Last week, the prices of gold and silver were drifting slowly downwards until Friday morning. It’s not clear what the driver was (could be rumors of the German financial regulator starting to look at gold trading?) From around 7:30am in NY to 9am, the prices rose to above their close from the previous week. At the end of the day, the gold and silver prices were up $5 and 16 cents, respectively.
As with gold, the March silver contract is already feeling the strong pull of temporary backwardation. The May cobasis, for example, has collapsed back to levels of late November. The December cobasis has collapsed to levels last seen in April of 2013.
Is this the beginning of the moonshot rallied that is much hoped-for by the gold bugs?
Read on… [Read more...]
The Golden Jackass Jim Willie sat down with The Doc this weekend for an extraordinary interview regarding gold, silver, and what Willie believes will soon be a massive European banking collapse.
Willie states that a Big European Bust is Coming- evidenced by the fact that European banks received $1.2 trillion from the NY Fed in January alone!
Willie states that the coming European bust will ignite a global Gold rush, a massive short covering rally, and will result in a powerful 30% to 50% rise in the gold price!
Willie also discusses gold and silver backwardation, the recent paper raids, and whether or not the metals face the risk of a 2008 type collapse as the Western financial markets go down in flames!
In the latest Keiser Report, Max Keiser and Stacy Herbert look at central banking monkeys performing cannonballs into the global dark pools, the backlash against quantitative easing and the Queen ticking off the Bank of England. In the second half, Max talks to economist Sandeep Jaitly of FeketeResearch.com about silver backwardation and a monetary path that will throw us *all* into such poverty that none of us will be able satisfy our ends. [Read more...]
Our friend Ned Naylor-Leyland of Cheviot Asset Management (who advised SD readers in June of the imminent launch of an ALLOCATED physical silver exchange in Asia) was on the Keiser Report today discussing unallocated versus allocated gold and silver bullion, and how permanent backwardation could be an omen of a total meltdown in the precious metals market.
Naylor-Leyland discusses MASSIVE physical strains in the silver market, as evidenced by 2 large silver purchases in London (5-10 million oz range) which the LBMA is REFUSING TO DELIVER OUTSIDE OF THE LBMA SYSTEM!!