http://www.zerohedge.com/news/2012-12-28/cme-lowers-gold-margin-9
Submitted by Tyler Durden on 12/28/2012 17:07 -0500
http://www.caseyresearch.com/gsd/edition/india-s-ultra-rich-younger-richer-and-buying-gold
http://harveyorgan.blogspot.com/2012/12/silver-and-gold-advancesilver-will.html
* * *
http://www.silverdoctors.com/harvey-organ-cartel-manipulation-of-gold-silver-is-the-ultimate-treason-as-us-wealth-flows-east/#more-19303
and....
http://www.caseyresearch.com/gsd/edition/eric-sprott-why-are-smart-investors-buying-so-much-more-silver-gold
CME Lowers Gold Margin By 9%
Adding to the confusion, for some, that is today's trading session, here comes the CME which in a post-closing announcement, proceeds to hike outright margins on a variety of petroleum and freight products, but more importantly just cut the margins on gold by 9%. Is it that time when the establishment is clearing the path for everyone to rotate out of equities (and/or bonds) into gold, just to set the trap and pull the trapdoor once everyone is once again left holding paper gold? We shall see, but following tonight's selloff, gold is now less than 5% less than stocks YTD. It may well be up to the last trading session of the year to determine who wins in 2012: rock or paper.
http://www.caseyresearch.com/gsd/edition/india-s-ultra-rich-younger-richer-and-buying-gold
India’s Ultra Rich: Younger, Richer and Buying Gold
Dec
28
"It's my opinion that the rallies in all four precious metals were met by short selling by JPMorgan et al."
¤ YESTERDAY IN GOLD AND SILVER
Not surprisingly, there was little price activity in gold on Thursday during the Far East trading day, or in the London market that followed.
This sideways price action continued well into the New York session, but once the London p.m. gold fix was in at 10:00 a.m. Eastern time, the gold price tacked on a bit more than ten bucks right up until London closed for the day, which was 4:00 p.m. local time in London...11:00 a.m. in New York. Then it got sold off a hair before trading sideways for the rest of the day.
The dollar index opened around the 79.60 mark...and then spiked up a hair at 1:00 p.m. Hong Kong time...and then slid about 30 basis points down to 79.40 a few minutes after the 8:00 a.m. GMT London open. It then traded more or less sideways until precisely 10:00 a.m. in New York...the London p.m. gold fix...and from there it took off to the upside...topping out around 79.78 at 12:30 p.m. Eastern time. Then it slid a little into the close...finishing the Thursday session around 79.66...up a whole 6 basis points.
This sideways price action continued well into the New York session, but once the London p.m. gold fix was in at 10:00 a.m. Eastern time, the gold price tacked on a bit more than ten bucks right up until London closed for the day, which was 4:00 p.m. local time in London...11:00 a.m. in New York. Then it got sold off a hair before trading sideways for the rest of the day.
Gold's high tick of the day was $1,666.40 spot...and it's low tick was somewhere around the $1,653 price mark.
Gold closed the Thursday session at $1,662.90 spot...up $3.50 from Wednesday. Volume was light...around 111,000 contracts...with the lion's share of that occurring during the Comex trading session around the big price jump. It would be my bet that the "usual suspects" were going short on that rally, as it didn't look like a short covering rally to me.
Here's the New York Spot Gold [Bid] chart on its own, so you can see the Comex trading action in more detail.
Gold closed the Thursday session at $1,662.90 spot...up $3.50 from Wednesday. Volume was light...around 111,000 contracts...with the lion's share of that occurring during the Comex trading session around the big price jump. It would be my bet that the "usual suspects" were going short on that rally, as it didn't look like a short covering rally to me.
The silver price chopped sideways within a dime of the $30.00 price level before developing a negative bias going into the noon London silver fix...7:00 a.m. in New York...where there was a sharp spike down to its low of the day. From there it rallied higher before taking off [along with gold] at around 10:25 a.m.
This rally also ended in flames at the London close...11:00 a.m. in New York...before getting sold off further going into the 1:30 p.m. Comex close. From there it traded more or less sideways during the electronic market.
Silver's high tick of the day was recorded by Kitco as $30.59 spot.
Silver closed at $30.14 spot...up a dime on the day...but like just about every other day this week, would have closed a lot higher if it hadn't run into not-for-profit sellers once again. Volume was decent at 37,000 contracts, as the big rally that began at the London silver fix did not go unopposed. I'm sure that JPMorgan et al were buying the short side of that rally right up until the London close.
This rally also ended in flames at the London close...11:00 a.m. in New York...before getting sold off further going into the 1:30 p.m. Comex close. From there it traded more or less sideways during the electronic market.
Silver's high tick of the day was recorded by Kitco as $30.59 spot.
Silver closed at $30.14 spot...up a dime on the day...but like just about every other day this week, would have closed a lot higher if it hadn't run into not-for-profit sellers once again. Volume was decent at 37,000 contracts, as the big rally that began at the London silver fix did not go unopposed. I'm sure that JPMorgan et al were buying the short side of that rally right up until the London close.
The New York Spot Silver [Bid] chart is shown below.
Platinum and palladium had even more interesting price paths yesterday. Not only completely different than gold or silver, but completely different from each other...and here are the 3-day Kitco charts for each.
The rally in gold and silver in New York yesterday mostly coincided with the rally in the dollar index as well...and I'll let you read into that whatever you wish.
* * *
The CME's Daily Delivery Report showed that 43 gold and 57 silver contracts were posted for delivery on Monday...the last day of 2012. The link to yesterday's Issuers and Stoppers Report is here.
With only one more delivery day left in the December contract, there are still a fair number of gold and silver contracts still left open. Silver's December open interest dropped a huge 412 contracts yesterday...and another 100 contracts the day before...leaving the above mentioned 57 contracts left...and I sure would like to know why someone backed out of deliveries these sizes at such a late date.
Then checking the CME's preliminary volume and open interest report from yesterday's trading day in the wee hours of this morning, I note that another 175 gold, along with 49 silver contracts were added at the very last moment to the December delivery month, so someone has to come up with those amounts by the end of trading on Monday. It will be interesting to see who the short/issuers are on those contracts...and I'll have that info for you tomorrow.
The CME should post the First Day Notice numbers for delivery into the January contract for both gold and silver on their Internet site late this evening. They shouldn't be overly large, as January is not a regular delivery month for either metal. But whatever the numbers are, they'll be in my Saturday column as well.
There were no reported changes in either GLD or SLV...and the U.S. Mint had no sales report yesterday, either.
