G-Day

43
Tue, Jun 21, 2011 - 9:43am

With the looming "confidence" vote in Greece, I expect the PMs to be rather quiet again today. Greece, however, will not likely be quiet. Here are three articles to consider.

First, Gonzalo Lira sums up the situation quite nicely:

https://gonzalolira.blogspot.com/2011/06/if-greece-defaults-what-happens-to.html

Next, the BBC questions whether the Greeks will make a move for outright revolt:

https://www.bbc.co.uk/news/world-europe-13830466

And if you think that sounds crazy, read this:

https://www.smh.com.au/world/greek-austerity-protests-arouse-fury-from-the-man-in-the-street-20110619-1g9xi.html

Two quick charts to start your day. First, here's an updated silver. For the past 3 or 4 expirations, we've had great fun and made quite a bit of money trading options. This time...not so much. Maybe the fun and games will begin anew in August, as we move toward September delivery.

As we discussed yesterday, I think it's going to be tough for the PMs to get any real traction until/unless crude gets back above $96. Unfortunately, this will be no easy task. It looks a lot better than yesterday but still has quite a bit of work to do.

OK, that's it for now. As I finish, the metals are rallying so we'll see if they can continue to catch a bid. Be sure to watch how gold acts as it approaches 1550. TF

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  43 Comments

taoJones SilverTree
Jun 21, 2011 - 10:23am

police provoke violence...

There were rumors of that at the G20 in Toronto last year... police setting up bait cars to attract hooligans & incite rioting...

Larry
Jun 21, 2011 - 10:27am

It's all Greek

It's easy and almost assured that we at times get overwhelmed, confused, shaken by what is going on in this world. Can you imagine what it must feel like to be a middle aged Greek that has lost their job and is dependent on the government for food, shelter, healthcare and basic necessities of life? Pure tragedy playing out in real time. God, I feel so sorry for the innocents in that country.

The MSM make the Greek tragedy seem so distant and foreign, just as they do wars and all things that TPTB want shrouded in a veil of patriotism and world order, but this chaos is coming to a city and community near all of us in the very near future. Once again, we're reminded to prepare accordingly.

The problems stem from a global economy that is ensnared by an Western elite cabal that has destroyed currencies and poisoned the earth. It is no coincidence that these evils began their increased, systematic and dominating destruction of the earth in 1914. The Fed has not been the only tool, but a very useful tool of the EE.

Now, on this side of the not-so-big pond... will Botox Benny stick to injections in his forehead to hide his emotions in todays meetings or will he also get pricks into his upper lip to control the quivering as he lies?

Cleburne61
Jun 21, 2011 - 10:28am

With silver trying to base

With silver trying to base over 36, and gold coiling in the $1540's....things are looking better than a few weeks ago. WTH knows what will happen in Greece, but with Keiser, Turk, and Sinclair all thinking either bailouts or default would set a flame under our shiny friends, I can see hope from my front porch!

Btw, does anyone know what current silver OI is? I'm guessing around 116k contracts, and with silver getting above $36 even with those low numbers, hopefully big buyers will be emboldened to step in.

Btw, for those who've considered Bitcoins....here's a must see vid from Brother John.

Bitcoin Report Volume 8 - (FLASHCRASH)
SilverWealth
Jun 21, 2011 - 10:34am

don't hold your breath

I wouldn't hold my breath waiting for the Comex to default. We are dealing with great criminal operations and they should never be underestimated especially not JPM. I have been hearing every month for the last year that default was right around the corner. Its the siren song in the PM community. I will beleive it when I see it but I would never underestimate their ability to throw a monkey wrench into the system, completely change the rules, move the goalposts or simply just stall and stall and stall.

Eric Original
Jun 21, 2011 - 10:39am

Smokin'

Don't know about you guys, but my portfolios are smokin' hot today! Both my miners and my oils. :D

Levon Resources is leading the way for me, up 9% on the back of this news release. Big big numbers on their first resource calculation on the Cordero Project.

https://www.levon.com/s/NewsReleases.asp?ReportID=463262&_Type=News-Rele......

