http://www.optionmonster.com/news/article.php?page=pmc/bernanke_address_leads_calendar_81446.html
Bernanke address leads calendar
David Russell | david.russell@optionmonster.com
The only event on today's calendar is a speech by Federal Reserve Chairman Ben Bernanke.
The address to the Chicago Fed Banking Conference begins as the market opens at 9:30 a.m. ET. Investors will probably monitor his comments closely for clues about the direction of monetary policy.
Next week begins on a more active note, with Chinese industrial production early in the morning and U.S. retail sales an hour before the opening bell. Both have the potential to influence trading.
Tuesday brings the German ZEW survey of economic sentiment and European industrial-production numbers. German and French GDP follow on Wednesday, while U.S. data will include the New York Fed's Empire regional survey and the NAHB's homebuilder-sentiment index.
Initial jobless claims, housing starts, and building permits will be released the next day. Friday's main headline is consumer sentiment 25 minutes into the trading session.
The address to the Chicago Fed Banking Conference begins as the market opens at 9:30 a.m. ET. Investors will probably monitor his comments closely for clues about the direction of monetary policy.
Next week begins on a more active note, with Chinese industrial production early in the morning and U.S. retail sales an hour before the opening bell. Both have the potential to influence trading.
Tuesday brings the German ZEW survey of economic sentiment and European industrial-production numbers. German and French GDP follow on Wednesday, while U.S. data will include the New York Fed's Empire regional survey and the NAHB's homebuilder-sentiment index.
Initial jobless claims, housing starts, and building permits will be released the next day. Friday's main headline is consumer sentiment 25 minutes into the trading session.
http://harveyorgan.blogspot.com/2013/05/rumour-that-fed-will-taper-qe-forces.html
Thursday, May 9, 2013
Rumour that the Fed will taper QE forces gold and silver down in the access market/
Good evening Ladies and Gentlemen:
Gold closed down $5.10 to $1468.80 (comex closing time). Silver fell by only 1 cents to $23.88 (comex closing time)
In the access market at 8 pm gold and silver are the following :
gold: $1456.30.
silver: $23.67
The reason for the whack is the rumour that the Fed will taper QE. When will journalists write the truth that it is impossible for the USA to stop QE as there will be nobody on the planet ready to buy any of their bonds. This is nothing but crap!! (Dave Kranzler comments on this below)
At the comex, the open interest in silver rose by 1176 contracts to 145,332 contracts. The silver OI is holding firm at elevated levels . The open interest on the gold contract rose again by 3930 contracts to 441,861 as we have a few more dumb paper players willing to take on the crooked bankers.. The gold deliveries for May rose a bit today surpassing 6 tonnes at 6.01 tonnes and this is an off month for gold. In silver we continue to see the total number of ounces standing rise above the quantity that stood on first day notice. The number of silver ounces, standing for delivery in May now stands at 16.435 million oz. ( On first day notice: 14.860 million oz.)
Over at the comex gold is departing as investors are frightened to death of a confiscation similar to what happened at MFGlobal or Refco. Tonight, the Comex registered or dealer gold rests at 1.835 million oz or 57.07 tonnes. The total of all gold at the comex rose just above 8 million oz at 8.04 million oz. Today JPMorgan had another adjustment whereby 22,759.857 oz was transferred out of the dealer account and into its badly needed customer account.
I have been out of the loop all day, so I just concentrate on the physical side of things.
Let us now head over to the comex and assess trading over there today:
The total gold comex open interest rose again today by 3930 contracts today from 437,931 all the way up to 441,861, with gold rising by $24.10 on Wednesday. The front non active delivery month of May saw its OI fall by 4 contracts down to 144. However we had 25 delivery notices filed on Wednesday. Thus we gained 21 contracts or 2100 additional gold ounces will stand for delivery in May. The next active contract month is June and here the OI fell by 8,237 contracts to 231,031 as most of these paper players rolled into August. June is the second biggest delivery month in gold's calender and first day notice is 3 weeks away. The estimated volume today was good at 169,490 contracts. The confirmed volume on Wednesday was very strong at 205,878 contracts.
