CORONAVIRUS SPREADS TO MANY COUNTRIES AND NOW IT IS LABELLED A PANDEMIC
by Harvey Organ, Harvey Organ Blog:
CORONAVIRUS SPREADS TO MANY COUNTRIES AND NOW IT IS LABELLED A PANDEMIC//GOLD AND SILVER RAID TODAY WITH GOLD DOWN $5.40 TO $1578.10//SILVER DOWN 30 CENTS TO $17.68//HUGE NUMBER OF CORONAVIRUS STORIES//GOOD NUMBER OF SWAMP STORIES
HUGE RIOTS IN GERMANY AND FRANCE CONTINUES TO BURN A LA NERO
by Harvey Organ, Harvey Organ Blog:
GOLD WAS UP $6.10 TO $1944.70//SILVER WAS UP 20 CENTS TO $22.49//COVID UPDATES//DR PAUL ALEXANDER// SLAY NEWS UPDATES//UKRAINE VS RUSSIA UPDATES///HUGE RIOTS IN GERMANY AND FRANCE CONTINUES TO BURN A LA NERO//BANKING CRISIS IN EUROPE AND THE USA INTENSIFIES//IMPORTANT COMMENTARIES TODAY: AMBROSE EVANS PRITCHARD AND JOHN RUBINO
ANOTHER RAID BY OUR BANKER FRIENDS ON GOLD/SILVER: GOLD DOWN $8.00 TO $1326.60 WHILE SILVER IS DOWN 27 CENTS TO $16.77
by Harvey Organ, Harvey Organ Blog:
HUGE EFP ISSUANCE FOR BOTH GOLD AND SILVER: GOLD EFP ISSUANCE: 14232/SILVER EFP ISSUANCE: 4470,/GARY COHN RESIGNS TENDING THE NEW YORK MARKETS SOUTHBOUND/TRUMP SET TO INITIATE STEEL AND ALUMINUM TARIFFS STARTING TOMORROW/HUGE TRADE DEFICIT OF ALMOST 56 BILLION DOLLARS LAST MONTH DESPITE THE LOWER DOLLAR: THIS WILL CAUSE A FURTHER REDUCTION IN FIRST QUARTER GDP/MORE SWAMP STORIES
GOLD: $1326.60 DOWN $8.00
Silver: $16.50 DOWN 27 CENTS
Closing access prices:
Gold $1325.40
silver: $16.50
SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
SHANGHAI FIRST GOLD FIX: $1341.05 DOLLARS PER OZ
NY PRICE OF GOLD AT EXACT SAME TIME: $1335.00
PREMIUM FIRST FIX: $6.05
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SECOND SHANGHAI GOLD FIX: $1340.26
NY GOLD PRICE AT THE EXACT SAME TIME: $1333.75
PREMIUM SECOND FIX /NY:$6.51
SHANGHAI REJECTS NY PRICING OF GOLD.
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LONDON FIRST GOLD FIX: 5:30 am est $1332.50
NY PRICING AT THE EXACT SAME TIME: $1333.10
LONDON SECOND GOLD FIX 10 AM: $1329.40
NY PRICING AT THE EXACT SAME TIME. $1330.44???
For comex gold:
MARCH/
NUMBER OF NOTICES FILED TODAY FOR MARCH CONTRACT: 0 NOTICE(S) FOR NIL OZ.
TOTAL NOTICES SO FAR:2749 FOR 274900 OZ (8.5505 TONNES),
For silver:
MARCH
302 NOTICE(S) FILED TODAY FOR
1510,000 OZ/
Total number of notices filed so far this month: 4524 for 22,620,000 oz
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Bitcoin: BID $10,557/OFFER $10,627: DOWN $129(morning)
Bitcoin: BID/ $9907/offer $9978: DOWN $777 (CLOSING/5 PM)
end
Let us have a look at the data for today
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In silver, the total open interest ROSE BY A CONSIDERABLE SIZED 3100 contracts from 193,489 RISING TO 196,590 WITH YESTERDAY’S HUGE 38 CENT RISE IN SILVER PRICING. WE OBVIOUSLY HAD ZERO COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP : 4470 EFP’S FOR MAY AND ZERO FOR ALL OTHER MONTHS AND THUS TOTAL ISSUANCE OF 4470 CONTRACTS. WITH THE TRANSFER OF 4470 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 4440 CONTRACTS TRANSLATES INTO 22.35 MILLION OZ WITH THE RISE IN OPEN INTEREST IN SILVER AT THE COMEX.
ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY NOTICE/FOR MONTH OF MARCH:
12,977 CONTRACTS (FOR 5 TRADING DAYS TOTAL 12,977 CONTRACTS OR 64.89 MILLION OZ: AVERAGE PER DAY: 2595 CONTRACTS OR 12.977 MILLION OZ/DAY
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH: 64.89 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 9.27% OF ANNUAL GLOBAL PRODUCTION
ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S: 557.36 MILLION OZ.
