Timmy Tuesday

It's Tuesday. I'll try to have a full post by later today. For now, here's a new thread to discuss the day's events.

Today should be relatively quiet compared to what the rest of the week may hold. The FOMC concludes tomorrow. The ECB might offer a rate cut. And then, of course, the BLSBS is Friday.

For now, physical demand stories continue to proliferate. I'm unable to post links so, if you have any to share, please include them in the comments.

The GLD continues to evaporate with another 2.5 metric tonnes leaving yesterday.

And here's a fun story for you. I have a friend who used to work for one of the big, national accounting firms. Once a quarter, the firm invites back "alumni" for firmwide conference calls with financial bigshots. Last week, the "bigshot" was Tim Geithner. As my friend described it, these events are off-the-record and frank discussions where questions are taken from the audience and honest answers are given. The topic came up of the Great Financial Collapse of 2008. The questioner asked the Lehman weekend and TARP and then followed up with: "Was any thought given to simply nationalizing the banks?"

And Little Timmah said, quoting directly here: "There wasn't enough time".

Note that he didn't say: "HaHaHa. Of course not. This is America. We don't do those kind of things."

He said: "There wasn't enough time".

So, what happens next time...after they've had these 5 years to think and plan? Ponder that one for a while.

I'll be back later today with an update. Have a great day.

TF

251 Comments

hai's picture

Morning Call: Gold Drops As Bank Of America Says Physical Deman

Morning Call: Gold Drops As Bank Of America Says Physical Demand Slowing, Others Disagree

http://www.hardassetsinvestor.com/market-monitor-archive/4756-morning-call-gold-drops-as-bank-of-america-says-physical-demand-slowing-others-disagree-oil-sags.html

Arizona & Other States Turn To New Hard Currency: How Much Gold Might They Need?

"Arizona is moving to allow gold and silver coin to be used to pay debts, and—effectively—go shopping."

http://www.hardassetsinvestor.com/features/4751-arizona-a-other-states-turn-to-new-hard-currency-how-much-gold-might-they-need.html

victori's picture

Gold Rush From Dubai to Turkey Saps Supply as Premiums Jump

2nd!!!

"Premiums paid by wholesalers and bulk buyers in Dubai to secure a 1 kilogram bar of bullion are being quoted between $6 an ounce and $9 an ounce over the London cash price, said Frederic Panizzutti, global head of marketing and sales at the Swiss-based bullion refiner. That compares with about 50 cents before the rout, Panizzutti, also chief executive officer of MKS Precious Metals DMCC, said in an interview from Dubai."

http://www.bloomberg.com/news/2013-04-30/gold-rush-from-dubai-to-istanbul-drains-supply-as-premiums-jump.html

silver66's picture

Thurd

my lucky day

off to an auction tonight, see if I can score some silver below spot

silver66

victori's picture

Perth Mint Demand Highest Since Lehman Brothers...

4th!!!

I guess Bron Suchecki will make no mention of this in his blog (unless he's got something bearish to say?)

"Perth Mint Demand Highest Since Lehman Brothers, Refines Coins, Bars During Weekend"

http://www.zerohedge.com/news/2013-04-30/perth-mint-demand-highest-lehman-brothers-refines-coins-bars-during-weekend

ivars's picture

The tensions

The tensions increase:

http://www.debka.com/article/22938/Surprise-Israeli-military-drill-on-Syrian-Lebanese-borders-Reservists-mobilized

Quote:

Israel’s armed forces launched a snap division-scale drill along the full length of the Syrian and Lebanese borders Tuesday, April 30, with call-up orders for thousands of reservists, debkafile’s military sources report.