The shortsqueeze.com Internet site updated the mid-month short positions for both GLD and SLV on Wednesday evening...and there weren't any big changes. The really big changes in both ETFs occurred after the cut-off for this latest report from theshortsqueeze.com...and that data won't be available until around mid-January. This is already "yesterday's news" as Ted Butler would say.
What the new report showed was that the short position in SLV only declined by 5.46%...or about 1,047,000 shares/ounces. The total short position in SLV now sits at 18,118,000 shares/ounces...or just a bit over 563 metric tonnes...about 9 days of world silver production.
With only one more delivery day left in the December contract, there are still a fair number of gold and silver contracts still left open. Silver's December open interest dropped a huge 412 contracts yesterday...and another 100 contracts the day before...leaving the above mentioned 57 contracts left...and I sure would like to know why someone backed out of deliveries these sizes at such a late date.
Then checking the CME's preliminary volume and open interest report from yesterday's trading day in the wee hours of this morning, I note that another 175 gold, along with 49 silver contracts were added at the very last moment to the December delivery month, so someone has to come up with those amounts by the end of trading on Monday. It will be interesting to see who the short/issuers are on those contracts...and I'll have that info for you tomorrow.
The CME should post the First Day Notice numbers for delivery into the January contract for both gold and silver on their Internet site late this evening. They shouldn't be overly large, as January is not a regular delivery month for either metal. But whatever the numbers are, they'll be in my Saturday column as well.
There were no reported changes in either GLD or SLV...and the U.S. Mint had no sales report yesterday, either.
The shortsqueeze.com Internet site updated the mid-month short positions for both GLD and SLV on Wednesday evening...and there weren't any big changes. The really big changes in both ETFs occurred after the cut-off for this latest report from theshortsqueeze.com...and that data won't be available until around mid-January. This is already "yesterday's news" as Ted Butler would say.
What the new report showed was that the short position in SLV only declined by 5.46%...or about 1,047,000 shares/ounces. The total short position in SLV now sits at 18,118,000 shares/ounces...or just a bit over 563 metric tonnes...about 9 days of world silver production.
The short position in GLD shares fell by 4.11%...about 977,000 shares, or approximately 98,000 ounces of gold. The short position in GLD now sits at 22.82 million shares, or 2.28 million ounces.
With the big 3-day engineered price sell-off in gold and silver that took place between December 18-20 not in this data...along with the millions of ounces of silver deposited in SLV over that same time period...it's obvious that the shortsqueeze.com data would look a lot of different if they could take a snapshot right now. As it stands at the moment, we'll have to wait until mid January.
The other amazing thing that hasn't happened, is that there have been no major redemptions in either GLD or SLV since the current sell-off really got started on December 12th. And now that I'm looking at the hard numbers, GLD has only shed about 19,000 ounces of gold ...and SLV has actually added 7.0 million ounces of silver during that same time period. I'm only speculating at this point, but it looks like some entity is covering a monster short position that they may have in SLV...and GLD...and they were buying all the shares that others were selling into the engineered price decline that JPMorganet al created in the first place. But I'm sure that was all part of the plan.
Over at the Comex-approved depositories on Wednesday, they reported receiving 623,726 troy ounces of silver...and shipped a smallish 2,949 ounces of the stuff out the door. The link to yesterday's activity is here.
With the big 3-day engineered price sell-off in gold and silver that took place between December 18-20 not in this data...along with the millions of ounces of silver deposited in SLV over that same time period...it's obvious that the shortsqueeze.com data would look a lot of different if they could take a snapshot right now. As it stands at the moment, we'll have to wait until mid January.
The other amazing thing that hasn't happened, is that there have been no major redemptions in either GLD or SLV since the current sell-off really got started on December 12th. And now that I'm looking at the hard numbers, GLD has only shed about 19,000 ounces of gold ...and SLV has actually added 7.0 million ounces of silver during that same time period. I'm only speculating at this point, but it looks like some entity is covering a monster short position that they may have in SLV...and GLD...and they were buying all the shares that others were selling into the engineered price decline that JPMorganet al created in the first place. But I'm sure that was all part of the plan.
Over at the Comex-approved depositories on Wednesday, they reported receiving 623,726 troy ounces of silver...and shipped a smallish 2,949 ounces of the stuff out the door. The link to yesterday's activity is here.
* * *
Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795
The Social Security program ran a $47.8 billion deficit in fiscal 2012 as the program brought in $725.429 billion in cash and paid $773.247 for benefits and overhead expenses, according to official data published by Social Security Administration.
The Social Security Administration also released new data revealing that the number of workers collecting disability benefits hit a record 8,827,795 in December--up from 8,805,353 in November.
The overall number of Social Security program beneficiaries—including retired workers, dependent family members and survivors and disabled workers and their dependent family members—also hit a record in December, climbing from 56,658,978 in November to 56,758,185 in December.
This cnsnews.com article was posted on their website on Wednesday...and I thank Scott Pluschau for sending it. The link is here.
The Social Security Administration also released new data revealing that the number of workers collecting disability benefits hit a record 8,827,795 in December--up from 8,805,353 in November.
The overall number of Social Security program beneficiaries—including retired workers, dependent family members and survivors and disabled workers and their dependent family members—also hit a record in December, climbing from 56,658,978 in November to 56,758,185 in December.
This cnsnews.com article was posted on their website on Wednesday...and I thank Scott Pluschau for sending it. The link is here.
Lagarde Warning: IMF Concerned about Possible German Austerity
International Monetary Fund head Christine Lagarde has said that Germany should not be looking at measures aimed at consolidating its finances, apparently in concern over a SPIEGEL report indicating that the German Finance Ministry is working on a far-reaching package of spending cuts and tax hikes for introduction following general elections next autumn. In an interview with the Thursday edition of the influential weekly Die Zeit, she said that Germany needs to continue to work as a counterbalance to the biting austerity programs passed in crisis-stricken countries in Southern Europe.
Germany and other countries "can afford to move ahead with consolidation at a slower pace than others," Lagarde said. "That serves to counteract the negative effects on growth that emanate from the cuts made in crisis countries."
The comments come just days after SPIEGEL reported that Finance Minister Wolfgang Schäuble is working on a list of consolidation measures. The measures may include a hiking of the value-added tax (VAT) rate of 7 percent for items such as food and public transportation to the standard 19 percent. The government would also slash its contribution to the German health fund and the retirement age would automatically rise in accordance with life expectancy. The goal of the package is to prepare Germany for the constitutionally anchored debt brake, which will severely impact Berlin's ability to take on debt in the coming years.
