It's Monday evening. "Memorial Day" here in the U.S. The unofficial beginning of summer but also the one day we Americans set aside each year to remember those who lost their lives in battle. This post is just a couple of items before we start the week.
First of all, the late Friday Globex action had me worried about tonight's open but we seem to have survived. As I type, gold is up almost $10 and pushing $1400. Very nice. And silver is up, too. Let's not get carried away as no doubt the London-based Monkeys will likely try to beat things back once the get in about 6 hours from now. Regardless, a move toward and through $1400 would be very nice so keep your fingers crossed.
I never did type up much on this week's CoT because, frankly, there wasn't much to get excited about. The only item of interest is the continued narrowing of the silver commercial net short position. The everybody-but-JPM crowd added another 1000+ longs last week while covering about 250 shorts. This dropped the commercial net short position to just 11,926 contracts and reduced their net short ratio to a miniscule 1.18:1. WOW!
I posted the Riff-Raffle drawing video on the previous thread but for those who haven't seen it, below is the list of winners. Tomorrow, I'll be contacting all of the winners by email and connecting them with the prize "donators". From there, both parties can work out the easiest way to connect and distribute the prizes. In random order:
$40 money back: Monty M.
VIP Prohillbilly: Occasnltrvlr, Curtis. B, Jon H, Alex C, David N
1 ASE and 3 Buffs: Bob R.
"Pilot" silver coin: Tim T
The one-year supply of ginseng: Stephen W.
Tube of 20 Buffs: CalLawyer
1lb of Held's Jerky: William B.
HatTrick Subscription: Stephanie C and Tyler B
Autographed Ruler and Sharpie: Greg C, Kurt F and Jill G
BrooksBros Shoes: Kim F
Jelly of the Month: Tom D
Legal Help from CALawyer: David B
Silver Panda: Mike
Hillary Nutcracker: Occasnltrvlr
$22 Turd Hat: Dan F
Pining-designed avatar: Stuart G and Dan S
Bollocks' bar: Richard P
Gold Phil: Charles K
Gold Maple: Antonious O
Troy Standard book: Dan S
$10000 gold book: John L
Glenn Beck book: Tim C
Ellis Island coin: Brian L
Bacon of the month: Don B
1/2 ounce Wolf coin: John T
3 SBSS coins: Greg C
16 coins: Scott P
2 Canadian wolf coins: Brian L
Autographed Turd Hat: Tim G and Antonious O
Liberty Walkers: Richard K
Silvertowne Bar: Dave D
Kitco bar: Roger B
Swiss Army Knife: John W
5-ounce First Maj bar: Simo H
Farmer silver coin: Chris K
Cellphone flask: Ron A
Hammock: Stephanie C
Turd/Santa signed hat that started it all: Tyler B
Lighthouse coin: Bob R
11 Ben Franklins: Steve O
Gold chain: jklehe
I think that's everything but I'll double check.
Moving on, my good friend "The Colonel" sent me the newsletter below. It's the "May Intel Update" from USAA, which is the family of mutual funds offered to all U.S. military personnel. It certainly qualifies as surprising and interesting reading. Whoever wrote it is obviously a closet "Turdite".
Finally tonight, just a little bit more on this American holiday called Memorial Day. Most countries set aside a day to celebrate their war dead and, for Americans, it's always set on the final Monday of May. Look, I'm not going to go into war and fascism and banksters and all that jazz. I just want to take time today to consider the ultimate, selfless sacrifice made by so many on behalf of their fellow soldiers.
The most poignant thing I can show you is this: The final scene of Saving Private Ryan. If you don't recall the story of the film, it centered upon the post D-Day search for the sole remaining, surviving member of a family of fighting brothers. A squad, led by the Tom Hanks character, is sent to find this guy and extract him safely from the battlefield. In the process, nearly the entire squad perishes but "Private Ryan" does, in fact, make it out alive. The clip begins with the death of the Tom Hanks character and ends, some forty years later, with "Ryan" back in Normandy. If this clip doesn't leave you sniveling, you need to check your pulse. Powerful stuff.
Thanks again for making this site possible. I look forward to a very interesting week ahead.