The total silver comex OI rose again by 1,176 contracts from 144,156 up to 145,332 with silver's rise in price of 12 cents on Wednesday. The front active silver delivery month of May saw it's OI fall by 4 contracts down to 899. We had 8 delivery notices filed on Wednesday so we lost 4 contracts or 20,000 oz will not stand for delivery in May. The next delivery month for silver is June and here the OI rose by 54 contracts to stand at 426. The next big active contract month is July and here the OI rose by 727 contracts to rest tonight at 79,145. The estimated volume today was good, coming in at 35,774 contracts. The confirmed volume on Wednesday was very good at 42,389.
Gold closed down $5.10 to $1468.80 (comex closing time). Silver fell by only 1 cents to $23.88 (comex closing time)
In the access market at 8 pm gold and silver are the following :
gold: $1456.30.
silver: $23.67
The reason for the whack is the rumour that the Fed will taper QE. When will journalists write the truth that it is impossible for the USA to stop QE as there will be nobody on the planet ready to buy any of their bonds. This is nothing but crap!! (Dave Kranzler comments on this below)
At the comex, the open interest in silver rose by 1176 contracts to 145,332 contracts. The silver OI is holding firm at elevated levels . The open interest on the gold contract rose again by 3930 contracts to 441,861 as we have a few more dumb paper players willing to take on the crooked bankers.. The gold deliveries for May rose a bit today surpassing 6 tonnes at 6.01 tonnes and this is an off month for gold. In silver we continue to see the total number of ounces standing rise above the quantity that stood on first day notice. The number of silver ounces, standing for delivery in May now stands at 16.435 million oz. ( On first day notice: 14.860 million oz.)
Over at the comex gold is departing as investors are frightened to death of a confiscation similar to what happened at MFGlobal or Refco. Tonight, the Comex registered or dealer gold rests at 1.835 million oz or 57.07 tonnes. The total of all gold at the comex rose just above 8 million oz at 8.04 million oz. Today JPMorgan had another adjustment whereby 22,759.857 oz was transferred out of the dealer account and into its badly needed customer account.
I have been out of the loop all day, so I just concentrate on the physical side of things.
Let us now head over to the comex and assess trading over there today:
The total gold comex open interest rose again today by 3930 contracts today from 437,931 all the way up to 441,861, with gold rising by $24.10 on Wednesday. The front non active delivery month of May saw its OI fall by 4 contracts down to 144. However we had 25 delivery notices filed on Wednesday. Thus we gained 21 contracts or 2100 additional gold ounces will stand for delivery in May. The next active contract month is June and here the OI fell by 8,237 contracts to 231,031 as most of these paper players rolled into August. June is the second biggest delivery month in gold's calender and first day notice is 3 weeks away. The estimated volume today was good at 169,490 contracts. The confirmed volume on Wednesday was very strong at 205,878 contracts.
The total silver comex OI rose again by 1,176 contracts from 144,156 up to 145,332 with silver's rise in price of 12 cents on Wednesday. The front active silver delivery month of May saw it's OI fall by 4 contracts down to 899. We had 8 delivery notices filed on Wednesday so we lost 4 contracts or 20,000 oz will not stand for delivery in May. The next delivery month for silver is June and here the OI rose by 54 contracts to stand at 426. The next big active contract month is July and here the OI rose by 727 contracts to rest tonight at 79,145. The estimated volume today was good, coming in at 35,774 contracts. The confirmed volume on Wednesday was very good at 42,389.
Comex gold/May contract month:
We had 1 customer deposits today:
i) Into Scotia: 3298.40 oz
total customer deposit: 3298.40 oz
We had 0 customer withdrawals:
total withdrawal: nil oz
1809 contracts x 100 oz per contract or 180,900 oz (served) + 123 notices or 12,300 oz (to be served upon) = 193,200 oz or 6.01 tonnes of gold.