I wonder if Ms. Lagarde is aware of just how irrelevant the organization she heads, is becoming? This is another story from spiegel.de...and Roy's fourth offering in a row. The link is here.
Germany and other countries "can afford to move ahead with consolidation at a slower pace than others," Lagarde said. "That serves to counteract the negative effects on growth that emanate from the cuts made in crisis countries."
The comments come just days after SPIEGEL reported that Finance Minister Wolfgang Schäuble is working on a list of consolidation measures. The measures may include a hiking of the value-added tax (VAT) rate of 7 percent for items such as food and public transportation to the standard 19 percent. The government would also slash its contribution to the German health fund and the retirement age would automatically rise in accordance with life expectancy. The goal of the package is to prepare Germany for the constitutionally anchored debt brake, which will severely impact Berlin's ability to take on debt in the coming years.
I wonder if Ms. Lagarde is aware of just how irrelevant the organization she heads, is becoming? This is another story from spiegel.de...and Roy's fourth offering in a row. The link is here.
Behind the Scenes in Brussels: EU Summit Reveals a Paralyzed Continent
What happens behind closed doors at an EU summit, when European leaders are among themselves? SPIEGEL has reconstructed the negotiations at the most recent meeting in Brussels in December based on documents and accounts given by numerous sources. It was a summit of hopelessness.
The haggling is in full swing at this hour -- North against South, rich countries against poor ones, German Chancellor Angela Merkel against French President François Hollande. They're stuck on a word, one that would normally have a beautiful, positive sound: common. The word "common" is dividing Europe. This is what it has come to in this night of hard-fought negotiations.
This is Roy's last offering in today's column...and it's certainly a must read. It's another story that was posted over at the spiegel.de Internet site yesterday...and the link is here.
The haggling is in full swing at this hour -- North against South, rich countries against poor ones, German Chancellor Angela Merkel against French President François Hollande. They're stuck on a word, one that would normally have a beautiful, positive sound: common. The word "common" is dividing Europe. This is what it has come to in this night of hard-fought negotiations.
For more than six hours now, the leaders of the European Union have been meeting in Brussels to discuss the future. They are here to agree on a document, and according to item 12 of that paper, there is to be a "common backstop" for the new banking union, a sort of shared resolution fund for worst-case scenarios also referred to more technically as a "shock absorption capacity."
Germany wants the word "common" deleted. So do Sweden, Finland, Denmark and the Netherlands. France wants to keep the word in the document, as do Italy, Spain and Portugal. The northern countries are afraid that they'll be asked to pay even more than they already do, while the south is hoping for more shared responsibility in the crisis. The dispute continues for three-quarters of an hour. The northern countries win the fight and the word "common" is stricken from the closing statement of the most recent EU summit.This is Roy's last offering in today's column...and it's certainly a must read. It's another story that was posted over at the spiegel.de Internet site yesterday...and the link is here.
* * *
¤ THE WRAP
Any man who thinks he can be happy and prosperous by letting the government take care of him, better take a closer look at the American Indian. - Henry Ford
Well, even though volume was 'light' yesterday...it was far more substantial than the volume on Wednesday...and as I said further up, it's my opinion that the rallies in all four precious metals were met by short selling by JPMorgan et al...or it could have been their high-frequency traders just 'spoofing' these markets lower. Of course nothing will be known for sure until the COT Report on January 4th, but that's the way I see it at the moment.
Today's COT Report will be posted on the CFTC's website at 3:30 p.m. Eastern time sharp...and I'll be more than interested in what the numbers have to say. I'll also glean whatever I can from Ted...and I'll have that data for you in tomorrow's column as well.
Take your pick of either "watching paint dry...or grass grow" as that pretty much sums up the trading activity during the Far East session on their Friday. Of course with the weekend here...and the year winding down...I'm not expecting much for the remainder of today in London or New York...as I'm sure what few traders there are left, will be out the door early...and won't show up at their desks again until next Wednesday...the first trading day of the New Year in Europe and here in North America.
As I hit the 'send' button at 4:35 a.m. Eastern time, the prices of both silver and gold aren't doing much of anything...volumes are light, especially in silver...and the dollar index barely has a pulse. Of course it was more or less like this yesterday at this time...and look what happened the moment that the London silver fix was in at noon GMT. So, despite what I said in the previous paragraph, I'll reserve judgment for the moment.
Well, even though volume was 'light' yesterday...it was far more substantial than the volume on Wednesday...and as I said further up, it's my opinion that the rallies in all four precious metals were met by short selling by JPMorgan et al...or it could have been their high-frequency traders just 'spoofing' these markets lower. Of course nothing will be known for sure until the COT Report on January 4th, but that's the way I see it at the moment.
Today's COT Report will be posted on the CFTC's website at 3:30 p.m. Eastern time sharp...and I'll be more than interested in what the numbers have to say. I'll also glean whatever I can from Ted...and I'll have that data for you in tomorrow's column as well.
Take your pick of either "watching paint dry...or grass grow" as that pretty much sums up the trading activity during the Far East session on their Friday. Of course with the weekend here...and the year winding down...I'm not expecting much for the remainder of today in London or New York...as I'm sure what few traders there are left, will be out the door early...and won't show up at their desks again until next Wednesday...the first trading day of the New Year in Europe and here in North America.
As I hit the 'send' button at 4:35 a.m. Eastern time, the prices of both silver and gold aren't doing much of anything...volumes are light, especially in silver...and the dollar index barely has a pulse. Of course it was more or less like this yesterday at this time...and look what happened the moment that the London silver fix was in at noon GMT. So, despite what I said in the previous paragraph, I'll reserve judgment for the moment.
¤ THE WRAP
Any man who thinks he can be happy and prosperous by letting the government take care of him, better take a closer look at the American Indian. - Henry Ford
Well, even though volume was 'light' yesterday...it was far more substantial than the volume on Wednesday...and as I said further up, it's my opinion that the rallies in all four precious metals were met by short selling by JPMorgan et al...or it could have been their high-frequency traders just 'spoofing' these markets lower. Of course nothing will be known for sure until the COT Report on January 4th, but that's the way I see it at the moment.
Today's COT Report will be posted on the CFTC's website at 3:30 p.m. Eastern time sharp...and I'll be more than interested in what the numbers have to say. I'll also glean whatever I can from Ted...and I'll have that data for you in tomorrow's column as well.
