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Greetings, investor! How is your Tuesday going? Today, we found some interesting PM news from Turkey to Wall Street—the nation of Turkey is poised to experience its own gold rush, and you can read why below. Also, we found a stock market commentary called Wall Street Week Ahead that is a nice overview of what investors have on their radar this week. That is just one third of the news we delivered today.
Let’s dig in…

International
Turkey Set to Begin Its Own Gold Rush
Over the past three years, the nation of Turkey has been using the latest technologies to search for new gold fields. “We have X-rayed all around Turkey with geophysical aerial imaging that started in 2017 and finished in 2018. The nationwide study has been concluded now. We have been conducting 1 million meters of drilling [for gold] on average every year since then,” said Fatih Donmez, Energy and Natural Resources Minister, in a written statement on Sept. 12. The Turkish government has set a goal to produce 100 tons of gold annually in five years. The country’s yearly gold production hit a record of 38 tons in 2019.
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Stock Market
Wall Street Week Ahead: Fed Meeting in Focus as Stocks and Coronavirus Relief Stalls
Investors are waiting with bated breath for the upcoming Federal Reserve meeting that will reveal the latest strategies the U.S. central bank has planned to address the still-struggling labor market. We already know the Fed is looking at allowing periods of higher inflation while it spends more time on bolstering the job market. However, investors are seeking more cues to follow. Some are worried that the recent sell of tech stocks—which knocked down the NASDAQ as much as 10% from its highs—is the start of a larger sell-off that will throw the market off its course after a six month rally. Concerns are growing that the moves may trigger the start of…
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Price
Beware of Misleading Silver Supply and Demand Data
Over on the VOIMA blog, a warning of sorts was published by Jan Nieuwenhuijs ( be sure to read the disclaimer at the bottom of the page.) He writes: “Every year the Silver Institute publishes silver supply and demand numbers that suggest the market is in a deficit or surplus, although there is no correlation between their “market balance” and the price of silver. Investment decisions based on the Silver Institute’s supply and demand data can turn out badly.” READ MORE ([link removed])
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Price
Rhodium up another $2150 to $14,000/oz
Here is a chart showing the latest price of Rhodium using the EIB (Engelhard Industrial Bullion) Prices [USD per Troy Ounce]. The Engelhard Industrial Bullion (EIB) Price is indicative of the price at which BASF Corporation or BASF Metals Japan Limited, respectively, would be willing to sell the priced industrial grade metal to a hypothetical customer at a point in time and for delivery at a BASF facility.

SEE CHART ([link removed])

Commentary
Long Precious Metals and Miners Remain Bytown Capital INC’s Top Performing Position Bias
Some quick takes from Bytown Capital, over on the FXSTREET blog. #1: Real money/ gold & silver: “Long precious metals and miners” remains our top-performing positioning bias. PULLBACKS = BUY HARD ASSETS LIKE GOLD, SILVER, & COMMODITIES. COMMENTS ON GOLD: (right) As long as the previous all-time high of $1920 remains support, a bullish bias remains justified. If broken, the next support would be just below $1800. READ MORE QUICK TAKES ON FIAT CURRENCIES AND INFLATION
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Economy
Precious Metals Keep on Consolidating Through Diversified Exposure Via GLTR
Gold, platinum, and silver prices rose to their most recent highs in early August. Palladium hit its recent peak in late July. Since them, the prices of the four leading precious metals that trade on the COMEX and NYMEX divisions of the Chicago Mercantile Exchange have been consolidating. Bull markets rarely move in a straight line. Palladium has been in a bullish trend since early 2016. Gold broke out to the upside in June 2019 when the yellow metal broke above its July 2016 peak at just below $1380 per ounce. Silver waited until July 2020 to break above its critical technical resistance level at over $21.10 per ounce. Platinum continues to lag the other precious metals, but it has displayed signs of strength over the past months. READ MORE ([link removed])
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Thanks,
Gold Silver Central

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