Harvey Organ joins the SD Weekly Metals & Markets Wrap this week to warn of a possible February COMEX Gold Default:
- Continued decline in “registered” gold inventory at the COMEX- 2o tons of gold “kilo bars” withdrawn from JPM vaults headed to Hong Kong!
- 2014 will mark the year where physical forces deep “managed retreat” in the least
- Geopolitical and Global Macro review: From MyRA & pension fund confiscation to Ukraine & Emerging Markets
- Fed Taper Review- Eric believes the Fed will overshoot tapering to $50 billion/month, while Harvey believes Wednesday’s taper will be the last
- Harvey discusses why February may very well see strains to the point of the long anticipated COMEX default in gold!
The SD Weekly Metals & Markets with Harvey Organ is below:
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We’re coming to you after the Thursday market close. Harvey Organ, publisher of “Harvey Organ’s Daily Gold & Silver Report” joins us for a spirited conversation. Harvey is now publishing daily during the market week, by the way. Check out his website.
This time last week, the blogosphere was still a buzz with fear that China’s shadow banking system was going to implode this week. But as we correctly noted, there were already indications that China was not going to let that happen. Certainly, they have only kicked the can down the road. But a centrally planned economy does have certain advantages. Unlike many analysts, I believe China has a good chance of being able to continue a difficult juggling act, managing to deal with their huge mal-investment and underwater credit burden. I still believe China will continue to aggressively reform and internationalize their financial markets. They will be able to let their currency rise even as much of the rest of the emerging markets continue to struggle.
Meanwhile, China’s appetite for gold shows no sign of abating. This week is setting up for record shattering Shanghai Gold Exchange off-take. Between Monday, Jan. 27th and Thursday, Jan 30th, 92.434 metric tonnes have been removed from the exchange. Odds are, we’ll see weekly off-take hitting an all time record, exceeding 100 metric tonnes! Tune into the show for extensive analysis of this and related inventory dynamics.
This week, rather than seeing precious metals take a large beating in advance of the Fed’s FOMC statement, the cartel waited for today to remind people who’s boss (for now). The timing is most likely influenced by the proximity of “first notice” day, as Harvey explains.
Friday is Uncle Ben’s last day at the office. Maybe we should post one last “Punt The Bernank“ Friday for old time sake. We’ll miss B.S. Ben. But Janet Yellen will no doubt have her comedic moments, worthy of satire.
Keep an eye on the Ukraine. The US media is not covering that story with suitable detail. The Ukraine could easily trigger a black swan scenario. The News Doctors has highlighted a number of detailed reports, including this one from Russian Television. Keep an eye on TND for continued coverage.
We also recommend you make time for a revealing 2 minute video that highlights Russian perspective on the US Dollar. Click here.
Thanks for listening,