Take your pick of either "watching paint dry...or grass grow" as that pretty much sums up the trading activity during the Far East session on their Friday. Of course with the weekend here...and the year winding down...I'm not expecting much for the remainder of today in London or New York...as I'm sure what few traders there are left, will be out the door early...and won't show up at their desks again until next Wednesday...the first trading day of the New Year in Europe and here in North America.
As I hit the 'send' button at 4:35 a.m. Eastern time, the prices of both silver and gold aren't doing much of anything...volumes are light, especially in silver...and the dollar index barely has a pulse. Of course it was more or less like this yesterday at this time...and look what happened the moment that the London silver fix was in at noon GMT. So, despite what I said in the previous paragraph, I'll reserve judgment for the moment.
Well, even though volume was 'light' yesterday...it was far more substantial than the volume on Wednesday...and as I said further up, it's my opinion that the rallies in all four precious metals were met by short selling by JPMorgan et al...or it could have been their high-frequency traders just 'spoofing' these markets lower. Of course nothing will be known for sure until the COT Report on January 4th, but that's the way I see it at the moment.
Today's COT Report will be posted on the CFTC's website at 3:30 p.m. Eastern time sharp...and I'll be more than interested in what the numbers have to say. I'll also glean whatever I can from Ted...and I'll have that data for you in tomorrow's column as well.
Take your pick of either "watching paint dry...or grass grow" as that pretty much sums up the trading activity during the Far East session on their Friday. Of course with the weekend here...and the year winding down...I'm not expecting much for the remainder of today in London or New York...as I'm sure what few traders there are left, will be out the door early...and won't show up at their desks again until next Wednesday...the first trading day of the New Year in Europe and here in North America.
As I hit the 'send' button at 4:35 a.m. Eastern time, the prices of both silver and gold aren't doing much of anything...volumes are light, especially in silver...and the dollar index barely has a pulse. Of course it was more or less like this yesterday at this time...and look what happened the moment that the London silver fix was in at noon GMT. So, despite what I said in the previous paragraph, I'll reserve judgment for the moment.
Enjoy your weekend...or what's left of it if you live west of the International Date Line...and I'll see you here tomorrow.
and....
http://harveyorgan.blogspot.com/2012/12/silver-and-gold-advancesilver-will.html
THURSDAY, DECEMBER 27, 2012
Silver and gold advance/Silver will probably hit 19.4 million oz in deliveries/ Fiscal cliff problems/
Good evening Ladies and Gentlemen:
Gold closed up $2.80 to finish the comex session at $1662.60 while silver also had a good day climbing by
20 cents to $30.18. Today almost all of the attention is on the fiscal cliff or the lack of progress. The Dow plummeted when Harry Reid did some name calling. However with news that the House will reconvene Sunday night sent the Dow from its nadir ( down 100 or so points) to reach the breakeven point. Mitch McConnell spoiled the party at the end of the day by suggesting he will not support any Democratic bill unless it has a great chance of passing in the House. We will go over these and other stories but first:
Let us now head over to the comex and assess trading today.
The total comex gold open interest fell today by 2012 contracts from 426,300 to rest tonight at 424,279. It seems that many have abandoned this arena to purchase their gold. The active December contract month saw it's OI fall from 102 to 77 for a loss of 25 contracts. We had 22 delivery notices filed yesterday so we lost 300 oz of gold standing for December delivery. The non active January month saw it's OI fall by 133 contracts down to 988. The next big active month for gold is February and here the OI fell by 2629 contracts down to 253,375. The estimated volume at the gold comex today was pretty weak at 97,834. The confirmed volume yesterday was in even worse at 55,761.The total silver comex OI continues to hover at elevated levels surrounding the 140,000 mark. Today, the OI registers 140,124 down 627 contracts from yesterday's level of 140,751. The active December contract saw it's OI fall from 467 down to 55 for a loss of 414 contracts. We had 388 notices filed yesterday so in essence we lost 24 contracts or 120,000 oz of silver standing for delivery in December. The non active January contract month saw it's OI fall 42 contracts down to 515. The next active contract month for silver is March and here the OI fell by 167 contracts down to 78,735. The estimated volume at the silver comex today was quite weak at 29,058. The confirmed volume yesterday was also extremely weak at 16,736.
Gold closed up $2.80 to finish the comex session at $1662.60 while silver also had a good day climbing by
20 cents to $30.18. Today almost all of the attention is on the fiscal cliff or the lack of progress. The Dow plummeted when Harry Reid did some name calling. However with news that the House will reconvene Sunday night sent the Dow from its nadir ( down 100 or so points) to reach the breakeven point. Mitch McConnell spoiled the party at the end of the day by suggesting he will not support any Democratic bill unless it has a great chance of passing in the House. We will go over these and other stories but first:
Let us now head over to the comex and assess trading today.
The total comex gold open interest fell today by 2012 contracts from 426,300 to rest tonight at 424,279. It seems that many have abandoned this arena to purchase their gold. The active December contract month saw it's OI fall from 102 to 77 for a loss of 25 contracts. We had 22 delivery notices filed yesterday so we lost 300 oz of gold standing for December delivery. The non active January month saw it's OI fall by 133 contracts down to 988. The next big active month for gold is February and here the OI fell by 2629 contracts down to 253,375. The estimated volume at the gold comex today was pretty weak at 97,834. The confirmed volume yesterday was in even worse at 55,761.The total silver comex OI continues to hover at elevated levels surrounding the 140,000 mark. Today, the OI registers 140,124 down 627 contracts from yesterday's level of 140,751. The active December contract saw it's OI fall from 467 down to 55 for a loss of 414 contracts. We had 388 notices filed yesterday so in essence we lost 24 contracts or 120,000 oz of silver standing for delivery in December. The non active January contract month saw it's OI fall 42 contracts down to 515. The next active contract month for silver is March and here the OI fell by 167 contracts down to 78,735. The estimated volume at the silver comex today was quite weak at 29,058. The confirmed volume yesterday was also extremely weak at 16,736.
Comex gold figures
Dec 27.2012 The December contract month
Today, we had tiny activity inside the gold vaults
The dealer had no deposits and no withdrawals.
We had 2 customer deposit:
i) Into Scotia: 2,893.5 oz
ii) Into Brinks: 3,728.80 oz
total deposit: 6,622.300 oz
we had 0 customer withdrawals:
total customer withdrawal zero oz
Adjustments: 0
Thus the dealer inventory rests tonight at 2.621 million oz (81.33) tonnes of gold.
