Items of interest from Harvey's blogspot !

http://harveyorgan.blogspot.com/2012/04/good-morning-ladies-and-gentlemen-gold.html

Here is a report from Ed Steer on the short positions in shares(metals) of both SLV and GLD.


The SLV short position declined by 4.59% from 11.78 million shares (oz) to 11.24 million shares (OZ)
In GLD it was the reverse: the short position rose by a huge 13.60% (11.03 million shares to 12.54 million)..a monstrous 40 tonnes of gold. It is amazing that the SEC refuse to listen to our complaints on the shorts as this vehicle is short the metal for all shareholders.  I think that they do not listen to us is the fact that there is no metal at all, in these vehicles unencumbered.  Here is Ed:

(courtesy Ed Steer)


 "One thing that I forgot to mention in my Wednesday column were the changes in short positions in the shares of both SLV and GLD. The latest bi-weekly report showed that the short position in SLV declined by 4.59 percent from 11.78 million shares/ounces, down to 11.24 million shares/ounces. Not a lot, to be sure, but it's better than the alternative. The short position in GLD was up again...this time by 13.60 percent.  The number of shares of GLD held short [with no metal backing them] rose from 11.03 million to 12.54 million. That's about 40 tonnes of the stuff, which is not an insignificant amount. In silver, the tonnage is far more substantial...a hair under 350 tonnes, which is more than five days of total world silver production."

and.....

The following was quite an interview:

Leeb talks about the huge unemployment in Spain at 25% and its government asking citizens to spend less when they cannot buy food is simply a way to foster a horrific spiral into a financial vortex. Austerity will not solve its problems.  Germany too has to be careful as its banks have huge loans to Spain and other PIIG nations. He concludes that China does get it and they have been buying up gold like there is no tomorrow.

courtesy:



(Stephen Leeb/KingWorldNews)

Spain Flirts With Disaster As Europe Ready To Blow Apart: Stephen Leeb

On the heels of the S&;P downgrade of Spanish debt yesterday, King World Newsinterviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management. Leeb told KWN that not only is Spain in trouble, but Europe is literally ready to blow apart. Leeb also discussed gold and silver, but first, here is what Leeb had to say about the S&P downgrade of Spanish debt: “It’s really one more sign that Europe is on a terrible track. When you have 25% unemployment in Spain and a huge amount of economic distress in most of Europe, and you are telling people the solution is to spend less money and become more austere, it’s just simple logic that’s not going to work.”

This KWN blog was posted on their website late last night...and the link is here

and...

This is the most important story that we must pay attention to and that is the strength of Hollande in the upcoming French elections next Sunday. I highlighted all of these points to you  so please follow Sinclair's reasoning as to how Hollande will change the face of Europe:

(courtesy Jim Sinclair)

THE MOST IMPORTANT DEVELOPMENT SINCE THE MSM/MOPE ASSAULT ON EUROLAND BEGAN

April 27, 2012, at 11:39 am
by Jim Sinclair in the category General Editorial |  Print This Post |  Email This Post

My Dear Extended Family,

Do not discount this. It has the potential of being the most important positive development in the euro since the beginning of the USA and GB’s MSM/MOPE assault on Euroland’s problems.

This I am told is the reason behind the Euro holding above $1.30 no matter how much the US and GB MSM/MOPE is thrown at it. This is another economic war taking place under the radar of the sheeple between the USA and GB on one side and Euroland on the other.

Russia and China might make the euro their reserve currency of selection if Hollande can pull off this plan. I might go to France to vote for him twice. He knows what the euro’s real problem is and will work to cure it.

This is extremely important in the dollar equation.

It may be the most important swing factor in the political scene of gold and the US dollar. Hollande could be the political figure of this century for the upcoming euro block.

It is possible. Do not discount this.

Respectfully,
Jim

French Front-Runner Says He’d Seek to Renegotiate Fiscal Treaty if ElectedFrançois Hollande said Wednesday in Paris that he would propose changes to the European Union treaty, favored by Germany. By STEVEN ERLANGER and NICHOLAS KULISH

Published: April 25, 2012

PARIS — The front-runner for the French presidency, the Socialist candidate François Hollande, said on Wednesday that if elected he would ask other European leaders to renegotiate a fiscal treaty in order to promote growth.

Mr. Hollande also praised the position taken in Brussels on Wednesday by the head of the European Central Bank, Mario Draghi, who said he favored “a growth compact” of structural reforms in parallel with the fiscal treaty limiting budget deficits and national debt.

But there was little indication that Germany, the driving force behind the austerity-driven fiscal treaty agreed to last month, was warming to his ideas.

In the first news conference of his campaign, Mr. Hollande said that he would propose four modifications to the European Union treaty, favored by Germany and approved in March but not yet ratified. Most significant, perhaps, he called for the creation of collective euro bonds, but to be used to finance industrial infrastructure projects, not to consolidate debt, which the Germans oppose.