This is extremely high for a non active month. We gained 2100 additional gold ounces standing for the May comex gold contract today.
ii) Out of Brinks; 15,426.000 (another of those perfectly round numbers)
total withdrawal: 17,522.80 oz
May 9/2013
Ounces
| |
Withdrawals from Dealers Inventory in oz
|
nil
|
Withdrawals from Customer Inventory in oz
|
nil
|
Deposits to the Dealer Inventory in oz
|
nil
|
Deposits to the Customer Inventory, in oz
| 3,298.402 (Scotia) |
No of oz served (contracts) today
|
21 (2100 oz)
|
No of oz to be served (notices)
|
123 (12,300)
|
Total monthly oz gold served (contracts) so far this month
|
1809 (180,900)
|
Total accumulative withdrawal of gold from the Dealers inventory this month
|
nil
|
Total accumulative withdrawal of gold from the Customer inventory this month
| 477,003.23 oz |
We had tiny activity at the gold vaults.
The dealer had 0 deposits and 0 dealer withdrawals.
We had 1 customer deposits today:
i) Into Scotia: 3298.40 oz
total customer deposit: 3298.40 oz
We had 0 customer withdrawals:
total withdrawal: nil oz
We had 1 adjustment
1.From the JPM vault: 22,759.857 oz is adjusted out of the dealer account into the customer account
JPMorgan now has 160,136.89 oz in its customer account or 4.98 tonnes of gold.
1.From the JPM vault: 22,759.857 oz is adjusted out of the dealer account into the customer account
JPMorgan now has 160,136.89 oz in its customer account or 4.98 tonnes of gold.
Thus the dealer inventory falls again tonight at its low of 1.835 million oz (57.07) tonnes of gold.
The total of all gold falls a bit at the comex and this time, this time just inches above the 8 million oz as it rests at 8.004 million oz or 248.9 tonnes.
The total of all gold falls a bit at the comex and this time, this time just inches above the 8 million oz as it rests at 8.004 million oz or 248.9 tonnes.
The CME reported that we had 21 notices filed today for 2100 oz of gold today.
To calculate the quantity of gold ounces that will stand, I take the OI standing for May (144) and subtract out today's notices (21) which leaves us with 123 notices or 12,300 oz left to be served upon our longs.
To calculate the quantity of gold ounces that will stand, I take the OI standing for May (144) and subtract out today's notices (21) which leaves us with 123 notices or 12,300 oz left to be served upon our longs.
Thus we have the following gold ounces standing for metal in May:
1809 contracts x 100 oz per contract or 180,900 oz (served) + 123 notices or 12,300 oz (to be served upon) = 193,200 oz or 6.01 tonnes of gold.
This is extremely high for a non active month. We gained 2100 additional gold ounces standing for the May comex gold contract today.
end
Silver:
May 9.2013: May silver:
| Silver |
Ounces
|
| Withdrawals from Dealers Inventory | nil |
| Withdrawals from Customer Inventory | 17,522.80 oz (Delaware ,Brinks, ) |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 2,408,872.59 oz (CNT,Scotia) |
| No of oz served (contracts) | 117 contracts ( 585,000 oz) |
| No of oz to be served (notices) | 782 (3,910,000 oz) |
| Total monthly oz silver served (contracts) | 2505 (12,525,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | 204,097.65 |
| Total accumulative withdrawal of silver from the Customer inventory this month | 1,333,117.3 |
Today, we had huge activity inside the silver vaults.
we had 0 dealer deposits and 0 dealer withdrawals.