You should also note that the dealer or registered account as not withdrawn one oz from their their inventory category.
The CME reported that we had 23 notices filed for 2,300 oz of gold. The total number of notices filed so far this month thus rises to 3001 notices or 300,100 oz of gold. To obtain what will stand for December, we take the open interest standing for December (77) and subtract out today's notices (23) which leaves us with 54 contracts or 5400 oz of gold left to be served upon our longs.
Thus the total number of gold ounces standing for delivery in December is as follows:
300,100 oz (served) + 5,400 oz (to be served upon) = 305,500 oz (9.50 tonnes of gold).
we lost 300 oz of gold standing in the December delivery month.
Dec 27.2012 The December contract month
Today, we had tiny activity inside the gold vaults
The dealer had no deposits and no withdrawals.
We had 2 customer deposit:
We had 2 customer deposit:
i) Into Scotia: 2,893.5 oz
ii) Into Brinks: 3,728.80 oz
total deposit: 6,622.300 oz
we had 0 customer withdrawals:
total customer withdrawal zero oz
Adjustments: 0
Thus the dealer inventory rests tonight at 2.621 million oz (81.33) tonnes of gold.
You should also note that the dealer or registered account as not withdrawn one oz from their their inventory category.
total customer withdrawal zero oz
Adjustments: 0
Thus the dealer inventory rests tonight at 2.621 million oz (81.33) tonnes of gold.
You should also note that the dealer or registered account as not withdrawn one oz from their their inventory category.
The CME reported that we had 23 notices filed for 2,300 oz of gold. The total number of notices filed so far this month thus rises to 3001 notices or 300,100 oz of gold. To obtain what will stand for December, we take the open interest standing for December (77) and subtract out today's notices (23) which leaves us with 54 contracts or 5400 oz of gold left to be served upon our longs.
Thus the total number of gold ounces standing for delivery in December is as follows:
300,100 oz (served) + 5,400 oz (to be served upon) = 305,500 oz (9.50 tonnes of gold).
we lost 300 oz of gold standing in the December delivery month.
300,100 oz (served) + 5,400 oz (to be served upon) = 305,500 oz (9.50 tonnes of gold).
we lost 300 oz of gold standing in the December delivery month.
Silver:
Dec 27.2012: The December silver contract month
Dec 27.2012: The December silver contract month
Today, we again had tiny activity inside the silver vaults.
we had no dealer deposits and no dealer withdrawals:
We had 3 customer deposits of silver:
i) Into Delaware: 24,298.78 oz
ii) Into Scotia: 623,726.10 oz
ii) Into CNT: 2,089.000 oz (another perfectly round number of a deposit)
total deposit: 650,113.8 oz
we had 1 customer withdrawals:
i) out of Delaware: 2949.14 oz
total customer withdrawal: 2,914.14 oz
i) Into Delaware: 24,298.78 oz
ii) Into Scotia: 623,726.10 oz
ii) Into CNT: 2,089.000 oz (another perfectly round number of a deposit)
total deposit: 650,113.8 oz
we had 1 customer withdrawals:
i) out of Delaware: 2949.14 oz
total customer withdrawal: 2,914.14 oz
we had 1 adjustments:
Today, we had 15,847.84 oz of silver leave the dealer to repay the customer's account at HSBC.
I have still not received any answer from the CFTC regarding the round numbered deposits/withdrawals in gold and silver we have been witnessing lately, especially from the CNT vault.
Today, we had 15,847.84 oz of silver leave the dealer to repay the customer's account at HSBC.
I have still not received any answer from the CFTC regarding the round numbered deposits/withdrawals in gold and silver we have been witnessing lately, especially from the CNT vault.
Registered silver remains today at : 42.684 million oz
total of all silver: 147.743 million oz.
The CME reported that we had 1 notice filed for 5,000 oz.
To determine the number of silver ounces standing for December, I take the OI standing for December (55) and subtract out today's notices (1) which leaves us with 54 notices left to be filed or 270,000 ounces left to be served upon our longs.
Thus the total number of silver ounces standing in this active month of December is as follows:
19,090,000 oz (served) + 270,000 (oz to be served upon) = 19,360,000 oz
we finally lost another 120,000 oz of addition silver standing for December.
Thus the total number of silver ounces standing in this active month of December is as follows:
19,090,000 oz (served) + 270,000 (oz to be served upon) = 19,360,000 oz
we finally lost another 120,000 oz of addition silver standing for December.
* * *
From Mitsui Financial early this morning:
(courtesy GATA/Mitsui)
(courtesy GATA/Mitsui)
Mitsui Global Precious Metals: Singapore Morning Comment on December 27:
"On the fundamental front for precious metals, we saw silver physical holdings by ETFs rose to an all-time high of 18.9 thousand metric tons while gold physical holding remains near the record high at 2,631 metric tons. Further, US mints has reported 24.8% increase in gold coin sales. This decoupling of fundamental which paints an extremely bullish picture versus price action which had recently smashed faith in precious metals (best exemplified with silver at record physical holding yet posting 13.2% decline for the quarter), has confused and disillusioned many."
"On the fundamental front for precious metals, we saw silver physical holdings by ETFs rose to an all-time high of 18.9 thousand metric tons while gold physical holding remains near the record high at 2,631 metric tons. Further, US mints has reported 24.8% increase in gold coin sales. This decoupling of fundamental which paints an extremely bullish picture versus price action which had recently smashed faith in precious metals (best exemplified with silver at record physical holding yet posting 13.2% decline for the quarter), has confused and disillusioned many."
http://www.silverdoctors.com/harvey-organ-china-behind-gold-silver-manipulation/
HARVEY ORGAN: CHINA IS THE SHORT BEHIND GOLD & SILVER MANIPULATION
The Doc sat down with Harvey Organ again for the 2nd of several interviews regarding the recent massive cartel intervention in the gold and silver markets post the QE4 announcement, the fiscal cliff, the CFTC’s silver probe, and the unprecedented 20 million oz of silver still standing for December delivery.http://www.silverdoctors.com/harvey-organ-cartel-manipulation-of-gold-silver-is-the-ultimate-treason-as-us-wealth-flows-east/#more-19303
HARVEY ORGAN: CARTEL MANIPULATION OF GOLD & SILVER IS THE ULTIMATE TREASON, AS US WEALTH FLOWS EAST
and....
http://www.caseyresearch.com/gsd/edition/eric-sprott-why-are-smart-investors-buying-so-much-more-silver-gold
Eric Sprott: Why Are [Smart] Investors Buying So Much More Silver Than Gold?
