http://harveyorgan.blogspot.com/2013/05/bankers-arrive-at-usual-time-to-blast.html
Tuesday, May 21, 2013
Bankers arrive at usual time to blast gold/silver/comex gold inventories decline again/Swiss banks block gold from moving into private vaults/Bill Holter's paper today on Bullion bank runs/
Gold closed down $6.50 to $1377.80 (comex closing time). Silver fell by 13 cents to $22.44 (comex closing time)
In the access market at 5 pm gold and silver are the following :
gold: $1375.80.
silver: $22.45
Gold was on a tear last night reaching $1400.00 by 2 am est last night, before the bankers showed up at their usual time and blasted gold down to around $1359.00. At that point, gold started its ascent and was ready to navigate a back to back positive upside day reversal when again it was paper attacked and our ancient metal of kings closed down $6.50 to $1377.80. The chance that gold would end positive after a huge reversal yesterday was slim at best.
At the Comex, the open interest in silver rose by 1344 contracts to 148,284 contracts with silver's rise in price yesterday by 23 cents. The silver OI is holding firm at elevated levels . The open interest on the gold contract rose by 1365 contracts to 453,048 . With gold's big rise in price yesterday, one would have thought that the OI would have risen a lot higher. We must have lost a few bankers who covered their shorts. The gold deliveries for May rose a bit today to 9.424 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 rose by 115,000 oz now stands at 17.235 million oz. ( On first day notice: 14.860 million oz.)
Again, 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 remains at 1.668 million oz or 51.88 tonnes. The total of all gold at the comex fell slightly but still well below the 8 million oz at 7.903 million oz or 245.8 tonnes of gold.
The GLD reported another huge loss in gold inventory of 8.42 tonnes. The SLV inventory of silver also lowered to the tune of 1.738 million oz. The game will end when the last ounce of gold from the GLD leaves London's shores for Chinese waters.
Today we have a great commentary from Bill Holter on the meaning of a bullion bank run. You will not want to miss this one.
Kingworld news interviewed Egon Von Greyerz a Swiss national and founder of Matterhorn Asset Management discusses the problems that investors are having retrieving their gold from Swiss Bank vaults. It seems that many are scared to leave their gold in banks and thus are seeking private vaults. He also discusses that refiners are working overtime to refine gold.
South Africa's miners are set to strike again seeking wage increases of 60%. Ten miners were shot at with rubber bullets today.
The Indian Finance Minister is still begging his people to stop buying gold. The premiums on gold in India is $40.00 per oz.
In the USA news, Moody's warns the USA of a downgrade..the market just ignored this.
We will go over these and other stories but first.....................
Let us now head over to the comex and assess trading over there today.
Here are the details:
The total gold comex open interest rose by 1365 contracts from 451,683 up to 453,048 with gold rising by $19.40 yesterday . The front non active delivery month of May saw its OI rise by 1 contract up to 1069. However we had 0 delivery notice filed on Monday. Thus we gained 1 contracts or 100 additional gold ounces will stand for delivery in May. The next active contract month is June and here the OI fell by 4564 contracts to 186,952 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 a week from this Friday. The estimated volume today was good at 213,990 contracts. The confirmed volume on Monday was extremely good at 294,533 contracts.
The total silver Comex OI rose by only 1344 contracts from 146940 up to 148,284 with silver's rise in price of 23 cents yesterday. The front active silver delivery month of May saw it's OI fall by 134 contracts down to 229. We had 157 delivery notices filed on Monday so we gained 23 contracts or 115,000 additional oz will stand for delivery in May. The next delivery month for silver is June and here the OI rose by 55 contracts to stand at 433. The next big active contract month is July and here the OI fell by only 16 contracts to rest tonight at 81,297. The estimated volume today was huge, coming in at 56,694 contracts. The confirmed volume on Monday was astronomical at 96,863.
In the access market at 5 pm gold and silver are the following :
gold: $1375.80.
silver: $22.45
Gold was on a tear last night reaching $1400.00 by 2 am est last night, before the bankers showed up at their usual time and blasted gold down to around $1359.00. At that point, gold started its ascent and was ready to navigate a back to back positive upside day reversal when again it was paper attacked and our ancient metal of kings closed down $6.50 to $1377.80. The chance that gold would end positive after a huge reversal yesterday was slim at best.
