This Is My Warning to You All! It's GAME OVER For Gold & Silver When This Happens? - Rafi Farber
Silver prices rose in American trade on Friday, on track for the second profit in a row. Moving away from six-week lows as the dollar lost ground, the white metal is heading for the largest quarterly profit since 2022, on strong retail demand and the global cycle of policy easing.
Renowned Financial analyst Rafi Farber believes that the impending financial crisis will significantly surge precious metals once bank reserves are depleted. In his analysis, Rafi Farber highlights that the Chicago PMI has been below 50 for 21 consecutive months, marking the longest contraction period in its history. He suggests that this prolonged contraction could again lead to a substantial rise in precious metals. The price of Silver may regain its ground as the recent US inflation data raised the expectations of the Federal Reserve reducing interest rates in 2024. Lower interest rates could spark the demand of non-yielding assets like Silver.
Regarding the notable silver premiums in Shanghai compared to New York, Farber highlights that these premiums have consistently been above 10% for most of 2024. Top traders on the Shanghai Futures Exchange have added back to their net Gold and Silver positions, Senior Commodity Strategist at TDS Ryan McKay notes.
Regarding the recent Zero Hedge tweet, Rafi Farber discusses the yen's performance, noting it has recently dropped to new lows, making it the worst-performing currency against the dollar in 2024, even worse than the Argentine peso and Turkish lira. The Japanese yen hit its lowest level since 1986 against the US dollar, trading at 160.39, driven by a significant interest rate gap between Japan and the US.
Japan recently nudged its interest rates up to a modest 0–0.1%, but with US rates between 5.25% and 5.5%, dollar assets are drawing in investors and pushing the yen down. Japan's Ministry of Finance and Bank of Japan have tried to intervene with 62 billion dollars, but the yen's struggles persist.
Farber clarifies that Japan's currency and bond market crises are occurring simultaneously. He predicts that even with the Bank of Japan's rate hikes, bond values and the yen's purchasing power will continue to fall. With the yen breaching key support levels, he foresees further decline.
Based on his observation, Farber expresses that this sustained high demand from Shanghai indicates a significant change in the silver market. He believes Chinese buyers are engaging with Silver differently, possibly due to a mix of factors, reflecting a sustained shift in the market dynamics for Silver.
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