Dec
27
"The other question remaining is, when these rallies get started, will JPMorgan et al go back on the short side?"
¤ YESTERDAY IN GOLD AND SILVER
December 24th trading was pretty quiet in gold. The price rose to the $1,665 spot mark into the London open...and then slowly got sold off from there into an early New York close. It finished the trading day on Monday at $1,658.30 spot...and it was no surprise that volume was very light. I didn't even both writing it down.
On Tuesday, gold got sold down the moment trading began at 6:00 p.m. in New York on Christmas Day/evening...but an hour later, 9:00 a.m. in Tokyo on their Wednesday morning, the bottom was in. The gold price made a rather slow recovery from there...but rallied as soon as the noon silver fix was in, in London...and was back to unchanged by the Comex open. At that point a serious buyer showed up...and the usual not-for-profit sellers appeared around 9:20 a.m. Eastern. If they'd waited until the 10:00 a.m. London p.m. gold fix, the gold price would have been a very large number by that time, as there were no legitimate short sellers in sight. Gold's high tick at 9:20 a.m. was $1,669.00 spot.
On Tuesday, gold got sold down the moment trading began at 6:00 p.m. in New York on Christmas Day/evening...but an hour later, 9:00 a.m. in Tokyo on their Wednesday morning, the bottom was in. The gold price made a rather slow recovery from there...but rallied as soon as the noon silver fix was in, in London...and was back to unchanged by the Comex open. At that point a serious buyer showed up...and the usual not-for-profit sellers appeared around 9:20 a.m. Eastern. If they'd waited until the 10:00 a.m. London p.m. gold fix, the gold price would have been a very large number by that time, as there were no legitimate short sellers in sight. Gold's high tick at 9:20 a.m. was $1,669.00 spot.
After that, the gold price got sold down until about half past lunchtime in New York...and then traded sideways for the rest of the day. The gold price finished the Wednesday session at $1,659.40 spot...up $1.10 from Monday...and would have finished materiallyhigher if allowed to, which it wasn't. Volume was fumes and vapours at around 55,000 contracts.
It was pretty much the same story in silver on the day before Christmas. Silver's high tick on Monday came shortly after 9:00 a.m. in London...and then down it went, right along with the gold price, until 12:30 p.m. in New York. It recovered about a dime into an early close.
In Wednesday trading, silver traded within a dime of it's Monday closing price right up until the noon silver fix in London...which turned out to be its low price tick over there. The subsequent rally continued right through the Comex open before running into the same set of not-for-profit sellers that gold did at 9:20 a.m. Eastern time
In Wednesday trading, silver traded within a dime of it's Monday closing price right up until the noon silver fix in London...which turned out to be its low price tick over there. The subsequent rally continued right through the Comex open before running into the same set of not-for-profit sellers that gold did at 9:20 a.m. Eastern time
The high tick of the day [$30.32 spot] came shortly after that...and it was, as they say, all down hill until about half past lunchtime in New York...the same as on Monday. The silver price made another rally attempt from there, but got sold off after 3:00 p.m. in electronic trading.
Silver closed at $30.04...up twelve cents from Monday's close. Net volume was a puny 14,500 contracts.
Despite some minor rallies and declines, the dollar index didn't do much. It closed on Friday at 79.53...and traded pretty close to that price on Monday, Tuesday...and yesterday. It's impossible to connect yesterday's currency activities to the rally/sell-off in gold and silver between 7:00 a.m. and 12:30 p.m. Eastern time. Here's the 3-day dollar index chart...
Silver closed at $30.04...up twelve cents from Monday's close. Net volume was a puny 14,500 contracts.
* * *
The CME's Daily Delivery Report showed that 23 gold and 1 lonely silver contracts were posted for delivery on Friday within the Comex-approved depositories. The link to yesterday's Issuers and Stoppers Report is here.
There were no reported changes in either GLD or SLV yesterday...and the U.S. Mint reported selling only 2,500 ounces of gold eagles.
Over at the Comex-approved depositories they reported receiving 216,674 troy ounces of silver on Monday...and didn't ship any out. The link to that activity, such as it was, is here.
On Saturday I posted a story about the new Valcambi 50 gram gold 'Combibar'. I heard back from a couple of readers on this issue over the weekend...Roger B. and Paul Laviers.
Hi Ed...One of the bullion dealers I use, the Guernsey Mint, has recently started selling the Valcambi 50g Gold 'Combibar'. It's current price is £1,762.23, which I calculate to be a premium of around 7% on the current spot price...Paul. [A hair more than I was hoping/expecting, but not too bad. - Ed]
I was just looking into these combibars, and have found that Valcambi also produce two silver combibars (10 x 10g) and (100 x 1g) and a palladium combibar (50 x 1g) as well as twoCook Islands CombiCoins...whatever they might be! All the details, including prices, are linked here.
There were no reported changes in either GLD or SLV yesterday...and the U.S. Mint reported selling only 2,500 ounces of gold eagles.
Over at the Comex-approved depositories they reported receiving 216,674 troy ounces of silver on Monday...and didn't ship any out. The link to that activity, such as it was, is here.
On Saturday I posted a story about the new Valcambi 50 gram gold 'Combibar'. I heard back from a couple of readers on this issue over the weekend...Roger B. and Paul Laviers.
Hi Ed...One of the bullion dealers I use, the Guernsey Mint, has recently started selling the Valcambi 50g Gold 'Combibar'. It's current price is £1,762.23, which I calculate to be a premium of around 7% on the current spot price...Paul. [A hair more than I was hoping/expecting, but not too bad. - Ed]
I was just looking into these combibars, and have found that Valcambi also produce two silver combibars (10 x 10g) and (100 x 1g) and a palladium combibar (50 x 1g) as well as twoCook Islands CombiCoins...whatever they might be! All the details, including prices, are linked here.
and selected news and views items
ProPublica: Government Now Runs the US Mortgage Marketplace
The American home mortgage market has, for all practical purposes, become nationalized since the 2008 financial meltdown, according to an analysis by ProPublica, the non-profit investigative journalism project.
The takeover, without which the housing market could barely function, has occurred against a backdrop of little planning or public discussion.
In fact, nine out of every 10 new mortgages are now backed by the U.S. taxpayer, up from three in 10 in 2006.
This item was posted on the moneynews.com Internet site last Friday...and it's courtesy of West Virginia reader Elliot Simon. The link is here.
The takeover, without which the housing market could barely function, has occurred against a backdrop of little planning or public discussion.