At the Comex, the open interest in silver rose by 1344 contracts to 148,284 contracts with silver's rise in price yesterday by 23 cents. The silver OI is holding firm at elevated levels . The open interest on the gold contract rose by 1365 contracts to 453,048 . With gold's big rise in price yesterday, one would have thought that the OI would have risen a lot higher. We must have lost a few bankers who covered their shorts. The gold deliveries for May rose a bit today to 9.424 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 rose by 115,000 oz now stands at 17.235 million oz. ( On first day notice: 14.860 million oz.)
Again, 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 remains at 1.668 million oz or 51.88 tonnes. The total of all gold at the comex fell slightly but still well below the 8 million oz at 7.903 million oz or 245.8 tonnes of gold.
The GLD reported another huge loss in gold inventory of 8.42 tonnes. The SLV inventory of silver also lowered to the tune of 1.738 million oz. The game will end when the last ounce of gold from the GLD leaves London's shores for Chinese waters.
Today we have a great commentary from Bill Holter on the meaning of a bullion bank run. You will not want to miss this one.
Kingworld news interviewed Egon Von Greyerz a Swiss national and founder of Matterhorn Asset Management discusses the problems that investors are having retrieving their gold from Swiss Bank vaults. It seems that many are scared to leave their gold in banks and thus are seeking private vaults. He also discusses that refiners are working overtime to refine gold.
South Africa's miners are set to strike again seeking wage increases of 60%. Ten miners were shot at with rubber bullets today.
The Indian Finance Minister is still begging his people to stop buying gold. The premiums on gold in India is $40.00 per oz.
In the USA news, Moody's warns the USA of a downgrade..the market just ignored this.
We will go over these and other stories but first.....................
Here are the details:
The total gold comex open interest rose by 1365 contracts from 451,683 up to 453,048 with gold rising by $19.40 yesterday . The front non active delivery month of May saw its OI rise by 1 contract up to 1069. However we had 0 delivery notice filed on Monday. Thus we gained 1 contracts or 100 additional gold ounces will stand for delivery in May. The next active contract month is June and here the OI fell by 4564 contracts to 186,952 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 a week from this Friday. The estimated volume today was good at 213,990 contracts. The confirmed volume on Monday was extremely good at 294,533 contracts.
The total silver Comex OI rose by only 1344 contracts from 146940 up to 148,284 with silver's rise in price of 23 cents yesterday. The front active silver delivery month of May saw it's OI fall by 134 contracts down to 229. We had 157 delivery notices filed on Monday so we gained 23 contracts or 115,000 additional oz will stand for delivery in May. The next delivery month for silver is June and here the OI rose by 55 contracts to stand at 433. The next big active contract month is July and here the OI fell by only 16 contracts to rest tonight at 81,297. The estimated volume today was huge, coming in at 56,694 contracts. The confirmed volume on Monday was astronomical at 96,863.
Comex gold/May contract month:
We had 0 customer deposit today:
total customer deposit: nil oz
We had 1 customer withdrawals today:
i Out of Scotia: 32,033.23 oz
total customer withdrawals: 32,033.23 oz
1964 contracts x 100 oz per contract or 196,400 oz (served) + 1066 notices or 106,600 oz (to be served upon) = 303,000 oz or 9.424 tonnes of gold.
This is extremely high for a non active month. We gained 100 additional gold ounces standing for the May comex gold contract today.
It is also interesting that the USA produces around 20 tonnes of gold per month
and thus the amount standing for gold this month represents 47% of that total production.
The big June delivery month will surely be exciting to watch judging by the huge demand for gold in May. We will also see if the boys have any trouble servicing the last 1,066 contracts in the May delivery month and as well we watch what happens with JPMorgan with respect to its customer gold. It remains now at 9.25 tonnes of gold.
May 21/2013
Ounces
| |
Withdrawals from Dealers Inventory in oz
|
nil
|
Withdrawals from Customer Inventory in oz
|
32,033.23 (Scotia)
|
Deposits to the Dealer Inventory in oz
|
nil
|
Deposits to the Customer Inventory, in oz
| nil |
No of oz served (contracts) today
|
3 (300 oz)
|
No of oz to be served (notices)
|
1066 (106,600)
|
Total monthly oz gold served (contracts) so far this month
|
1964 (196,400)
|
Total accumulative withdrawal of gold from the Dealers inventory this month
|
10,656.61
|
Total accumulative withdrawal of gold from the Customer inventory this month
| 667,001.01 oz |
We had fair activity at the gold vaults.
