifications far beyond the market for bullion. A dramatic spike beyond $2,000 would grab attention, arouse deeper fears about inflation, and test the confidence of central banks to keep rates low. It could also pose serious problems for banks and maybe even spark another bailout dilemma. The rally may not yet be excessive. But in the futures market lies the risk that it could become so.
Nice gap up in GDX today, it's my favorite gold play for daytrading..if gap fills I may trade DUST inverse bounce
I’ll have to go back and research, it was my understanding COMEX/CME addressed this a couple of years ago, stating at their discretion could settle in cash in lieu of physical?
The Cdn miners are badly lagging the metals prices so even if the Gold/Silver trend ends the miners have a long way more to go. A while back I saw $1680 as a key level for Gold.