Timmy Tuesday

249
Tue, Apr 30, 2013 - 9:09am

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

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  249 Comments

hai
Apr 30, 2013 - 9:14am

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

https://www.hardassetsinvestor.com/market-monitor-archive/4756-morning-c...

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."

https://www.hardassetsinvestor.com/features/4751-arizona-a-other-states-...

victori
Apr 30, 2013 - 9:16am

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." https://www.bloomberg.com/news/2013-04-30/gold-rush-from-dubai-to-istanb...

silver66
Apr 30, 2013 - 9:16am

Thurd

my lucky day

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

silver66

victori
Apr 30, 2013 - 9:18am

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" https://www.zerohedge.com/news/2013-04-30/perth-mint-demand-highest-lehm...

ivars
Apr 30, 2013 - 9:26am

The tensions

The tensions increase:

https://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
Apr 30, 2013 - 9:26am

top ten!!

Well it looks like the battle is on again today.

CLE807
Apr 30, 2013 - 9:29am

Never let a crisis go to waste.

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

BourgeoisHuckster
Apr 30, 2013 - 9:29am

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
Apr 30, 2013 - 9:32am
Juggernaut Nihilism
Apr 30, 2013 - 9:33am

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?

Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

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

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