The dealer had 0 deposits and 0 dealer withdrawals.
We had 0 customer deposit today:
total customer deposit: nil oz
We had 1 customer withdrawals today:
i Out of Scotia: 32,033.23 oz
total customer withdrawals: 32,033.23 oz
We had 0 adjustments
The JPMorgan customer vault remains at 297,426.75 oz today or 9.25 tonnes
as there were no transactions
The JPMorgan customer vault remains at 297,426.75 oz today or 9.25 tonnes
as there were no transactions
Tonight the dealer inventory remains tonight at a low of 1.668 million oz (51.88) tonnes of gold. The total of all gold falls again at the comex resting tonight at 7.903 million oz or 245.80 tonnes.
The CME reported that we had 3 notices filed today for 300 oz of gold.
To calculate the quantity of gold ounces that will stand, I take the OI standing for May (1069) and subtract out today's notices (3) which leaves us with 1066 notices or 106,600 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 (1069) and subtract out today's notices (3) which leaves us with 1066 notices or 106,600 oz left to be served upon our longs.
Thus we have the following gold ounces standing for metal in May:
1964 contracts x 100 oz per contract or 196,400 oz (served) + 1066 notices or 106,600 oz (to be served upon) = 303,000 oz or 9.424 tonnes of gold.
This is extremely high for a non active month. We gained 100 additional gold ounces standing for the May comex gold contract today.
It is also interesting that the USA produces around 20 tonnes of gold per month
and thus the amount standing for gold this month represents 47% of that total production.
The big June delivery month will surely be exciting to watch judging by the huge demand for gold in May. We will also see if the boys have any trouble servicing the last 1,066 contracts in the May delivery month and as well we watch what happens with JPMorgan with respect to its customer gold. It remains now at 9.25 tonnes of gold.
May 21.2013: May silver:
| Silver |
Ounces
|
| Withdrawals from Dealers Inventory | nil |
| Withdrawals from Customer Inventory | 1,119,034.29 oz (Brinks, JPM) |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 968,451.64 (Brinks,CNT,Scotia) |
| No of oz served (contracts) | 65 (325,000) |
| No of oz to be served (notices) | 164 (820,000 oz) |
| Total monthly oz silver served (contracts) | 3283 (16,415,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | 903,273.57 oz |
| Total accumulative withdrawal of silver from the Customer inventory this month | 4,020,016.7 oz |
Today, we had good activity inside the silver vaults.
we had 0 dealer deposits and 0 dealer withdrawals.
We had 3 customer deposits:
i) Into Brinks: 300,161.16 oz
ii) Into CNT: 49,816.25 oz
iii) Into Scotia: 618,474.23 oz
total customer deposit; 968,451.64 oz
We had 2 customer withdrawals:
We had 3 customer deposits:
i) Into Brinks: 300,161.16 oz
ii) Into CNT: 49,816.25 oz
iii) Into Scotia: 618,474.23 oz
total customer deposit; 968,451.64 oz
We had 2 customer withdrawals:
i) Out of Brinks: 500,040.09 oz
ii) Out of JPM: 618,994.20 oz
total customer withdrawals: 1,119,034.29 oz
ii) Out of JPM: 618,994.20 oz
total customer withdrawals: 1,119,034.29 oz
we had 0 adjustments today
Registered silver at : 44.17 million oz
total of all silver: 164.918 million oz.
The CME reported that we had 65 notices filed for 325,000 oz. We have a total of 3,283 notices filed so far this month for 16,415,000 oz. To calculate the number of ounces that will stand in silver, I take the OI standing for May (229) and subtract out today's notices (65) which leaves us with 164 notices or 820,000 oz left to be served upon our longs.
Thus the total number of silver ounces standing in this active delivery month of May is as follows:
3283 contracts x 5000 oz per contract (served) = 16,415,000 + 164 contracts x 5000 oz = 820,000 oz ( to be served) = 17,235,000 oz.
we gained 115,000 oz of silver standing for May today. The total standing for silver is still superb for May.