In fact, nine out of every 10 new mortgages are now backed by the U.S. taxpayer, up from three in 10 in 2006.
This item was posted on the moneynews.com Internet site last Friday...and it's courtesy of West Virginia reader Elliot Simon. The link is here.
Chilling economic report strikes fear into CEOs
Over an early-morning coffee with the chief executive of a FTSE 100 business last week, talk turned to the outlook for 2013. Where I had expected some guarded optimism, instead I heard a chilling analysis.
The CEO said he had been reading a new paper from Boston Consulting Group headed “Ending the Era of Ponzi Finance”. The lessons he had taken from it were miserable. [The report appears to be free, but you have to sign up for it. - Ed]
The BCG study by Daniel Stelter which is doing the rounds of corporate C-suites does not pull its punches. In fact, its punches are really just a softening-up exercise for a barrage of kicks and painful blows aimed at anyone who thinks that kicking the can down the road is a suitable substitute for radical action.
The West was not going to find its way to the right economic path with a little tweaking at the edges, the CEO said. What is needed is a wholesale overhaul of the economic system to tackle record levels of public and private debt. Was anyone brave enough to do it, he wondered aloud.
This commentary, plus the link to the report, was posted on the telegraph.co.ukInternet site late on Saturday evening BST...and it's courtesy of Nick Laird. The link to 'all of the above' is here.
The CEO said he had been reading a new paper from Boston Consulting Group headed “Ending the Era of Ponzi Finance”. The lessons he had taken from it were miserable. [The report appears to be free, but you have to sign up for it. - Ed]
The BCG study by Daniel Stelter which is doing the rounds of corporate C-suites does not pull its punches. In fact, its punches are really just a softening-up exercise for a barrage of kicks and painful blows aimed at anyone who thinks that kicking the can down the road is a suitable substitute for radical action.
The West was not going to find its way to the right economic path with a little tweaking at the edges, the CEO said. What is needed is a wholesale overhaul of the economic system to tackle record levels of public and private debt. Was anyone brave enough to do it, he wondered aloud.
This commentary, plus the link to the report, was posted on the telegraph.co.ukInternet site late on Saturday evening BST...and it's courtesy of Nick Laird. The link to 'all of the above' is here.
Who Is François Hollande? Crisis Will Reveal French President's True Contours
Is French President François Hollande a reformer or a traditional leftist? He's a man who enjoys his role as France's leader, but many voters are asking themselves who it is they elected. He's a staunch opponent of Angela Merkel's austerity measures and has made combating them a priority. His true political agenda may only become apparent as the euro crisis continues.
François Hollande has been speaking for two hours and 37 minutes, from his place at the podium in the grand ballroom of the Elysée Palace. It is mid-November, and this is the French president's first press conference since taking office. He hasn't yet even broken a sweat.
Hollande evokes the economic situation in France in a dramatic tone and reports a laundry list of measures he is either considering or has already implemented. Then he answers the journalists' questions, all delivered in a deferential tone and some of them equally as flowery as the president's answers. At one point Hollande says, "And now I will answer another question no one has asked." He's allowed to do that.
This is a fascinating moment for two reasons. For one thing, it shows how France's presidential democracy works. Hollande's press conference is not really a press conference, but rather a symbolic performance that demonstrates the president's authority.
You couldn't make this stuff up. The story was from the German websitespiegel.de yesterday...and the first of two in a row from Roy Stephens. The link is here.
François Hollande has been speaking for two hours and 37 minutes, from his place at the podium in the grand ballroom of the Elysée Palace. It is mid-November, and this is the French president's first press conference since taking office. He hasn't yet even broken a sweat.
Hollande evokes the economic situation in France in a dramatic tone and reports a laundry list of measures he is either considering or has already implemented. Then he answers the journalists' questions, all delivered in a deferential tone and some of them equally as flowery as the president's answers. At one point Hollande says, "And now I will answer another question no one has asked." He's allowed to do that.
This is a fascinating moment for two reasons. For one thing, it shows how France's presidential democracy works. Hollande's press conference is not really a press conference, but rather a symbolic performance that demonstrates the president's authority.
You couldn't make this stuff up. The story was from the German websitespiegel.de yesterday...and the first of two in a row from Roy Stephens. The link is here.
Greece not doing enough to fight tax dodgers, say EU and IMF
Athens has collected just half the tax debts and conducted less than half the audits it was supposed to under the targets set by its lenders, according to a survey by the country's international lenders which was compiled in November.
The lenders urged Greece to improve tax collection and focus on the cases most likely to produce results. "Doctors and lawyers are a good place to start," they said.
Tax evasion is endemic in Greece, making it more difficult for the government to shore up its finances under its €240bn international bailout.
This story, which is worth skimming, was posted on The Telegraph's website early Monday afternoon local time and, as mentioned above, is the second of two in a row from Roy Stephens. The link is here.
The lenders urged Greece to improve tax collection and focus on the cases most likely to produce results. "Doctors and lawyers are a good place to start," they said.
Tax evasion is endemic in Greece, making it more difficult for the government to shore up its finances under its €240bn international bailout.
This story, which is worth skimming, was posted on The Telegraph's website early Monday afternoon local time and, as mentioned above, is the second of two in a row from Roy Stephens. The link is here.
Japan's incoming PM keeps up pressure on BOJ to attack deflation
Incoming Japanese Prime Minister Shinzo Abe kept up his calls on Tuesday for the Bank of Japan to drastically ease monetary policy by setting an inflation target of 2 percent, and repeated that he wants to tame the strong yen to help revive the economy.
"We have advocated beating deflation, correcting the strong yen and achieving economic growth during the election, so we must restore a strong economy," he said, adding that the stagnant economy was also undermining Japan's diplomatic clout.
Abe, a security hardliner was sworn in as premier on Wednesday...and he is also expected to appoint his cabinet, is prescribing a mix of aggressive monetary policy easing and big fiscal spending to beat deflation and rein in the strong yen.
Print...or die! The disease is now terminal in the Western world. This Reutersstory was filed from Tokyo on Christmas Day...and I found it in yesterday's edition of the King Report. The link is here.
"We have advocated beating deflation, correcting the strong yen and achieving economic growth during the election, so we must restore a strong economy," he said, adding that the stagnant economy was also undermining Japan's diplomatic clout.
Abe, a security hardliner was sworn in as premier on Wednesday...and he is also expected to appoint his cabinet, is prescribing a mix of aggressive monetary policy easing and big fiscal spending to beat deflation and rein in the strong yen.