ACCUMULATION FOR JAN 2018: 236.879 MILLION OZ
ACCUMULATION FOR MONTH OF FEBRUARY: 244.945 MILLION OZ
RESULT: WE HAD ZERO LOSS IN COMEX OI SILVER COMEX WITH THE 18 CENT GAIN IN SILVER PRICE. WE ALSO HAD A GOOD SIZED EFP ISSUANCE OF 4470 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER . FROM THE CME DATA 4470 EFP’S FOR THE MONTH OF MAY WERE ISSUED FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE GAINED 7570 OI CONTRACTS i.e. 4470 open interest contracts headed for London (EFP’s) TOGETHER WITH A INCREASE OF 3100 OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE RISE IN PRICE OF SILVER OF 38 CENTS AND A CLOSING PRICE OF $16.77 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.
In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.968 BILLION TO BE EXACT or 138% of annual global silver production (ex Russia & ex China).
FOR THE NEW FRONT FEBRUARY MONTH/ THEY FILED: 17 NOTICE(S) FOR 85,000 OZ OF SILVER
In gold, the open interest ROSE BY A STRONG 8,498 CONTRACTS RISING TO 508,100 . WITH THE CONSIDERABLE RISE IN PRICE YESTERDAY ($15.60) HOWEVER FOR TUESDAY, THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED AN HUGE SIZED 14,232 CONTRACTS THE ISSUANCE OF, APRIL SAW THE ISSUANCE OF 14,232 CONTRACTS , JUNE SAW THE ISSUANCE OF 0 CONTRACTS AND THEN ALL OTHER MONTHS ZERO. The new OI for the gold complex rests at 508,100. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI TOGETHER WITH THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR FEBRUARY COMEX. EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE WE HAVE A HUGE GAIN CONTRACTS: 8498 OI CONTRACTS INCREASED AT THE COMEXAND A HUGE SIZED 14232 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.(22,730 oi GAIN in CONTRACTS EQUATES TO 37.85 TONNES)
YESTERDAY, WE HAD 4962 EFP’S ISSUED.
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH : 54,267 CONTRACTS OR 5,426,700 OZ OR 168.79 TONNES (5 TRADING DAYS AND THUS AVERAGING: 10,855 EFP CONTRACTS PER TRADING DAY OR 1,085,500 OZ/ TRADING DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS : SO FAR THIS MONTH IN 5 TRADING DAYS IN TONNES: 168.79 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2555 TONNES
THUS EFP TRANSFERS REPRESENTS 168.79/2550 x 100% TONNES = 6.59% OF GLOBAL ANNUAL PRODUCTION SO FAR IN MARCH ALONE.
ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE: 1420.99 TONNES
ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22 TONNES
ACCUMULATION OF GOLD EFP’S FOR FEBRUARY: 649.45 TONNES
Result: A STRONG SIZED INCREASE IN OI AT THE COMEX WITH THE CONSIDERABLE RISE IN PRICE IN GOLD TRADING YESTERDAY ($15.60). HOWEVER, WE HAD ANOTHER HUGE SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 14,232 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 14232 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 22,730 contracts ON THE TWO EXCHANGES:
14232 CONTRACTS MOVE TO LONDON AND 8,498 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 37.85 TONNES).
we had: 0 notice(s) filed upon for NIL oz of gold.
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With respect to our two criminal funds, the GLD and the SLV:
GLD
WITH GOLD DOWN $8.00 : A SLIGHT CHANGES IN GOLD INVENTORY AT THE GLD /A WITHDRAWAL OF .25 TONNES TO PAY FOR FEES.
Inventory rests tonight: 833.73 tonnes.
SLV/
WITH SILVER DOWN 27 CENTS TODAY:
NO CHANGES IN SILVER INVENTORY AT THE SLV/
/INVENTORY RESTS AT 318.069 MILLION OZ/
end
First, here is an outline of what will be discussed tonight:
1. Today, we had the open interest in silver ROSE BY 3100 contracts from 193,489 UP TO 196,590 (AND now A LITTLE CLOSER TO THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) WITH THE CONSIDERABLE PRISE IN PRICE OF SILVER (38 CENTS WITH RESPECT TO YESTERDAY’S TRADING). OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER 4470 EFP CONTRACTS FOR MAY (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS . EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD ZERO COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE OI GAIN AT THE COMEX OF 3100 CONTRACTS TO THE 4470 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A HUGE GAIN OF 7570 OPEN INTEREST CONTRACTS WE STILL HAVE A STRONG AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN MARCH (SEE BELOW). THE NET GAIN TODAY IN OZ ON THE TWO EXCHANGES: 37.85 MILLION OZ!!!