We had 2 customer deposits:
i) Into CNT: 536,959.7 oz
oz
ii) into Scotia: 1,871,912.89
total deposit; 2,408,872.59 oz
We had 2 customer withdrawals:
1) Out of Delaware: 2096.8 oz
We had 2 customer deposits:
i) Into CNT: 536,959.7 oz
oz
ii) into Scotia: 1,871,912.89
total deposit; 2,408,872.59 oz
We had 2 customer withdrawals:
1) Out of Delaware: 2096.8 oz
ii) Out of Brinks; 15,426.000 (another of those perfectly round numbers)
total withdrawal: 17,522.80 oz
we had 2 adjustments today
1) Out of the CNT vault: 562,235.80 oz was adjusted out of the customer account and this landed into the dealer account.
ii) Out of the Scotia vault: 477.70 oz was adjusted out of the customer and into the dealer.
1) Out of the CNT vault: 562,235.80 oz was adjusted out of the customer account and this landed into the dealer account.
ii) Out of the Scotia vault: 477.70 oz was adjusted out of the customer and into the dealer.
Registered silver at : 44.568 million oz
total of all silver: 166.37 million oz.
The CME reported that we had 117 notices filed for 585,000 oz. To calculate the number of ounces that will stand in silver, I take the OI standing for May (899) and subtract out today's notices (117) which leaves us with 782 notices or 3,910,000 oz
Thus the total number of silver ounces standing in this active delivery month of May is as follows:
2505 contracts x 5000 oz per contract (served) = 12,525,000 + 782 contracts x 5000 oz = 3,910,000 oz ( to be served) = 16,435,000 oz.
we lost 20,000 oz of silver standing for May today.
Thus the total number of silver ounces standing in this active delivery month of May is as follows:
2505 contracts x 5000 oz per contract (served) = 12,525,000 + 782 contracts x 5000 oz = 3,910,000 oz ( to be served) = 16,435,000 oz.
we lost 20,000 oz of silver standing for May today.
GLD ETF ADDS gold in today's report - Interesting but this would actually reflect activity from Wednesday , not actually Thursday ! We will have to wait for Saturday to see what today's frenzied activity wrought
May 9.2013:
May 8.2013:
Tonnes1,054.18
Ounces33,892,812.62
Value US$49.641 billion
May 8.2013:
Tonnes1,051.47
Ounces33,805,784.75
Value US$49.598 billion
Today, for the first time in many days, the GLD advanced in inventory by 2.71 tonnes.
The registered vaults at the GLD will eventually become a crime scene as real physical gold will depart for eastern shores leaving behind paper obligations to the remaining shareholders. As you can see, the bleeding of physical gold from this locale continues unabated. There is no doubt in my mind that GLD has nowhere near the gold that say they have and this will eventually lead to the default at the LBMA and then onto the comex in a heartbeat (same banks)
The registered vaults at the GLD will eventually become a crime scene as real physical gold will depart for eastern shores leaving behind paper obligations to the remaining shareholders. As you can see, the bleeding of physical gold from this locale continues unabated. There is no doubt in my mind that GLD has nowhere near the gold that say they have and this will eventually lead to the default at the LBMA and then onto the comex in a heartbeat (same banks)
As a reminder the total comex gold had inventories of around 11 million oz in 2011. Today it rose just below 8 million oz. (8.004 million oz)
* * *
Thursday, May 09, 2013 12:05 PM
Action Plan to Save Slovenia is Trifecta of Stupidity
As Slovenia struggles to avoid an inevitable bailout, it pursues a plan that will instead make the size of the eventual bailout larger.
Please consider the inane "Action Plan" for Eurozone Straggler Slovenia.
Please consider the inane "Action Plan" for Eurozone Straggler Slovenia.
The new government of struggling eurozone member Slovenia is expected to announce Thursday an action plan aimed at avoiding a bailout, reportedly including privatisations, "crisis" taxes and austerity cuts.Trifecta of Stupidity
Moody's last week cut its rating on Slovenia two notches to "junk", the economy has been in recession since 2011, unemployment stands at 13.5 percent and voters are fed up with their political leaders.
According to leaked details, Bratusek is eyeing a "crisis" levy of 0.5-5.0 percent on all wages, to hike in 2014 value-added tax (VAT), a tax on property and other measures to boost state revenues.
Is there not one bureaucrat who can be fired? What about changes to work rules to make the country more productive? Is every cent Slovenia spends necessary?
