http://harveyorgan.blogspot.com/2012/07/moodys-lowers-credit-on-italy-to-baa3.html
Good morning Ladies and Gentlemen:
Gold closed up today to the tune of $36.70 to $1591.60. Silver followed suit rising by 20 cents to $27.34.
Late last night, Moody's lowered the boom on Italy as their credit rating falls to Baa3 two steps above junk.
Once Fitch joins the party then the Italian banks will need to fork over more collateral as their LTRO swaps are hugely underwater. Also in the news, the CEO of Peregrine Best has been arrested. JPMorgan before the release of earnings has stated in an 8 K filing that some traders have been involved in hiding the true value of their credit default swaps as they marked them much higher than they ought to be. The regulators are going to have a field day as JPMorgan just through the entire CDS market under the bus. The JPMorgan reported on their earnings. The loss of the CIO ( I G 9) came in at 4.4 billion dollars but they "made" a profit by reducing their loss reserves. Going forward JPMorgan has lost its major profit centre as the CIO will be shut down. The fun will begin as losses on its interest rate swaps are reevaluated especially with the libor mess. We will go over these topics and others and first let us discuss comex trading for Friday. The total gold comex OI fell by a tiny 737 contracts despite the raid by the bankers. It seems that the raids are having lesser of an effect on longs lately. The total OI complex rests this weekend at 433,320 contracts from Thursday's level of 434,057. The front non official delivery month of July saw its OI rise by 5 contracts despite only 1 delivery. We thus gained 6 contracts or 600 oz of additional gold ounces standing. The next big delivery month is August which is about 2 1/2 weeks away. Here the OI fell marginally from 187,887 to 184,334 as we get our early rollovers into October and December. The estimated volume was quite small at 126,969 compared to the huge raid volume on Thursday at 202,048.
The total silver comex OI again differs from gold as it rose by 688 contracts despite the raid. The OI closing level for the weekend is at 123,815 compared to Thursday's close of 123,127. The front official delivery month of July saw its OI drop from 1720 to 1711 for a loss of 9 contracts. We had only 2 deliveries so we lost 7 contracts or 35,000 oz of silver standing. The non official delivery month of August saw its OI fall from 269 to 263. The next big delivery month is September and here the OI rose by 898 contracts from 62,021 to 62,919. The estimated volume on Friday was very weak at 26,374 compared to the raid infested 46,263 contracts on Friday.
Good morning Ladies and Gentlemen:
Gold closed up today to the tune of $36.70 to $1591.60. Silver followed suit rising by 20 cents to $27.34.
Late last night, Moody's lowered the boom on Italy as their credit rating falls to Baa3 two steps above junk.
Once Fitch joins the party then the Italian banks will need to fork over more collateral as their LTRO swaps are hugely underwater. Also in the news, the CEO of Peregrine Best has been arrested. JPMorgan before the release of earnings has stated in an 8 K filing that some traders have been involved in hiding the true value of their credit default swaps as they marked them much higher than they ought to be. The regulators are going to have a field day as JPMorgan just through the entire CDS market under the bus. The JPMorgan reported on their earnings. The loss of the CIO ( I G 9) came in at 4.4 billion dollars but they "made" a profit by reducing their loss reserves. Going forward JPMorgan has lost its major profit centre as the CIO will be shut down. The fun will begin as losses on its interest rate swaps are reevaluated especially with the libor mess. We will go over these topics and others and first let us discuss comex trading for Friday. The total gold comex OI fell by a tiny 737 contracts despite the raid by the bankers. It seems that the raids are having lesser of an effect on longs lately. The total OI complex rests this weekend at 433,320 contracts from Thursday's level of 434,057. The front non official delivery month of July saw its OI rise by 5 contracts despite only 1 delivery. We thus gained 6 contracts or 600 oz of additional gold ounces standing. The next big delivery month is August which is about 2 1/2 weeks away. Here the OI fell marginally from 187,887 to 184,334 as we get our early rollovers into October and December. The estimated volume was quite small at 126,969 compared to the huge raid volume on Thursday at 202,048.
The total silver comex OI again differs from gold as it rose by 688 contracts despite the raid. The OI closing level for the weekend is at 123,815 compared to Thursday's close of 123,127. The front official delivery month of July saw its OI drop from 1720 to 1711 for a loss of 9 contracts. We had only 2 deliveries so we lost 7 contracts or 35,000 oz of silver standing. The non official delivery month of August saw its OI fall from 269 to 263. The next big delivery month is September and here the OI rose by 898 contracts from 62,021 to 62,919. The estimated volume on Friday was very weak at 26,374 compared to the raid infested 46,263 contracts on Friday.
* * *
First we have Von Greyerz telling us that the trust in paper gold will collapse and the rush for physical will commence in full blast. This is important for you to see:
(courtesy von Greyerz.GATA/KingWorldNews)
(courtesy von Greyerz.GATA/KingWorldNews)
Trust in gold paper will collapse and the gold rush will be on, von Greyerz says
Submitted by cpowell on Fri, 2012-07-13 19:04. Section: Daily Dispatches
3p ET Friday, July 13, 2012
Dear Friend of GATA and Gold:
Gold fund manager Egon von Greyerz today tells King World News that much gold claimed by investment banks and central banks probably doesn't exist and that eventually trust in paper gold will collapse and the market will rush into real metal. 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.
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