RESULT: A CONSIDERABLE INCREASE IN SILVER OI AT THE COMEX WITH THE STRONG RISE OF 38 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING ). BUT WE ALSO HAD ANOTHER GOOD SIZED 4470 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR MARCH, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.
(report Harvey)
.
2.a) The Shanghai and London gold fix report
(Harvey)
2 b) Gold/silver trading overnight Europe, Goldcore
(Mark O’Byrne/zerohedge
and in NY: Bloomberg
3. ASIAN AFFAIRS
i)WEDNESDAY MORNING/LATE TUESDAY NIGHT: Shanghai closed DOWN 17.97 POINTS OR 0.55% /Hang Sang CLOSED DOWN 313.81 POINTS OR 1.03% / The Nikkei closed DOWN 165.04 POINTS OR 0.77%/Australia’s all ordinaires CLOSED DOWN 0.93%/Chinese yuan (ONSHORE) closed UP at 6.3196/Oil DOWN to 62.18 dollars per barrel for WTI and 65.22 for Brent. Stocks in Europe OPENED DEEPLY IN THE RED . ONSHORE YUAN CLOSED UP AT 6.3196 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3175 /ONSHORE YUAN TRADING WEAKER AGAINST OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING MUCH STRONGER AGAINST THE DOLLAR . CHINA IS NOT VERY HAPPY TODAY (STRONGER CURRENCY BUT LOUSY CHINESE MARKETS AND GLOBAL MARKETS/ )
Read More @ HarveyOrganBlog.com
Andrew Maguire: Bullion Banks Positioning Themselves By Acquiring Physical Gold
from Silver Doctors:
New international financial standards take place on January 1st. Bullion banks are acquiring physical ahead of the change. Here’s Andrew with the details…
by Chris Powell of The Gold Anti-Trust Action Committee (GATA)
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire was interviewed Thursday on Russia Today’s “Boom Bust” program by host Bart Chilton, former member of the U.S. Commodity Futures Trading Commission, discussing manipulation of the gold and silver markets.
Is the Reckoning Nigh for Silver Shorts?
by Clint Siegner, Money Metals:
Investors are buying silver in vast quantities – in whatever form they can get it.
Smaller silver bugs are buying it a few ounces at a time from scarce retail inventories. Whales are accumulating millions of ounces via the silver ETFs or by standing for delivery of COMEX futures contracts.
Unless the bullion banks and other shorts can finally engineer a price smash, they may have to stop selling paper and start buying a lot of physical.
If the short sellers are naked, i.e. not hedged with long positions elsewhere, a genuine short squeeze driving prices higher could commence.
Another Failed Effort At Regulation – Craig Hemke (02/10/2018)
by Craig Hemke, Sprott Money:
Late Monday, the Commodity Futures Trading Commission (CFTC) levied a fine against Canada’s Bank of Nova Scotia for “spoofing” in gold and silver futures markets.
Here’s a link from Reuters with details: https://www.reuters.com/article/bank-nova-cftc/upd…
First of all, what is “spoofing”? Here are two links that may help. One is from Wikipedia, and the other is from Bloomberg:
• https://en.wikipedia.org/wiki/Spoofing_(finance)
• https://www.bloomberg.com/quicktake/spoofing
From the Wikipedia page, here’s a brief summary:
GOLD UP $5.35 TO $1214.65/SILVER IS UP 21 CENTS TO 14.31
by Harvey Organ, Harvey Organ Blog:
JAPAN CONTRACTS IN GDP FOR THE 3RD QUARTER AND THUS TWO OF THE LAST 3 QUARTERS/KYLE BASS DOUBLES DOWN ON HIS SHORT CHINA BET/PG AND E IMPLODING
GOLD: $1214.65 UP $5.35 (COMEX TO COMEX CLOSINGS)
Silver: $14.31 UP 21` CENTS (COMEX TO COMEX CLOSING)
CORONAVIRUS NIGHTMARE ON THE SEAS
by Harvey Organ, Harvey Organ Blog:
CORONAVIRUS PANDEMIC SPREADS//CORONAVIRUS NIGHTMARE ON THE SEAS//GOLD UP $8.80 TO $1566.80//SILVER UP 24 CENTS TO $17.85//REPO MESS CONTINUES UNABATED
GOLD:$1566.80 UP $8.80 (COMEX TO COMEX CLOSING
Silver:$17.84 UP 24 CENTS (COMEX TO COMEX CLOSING) :
Midweek: Gold & Silver Burst onto Scene as Fear Just Crashed the Party
from SilverDoctors:
As vacationers return from summer trips and make the trip for back-to-school clothes and supplies, a huge dose of reality has entered the markets this week, even as everybody was talking about how awesome stock markets are around the world happen to be right now. The Dow is on fire and 22,000 has been firmly taken out. In the US, jobs are coming back and growth is coming back. There is even harmony and unity the around the globe in tightening down the ratchet on North Korea. However, this all changed yesterday, with a 10{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} move in the fear barometer, and there is now another more than 12{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} surge in the VIX as markets look to open today:
With Dow and cryptocurrency euphoria nailing all the karaoke hits, landing all their pong balls, and crushing the keg stands as the life of the party, somebody called the VIX police and things are getting out of hand. Specifically, the market is not taking well to the stern warnings on the topic of war. On Tuesday, President Trump turned up the pressure with a stark warning of “fire and fury”. North Korea was not not backing down from the pressure, however, and came back with a warning of its own: Guam is in sights with a missile strike that could be pre-preemptive as opposed to reactive. With two days of increased tension coming off of, as the UK put it, rare unity, in the newest round of sanctions on North Korea, markets are suddenly realizing that war is a very real possibility.
