This week on Metals & Markets, a new guest who takes us back in time to his career’s beginning days in the 1980s COMEX NYMEX futures contract trading pits…
Silver and gold prices both exhibited some strength this week, particularly to close the week. The gold spot price ended at $1,250 US dollars per troy ounce, while silver spot price ended up nearly 50¢ on the week closing at $14.68 USD per troy ounce.
With us this week, a new guest who takes us back in time to his career’s beginning days in the 1980s COMEX NYMEX futures contract trading pits.
We also discuss current ongoings with the US dollar, the euro, crude oil prices, growing Federal and consumer debt levels, especially in relation to the recent inversion of shorter term US bonds vs longer duration IOUs.
Our guest also gives us his incites into potential up and downsides for gold prices in the coming years.
His final commentaries on silver, platinum, and palladium are all worthwhile as well for our listeners.
Have a listen…
Within a few short years Greg moved on, taking an over -70% pay cut given lessoning trading volumes and other derivative competition growing at the time.
Question about similarities and glaring differences between precious metal and other trading both then vs now.
How has your macro training helped perhaps give you an edge?
His thoughts on this week’s news about 2 yr and 3 yr US bond yields inverting vs the 5 yr US bond… what is the significance to Greg and his outlook? What is the bigger picture here?
On US equity markets… growing consumer debt load$, how likely is a top now being in, for US stock markets?
Central Banks will obviously choose currency debasement and inflation over mass debt defaults.
Growing US Federal debt and unfunded liability pile ( +$200 trillions USD)
Is the US dollar the ultimate release valve here?
How high could the USD index run before Plaza type accords potentially kick in?
How might the Fed try and re-prop the stock market, how effective could that possibly be?
Turning to Gold, Greg gives us his current downside risk vs upside medium term, even long term. Not asking for nominal price highs (a fool’s errand).
Listener note, Greg’s new website appears to be calling for $2,400 oz gold.
Additional comments on silver, or other PMs at the moment ( palladium or platinum ).
How can listeners find and or follow Greg?
His 2006 written, and then 2007 released book – Gold Trading Bootcamp by Greg Weldon.
Greg’s website: WeldonOnline.com
Greg’s twitter handle @WeldonLive
Thanks for taking the time for us, and our listeners Greg.
About the Interviewer
James Anderson has a BA in finance from Loyola University New Orleans. He has both worked and invested in the physical investment grade bullion markets prior to the 2008 global financial crisis.