Print...or die! The disease is now terminal in the Western world. This Reutersstory was filed from Tokyo on Christmas Day...and I found it in yesterday's edition of the King Report. The link is here.
Seven King World News Blogs/Audio Interviews
1. John Embry: "Catastrophic Loss of Confidence to Spike Gold & Silver". 2.Michael Pento: "Who Has Been Naughty or Nice & What to Expect in 2013". 3. Andrew Maguire: Audio interview Part One. 4. Andrew Maguire: Audio interview Part Two. 5. Audio interview with Gerald Celente. 6. Audio interview with Egon von Greyerz. 7. Richard Russell: "Put 33% to 50% into Gold & Sidestep Bubbles".
TF Metals Report: Ted Butler: Very Early Monday
It's going to be a while before I can write up a full new post so, with the current post pushing 40,000 views, I thought I'd better give you a new thread to chew on overnight.
Following along with the previous post here at TFMR, Uncle Ted crafted these two paragraphs in his Weekly Review back on Saturday. Concise but with an added level of detail I failed to provide, these two paragraphs provide an essential background to the entire silver manipulation story.
I hope that Uncle Ted doesn't mind. He's the patriarch of our movement and, as you know, I hold him in very high regard. I would strongly encourage you to consider subscribing to his site, especially at this critical moment in our history.
Since Mr. Ferguson already 'stole' this from Ted...and it's in the public domain...I'm only too happy to steal it as well. It, too, is an absolute must read...and it's posted on the tfmetalsreport.com Internet site. The link is here.
Following along with the previous post here at TFMR, Uncle Ted crafted these two paragraphs in his Weekly Review back on Saturday. Concise but with an added level of detail I failed to provide, these two paragraphs provide an essential background to the entire silver manipulation story.
I hope that Uncle Ted doesn't mind. He's the patriarch of our movement and, as you know, I hold him in very high regard. I would strongly encourage you to consider subscribing to his site, especially at this critical moment in our history.
Since Mr. Ferguson already 'stole' this from Ted...and it's in the public domain...I'm only too happy to steal it as well. It, too, is an absolute must read...and it's posted on the tfmetalsreport.com Internet site. The link is here.
* * *
¤ THE WRAP
The one good thing about this [past] week’s price smash in silver (and gold) is that it should have removed any doubt that it was anything other than COMEX price manipulation. By anything I mean the smash had nothing to do with physical market fundamentals or the trading of metals in any other market; this was a COMEX production pure and simple. It was actually refreshing that it was so clearly a COMEX generated smash, as it made any attempt at alternative explanation look silly. If one doesn’t see that paper COMEX trading was the cause of this week’s sharp price declines, it can only be because of a refusal to see the clear facts. - Silver analyst Ted Butler...22 December 2012
With volume so small, I wouldn't read much into the price action during the first two trading days of this week...although I must admit the price patterns looks sadly familiar.
As we sit here and twiddle our collective thumbs for the rest of the 2012 year, I'm still asking the same question that I did in Saturday's edition of 'The Wrap'...and that is, is JPMorgan et al done to the down side? I'm not entirely sure, but I'd guess that they could continue the price pressure to the downside if they so wished.
The Commitment of Traders numbers are certainly far more positive in gold than they have been in a long time...and although the short positions in silver has probably improved significantly, it's a good bet that a grotesque short position still exists.
I'm basing my thoughts above on the fact that tomorrow's Commitment of Traders Report will show huge improvements in the Commercial net short positions in both metals. It only remains to be seen how the 'Big 4' are positioned in both gold and silver when the report is posted on the CFTC's website on Friday afternoon.
Looking at the 6-month charts for gold, silver, platinum and palladium...it's easy to see that three of these four precious metals are at, or well into, oversold territory...and it's from these lows that new rallies begin.
And the other question remaining is, when these rallies get started, will JPMorgan et al go back on the short side of the new longs that pour back into the markets as the 200-day moving averages get broken to the upside? Time will tell. But until they decide to stand aside and let the prices run to the upside, they are 100 percent in control of the precious metals market...and even then it will only happen because they allow it.
With volume so small, I wouldn't read much into the price action during the first two trading days of this week...although I must admit the price patterns looks sadly familiar.
As we sit here and twiddle our collective thumbs for the rest of the 2012 year, I'm still asking the same question that I did in Saturday's edition of 'The Wrap'...and that is, is JPMorgan et al done to the down side? I'm not entirely sure, but I'd guess that they could continue the price pressure to the downside if they so wished.
The Commitment of Traders numbers are certainly far more positive in gold than they have been in a long time...and although the short positions in silver has probably improved significantly, it's a good bet that a grotesque short position still exists.
I'm basing my thoughts above on the fact that tomorrow's Commitment of Traders Report will show huge improvements in the Commercial net short positions in both metals. It only remains to be seen how the 'Big 4' are positioned in both gold and silver when the report is posted on the CFTC's website on Friday afternoon.
Looking at the 6-month charts for gold, silver, platinum and palladium...it's easy to see that three of these four precious metals are at, or well into, oversold territory...and it's from these lows that new rallies begin.
And the other question remaining is, when these rallies get started, will JPMorgan et al go back on the short side of the new longs that pour back into the markets as the 200-day moving averages get broken to the upside? Time will tell. But until they decide to stand aside and let the prices run to the upside, they are 100 percent in control of the precious metals market...and even then it will only happen because they allow it.
(Click on image to enlarge)
(Click on image to enlarge)
Not much his going on in overnight trading in the Far East...and volumes are thin and that's being kind. The dollar index has barely moved since it opened in Japan on their Thursday morning. That also applies to the London open as well. It's pretty dead out there as I hit the 'send' button at 3:35 a.m. Eastern time. It will be interesting to see what develops at the noon silver fix in London...and/or at the Comex open this morning.
I have no idea how the rest of this year's trading will unfold. I'm hoping for the best, but I'm always on the lookout for "in your ear". And in closing I want to pass along the investment advice that Mr. Ferguson gave in the last sentence of his December 24th commentary that I posted in the 'Critical Reads' section above..."Good luck and BTFD."
See you on Friday.
I have no idea how the rest of this year's trading will unfold. I'm hoping for the best, but I'm always on the lookout for "in your ear". And in closing I want to pass along the investment advice that Mr. Ferguson gave in the last sentence of his December 24th commentary that I posted in the 'Critical Reads' section above..."Good luck and BTFD."
See you on Friday.
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