FUTF Tuesday

177
Tue, May 28, 2013 - 4:06pm

The new week begins with some pretty volatile trading.

Last night, I suggested that The London Monkeys would likely raid gold and silver at their usual appointed hour today. Sadly, they didn't disappoint and price fell back some $20 in the American wee hours of Tuesday. Then, just when all looked lousy after the Comex open, prices shot higher and the June13 actually had the audacity to briefly trade above $1400, reaching a high of $1400.80. At that point, The Monkeys struck back and painted a lousy-looking FUTF on the charts. Nuts.

Oh, well. At least we now know where we stand. Ole Louis Braille himself would be able to see the clear capping effort now being made at $1400. The stage has now been set for this week's battle. We'll have to wait to see who wins but we should have some indications by Friday, at the latest.

Two, main news items today that you might have missed. First, Jim Willie mentioned last week that King Abdullah of Saudi was "basically dead". Looks like he was right. (https://www.presstv.ir/detail/2013/05/26/305584/saudi-arabias-king-clinically-dead/) Now lets see what happens next to:

  1. The price of crude
  2. The political stability of Saudi Arabia
  3. Overall tension level of the MENA
  4. the future of the petro-dollar

And do you recall this story from two weeks ago? This: https://libertyblitzkrieg.com/2013/05/14/why-has-1-billion-in-gold-been-shipped-from-new-york-to-south-africa/ was sourced from this: https://qz.com/83396/1-billion-of-gold-has-been-shipped-from-new-york-to-south-africa-this-year/. Earlier today, Santa himself issued a public comment on this. Take it fwiw:

Jim,
I wonder how much longer these criminals will play this gold paper game.
David
David,
That question will be answered by the condition of the Comex warehouse as they will change delivery to cash or GLD, in my opinion within 90 days, if the decline of the Comex warehouse gold stock continues. It has been confirmed that the large shipment of gold from the USA to RSA was not scrap as first reported, but Comex 100 ounce gold bars to be melted and cast as Chinese small denominations then shipped to China.
Jim

Shipped to China and recast into smaller denominations? Gee, where have we heard that before?? https://www.tfmetalsreport.com/blog/3924/gonefor-good

Speaking of being "gone", the GLD dropped another 22 1/4 metric tonnes of gold last week, dropping its stated "inventory" down to 1016.16 mts. Again, for those doing the math at home...22.25 mts is 715,354 troy ounces. That's approximately 1,788 London good delivery bars or, roughly, 9.5 of these:

Also of interest for those keeping score at home, The Comex reported on Friday that total registered gold is now down to just 1,641,000 ounces or about 51 metric tonnes. That is only enough registered gold to physically settle 16,410 contracts. Recall that Feb and April gold both saw about 13,000 contracts stand for delivery so it won't take much of an increase in June to deplete the entire stated inventory.

We just received the OI number for Friday so, with four days left to go before First Notice Day, the total OI for the June 13 stands at 125,684 of a total OI of 435,106. If you're wondering, with four days to go before February FND, the total OI for the Feb13 was 148,517 out of a total OI of 458,197 and, as we approached FND for the April, Apr13 OI with four days to go was 121,902 out of a total OI at 438,833.

Here's where this will get interesting in June. For Feb, over 13,000 contracts stood for delivery but very few were added during the delivery period. However, in April, just 6,601 stood on FND but an amount nearly equal to that number showed up during the month of April, put up their 100% margin and "jumped the queue". Based on Friday's numbers, it looks like maybe 10,000 or so will stand on Friday. What happens next will tell the tale. If, like April, 6,000+ show up during June to queue-jump, the registered inventory at The Comex will be drained. Rest assured, I'll be watching this very closely.

Finally, there were some great conversations here over the weekend but a couple of comments merit your attention as they may have slipped past you. First, this great summary of the current situation from "Icarus": https://www.tfmetalsreport.com/comment/201990#comment-201990

And "Lamenting Laverne" posted two fascinating items into the Jim Willie thread. Please read them both and then ponder whether or not Laverne is onto something.

https://www.tfmetalsreport.com/comment/366152#comment-366152

https://www.tfmetalsreport.com/comment/366159#comment-366159

Ok, I'm going to stop here for now. Sorry for the delay in getting today's post up but I have been sending out emails all day trying to connect raffle donors with raffle winners. I should be back to a normal "schedule" tomorrow.

TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  177 Comments

Iceberg Slim
May 28, 2013 - 4:08pm

1st

my first, FIRST?!

dc1
May 28, 2013 - 4:11pm

Good News!

and second?

Excerpt from May 28th interview (found on Santa's site):

"David Gurwitz: ... When the gold price gets to the bottom – which we think is coming relatively soon – they're going to sell out and we think there's going to be a great opportunity. HAI: And what price would that be? David Gurwitz: High $1300s is what we're looking at. ... Gold is going to go up, based on our cycles, based on our forecasts. Silver same..." You'll want to read this entire interview from today! A definite "pick me up"!! https://goldnews.bullionvault.com/gold-cycles-052820132
Down Range
May 28, 2013 - 4:15pm

Top Ten

This is for all the haters out there

Boswell
May 28, 2013 - 4:16pm
Hagarth
May 28, 2013 - 4:16pm

Fitfh!!1

Ohh so escitied!!!1

dc1
May 28, 2013 - 4:17pm

Merriman

For those who are interested in the astrological aspects of finance, you might find this of interest. This guy has a very good track record, even to calling six months ago the problems Obama is now facing with all the scandals. He's also, much to my chagrin at times when I didn't want to hear it, been very accurate with the metals. He posts a free Review/Preview of the coming week and then there's his paid ($$$) version.

Silver sold off sharply in overseas trading, falling to a new multi-year low of 2025. Gold also fell sharply, to a low of 1336, but that was above its panic low of April 16, which was down to 1321.50. By Wednesday, May 22, Silver had rallied 15% to 2329 and Gold recovered to 1413. This created a case of intermarket bullish divergence, within a geocosmic critical reversal zone. Now we wait and see if it holds, and if both metals will start a new leg up of their bull market that originated with the double bottom low of August 1999 and April 2001 at 250/ounce. It remains my belief that commodities – and especially precious metals - will continue their bull market throughout most of the period that Saturn and Pluto are in the waning phase of their cycle (from opposition in 2001 through the conjunction in 2020).

Complete MMA weekly article here:
https://www.mmacycles.com/weekly-preview/mma-comments-for-the-week/mma-comments-for-the-week-beginning-may-27,-2013/

Wizard
May 28, 2013 - 4:21pm

Fake Silver Flooding Market

Be careful out there

Fake Silver & Gold - How To Avoid Them - Mike Maloney & James Anderson
May 28, 2013 - 4:22pm

And this chart is DEFINITELY

And this chart is DEFINITELY worth watching. 128-130 is very important support.

Howard Roark
May 28, 2013 - 4:22pm

Bumpy ride

The week promises highs and lows.

Got a helmet?

Sure we have!

Salut,

HR

TF
May 28, 2013 - 4:23pm

Jake Blues

JakeBlues, if you're reading this, please repost that chart you have of silver price vs the 10-year note yield.

Thanks!

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