The total amount standing for May in silver represents 51.29% of ANNUAL silver production from the USA
Thus the total number of silver ounces standing in this active delivery month of May is as follows:
3283 contracts x 5000 oz per contract (served) = 16,415,000 + 164 contracts x 5000 oz = 820,000 oz ( to be served) = 17,235,000 oz.
we gained 115,000 oz of silver standing for May today. The total standing for silver is still superb for May.
The total amount standing for May in silver represents 51.29% of ANNUAL silver production from the USA
Now let us check on gold inventories at the GLD first:
May 21:2013
May 20.2013:
May 21:2013
- Tonnes
1,023.08
Ounces32,892,959.74
Value US$44.743 billion
May 20.2013:
Tonnes1,031.50
Ounces33,163,669.76
Value US$44.913 billion
Selected news and views.....
Von Greyerz reports trouble in retrieving gold from Swiss banks
Submitted by cpowell on Tue, 2013-05-21 14:16. Section: Daily Dispatches
10:13a ET Tuesday, May 21, 2013
Dear Friend of GATA and Gold:
Interviewed today by King World News, gold fund manager Egon von Greyerz provides anecdotes from clients about their difficulty in retrieving the gold they believe they have on deposit at Swiss banks, as they try to transfer it to private vaults. An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc
Gold Anti-Trust Action Committee Inc
India's perilous gold stock situation and $40 premiums
Refusing to pay heed to the ongoing retailer supply shortage, the Indian government is determined to counter the country’s vast gold imports with a fresh wave of curbs.Author: Shivom Seth
Posted: Tuesday , 21 May 2013MUMBAI (MINEWEB) -
India's Finance Minister P Chidambaram is back to his favourite topic: curbing gold demand. India appears set to take even more steps to curb gold demand if imports continue to rise at the current pace, Chidambaram has said.
Speaking to the media on the sidelines of a conference, he pointed out, as consumers across the country thronged jewellery outlets this past month given the fall in the precious metal's price, that the government has decided not to distance itself from the financial problems caused by the ever rising demand by curbing gold imports yet again, despite the many measures already taken in the last few months.
Higher gold imports have been curtailing the government's efforts to stem the yawning gap in the country's current account deficit. However, jewellers in the country are already facing the music, given the extremely perilous situation with low gold stocks and correspondingly high premiums of around $40 per ounce or more.
India has been the world's biggest consumer and importer of gold, and most purchases are an essential part of Indian weddings and religious festivals. The country's purchases of gold and silver shot up 138% in April to $7.5 billion, the highest so far this year, pushing up the country’s trade deficit to $17.7 billion. India had imported just 471 tonnes in 2000-01.
Last week, India's central bank the RBI restricted, with immediate effect, the import of gold on consignment basis by banks. Even as the move will limit imports to a large extent, the government has said imports can be brought in only to meet the genuine needs of exporters of gold jewellery. However, retailers say the central bank's move is expected to lead to higher forex outgo on each transaction.
"Nominated banks in India are allowed to import gold from an overseas supplier. This is on a metal loan basis, which is denominated in terms of the quantity of gold,' said an official of an importing bank.
From the date of the shipment abroad to the time of the sale realisation in India, nominated banks have to bear the interest cost, which is at prevailing international rates. The official added that foreign exchange outgoings would be huge and banks would definitely not bear the cost and try and get the interest rates payout from local gold retailers. Bullion houses, in turn, will pass on this added cost to the end users - the customer.
All of this will ensure that the gold bracelet or the chunky chain will become more expensive for the Indian bride, and despite the dip in gold prices, she will not be able to partake in the current price slide to the fullest extent.
Moreover, several small and medium jewellery manufacturers across the country, are also set to be hit. These traders have been depositing their daily sales realisations with nominated banks. Now, with the government's latest move, they will be forced to lock up funds to maintain the necessary stock level.
Small players are bound to get marginalised in the already high competitive trade. This will also impact their future fund raising capabilities.
The Indian government has already taken several steps in the recent past, including raising import duties thrice, to curb inbound shipments. Last week, the government announced that it would issue index linked bonds early June, to try and wean away investors from gold.
India's finance minister said that the government had anticipated an increase in gold imports in April and May, since "all over India, these are months when there is the largest number of weddings. So, we were not surprised that gold imports increased in the second half of April,' he told the media.