It was taken into account that the unannounced exercise would send military tensions shooting up on the volatile Israeli, Jordanian, Syrian and Lebanese borders. Moscow, Tehran, Damascus and Hizballah headquarters would assume that Israel is massing troops in advance of US military intervention in Syria.
Its timing is also connected to the speech Hizballah leader Hassan Nasrallah is scheduled to deliver Tuesday night in case he announces military steps against Israel.
Our Washington sources report that President Barack Obama is poised for a momentous decision on whether to pursue military action against Syrian military targets, including Bashar Assad’s chemical weapons facilities.
These appear to be his three primary options:

1. An American aerial bombardment of the Syrian military bases and facilities which are the mainstay which keep Bashar Assad in power;

2.  A missile strike on his chemical weapons from the sea and from ground bases in Europe and the Middle East;

3.  The deployment of 20,000 American troops to the Jordanian-Syrian frontier.

Alternatively, Obama may choose to combine elements of all three options and activate them simultaneously.

The surprise Israeli military exercise and concentration of reserve units along the borders of Syria and Lebanon place the IDF including its air and naval branches on the ready for a role in a potential American military operation against Syria.
The Israeli military also stands prepared to repel possible reprisals by Iran, Syria or Hizballah against US, Jordanian or Israeli troops.

I think action is not far away. There are many +ses for war economically (fiscal spending to stop deflation)  and for USD as reserve currency and currency where money flows into in case of uncertainty (monetize USA military assets by raising tensions everywhere).
Too fast victory as in Iraq would not be welcome though. Given the region and place, its practically guaranteed someone else will get involved and conflict spreads out a bit ( warlike, not occupation like which is a drain on resources and creates illusion of stability).

Obama has a press conference after 1h. Will he hint on what is the USA up to?

I think the Treasury will have to postpone that promised 30 billion USD payback of the loan principal after all.

sengfarmer's picture

top ten!!

Well it looks like the battle is on again today.

CLE807's picture

Never let a crisis go to waste.

They don't write 5000 page bills in two days, it's already done.

erewenguy's picture

in

In at number 8. Not a great time to be watching price. Moon shots will attract attention to G&S. Just gonna be slow and easy, under the radar with periodic flushings to demoralize both semi-interested newbies and low-information stackers. An old stacker friend of mine was willing to buy heavily @ $1600, not so much during the latest beat down.

BourgeoisHuckster's picture

LCS report from Great Plains

Paid a visit to see the "sale" -- ASE were $32 ea. -- picked up several.

3-6 weeks out on silver rounds . . . physical supply is short according to long-time shop owner. 

Tabberto's picture

from jesse

motherhubbard.jpg
 

Juggernaut Nihilism's picture

Oh really?

Physical supply is short according to a long-time shop owner?  Is that what he said to get you to pay $32 for an ASE?

Bollocks's picture

hai

What on earth do you think you're doing???

Disaster.

Modern Alchemy's picture

Timmy!!

Sorry but I couldnt help myself! This is all I could think when reading the post!

:) you can stop at a min or sooner. This was the best quality video I could find

Purplefrog's picture

Re: Bron Suchecki

I was not familiar with this guy until recently.  In evaluating Comex inventory levels over the years he lumped registered and unregistered together to make his point about how much Comex still has.  I guess that is the same as allocated and unallocated.  Am I correct in viewing those two categories as totally separate?  If all (most) of the inventory is registered (allocated) then the Comex is in big trouble.  Isn't that what all the fuss is about anyhow?

Clearly ol' Bron is a prestitute.

Juggernaut Nihilism's picture

Wow

Dollar index just took a huge dookie.  What happened?

Gold Dog's picture

Quick reminder- Round Two

Tonight's contest will begin at 23:00 GMT, 6:00PM CST.

Five questions about Tom Petty's MOJO album. First to  PM me the correct answer to each question will receive five silver rounds.

A Turdite can only win once.

Winners from Round One-

LtColKilgore

Achmachat

AinT

Bollocks

Mudsharkbites

Here is the link to the album-

Dog

Juggernaut Nihilism's picture

EURUSD

EUR just ramped hard against USD... someone get word that no rate cut is coming?

Mr. Fix's picture

I will be the first to address nationalizing the banks.

What a great way to steal everyone's money!

