We had a huge addition of 3.57 tonnes in gold inventory at the GLD; thus the inventory rests tonight at 705.47 tonnes. The appetite for gold coming from China is depleting not only gold from the LBMA and GLD but also the comex is bleeding gold. I am sure that 700 tonnes is the rock bottom inventory in gold.
I believe anything below this level is just paper and the bankers know that they cannot retrieve “paper gold” to send it onwards to China.
- Gold and silver back above key support/resistance levels- Time For Another Managed Retreat by the Cartel?
- Will Bo Polny’s Latest Call Be Correct and Gold and Silver Surprise to the Upside in June?
- The Doc & Eric Dubin Discuss Tyler Durden’s Theory That the ECB is Intentionally Triggering Greek Bank Runs- Is a Greek Collapse Really in the ECB’s Interests, or is a Bail-in More Likely?
- Eye of the Storm- Why Eric Believes Things Will Get Interesting Come July
The SD Weekly Metals & Markets Wrap With The Doc & Eric Dubin is Below:
Window-dressing or the management of prices for a favourable mark-to-market valuation at year-ends, half-years and quarters has long been a distorting feature in financial markets.
And, with bank capital adequacy ratios at stake, not to mention traders’ bonuses, it has been an increasing feature. With the onset of June 30th it seems reasonable to expect this factor to be a reason why gold and silver prices have generally failed to reflect escalating systemic risk in the face of Greece’s insolvency and a developing bear market in bonds. Indeed, losses from bonds are bound to encourage window-dressing of banks’ short positions as an off-set, and they are generally short of gold and silver futures contracts.
Gold’s breakout today was nice to see; I’m a bit concerned that silver’s rally failed, and that the mining shares treated the breakout as more of a ho-hum than a cause for excitement. As a result I’m a bit cautious about today’s price action. Gold shouldn’t be leading the charge, it should be silver and the miners, and they are the ones holding back right now.
Silver appears to be bouncing along a low, finding support at 15.75-16.00. Both metals have had a whole lot of Commercial short covering action last week, which is bullish. Yet commodities look to be weakening, oil is looking for direction, and…that brings us to this week’s next bit of excitement which is the latest FOMC statement, which is released tomorrow.
- Kranzler Explains Why Silver Manipulation Right Now is the MOST EXTREME IN HISTORY!
- Silver Open Interest Soars Over 191,000, Highest OI EVER!- 1 B Oz of Paper vs 50 M oz of Physical!
- Cartel is losing control of the market- UTTERLY FAILING in This Week’s Attempts to Smash Silver Under 16!
- The ULTIMATE BLACK SWAN That NO ONE IS LOOKING FOR!
- Greek Crisis Nears End-Game- Greek Depositor Bail-in & Capital Controls This Weekend?
- London Source- London Will Be Out of Silver to Send to Refiners By Sept/Oct!
- Silver & the Shares Will Be the Best Performing Assets of 2015- Big Money Expecting MUCH HIGHER Prices!
The SD Metals & Markets With The Doc, Eric Dubin, & Fund Manager Dave Kranzler is Below:
Watching gold ignore the silver take-down this early a.m. and subsequent silver snap-back is amusing and very telling. The sharp contrast is more profound than typical. From the start of this secular bull, I can only recall a handful of early a.m. trading days like today’s pattern of divergence/snap-back.
This is VERY unusual trading action.
Later this month, and perhaps within a matter of days, silver will swing back and lead the rise within the precious metals complex as sentiment shifts again and the bull phase recovery off of May’s trashing becomes clear to paper western trading jockeys and JP Morgan and friends are forced to back off on silver naked shorting, “managed retreat” style.
We’re going to have an awesome summer for precious metals, much to the surprise of almost everyone.
- Will the lows hold, or are we looking at the potential for a waterfall smash on Sunday night’s Globex open?
- Have fundamentals deteriorated for the metals, or is the cartel knocking PMs down ahead of Greek collapse & bail-in?
- Craig Explains Why the Bankers Are Ready to SUPPORT PM Investors
- Ukranian/Russian Conflict Dramatically Escalates to Cuban Missile Crisis Level- Risk of WW3?
- Its All Propaganda– NFP +280k jobs in May, NY Fed’s Bill Dudley Claims Rate Hikes Still Likely in 2015
- Greek debt collapse this weekend? Greeks pull €1 Billion from banks Thurs/Fri!
- MASSIVE Physical Demand Returns to the Silver Market- SD Bullion Burns Through Normal 2 Weeks Sales Volume of 40,000 oz of Silver & 600 oz of Gold in Under 24 Hours!
The SD Weekly Metals & Markets With The Doc & Guest Host Craig Hemke is Below:
At 3:30 pm Friday the CME sends down the COT report so we can get a good handle on how the crooks are going to beat up on gold and silver.
Gold and especially silver rose sharply in the access market.
Thus it looks like the raid on gold/silver is over and both of these metals will advance on Monday.