Gold and silver are now stepping up. Gold prices and silver prices made it through Monday night without getting clobbered, and on Tuesday, everybody in the mainstream financial press was still talking about what a great time it is to be a job seeker in the United States with the abundance of jobs and now an abundance of job openings confirming that growth in the United States is back.
To a lesser extent than last Friday, gold and silver prices sold off Tuesday on more job market data coming from the United States. However, yesterday afternoon, after analysts we’re discounting gold as weak and the dollar strong, everything turned on a dime. On Wednesday morning, fear looks to be increasing again, and regardless of sentiment in gold and silver prices right now, the metals are holding up as markets go to the asset class that does not take uncertainty lightly.
Silver seems to have stopped the fall. A look at silver in light of crude oil, however, shows that silver is poised for a rally regardless. On the daily of WTI below, black gold has formed a bull flag over the last several trading days. In the eyes of technical traders, this is bullish, but check out how the chart looks when we compare crude to silver.
Silver looks like it has some catching up to do to crude oil, and if oil is indeed set up for a bounce, which looks to be the case forming on the daily, silver will have to do the catching up at an even faster pace. So fear trade aside, silver is looking good right now.
Gold is holding up nicely:
In gold prices, the attack on the jobs data sticks out like a sore thumb. Notice, however, the action into the war card. Gold has held on from last night and is currently above $1275 in pre-market action.
A closer look at the commodities in general, this time coming from copper, show that the base metals are also forming bullish chart signals, and if we look at the price of copper of late, we have further reasons to get excited about the precious metals as silver is not just a precious metal but also an industrial commodity, and industry is paying more for metals these days. Copper has been putting in excellent chart action as dips are bought and the 50-day moving average is turning up on the daily:
Looking at the dollar, this may be a sign of things to come. Let’s zoom in real close on the US Dollar/Mexican Peso. Sure, not as fun as the dollar index, the Dollar/Japanese Yen, or Dollar/Euro, but look at what has happened on a technical basis:
Two days ago, the dollar tapped the 50-day moving average against the peso, but closed well below. Yesterday, the dollar didn’t even tap the 50-day. While the dollar has bounced over the last couple of weeks, it seems to have lost the momentum. If this is the case of dollar weakness overall, this bounce in the dollar could very well be coming to an end.
It is of interest to put things into perspective on the dollar and stock market fronts as we pulled up this calendar on Monday in our Outlook. The Fed is back to the speaking circuit today. Today we get real estate data, productivity data and wholesale trade data, and after all of those releases are made, the Fed, if they so choose, can do a little bit of cheer leading just in time for traders coming back from grabbing some burgers at SHAK. If the waters get really rough, they have four more opportunities to convey their messages to the markets before we close out the week, so we will know soon enough how things shape up on the broader markets front:
More than anything, we find reason to be optimistic for gold and silver prices. If gold can manage a close above $1275 and silver above $16.75 today, by the end of the week, we may have a whole new outlook. But let’s not hold our breath waiting for confirmation we have seen the bottom.
Turbo-Charged Collapse with Ted Butler
by Kerry Lutz, Financial Survival Network:
Ted Butler asks, what has been going on with precious metals prices for the past decade? Much of the price is still dictated by the large traders on the Comex. Price discovery can only take place in a free market with equal representation of both the buy and sell side. What’s actually happening is that a hand-full of paper derivatives traders control the price and control the markets. This is a case of the tail wagging the dog. A few paper traders dictate to the real metal world, what the price will be. However, these large traders are in the process of losing their stranglehold over gold. Not so much for silver. It’s still being held down by the big traders. The big players went short in gold a year ago and have been stuck on the short-side ever since. These large traders who’ve never taken a loss are out $6-7 billion. This indicates that they’re losing control. JP Morgan is the exception, having broke ranks with the big traders. They have managed to slip out the back and go long. They’ve accumulated an incredible amount of physical gold and silver: 25 million ounces of gold for an unrealized profit of $12 billion, and 1 billion ounces in silver for which they have a small loss.
Click HERE to Listen