Gold & Silver Popping on COMEX After Bottoming Overnight

Live 24 hours silver chart [ Kitco Inc. ]Gold and silver are popping on COMEX trading after bottoming overnight near 4am EST.

Silver briefly touched as low as $28.36 after bouncing off support at $28.50 too many times to count overnight.  [Read more...]

The JP Morgan Guide to Credit Derivatives- Blythe Masters

Perhaps Bruno and his risk manager (and perhaps Jamie himself since JPMorgan could lose over $20 BILLION) should have reviewed the JP Morgan Guide to Credit Derivatives by their very own Blythe Masters prior to attempting to make the market in the IG9 10Y. [Read more...]

Grand Finale to SD Bullion Small Stacker Week

If you haven’t Stacked the Smack, what are you waiting for?

Grand Finale Silver American Eagle Special

2012 1oz Silver American Eagles $2.69 Over Any Quantity AND $3.99 Shipping!

AND…..

 

1 oz Silver Buffaloes 99 Cents Over Any Quantity AND $3.99 Shipping!

 

[Read more...]

Rosi: Gold ‘Will Go To 3,000 Dollars Per Ounce’

Highly respected economist and strategist David Rosenberg has told that Financial Times in a video interview (see below) that gold “will go to $3,000 per ounce before this cycle is over.” Markets are repeating the downturns of 2010 and 2011 and it is time to search for safety, David Rosenberg of Gluskin Sheff tells James Mackintosh, the FT Investment Editor. Rosenberg sees a “very good opportunity in gold” as it has corrected and seems to be “off the radar screen right now”. He sees gold as a currency and says the best way to value gold is in terms of money supply and “currency in circulation.” As the “volume of dollars is going up as we get more quantitative easing” he sees gold at $3,000 per ounce. Mackintosh says that Rosenberg’s view is a “pretty bearish view”. To which Rosenberg responds that it is “bullish view on gold and gold mining stocks.” Mackintosh says that it is “bearish on everything else”. Rosenberg  says that it is not about being “bullish or bearish,” it is about “stating how you view the world” and he warns that the major central banks are all going to print more money and keep real interest rates negative “as far as the eye can see.” [Read more...]

JPM Down Nearly 9% Pre-Market

Nothing like the smell of burnt Morgue in the morning.

JPMorgan Chase & Co. (JPM)

-NYSE

40.74 May 10, 4:02PM EDT|Pre-Market: 37.32 Down 3.42 (8.39%) 9:08AM EDT

[Read more...]

Silver Following JPMorgan Down Overnight, Back Below $29

Live 24 hours silver chart [ Kitco Inc. ]After struggling to maintain $29 from the Globex open till 10pm EST, silver has gradually sold-off on the Asian market and is back below $29 at $28.80.  We expect silver to test $28-50, and from a technical level, strong support does not emerge until $26, and even more so at silver’s long term uptrend line which is now near $23. [Read more...]

Capital Account: House Republicans seek Independent Investigation of MF Global Bankruptcy

A group of house republicans are calling for the department of justice to appoint an independent counsel to investigate possible criminal wrongdoing surrounding the collapse of MF Global. We’ll speak to the man who’s been touted the face of MF Global’s customers — he’s been in DC this week lobbying lawmakers to support this latest effort. James Koutoulas joins us in studio.

And from Lehman Brothers, to Bernie Madoff, to MF Global, is bankruptcy law stacked against customers trying to get their money back? And does the law enable financial institutions to commit fraud and come out unscathed. Regulators and prosecutors are reportedly investigating this 1.6 billion dollars shortfall of customer money from MF Global — money that went missing in the firm’s bankruptcy. This is money that should never have been touched, and progress has been limited on this front. Very limited. [Read more...]

JPMorgan Reports $2 Billion Loss on Synthetic Positions

*Breaking
JPMorgan has just reported a $2 billion loss on synthetic credit securities
(can you say Greek credit default swaps?).
JPM is plunging in after-hours trading, down nearly 6%.

But Jamie, I thought you promised a Greek default would be contained and a ‘non-issue’?
Makes one wonder how much JPM will lose on the next Greek default, which is looking increasingly imminent as the ECB is withholding the next bailout tranche to Greece. [Read more...]

