Monday, Monday

308
Mon, Apr 29, 2013 - 7:52am

It's the start of another new week that culminates with a BLSBS report on Friday. In between, we can count on continued volatility, that's for sure.

But let's just focus on getting through Monday, first. I'm not going to be around much between today and tomorrow afternoon so I need everyone to hold down the fort. Let's try to keep this main page on-topic and utilize the forums for everything that isn't gold and silver related.

Here are your charts. It seems like it has been several weeks since I've been able to state that the rally objectives are pretty clear...Take out Friday's highs and keep going! In gold, this then means a shot at the psychologically-important $1500 level and then the all-important bottom of the previous, 19-month range at $1525-1530. Silver is equally clear. It simply needs to best Friday's highs near $24.80 and then it's clear sailing to $26. The only potential sticky point in between is the 20-day MA, now near $25.13 and sinking fast.

The only other item I have time to discuss this morning is the continued draining of the GLD. It shed another 7.22 metric tonnes on Friday. This brings the total gold in "inventory" down to 1,083.05 metric tonnes, down from 1,349.92 back on January 2. This is a drop of 19.77%. So, for all intents and purposes, the GLD now "holds" 4 bars for every 5 it had back at the first of the year. Friday's withdrawal alone is almost exactly three of these pallets.

In stark contrast, the SLV held 10,084.96 metric tonnes of silver in "inventory" on 1/2/13. As of Friday, it held 10,349.42. UP 2.5%.

Hmmmm.....So were supposed to believe that "investors" are "liquidating precious metal investments" and "re-allocating elsewhere". OK. Well, then, let me ask you this, Bob Pissonme: Why are "investors" only liquidating gold and not silver? Got an answer for that one, big boy?

When this is all said and done, one of the things we'll look back at is this extraordinary draining of the GLD...happening right before our eyes...and so many pundits will express amazement at how they could have missed such a clear warning sign.

Alright, then. Have a great day. Try to enjoy yourself while keeping in mind The Golden Rule. Back tomorrow.

TF

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  308 Comments

ivars
Apr 29, 2013 - 7:53am

I do not know what to write

I do not know what to write

Dolomite
Apr 29, 2013 - 7:53am

Turd what's for Breakfast? 

Turd what's for Breakfast?

indosil
Apr 29, 2013 - 7:56am

3rd

3rd

RaRaRasputin
Apr 29, 2013 - 7:57am

Should be studying ...

but nope here I am ;) Third?

Nope make that 4th - may the fourth be with you :)

indosil
Apr 29, 2013 - 7:57am

@Ivars

You should have written 1st

Apr 29, 2013 - 7:59am

Good Morning (again)

Going mainstream:

Neil Macdonald: The 'monarchs of money' and the war on savers

Power Shift: First in a series on the rise of the central bankers and the global imposition of cheap credit

By Neil Macdonald, CBC News

Posted: Apr 29, 2013 5:03 AM ET

Quietly, without much public fuss or discussion, a new ruling class has risen in the richer nations.

These men and women are unelected and tend to shun the publicity hogged by the politicians with whom they co-exist.

They are the world's central bankers. Every six weeks or so, they gather in Basel, Switzerland, for secret discussions and, to an extent at least, they act in concert.

Watch Neil Macdonald's full documentary The Monarchs of Money tonight on The National at 10 p.m. /10:30 NT

The decisions that emerge from those meetings affect the entire world. And yet the broad public has a dim understanding, if any, of the job they do....

"I don't understand what quantitative easing is, except that it's printing money," she says. "But I do understand that I now have 50 per cent less.

"What they have done is take money from people who have been really careful all their lives."

On the backs of the virtuous

Actually, by the Bank of England's own reckoning, the £375 billion of quantitative easing it has carried out since 2008 has cost British savers and pensioners about £70 billion, roughly $100 billion. (At the same time, the richest 10 per cent of British households saw the value of their assets increase over the same period, the bank reported.)

That cost to the elderly is largely because pension payouts in the U.K. are pegged to the yields on government bonds, and quantitative easing has forced those yields down to almost nothing.

... https://www.cbc.ca/news/world/story/2013/04/26/f-rfa-macdonald-power-shi... edit - I am shamelessly reposting this on the new thread.
Roger Godberd
Apr 29, 2013 - 8:00am

Bearish or Bullish

Sentiment apparently massively bearish and yet how does that equate with huge phyzz buying? Also when there is NO METAL in VOLUME anywhere...how can these huge purchases be made everyday at the LBMA?

Something is rotten in the state of Denmark..

Happy to be Top Ten today!

El Gordo
Apr 29, 2013 - 8:03am

Top ten?

Am I in the top ten? Carpe diem

waxybilldupp
Apr 29, 2013 - 8:04am

Eyes open ...

No Fear!

For I AM Turd!

wax off

edit: And, Xty's back! It truly is a "good morning". Welcome back, Pirate Lady!

Bollocks
Apr 29, 2013 - 8:07am

ivars should be banned...

for not saying FURST.

This sort of behaviour should NOT be tolerated at Turdville.

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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
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Key Economic Events Week of 8/12

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Key Economic Events Week of 7/29

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Key Economic Events Week of 7/8

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