Hiking taxes in a recession is the single worst thing a country can do, yet Slovenia proposes a trio of them. When Slovenia slumps further into the gutter (and it will if they implement even a portion of these proposals), Keynesian clowns will holler "austerity ruined Slovenia".
Nothing could be further from the truth. Tax hikes in a recession are not austerity, they are stupidity, and Slovenia is going for the tax-trifecta of a tax on wages, a hike in the VAT, and a hike on property taxes.
Unemployment, already at 13.5%, will hit 20% if this plan is implemented.
Mike "Mish" Shedlock
http://truthingold.blogspot.com/2013/05/lets-get-real-us-has-become-complete.html
THURSDAY, MAY 9, 2013
Let's Get Real: The U.S. Has Become A Complete Joke
An "unsubstantiated" rumor spread through the markets around noon Denver time today that the Wall Street Journal's mindless mouthpiece for the Fed, Jon Hilsenrath, was going to print an article reporting that the Fed was considering tapering down QE soon. For those of you who don't know, the Fed was using Hilsrenrath - at least for awhile - to telegraph impending policy decisions.
When this rumor hit, the dollar jumped a lot higher and every other market tanked hard. Let's think about the implications of the Fed slowing down its purchases of $85 billion in Treasuries and housing mortgages each month. First, the housing market would absolutely collapse. That there is a real housing bounce is an absolute joke. That the Fed has engineered a speculative frenzy in certain markets by injecting $40 billion per month into the housing market is true. But what if the Fed were to stop that? Think it about it everyone. I have a neighbor who has decided to buy and flip a house. I would love the opportunity to see what happens if the Fed pulls QE before this guy can get the house renovated and back on the market. Please Ben, make my day.
How about if the Fed stopped buying $45 billion per month in Treasuries? Anyone care to think about what that would do to the Government's cost of funding all of its welfare programs and imperialistic military activities? $45 billion per month means that the Fed is buying more than 50% of all of the new Government debt that is being issued every month. If the Fed takes that bid away, the cost required to induce outside buyers to replace the Fed would drive interest rates up significantly. It would likely throw our system into a depression. If that weren't the case, the Fed wouldn't need to buy Treasuries at all.
Go ahead Ben, stop all QE. Let's see what happens. You have been making the claim that the economy is improving and inflation is low, as reflected in Treasury rates. So let's see the Fed stop its QE so we can observe how real all this is. The truth is Bernanke is making a complete mockery of our system by making the claims he's making about the economy, housing, and the employment level and anyone who thinks about it for less than 3 minutes understands that if the Fed slows down or stops QE, our financial system will collapse. Ben knows it and that's why he's leaving the Fed at the end of his 2nd term in January.
The other big joke of the day is the Government's Social Security Disability Insurance program. SSDI hit a new record of recipients in April, at 10,962,532 beneficiaries. This is more people than the entire population of Greece. The number of beneficiaries has increased every month since December 1996. There's 13 full-time workers for every SSDI recipient. In 1968, that ratio was 51. You can read all about this de facto welfare program here: SSDI
The truth is that the SSDI is just another tool the Government uses to hide the true rate of unemployment. After all, once someone bruises their arm and can't look for a job and therefore qualifies for SSDI, they are removed from the Government's measure of the Labor Force. In other words, it artificially lowers the reported rate of unemployment. There's an excellent chart in that link above that shows the high correlation between the unemployment rate and the number of people on SSDI. It's nearly a 1:1 to correlation. Hey man, can't find a job? Go tell a doctor you can't sleep because of uncontrollable nightmares and therefore are unable to find a job. Based on the number of late night TV ads I've been seeing by law firms who specialize in getting people qualified for SSDI (the one I saw the other night claimed a 92% success rate), it's a better business for lawyers than chasing ambulances.