He said he would also call for a financial transaction tax, as his rival, President Nicolas Sarkozy has done, and for loosening up regulations to allow unused European Union structural funds to be spent on growth. Finally, he urged the European Investment Bank to place a greater emphasis on job creation in its allocation of financing.

The main risk to Europe now, Mr. Hollande said, “is that the European economy remains in a recession because not enough credit is provided to companies.” He said that increased growth would help shrink debt, and that other European leaders were coming closer to his argument that increased growth is “ultimately a more effective way of reaching the same goal of controlling the debt and reducing deficits.”

More…

and....

a must watch video

(courtesy zero hedge)

Memo To Draghi: We, The People, "Don't Trust You One Inch"

Submitted by Tyler Durden on 04/26/2012 21:58 -0400

It was early February when we called out Mario Draghi for his blatant lies regarding the stigmatizing effect that the LTRO program would have on European banks. Now, two months later, even the members of the European Parliament are openly questioning their belief in the sociopath ECB chief. After laying out the apparent reasons for the LTRO scheme (at a recent European Parliament hearing) to keep banks well-funded, Godfrey Bloom (MEP) describes the implicit reason - or so-called reach-around (sic.) Sarkozy-carry trade to fund governments circumventing Maastricht and article 104 of the ECB's Treaty - explaining the simple math means surely LTRO3 is inevitable and soon; as Spain (and Italy tomorrow remember) hits the wall with its issuance as banks are unable to serve their masters. Seeing right through this plan, the Yorkshire-man sums up his feelings towards mad-Mario right in line with our own: "I don't trust you one inch!" noting that Draghi's comments on 'buying time' means hours or days not months.

and

 This reminds me of the great Peter Sellers movie, the Mouse that Roared.  Argentina first confiscates Repsol Argentina and now they give an ultimatum to British oil companies:

(courtesy Emily Gosden/UKTelegraph)

Argentina gives Falklands oil explorers May 2 ultimatum

ARGENTINA VOWED TO PRESS CRIMINAL AND CIVIL CHARGES ON BRITISH OIL COMPANIES EXPLORING OFF THE FALKLAND ISLANDS IF THEY DO NOT "JUSTIFY THEIR ACTIONS" BY A MAY 2 DEADLINE.

By Emily Gosden

11:10PM BST 26 Apr 2012

499 Comments

In its latest escalation of rhetoric over the disputed islands, Argentina said it had written to Falkland Oil & Gas (FOGL), Borders & Southern, Rockhopper, Desire Petroleum and Argos Resources on April 17, to "notify them of their illicit actions and their consequences".

"In case of failure to offer a response and once the deadline expires, administrative sanctions will be imposed to each company within the framework of an Energy Secretariat resolution which deems these activities illegal," it said. "The Argentine government will also press criminal and civil charges."

It gave no details of the form in which it intended to pursue such action, however. None of the explorers has any assets in Argentina and the British Foreign Office has said it is "deeply sceptical" that Argentina could pursue penalties against such companies in foreign courts.

Argentina said in March it planned to sue the explorers, but this is thought to be the first time this year it has written to them and the first time it has set a deadline. Legal letters have been sent to the companies in previous years, and in March were sent to banks who advised them, but no legal action has resulted.

Earlier this month, FOGL chief executive Tim Bushell shrugged off the "political noise" from Argentina: "Our legal advice is there are no grounds under any international law for pursuing their claims," he said. The companies either declined to comment or could not be reached for response on Thursday night but it is not thought any of tMeanwhile, the head of Repsol in Argentina sold more than half his shares in the Spanish oil group ahead of Buenos Aires' decision to expropriate its stake in YPF, which sent Repsol's share price tumbling.

Antonio Gomis sold 9,424 shares in November at an average of more than €22 each, days after YPF discovered the huge Vaca Muerta shale gas field and also following Argentine government opposition to a YPF dividend payout. Shares in Repsol began falling in January as Argentine rhetoric turned against Repsol, and traded at €14.46 on Thursday.

Repsol said Mr Gomis acted lawfully and had no idea of the expropriation in November as Argentina was still broadly supportive. Mr Gomis sold the shares for private reasons, it said, and on the only day that Spanish law allowed in that quarter.

Argentina's Economy Minister Hernan Lorenzino said on Thursday night that his country must seize control of YPF to boost production of the oil and natural gas needed to fuel economic growth.

"This decision is about energy self-sufficiency, which is very important for our country," said Mr Lorenzino, a former finance secretary who took office in December.

Mr Lorenzino, 40, said the expropriation push also responded to Repsol's "failure to fulfill its obligation to increase... reserves and production in a way that keeps up with growth and sustains Argentina's economic activity."hem intends to reply to the letters.

end