Odds. Ends. Out.

Just a few items as we wrap up Thursday and prepare for Friday.

First, I must chuckle and fart in the general direction of the Bullion Bank Cartel. As they arrived this morning, they thought they were going to put the hammer down today. The POSX was rallying and it was game on. As documented in the previous thread, from the opening bell The Cartel attacked...and attacked...and attacked. They soon ran into two, fundamental problems.

  1. The Pig suddenly reversed. (Do you see what I mean about Forex ripping you to shreds if you let it?)
  2. Over a thirty minute period, four stabs below 1710 were all met with plentiful buy orders.

Oh how The Forces of Darkness must be angry and confused this evening. This is not supposed to be how it works! Everything was set for a raid today. Gold would finally be taken back under 1705 and silver would be pushed below $33. OOOOoooops. As Coach Corso would say: "Not so fast, my friend". As quick as you can say "Sergey Aleynikov", the WOPRs flipped over to BUY from SELL and the metals charged back higher.

paper_2-16pmgold15.jpgpaper_2-16pmpig15.jpg

This all sets up a rather interesting day tomorrow. As you know, silver has painted red candles on the last two entries to the weekly charts and gold was red last week. Will they do so again this week? Silver needs to beat $33.58 tomorrow and gold's level is just $1723.

Adding to the intrigue is a big jump in OI yesterday. On a day where gold traded higher by about $10, total OI jumped by 7010 contracts, with 6,000 being added to the front-month April12. At 438,174, that's the highest total OI since 1/20/12, three days before the FOMC minutes that sparked gold over $60. Silver also saw it OI jump by almost 2000 contracts on a day where price rose just 6 cents. At 106,621, the total OI is now the highest it's been all year. Hmmmm. The silver picture is particularly interesting given that 1-month lease rates are again approaching -0.40% tonight. Caution is definitely still warranted.

paper_2-16pmgold6_0.jpgpaper_2-16pmsilv8.jpg

Just for fun, here's a POSX chart that has lines drawn all over it like I'm some kind of actual, fancy-schmancy technician. It's probably useless but it's worth looking at, anyway.

paper_2-16pmpig8.jpg

Here are a few items I've picked up along the way today:

A solid chart summary from Trader Dan.

http://www.traderdannorcini.blogspot.com/2012/02/s-500-once-again-bumping-up-against.html

As if you needed more evidence that infinite QE is necessary and coming:

http://www.zerohedge.com/news/us-debt-hits-new-record-fiscal-2012-tax-revenues-are-10-higher-debt-issuance

Gonzalo has written a timely, new piece:

http://gonzalolira.blogspot.com/2012/02/deflationary-undertow-before.html

You absolutely MUST READ this:

http://www.zerohedge.com/contributed/greece-not-lehman-20-ill-show-its-much-much-worse

This is pretty solid from Denver Dave:

http://truthingold.blogspot.com/2012/02/economy-thats-gone-off-cliff.html

And this is certainly interesting, too:

http://www.nationalreview.com/articles/291218/ron-paul-s-delegate-strategy-katrina-trinko?pg=1

That's it. Have a great overnight!  TF

148 Comments

ClinkinKY's picture

What Happens in D.C. Stays In D.C.

Posted Image

ClinkinKY's picture

And finally...

Posted Image

Be Prepared's picture

Greece seen closer to Bailout on ECB move....

Greece seen closer to bailout on ECB move

ECB said to swap bonds, Germany backs off calls for delay

FRANKFURT (MarketWatch) — A Greek bond swap reportedly being conducted by the European Central Bank has boosted prospects for a deal early next week to approve a second bailout for the debt-strapped country, economists said Friday.

The move comes as Germany appeared to abandon its effort to delay the release of the bulk of the 130 billion euro ($169 billion) bailout until after Greek elections expected to take place in April.

“None of this solves the fundamental issues of an imploding Greek economy and an unsustainable debt path. And the deal could still unravel over the weekend. But at 7 a.m. [London local time] on Friday, mini-euphoria that a deal will probably be struck and the Greek crisis put off for a few more months is leaving markets in a warm cuddly haze,” said Kit Juckes, head of foreign exchange at Societe Generale.

U.S. equities were boosted late Thursday on news of a possible bond swap. Reports further indicating European officials were moving toward approval of a bailout at a Monday meeting of euro-zone finance ministers helped boost Asian and European equities. Europe Markets

The euro EURUSD +0.23%  changed hands at $1.3161 versus the dollar, up 0.3% from Thursday.