Even if there are some legitimate SSDI recipients, the truth is that this country can not afford to fund their welfare. We are borrowing roughly 45 cents of every dollar that is being spent. And this number goes up every year. SSDI is unaffordable. The fact of the matter is that our system has become a complete joke. And the fraud and deceit going at all levels of business and Government is making a complete mockery of anyone who is trying to live by doing the right thing.
When this rumor hit, the dollar jumped a lot higher and every other market tanked hard. Let's think about the implications of the Fed slowing down its purchases of $85 billion in Treasuries and housing mortgages each month. First, the housing market would absolutely collapse. That there is a real housing bounce is an absolute joke. That the Fed has engineered a speculative frenzy in certain markets by injecting $40 billion per month into the housing market is true. But what if the Fed were to stop that? Think it about it everyone. I have a neighbor who has decided to buy and flip a house. I would love the opportunity to see what happens if the Fed pulls QE before this guy can get the house renovated and back on the market. Please Ben, make my day.
How about if the Fed stopped buying $45 billion per month in Treasuries? Anyone care to think about what that would do to the Government's cost of funding all of its welfare programs and imperialistic military activities? $45 billion per month means that the Fed is buying more than 50% of all of the new Government debt that is being issued every month. If the Fed takes that bid away, the cost required to induce outside buyers to replace the Fed would drive interest rates up significantly. It would likely throw our system into a depression. If that weren't the case, the Fed wouldn't need to buy Treasuries at all.
Go ahead Ben, stop all QE. Let's see what happens. You have been making the claim that the economy is improving and inflation is low, as reflected in Treasury rates. So let's see the Fed stop its QE so we can observe how real all this is. The truth is Bernanke is making a complete mockery of our system by making the claims he's making about the economy, housing, and the employment level and anyone who thinks about it for less than 3 minutes understands that if the Fed slows down or stops QE, our financial system will collapse. Ben knows it and that's why he's leaving the Fed at the end of his 2nd term in January.
The other big joke of the day is the Government's Social Security Disability Insurance program. SSDI hit a new record of recipients in April, at 10,962,532 beneficiaries. This is more people than the entire population of Greece. The number of beneficiaries has increased every month since December 1996. There's 13 full-time workers for every SSDI recipient. In 1968, that ratio was 51. You can read all about this de facto welfare program here: SSDI
The truth is that the SSDI is just another tool the Government uses to hide the true rate of unemployment. After all, once someone bruises their arm and can't look for a job and therefore qualifies for SSDI, they are removed from the Government's measure of the Labor Force. In other words, it artificially lowers the reported rate of unemployment. There's an excellent chart in that link above that shows the high correlation between the unemployment rate and the number of people on SSDI. It's nearly a 1:1 to correlation. Hey man, can't find a job? Go tell a doctor you can't sleep because of uncontrollable nightmares and therefore are unable to find a job. Based on the number of late night TV ads I've been seeing by law firms who specialize in getting people qualified for SSDI (the one I saw the other night claimed a 92% success rate), it's a better business for lawyers than chasing ambulances.
Even if there are some legitimate SSDI recipients, the truth is that this country can not afford to fund their welfare. We are borrowing roughly 45 cents of every dollar that is being spent. And this number goes up every year. SSDI is unaffordable. The fact of the matter is that our system has become a complete joke. And the fraud and deceit going at all levels of business and Government is making a complete mockery of anyone who is trying to live by doing the right thing.
http://www.zerohedge.com/news/2013-05-09/hashcrash-20-qe-rumor-sends-market-turmoiling-whopping-037
#HashCrash 2.0 - QE-OFF Rumor Sends Market Turmoiling By Whopping 0.37%
After another five-day run of higher prices and lower volumes (and following yesterday's 2013 high average trade size), all it took was a twitter-based rumor of the possibility of a pause in the Fed's punchbowl for the S&P 500 futures to see their biggest intraday drop in May. It seems, for once, that 330 Ramp Capital was trumped by the HashCrash as stocks closed an odd shade of green - called red. Today was extremely volatile where-ever you looked - FX, rates, credit, vol, and commodities; but perhaps the JPY move triggered some unintended consequences in rates/swaps.