COMEX Warehouse Silver Inventory Update 5/10/12

Large silver withdrawals continued Wednesday, as Scotia Mocatta reported an 800,000 ounce silver withdrawal.

COMEX WAREHOUSE SILVER INVENTORY UPDATE 5/10/12 [Read more...]

Chris Martenson: Peak Oil Will Change Life As You Know It & So Will the Coming Collapse

Sean from SGTReport has released an excellent interview with the author of ‘The Crash Course’ Chris Martenson. Buckle up, Chris has the data that he believes proves that ‘peak oil’ is a fact – and that any way you cut it, our lives are about to change forever as the days of cheap liquid fuel are nearly over. Chris also covers the coming collapse and the need to continue stacking physical. [Read more...]

Marc Faber Says 1987 Like Crash Approaching Unless Fed Brings HUGE QE3

Marc Faber was on Bloomberg this morning, and stated that the US faces a massive 1987 like crash without huge QE3 by the Fed.
We agree completely…if it weren’t for the fact that the Fed never stopped quantitative easing…just the official announcement of it temporarily.  The Fed has purchased 62% of all treasury issuances over the past 12 months- ongoing QE is a FACT.  QE will continue to infinity…AND BEYOND.
As Faber states, the alternative is disaster of unmitigated proportions. [Read more...]

Bernanke Says Crisis Averted, Banks Are Back to Healthy, Viable Institutions

The Bernank discussed the state of banks and bank lending today at the Annual Conference on Bank Structure and Competition in Chicago.
Bernanke says the crisis is over, banks have recovered substantially since the credit crisis in 2008, but the banks do have some more work to do….essentially nothing to see here…move along please.

Doc’s Translation: ‘Banks have used FASB’s capitulation on basic fundamental accounting standards to allow TBTF’s to mark their MBS to fantasy, and the TBTF’s have papered over their insolvency by marking their assets to whatever the he** they feel like.
Continued free money and ZIRP from the Fed has allowed the zombie banks to maintain a death rattle existence and remain semi-conscious on the respirator over the past 4 years.  Please pretend everything is back to 2006 again, and start borrowing massive amounts of money to keep my banking buddies afloat another 6 months.  We’re having all we can do to keep European banks solvent here, I need to wait till after the elections to give my buddies TARP 2.

Full statement (un-translated version) below: [Read more...]

Why Warren Buffett Envies Gold Investors

Our friends at Australia’s ABC Bullion discuss all you need to know about Berkshire’s recent gold bashing binge.  (Could it be because gold has outperformed Berkshire by over 500% over the past decade?)
Eric Sprott said it best yesterday, ‘gold was the investment of the last decade. it blew away any investment you could make, including microsoft and berkshire hathaway, probably by a factor of 500%. in other words, they missed the trade big time. i don’t know that i should respect their opinion at this point in time.

Why Warren Buffett Envies Gold Investors [Read more...]

Bernanke Gets 75% Approval From Investors in Global Poll, What Do SD Readers Think?

Bloomberg reports that a global poll of investors resulted in a 75% approval rating for Benjamin S. Bernanke.
Somehow we suspect there weren’t too many SD readers included in that poll….so we decided to give our readers the chance to express their satisfaction (or not) in Bernanke’s efforts so far.
[Read more...]

Germany Ready to Embrace Inflation?

Tyler Durden has picked up on a piece published in German’s Spiegel today that indicates Germany is preparing to make a 180 degree shift in its monetary policy and embrace massive inflation, its Weimar history be dam**d.
QE to INFINITY….AND BEYOND!!!

From Zerohedge:
When we presented the latest chart of the Bundesbank’s record TARGET2 imbalance last night we had one simple message: we hope Germany is prepared for the rout its central bank will soon experience once the Eurozone’s members start dropping like flies. Today it appears that Germany has decided to go with the flow, and in what Spiegel classifies as a “turning point in monetary policy” notes that Germany, in an abrupt shift to its Weimar-impacted history, is getting ready to embrace inflation. What this likely means is that the ECB is about to set off on its most aggressive monetization experiment ever, which also explains why all of Europe is trading diggy limit up this morning: it is not on the latest batch of horrible news – it is on the return of speculation that the ECB is, with the Bundesbank’s blessing, baaaack. [Read more...]