Several news reports said the ECB is exchanging its holdings of an estimated €50 billion of Greek government bonds for new bonds that would be immune to “collective action clauses” that may be imposed by the Greek government. Such clauses would allow a majority of bondholders to force all bondholders to participate in a debt swap. <Rest of the Article>

______________________________________________________

The ECB wants all other bondholders, except itself, to take a haircut.  It's trying to ensure that the bonds it's holding are maintained and paid out at par.  It's great to be King.

boatman's picture

moustache?

of course........just means he's old enough to have some wisdom n has experienced history personally.

goettees?......thats another story.

increasing china central bank gold buying:

http://www.mineweb.com/mineweb/view/mineweb/en/page72068?oid=145578&sn=Detail&pid=110649

single6's picture

Time to ban guns on Federal agents!!!!!

http://www.google.com/hostednews/ap/article/ALeqM5imeT1RrzFK-fRoFadftTnLsnvM5Q?docId=1a3158e2438345c79cfff9e443b51af9

works both ways bitches. At least we have the 2nd Amendment protection. You agents are getting dangerous to society and for the safety of the community we must have commons sense reform.

Choke on it LEO's

Be Prepared's picture

Record $6 Trillion of Fake U.S. Bonds Seized

Record $6 Trillion of Fake U.S. Bonds Seized

Italian anti-mafia prosecutors said they seized a record $6 trillion of allegedly fake U.S. Treasury bonds, an amount that’s almost half of the U.S.’s public debt.

The bonds were found hidden in makeshift compartments of three safety deposit boxes in Zurich, the prosecutors from the southern city of Potenza said in an e-mailed statement. The Italian authorities arrested eight people in connection with the probe, dubbed “Operation Vulcanica,” the prosecutors said.

The U.S. embassy in Rome has examined the securities dated 1934, which had a nominal value of $1 billion apiece, they said in the statement. Officials for the embassy didn’t have an immediate comment.

The financial fraud uncovered by the Italian prosecutors in Potenza includes two checks issued through HSBC Holdings Plc (HSBA) in London for 205,000 pounds ($325,000), checks that weren’t backed by available funds, the prosecutors said. As part of the probe, fake bonds for $2 billion were also seized in Rome. The individuals involved were planning to buy plutonium from Nigerian sources, according to phone conversations monitored by the police.  <Rest of the Article>

__________________________________________________________________________

It's interesting that these bonds are very similar to the bonds discussed by Benjamin Fulford in the Dragon suit against the Federal Government.  Makes you wonder if the Federal Government is trying to discredit a legitimate claim with catching and parading a lot of false claims.  It's hard to tell how much of the 1934 Bond story is true, but I love anything that challenges our Government to reveal the truth.  :-)

thurd aye's picture

pig family

Hi,

I introduced myself on the recent hat competition.That was ignored I don't know why.

Just saying hi to all ,reading here for some short time I am getting stuck,like a pig, on the Pig / Pigatha.there is no mention of this in the glossary.Why? and What is it?

Thanks,have a nice day.

TA

Be Prepared's picture

Putin doing an OBama fake tax the Rich Scheme

Putin Aims To Please With 'Oligarch' Windfall

Tax

Thursday, 16 February 2012

putin.jpg

To stem falling support in the run up to presidential elections, Russian Prime Minister and presidential candidate Vladimir Putin has suggested that Russia's wealthiest individuals should pay a windfall tax on gains made since the 1990s when state enterprises were rapidly privatized upon the dissolution of the Soviet Union.

During the presidency of Boris Yeltsin in the 1990s, the government planned to distribute national assets evenly through privatization vouchers. However, these vouchers were purchased at cut-price rates by a select few of the nation's well-connected individuals at the time, leading to the creation of a select group of super-rich owners of former state industries, now known as oligarchs.

In a speech to the Russian Chamber of Industrialists and Entrepreneurs, Putin aired the idea of a windfall tax as a way of cleansing "dishonest" past dealings, and the measure is expected to be strongly supported by the electorate, particularly at a time when Putin is contemplating potentially unpopular measures to reduce the nation's deficit. <Rest of the Article>

Be Prepared's picture

Thurd Aye - A Big Shout out Welcome to You!

thurd aye's picture

pig family

Hi,

I introduced myself on the recent hat competition.That was ignored I don't know why.

Just saying hi to all ,reading here for some short time I am getting stuck,like a pig, on the Pig / Pigatha.there is no mention of this in the glossary.Why? and What is it?

Thanks,have a nice day.

TA

Welcome to the Merriest of Merry O' Lands..... here in the Wonderful World of Turdville!

Turd Ferguson's picture

My apologies

MODERATOR

The POSX

The Pig

Pigatha

Pigatha Christie

All are pseudonyms for the U.S. Dollar Index and/or the U.S. dollar, specifically.

Be Prepared's picture

Thanks, Turd!

I was just going to edit my response.... but yours is par excellence!

Groaner's picture

It looks like the crooks are going to let

the metals go up with the rest of the market today. It's so nice to have a free market.

BoblovesHawaii's picture

Watch Coal

Groaner's picture

i will probably regret saying

i will probably regret saying that

boatman's picture

PMs go up ------manipulation

Pms go down----manipulation

PM's go sideways--------manipulation.

manipulation is one of many factors in the market.

Be Prepared's picture

Senior Bankers given Explicit Timetable for Athens Default

GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT

Wall Street…who gave it a map of the future?