The market moved on the rumor (even as everyone believed it was a rumor)... the algos tried to wrestle control (and we reverted back up to VWAP) but then faded into the close...
JPY smashed through 100 (and 100.50) - and FX markets cluttered into all sorts of USD strength-based stops...
Treasuries had a very odd day... typical equity up and bonds up early on behavior; but it seems like markets were on a roll from the JPY move - which seemed to get started when the auction went off better than expected...
Commodities were relatively well-behaved except for precious metals on the QE taper rumors.
Credit continues to decline its invitation to the dance this week from stocks...
and VIX remains well bid as managers protect rather than add...
Charts: Bloomberg and Capital Context
Bonus Chart: Did the shorts finally capitulate today? For a red day in broad indices, something very odd happened - 'most shorted' names were squeezed massively! first out of the gate and then again after the European close - so much so that at 1430ET, the 'most shorted' index had managed triple the performance of the market thanks to a huge covering drive... that marked the top...
http://truthingold.blogspot.com/2013/05/something-aint-right.html
( a whole lot isn't right ..... )
THURSDAY, MAY 9, 2013
Something Ain't Right
Since the beginning of the year and through last night, there has been 300 tonnes of gold removed from GLD and 90 tonnes of gold from the Comex removed. In the 12 years that I've been doing the precious metals sector, there has never been such an extraordinary, visible movement and disappearance of gold like this. Hugo Chavez, on his death bed, repatriated 200 tonnes of gold back to Venezuela from Europe in about four months, but we know where it went. It didn't disappear. The German Bundesbank requested the repatriation of some part of the German gold held by the NY Fed in NY and, after several days of negotiations, Bernanke agreed to send 300 of the 1800 tonnes back - over the next 7 years.
My prediction: That gold will never see inside of a ship hull.
Something ugly is going on and, at least for me, it explains why the western bullion banks are making a concerted and aggressive effort to hold down the price of gold using printed paper Comex futures contracts. (about 80% of all downward price movement in gold/silver since Jan 1 has occurred during Comex floor trading hours).
I received my colleague "Jesse's" latest post in my email about the same time that Jim Sinclair posted this comment:
It is much more than gold that simply is not there. The system is getting ready to close on you. The longer you think about it, the less probability you will escape the great train robbery of deposit accounts. I might tell you the real economic story, but I do not think you can handle it. I do not believe there is any other writer out there that knows the real story. It is much more than gold that simply is not there. LINKThose comments were Sinclair's prelude to posting the same Reuters article about a surprise G7 meeting that was called for this Saturday to discuss global banking reform: LINK Apparently it is rare for the G7 to focus on financial regulation.
As the title to Jesse's post explains, apparently the BRICS are indeed getting restless with the ongoing financial fraud and market manipulation being orchestrated out of NY, DC, Tokyo and London LINK.
The rumor I wrote about earlier was yet another clear cut attempt to create selling in the paper gold and silver market on the Comex - specifically since the rumor was released about 20 minutes after the Comex floor had closed, leaving only the low volume, illiquid electronic market left to deal with the flood of paper selling that rumor created.
I have an uneasy feeling that we are soon going to understand why close to 400 tonnes has been removed from GLD/Comex and why the financial system insiders have been in aggressive gold/silver price management mode since early October 2012. I also have a feeling that people in this country who still have faith in fiat paper money will not like the reasons once they become known...
http://www.4-traders.com/news/G-20-Group-of-Twenty-Finance-Ministers-and-Centr-Global-Finance-in-Transition-conference-to-take--16735638/
( This meeting was not covered by the MSM - I wonder why ? )
G-20 - Group of Twenty Finance Ministers and Centr : Global Finance in Transition conference to take place in Istanbul
04/16/2013| 01:37am US/Eastern
Recommend:
0
On May 7-8, 2013, Istanbul (Turkey) will host the Global Finance in Transition conference. The event is organized by the Central Bank of the Republic of Turkey jointly with the Reinventing Bretton Woods Committee and the Russian Ministry of Finance.