I firmly believe they intend to nationalize all the gold and silver mines, at least the ones that are not already firmly in the control of the elite, but if they nationalize all the banks, then it is not much of a stretch to conclude that they will take all the money out of them, and use the stolen loot for the “greater good”.

Many have pleaded to “get out of the banking system”, because your money is in danger. The exact mechanism as to how they actually steal it is irrelevant, if the money is in the system, it will be stolen. Physical gold and silver in your own possession is the only viable means to save your wealth. Very soon, stacking will not be an option anymore, there will be no way to escape the economic collapse once people are aware of it. Stack until the shelves are empty, because that is coming very soon.

Oh, by the way, have a nice day.

edge's picture

Bullionvault

For those of you looking at Bullionvault as a viable mode of acquiring PM's and storing them.  It appears that Bullionvault is a member of the LBMA,  and as part of that systme I Wouldn't trust them.  Also, if you don't actually have it or can get access to it within a reasonable period of time, say a days drive, you don't own it.  Doesn't matter if they say it's "Allocated", you still don't have possession of or direct access to your metals.  When it all goes belly up, if you are "holding" anything at bullionvault, I would consider it gone. IMO  Even PSLV is at risk in a collapse scenario.  And isn't that why so many of us own PM's?

Mr. Fix's picture

Right now, the dollar, silver, and gold, are tanking.

According to the three charts that are always posted on the home page,

something that “shouldn't happen” is happening.

Just to convince everyone that gold and silver are not a viable hedge against a dollar collapse, they are making sure that they all go down together.

This is an  Orchestrated raid as we speak right now.

Somebody had to sell an incredible amount of paper gold and silver to make any headway down against a falling dollar.

Just remember, the paper price is irrelevant now, and physical gold and silver at any price is now your only viable option.

Did gold really go down 9.70?
Yes. But had the US Dollar not lost purchasing power it would have dropped 17.50.
Gold price Change due to Weakening of USD
+7.80
Gold price Change due to Predominant Sellers
-17.50
Gold Price: Total Change
-9.70
Out of the Woodwork's picture

Bron Suchecki

I have been reading Bron's blog for some time. I have always found it insightful, even though he generally takes a view of activities in the PM's that runs counter to views expressed here. I am very happy to have access to both perspectives , as I'm sure many here are.  Regarding his comments on COMEX inventories: since they were expressly comments about total (registered + eligible) inventories,  lumping the two together seems a non-issue to me.

Mr. Fix's picture

The miners are collapsing,

This could only mean that another  massive paper selloff is in the works for today.

Sorry, I thought they would wait until later in the week, but apparently, these guys have no patience left whatsoever.

It looks like they are going to kill the system as quickly as possible.

HUI

Live XAU Quotes

Cononish1314's picture

re The Tensions

Nick Elway's picture

@victori re Bron and physical-paper price disconnect

If the physical-paper price connect becomes glaringly obvious, will Bron then be able to admit it? He says (April 25 2013):

Quote:
OK, it is all getting a bit silly out there on the gold interwebs, particularly in respect of the supposed physical-paper price disconnect. I have been trying to kill this meme ever since it first appeared in 2008 but it seems the idea of production capacity shortages seems too difficult for many to get.

http://goldchat.blogspot.com/2013/04/chill-out-dudes.html

It is hard for a guru to admit he make a mistake.  I admire Turd for his avoidance of the guru trap.

boatman's picture

chicago PMI

surprises into recession mode [less than 50]

consumer sentiment surprises to up side.

dollar down gold up.

its ben tomorrow at 2:15 that PMs must withstand.

¤'s picture

Quasi-nationalization

The banks are for all intents and purposes already nationalized even though no such "official" law or designation by Treasury or the Fed has been applied yet.

Does anyone recall how banks were forced to accept TARP even when some didn't want it? They had no choice except sink or swim with the forced life preserver known as the TARP bailout.

Folks...TPTB are in control of everything already. Nationalization of banks officially by law is merely a foregone formality that the uninformed portion of the public doesn't understand yet.

But they will.

Be your own bank while you still can.

Syndicate contentComments for "Timmy Tuesday"