Quintus
Jun 21, 2011 - 10:44am

Greek vote will be passed today

I should think there is very little chance that TSHTF today as a result of a failed No-Confidence vote in G-Pap this evening. It seems much more likely that the motion will be passed so that both sides can see what sort of Austerity measures they can negotiate in advance of that vote which I believe takes place on 28th.

There's little incentive for the opposition to pull the plug now when there is a weeks worth of bargaining time still available.

When the vote is counted and G-Pap survives, expect the MSM to be full of 'Greece is saved!!' headlines. This may dent the metals prices and pump the Euro for a bit.

The vote on the 28th is much more significant, and will be much more contentious IMHO.

I am coming to the conclusion that the Greek politicians of all colours will try to keep the show on the road and will probably pass the new Austerity measures. As we speak, hesitant senators are probably being offered yachts and private islands by the Euro politicians in return for their vote.

Every politician has a price, and the EU will pay it. The only hope we have that sanity eventually prevails and the Banksters do not win again is if the Greek people force the issue and render the country ungovernable.

I was hoping that one of these votes would fail, that Greece would default, and Metals would scream higher as a result, but I don't think it will be as easy as that.

HiHo Silver
Jun 21, 2011 - 10:45am

So, they are despondent and

So, they are despondent and despairing that they cannot get more of other people's money to finance their lifestyle. Is this America?

Dakini
Jun 21, 2011 - 10:53am

Link to Bernanke Press Conference Tomorrow

I've seen mention of Bernanke speaking today, but it looks like his press conference is tomorrow. Just an FYI - here's the link for tomorrow's live coverage -

Bernanke FOMC press conference: June 22, 2011 2 pm Eastern time

https://www.bankrate.com/finance/live-chat/federal-reserve/bernanke-fomc-press-conference-june-22-2011.aspx

Quintus HiHo Silver
Jun 21, 2011 - 10:54am

The list of people who would

The list of people who would like more of other people's money to finance their lifestyle is long indeed.

¤
Jun 21, 2011 - 11:01am

MSM Blackout/MOPE

If the majority of global paper currencies were like leaf's on a vine, the vine would be noticeably withering in the hot glare of the insolvency spotlight.

I think for the most part that the American mainstream media (MSM) has under reported or at least has not shown the extent and consistency of the Greek riots and how bad it really is over there.

For the most part you could say the same thing about Bahrain, Yemen, Libya, Pakistan, Afghanistan, Iraq and Egypt especially. Don't hear much about Egypt these days and how friendly and democratic it all turned out, do you?

Back in late February and early March when the risk trade/MSM news was on, the commodities prices and movements reflected the nature of the the MENA threat and now the Euro/Greek financial situation is centerstage while you barely hear of the other chaos that is still going on everyday. Looking up footage on YouTube would disturb you greatly if you saw what is going on everyday for months now.

If the MSM actually showed the extent of the Greek riots and how dire it feels over there to the average Greek citizen day to day, month to month, then I think our stock markets would gradually or suddenly collapse even further on fear and dread. The commodities would be higher if all of the Wall St. analyst and trader types everywhere were actually viewing on TV the video footage of whats taking place on the streets over there. All the exchanges and brokerages have MSM channels on all day long. They all watch TV during work to keep abreast of breaking news and events.

The reporting and the footage, whether it be in the MENA or over in Europe or where ever has a negative market effect. I don't believe that the MSM is doing the Gov't.'s bidding or anything silly like that. Just a matter of trying to produce and sell the least negative product so that viewers don't change the channel. It's all MOPE and ratings.

There is in my view a sense of "negative news" exhaustion in the U.S. and a lot of "reality show/attention deficit" by the average American citizen that they don't want to hear or read anything remotely negative or financially stressful. The MSM is keeping a lot of visual negative stuff off the air for the most part due to that negative exhaustion. It probably also keeps any idea's of revolt by citizens off of their minds a bit also if they aren't seeing other people elsewhere riot for the same things we are worried about.

The Greek situation is going to get even more violent and I think they vote "No" on the Confidence Vote today and they default fairly quickly before a new Gov't. is elected. The concept and the structure of the Euro is going to be the topic about the same time the U.S. debt ceiling situation and our currency problems boil over this summer.

TF's right, anything is possible at this time.

My guess is a flash crash and trading halt within 21-30 days.

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