Tummy Tuesday

Tue, Mar 26, 2013 - 10:39am

In what has become a habit/necessity of late, just another quick post for you today.

This getting old stuff sure stinks. Today, MrsF is having her first colonoscopy. Lucky her, huh? I had my first several years ago but I don't recall the preparation being so difficult. At any rate, I'll be taking her in later this morning so there is little time to waste.

We didn't talk much about Cyprus yesterday. For one, I wanted to give it a day to settle and I also knew that, if you really wanted to hear what I thought, you could just listen to the Dr Janda interview from Sunday. Now that we've had a day to digest things a bit (no pun intended, MrsF), it seems that things aren't quite as neat and clean as the financial media would want you to believe.

First of all, nothing can be done at this point to restore the confidence that has been lost. Regardless of whether Cyprus is a "template" for future bankruptcies, who in their mind doesn't think that it is exactly that? And, more importantly, who in their right mind is keeping large deposits at major financial institutions in Greece, or Italy, or Spain, or Portugal or...anywhere, for that matter. You'd have to be:

  1. Head-in-the-sand stupid OR
  2. Bat-shit crazy

I mean, seriously. Now that it's been proven that accounts are subject to seizure and confiscation, why on earth would you keep money within that system? Ultimately searching for a store of value with no counterparty risk, the flow of fiat being converted into physical metal will only continue to increase.

And then there's this: It ain't over. Not by a longshot. First, read this from ZH where they report that the windows were left open for funds to be drained from Cypriot banks all last week: https://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus Which was based upon this: https://www.reuters.com/article/2013/03/25/eurozone-cyprus-muddle-idUSL5N0CG13920130325

Not even the European Monetary Magicians can create a "haircut" when there is no "hair" to be "cut". So, today, we have this: https://www.zerohedge.com/news/2013-03-26/cyprus-last-remaining-big-bank-set-unexpected-liquidation

Again, I hope you haven't been fooled by the SPIN and he MOPE. This is not a one-off. This is not in any way similar to a failure at The First National Bank of Bumfuck Idaho, where the FDIC sails in and makes accounts whole and then sells the banks assets to the United Bank of Bumfuck. The ramifications are, and will continue to be, significant and devastating to the future of the EU, the Euro and the banking system as a whole. Have you bought any physical metal today?

Prices continue rangebound for now and, as stated yesterday, will likely stay that way for the rest of this week, albeit with plenty of volatility. As we head toward FND for the April13, keep in mind that:

  • 13,910 contracts stood for delivery during the last "delivery month" of Feb13. This was up from 4,623 in Dec12, 5,178 in Oct12 and 5,807 in Aug12.
  • Harvey Organ has been keeping track of the demand that has materialized for delivery in the "non-delivery" month of March13. Last night, he reported that a total of 13.22 mts have been delivered in March. That's 425,000 ounces or the equivalent of 4,250 Comex contracts. IN A NON-DELIVERY MONTH! https://harveyorgan.blogspot.com/
  • If Harvey is accurate, then we've seen nearly as much Comex delivery demand in March as we saw in December, a month that is typically one of the largest deliveries of the year.
  • And if Harvey is accurate about March and, knowing what we know about February, how many contracts are going to stand for delivery in April?
  • As of Friday, the total open interest for the April13 was still 121,902. It's of course going to come down. A lot. But, how much? We'll see...

Here's a gold chart for you. Not much to look at but it appears that, as long as price hovers above $1585, there's always a possibility for a spike toward $1615. And remember, nothing significant will have happened until you see price back above $1626. Everything else is just noise.

On the flip side, though silver has now been rangebound for over a month, bored Turdites may see the opportunity for a trade in these silver charts. Whether you're looking at the past month, the past three weeks or just the last six days, it's quite obvious that silver is catching a bid (could it be our old-reliable BoS?) every time price reaches down to $28.60.

OK, I've reached my time limit so I'd better sign off. I'll be sure to check back in later today but, until then, be nice to each other and have fun.


About the Author

turd [at] tfmetalsreport [dot] com ()


Mar 26, 2013 - 10:41am
Double Bogey
Mar 26, 2013 - 10:41am

It's a crazy time

to have cash in any bank. Nervousness is spreading. We need to keep spreading the word people.

Double Bogey
Mar 26, 2013 - 10:42am

oh, about that first and second thing...

I've got gold and silver today. Woo hooo

Mar 26, 2013 - 10:45am

hehe, there goes the Eur/usd

hehe, there goes the Eur/usd pair for today

Mar 26, 2013 - 10:46am


I was going to ask why you didn't mention that we should keep stacking, but then I read this:

Have you bought any physical metal today?

I haven't yet, but I have added shiny to my online basket, waiting for the right time to pull the checkout trigger.

does that count?

Mr. Fix
Mar 26, 2013 - 10:46am

I'll take that as a close second.

It's official, Time to start my day, off to work.

Mar 26, 2013 - 10:55am

What is the problem?

What is the matter with you people? I just got caught up on the last 2 threads and I can't believe how much gloom and doom there was. You would think the world really was coming to an end just because a couple banks in Cyprus blew up. Look around, for cripes sake! The DOW is up another 100 and the S&P is closing in on a "world record". What could be more important? What could be a better indicator of the soundness of the global economy? The US stock market IS the world economy, you know. The Bernank says so.

And, gold and silver are lower today. Clearly this is an indicator that fiat currencies around the globe are a better value. Get over it folks. All is well. Nothing to see here. Move along.

If I was the MOPEr in Chief, I would be expecting one hell of a nice quarterly bonus come April 1.

sarc/wax off

Mar 26, 2013 - 10:55am

top ten?

Another day another beating?

Mar 26, 2013 - 10:58am

Cyprus scare driving up stock markets?

Let's face it: The big banks don't give a rat's ass about small savers anymore.

In fact, they often treat us like we're more trouble than we're worth - just look at Katie's recent experience with Chase.

Could the Cyprus crisis have been created and manipulated in order to drive small savers/investors from the entire Western World out of their small bank accounts and into stock markets as a means to buoy the bourse and perpetuate the current myth of a somewhat robust recovery in Global economies?

We certainly can't put it past TPTB to take such an approach, with the thought that new money searching for a home may serve to bolster toppy markets a little while longer, to allow looting to continue...

Mar 26, 2013 - 10:58am

Eur/usd is doing a big V

Eur/usd is doing a big V formation. Someone is seriously propping up the euro today on decent volume indeed.

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

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Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

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