Representatives of G20 finance ministries and central banks, international organizations, research institutions and businesses will take part in the conference. Head of Turkey's Central Bank Erdem Basci, Deputy Minister of Finance of Russia Sergey Storchak and Executive Director for the Reinventing Bretton Woods Committee Marc Uzan will give the opening remarks at the conference.
Five panel discussions are planned as part of the event. They will cover the international financial architecture, in particular, changes in the flow of global investments, local bond markets and growth in emerging economies, incentives and determinants of investment and other issues. In addition it is expected that new instruments and incentives for making the global financial system safer will be suggested during the forum.
Representatives of G20 finance ministries and central banks, international organizations, research institutions and businesses will take part in the conference. Head of Turkey's Central Bank Erdem Basci, Deputy Minister of Finance of Russia Sergey Storchak and Executive Director for the Reinventing Bretton Woods Committee Marc Uzan will give the opening remarks at the conference.
Five panel discussions are planned as part of the event. They will cover the international financial architecture, in particular, changes in the flow of global investments, local bond markets and growth in emerging economies, incentives and determinants of investment and other issues. In addition it is expected that new instruments and incentives for making the global financial system safer will be suggested during the forum.
and related news .....
http://jessescrossroadscafe.blogspot.com/2013/05/gold-daily-and-silver-weekly-charts_9.html
( Yeah , the BRICS are making demands - which is why an emergency meeting was called , not just restless - as noted above .... Have the BRICS laid down the law or will they do that this weekend ? )
09 MAY 2013
Gold Daily and Silver Weekly Charts - The BRICs Are Restless and Demanding Change
Apparently the depressed prices in mining stocks have resulted in record insider buying in junior mining shares.
The Yen broke 100 to the US dollar today. That is a 'big deal' in forex circles.
David Rosenberg thinks that:
"We currently are witnessing the Potemkin rally. For a quick background the phrase Potemkin villages was originally used to describe a fake village, built only to impress. According to the story, Russian minister Grigory Potemkin who led the Crimean military campaign erected fake settlements along the banks of the Dnieper River in order to fool Empress Catherine II during her visit to Crimea in 1787..There has been little or no mention of or word out of the G20 conference in Turkey about 'Reinventing Bretton Woods.' I have been talking about this for some time and linked to the original agenda when it first came out. I reminded you of it a couple of weeks ago. But there is little heard about it so far.
The term, however, is now used, typically in politics and economics, to describe any construction (literal or figurative) built solely to deceive others into thinking that some situation is better than it really is.."
Ben Bernanke, recently proclaimed “The Hero” by Atlantic Magazine, is the “Wizard of Potemkin.”
The G7 did call a special meeting for this weekend to discuss serious bank reform. The Bankers were not pleased with this, but apparently had no choice. And some were not happy with having to make all the last minute arrangements for this august gathering of central bankers and finance ministers.
The G7 tried to spin this as a late reaction to Cyprus, but that is what the Brits like to call 'bollocks.'
It is said to be a response to a request from China and Russia and a few associates for the G7 to get their dirty financial house in order. Cyprus was the last straw in a series of outrages. Europe is none too pleased with having been sold all that dirty paper in the last bubble. We already knew that from Jeffrey Sachs talk to the Philly Fed last month.
And as always, gold is talked about in whispers.
"It's very rare for a G7 to focus on financial regulation," one of the officials said, speaking on condition of anonymity.There is also a general displeasure about the currency games being played by London, New York/Washington and Tokyo, and their playing fast and loose with global commodity prices that are disrupting other nations' economies.
There is apparently some behind the scenes 'horse trading' going on at the G20 currency conference. And there is a push back by the Anglo Americans to defer any action or announcement until later this year, other than the usual bilateral and multilateral currency agreements.
I hear that this may culminate in September. But words are cheap, and rumors are plentiful, so let's see what happens.
