Some weekend reading but also we have the winners of the latest Hat Contest.
Let's get to the Hat Contest first. Remember, for this contest, we used the closing Globex prices, as shown on the kitco chars on the main page. As everyone can see, gold closed at $1582.40 (yuck) and silver finished at $27.10 (ick). The entries were graciously compiled by Turdite "rl999" and the winners are:
- In gold, with a guess of $1582.16 - "interwebzmonies"
- In silver, with a spot-on guess of $27.10 - "himalaya2"
As per usual, I need the winners to email me at tfmetalsreport at gmail dot com. I need your shipping info.
OK, back to business. There wasn't a CoT yesterday. Because last Wednesday was a federal holiday and because the CoT is cranked out by federal employees (CFTC), the CoT won't be released until Monday. What a joke this is! Try getting away with that in the private sector. Do you think your private sector boss would allow this? If a report is due on Friday, then it's due on Friday. Additionally, it just goes to show how purposefully opaque the CoT is. As Uncle Ted has repeatedly pointed out, there is NO REASON that the CoT can't be released the day after the survey. The delay in releasing the information makes it less valuable and, therefore, the markets easier to manipulate. Releasing the CoT yesterday would have been after just TWO business days and, clearly, we can't have that now can we? Again, what a joke.
Finally, here's your reading assignment for the weekend. You may recall the emphasis I placed on the last issue of The Thunder Road Report by Paul Mylchreest. It was a comprehensive summary of the techniques and methods used by The Cartels to manipulate and suppress the prices of gold and silver. If you missed it or would like a refresher, the report can be found here:
In his latest report, Paul discusses an issue that is obviously near-and-dear to my heart: The Coming Change In The International Trade Settlement System (TCCITITSS). As regular readers know, I've been writing about this every chance I get. To read that Paul has come to many of the same conclusions is gratifying.
Please take the time to digest the report and discuss it in the comments section. I firmly believe that this Change is coming. The effects and implications of this Change will not be felt exclusively in the U.S., of that you can be certain. Therefore, we must all prepare.