DOCUMENTS RAISE AWKWARD QUESTIONS FOR WASHINGTON, IMF & BERLIN

A written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January. The Slog has separate but corroborative sources affirming the existence of the document, and a conviction among senior bank staff that – at least at the time – the plan represented “a timetable, not a contingency”. The plan gives a firm date of March 23rd for default to be announced after the close of business.

Senior bankers on Wall Street have been given detailed documentation setting out a timetable to Greek default, including firm dates and technical ‘orders’ about last use of the euro as a currency there. The revelation arrived at Slogger’s Roost last Monday, since when I have been trying to obtain corroboration. This arrived in the early hours of today (Thursday). One of the banks is Barclays Capital (Barcap) run by controversial figure Bob Diamond. The other must remain anonymous for the time being, in order to protect sources.

The document asserts that Greece will officially be declared in default by all the ratings agencies after the close of business on Friday march 23rd . At the weekend all Greek bank accounts will be frozen, with emergency measures detailed to prevent the flight of capital. Included in the paperwork is a list of very limited exceptions to the ‘no withdrawals’ order. All major banks ‘are instructed  not to deal with euro exchange  as of open of business in Greece on Monday 25th march. All Greek markets will close for one day ‘at least’.

As yet, I have been unable to establish the source of the documents. But one of my informants admitted, “I have strongly suggested to Greek business friends and clients that they sell up fast, do a sale and leaseback on property, empty bank accounts, and change to a hard currency.”  <Rest of the Article>

Credit goes to Redwood for finding the Article... he posted a link in PTC... and I thought we should all see it!

lairdwd's picture

Harvey comments = short squeeze

short squeeze coming up? They are doing the damndest throwing paper at it all day and night. Let's see if the bulls can force a short squeeze and make the cartel get long physical. 

Colonel-Angus's picture

Gold needs to bust a move

Home home on the range bound metels markets.

Where the algo's and wopper's play.

Where seldom it herd a discouraging word. 

Until Turd starts bashing blyth and her minions.

                  The Original Greaser Bob

¤'s picture

thurd eye

Hey, welcome aboard!  

Must have missed you in the flood of newbs/lurkers who have joined in recently and especially during that busy hat contest.

You're now an officially recognized Turd.  smiley

Blue Sky's picture

More good news for gold.

found this on the Sandstorm board at Yahoo.

http://af.reuters.com/article/metalsNews/idAFL4E8DH8H420120217?sp=true

BagOfGold's picture

thurd eye...

A pig by any other name...
 
2574391912_6c4bfc9cb1_z.jpg
 
is still a...
 
 
Bag Of Gold
 
 
¤'s picture

Doctor Divergence In The Gold House

Doctor Divergence In The Gold House

Morris Hubbartt
Weekly Market Update Excerpt
posted Feb 17, 2012

T-Bond Death Chart

  • The largest bubble on the financial scene today is probably the US treasury market. For several weeks now, I have been arguing that a major bond market top is in place. Keep in mind that this is a slow process, and investors will be reluctant to believe it is all over.
  • A common statement made by mainstream investors and financial advisors is that gold is a bad investment because it doesn’t pay any dividends. Yet these same managers tell investors to buy bonds that pay almost nothing.
  • Soon these bonds may actually pay less than nothing. The Treasury Borrowing Advisory Committee brings together dealers and treasury officials. They recently met in a closed meeting at the Hays Adams Hotel.
  • The committee members unanimously agreed that the Treasury should start permitting negative interest rate bids for T-bills. This is the kind of signpost that signifies the death of a 30 year bull market in bonds. Will financial advisors and money managers now promote negative yield investments to senior citizens?

Keep in mind that every bar on the above chart is one month. This chart provides you with a long term view of the bond market...

http://www.321gold.com/editorials/sfs/hubbartt021712.html

Groaner's picture

look at that mini raid

US pig still going down and they hit gold.. never changes

Teach's picture

If I was smart enough

I'd make a little pig like that and laquer him for the trophy shelf.  Well done!

Monedas's picture

Sold a Maple $1733....$5 over spot !

It's the one that has been making a visible condom ring in my wallet since last September ! I hated to do it....but financial reality was closing in ! I had to put a condom in it's place to prevent my wallet from collapsing ! They weren't amused (the cold bitch owner's wife or sister-in-law is never amused) when I said I heard APMEX was buying for $35 over spot (minus shipping and pay delay) even though I phrased it as a question as to whether there was a disconnect between LCS and Crimex prices !   Monedas  2012  MNN Monedas News Network "I sometimes make shit up ! You decide !"

Groaner's picture

that drop makes sense!

gets tiring

zilverreiger's picture

check mate suckers

check mate suckers

"Pakistan has pledged to support Iran if the US launches a military attack against the Islamic Republic. The Pakistani president assured the Iranian leader that his country’s territory will not be used as a launch pad"

thurd aye's picture

Thanks

Hi,

Thanks to all for the welcome and please excuse my Pig ignorance!

TA

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