ALARM BELLS
Metals and Minerals Trading Corporation of India (MMTC) has already sounded the alarm bells. An official said India's gold imports are expected to fall by 50% to below 500 tonnes this fiscal - if the RBI's recent move to restrict banks' bullion imports is completely effective.
The official added if the notification is not released, the country's overall gold imports are likely to cross the 1,000 tonne mark this year given the downtrend in gold prices and high domestic demand.
Incidentally, MMTC's overseas purchase of gold could increase sharply to 200 tonnes, as against 38 tonnes last year, if RBI curbs are not imposed, the official added.
Gold prices have declined by 15% as compared to a year ago. However, high premiums in the spot market continue to limit purchases at the retail level.
Jewellers across the country have been complaining of high premiums on gold and limited availability. While some banks are charging premiums on London prices at around $20 to $30 an ounce, retailers say the large buy orders from China and Dubai are responsible for pushing up physical premiums to levels not seen for a long time.
While Hong Kong and Singapore buyers are paying a premium of around $5 per ounce for a gold bar, Dubai buyers are paying a premium of $10 per kilo. Turkey was reportedly paying a premium of $25 an ounce over the London price, while many retailers in India say they have been coughing up premiums of nearly $40 per ounce.
http://www.mineweb.com/mineweb/content/en/mineweb-whats-new?oid=190917&sn=Detail
Refusing to pay heed to the ongoing retailer supply shortage, the Indian government is determined to counter the country’s vast gold imports with a fresh wave of curbs.Author: Shivom Seth
Posted: Tuesday , 21 May 2013MUMBAI (MINEWEB) -
India's Finance Minister P Chidambaram is back to his favourite topic: curbing gold demand. India appears set to take even more steps to curb gold demand if imports continue to rise at the current pace, Chidambaram has said.
Speaking to the media on the sidelines of a conference, he pointed out, as consumers across the country thronged jewellery outlets this past month given the fall in the precious metal's price, that the government has decided not to distance itself from the financial problems caused by the ever rising demand by curbing gold imports yet again, despite the many measures already taken in the last few months.
Higher gold imports have been curtailing the government's efforts to stem the yawning gap in the country's current account deficit. However, jewellers in the country are already facing the music, given the extremely perilous situation with low gold stocks and correspondingly high premiums of around $40 per ounce or more.
India has been the world's biggest consumer and importer of gold, and most purchases are an essential part of Indian weddings and religious festivals. The country's purchases of gold and silver shot up 138% in April to $7.5 billion, the highest so far this year, pushing up the country’s trade deficit to $17.7 billion. India had imported just 471 tonnes in 2000-01.
Last week, India's central bank the RBI restricted, with immediate effect, the import of gold on consignment basis by banks. Even as the move will limit imports to a large extent, the government has said imports can be brought in only to meet the genuine needs of exporters of gold jewellery. However, retailers say the central bank's move is expected to lead to higher forex outgo on each transaction.
"Nominated banks in India are allowed to import gold from an overseas supplier. This is on a metal loan basis, which is denominated in terms of the quantity of gold,' said an official of an importing bank.
From the date of the shipment abroad to the time of the sale realisation in India, nominated banks have to bear the interest cost, which is at prevailing international rates. The official added that foreign exchange outgoings would be huge and banks would definitely not bear the cost and try and get the interest rates payout from local gold retailers. Bullion houses, in turn, will pass on this added cost to the end users - the customer.
All of this will ensure that the gold bracelet or the chunky chain will become more expensive for the Indian bride, and despite the dip in gold prices, she will not be able to partake in the current price slide to the fullest extent.
Moreover, several small and medium jewellery manufacturers across the country, are also set to be hit. These traders have been depositing their daily sales realisations with nominated banks. Now, with the government's latest move, they will be forced to lock up funds to maintain the necessary stock level.
Small players are bound to get marginalised in the already high competitive trade. This will also impact their future fund raising capabilities.
The Indian government has already taken several steps in the recent past, including raising import duties thrice, to curb inbound shipments. Last week, the government announced that it would issue index linked bonds early June, to try and wean away investors from gold.
India's finance minister said that the government had anticipated an increase in gold imports in April and May, since "all over India, these are months when there is the largest number of weddings. So, we were not surprised that gold imports increased in the second half of April,' he told the media.
ALARM BELLS
Metals and Minerals Trading Corporation of India (MMTC) has already sounded the alarm bells. An official said India's gold imports are expected to fall by 50% to below 500 tonnes this fiscal - if the RBI's recent move to restrict banks' bullion imports is completely effective.
The official added if the notification is not released, the country's overall gold imports are likely to cross the 1,000 tonne mark this year given the downtrend in gold prices and high domestic demand.
Incidentally, MMTC's overseas purchase of gold could increase sharply to 200 tonnes, as against 38 tonnes last year, if RBI curbs are not imposed, the official added.
Gold prices have declined by 15% as compared to a year ago. However, high premiums in the spot market continue to limit purchases at the retail level.
Jewellers across the country have been complaining of high premiums on gold and limited availability. While some banks are charging premiums on London prices at around $20 to $30 an ounce, retailers say the large buy orders from China and Dubai are responsible for pushing up physical premiums to levels not seen for a long time.
While Hong Kong and Singapore buyers are paying a premium of around $5 per ounce for a gold bar, Dubai buyers are paying a premium of $10 per kilo. Turkey was reportedly paying a premium of $25 an ounce over the London price, while many retailers in India say they have been coughing up premiums of nearly $40 per ounce.
http://www.mineweb.com/mineweb/content/en/mineweb-whats-new?oid=190917&sn=Detail
http://www.tfmetalsreport.com/blog/4726/one-final-washout
One Final Washout?
Maybe. At the same time, it looks like we might have finally found a decent floor, too. Could both be true? Definitely.
While I very much like the action since the brutal selloff of Sunday evening, I still feel that there may be one more spike down coming. This post is not intended to be a have-it-both-ways, Maund-esque soliloquy. It is instead a warning, designed not just to mentally prepare you for additional volatility but also to give you confidence that we are finally very near The Bottom. No sense dicking around here. Let's get straight to the point.
The Sunday Night Plunge and Monday Rebound shows us a lot about where we are in the grand scheme of things. As you know, The Cartel Banks have been rigging paper metal price lower since the announcement of QE∞ last September. In doing so, they've been able to reduce their potential Comex liability by about 70%. However, as paper price fell, physical demand increased, to the point where the blatant drop through $1525 had to be initiated in order to create the picture of despair that has led to 127 metric tonnes of gold withdrawal from the GLD since 4/12/13.
But like pressing on a spring gets more challenging with effort, paper price finally appears to have reached a point where further weakness will only create an untenable situation for physical delivery. The daily chart of gold clearly shows tremendous demand for paper and physical each time the price dips below $1350. Therefore, this is likely The Bottom.
However, we're dealing with corrupt, evil and greedy bankers along with soulless and greedy hedge fund/money managers. Having seen how quickly the price of silver fell Sunday evening once it broke the lows of 4/15, these goons must be salivating at the thought of breaking the $1320 gold lows, also set back on April 15. If they can pull this off...and that's a big IF considering the demand apparent at $1350...gold could drop sharply below $1300 and down toward the $1280-90 area I've identified as an important Fib retracement level. And IF they are able to do that, all sorts of secondary technical indicators will once again flash the extreme oversold signals that we saw last month.
Therefore, putting it all together, I truly think we are FINALLY very near The Bottom. Of course, this is from the same guy who thought that $1525 and $26 would hold AND, if those levels failed, the spike lower would only be temporary...not 6 weeks and counting. But I'm begging you to please consider these four items:
- Continued reports of extreme physical demand in size at these "discounted" prices.
- Greatly oversold conditions on the daily and weekly charts (see below).
- An extreme CoT structure that shows The Banks well-positioned to fleece The Spec Shorts.
- Andy's report yesterday that he now believes The Banks are finally NET LONG.
Here are the charts mentioned above. These are daily and weekly charts that also include RSI and MACD measurements. For a quick reminder of what these are, click here:http://www.investopedia.com/terms/r/rsi.asp and here:http://www.investopedia.com/terms/m/macd.asp
RSI
MACD
OK, I'm going to stop here because it's getting pretty late so I'd better get this posted. As I close, I see that the metals have rebounded nicely from their morning lows and this is very encouraging. However, tomorrow is going to be a MAJOR headline-gaming day with the FOMC minutes and The Bernank in front of Congress. Just be patient and let's see what happens from here before getting too excited.
TF
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