Harvey Organ Should Be An Interesting Read Today

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Fri, Feb 15, 2013 - 10:30pm
Mr. Fix
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Another reply to reflected power

okay, you've got me there

let's just skip the whole concept of a super weapon that causes earthquakes in outer space.

It's too easy to do with our current technology on the ground,

just bouncing the signals off the ionosphere.

That would be good enough to produce the results seen in the video.

While we just call that space based super weapon wild speculation.

Just like Myth Busters, occasionally a good story gets busted.

"When the student is ready, the teacher will appear."
Sat, Feb 16, 2013 - 12:16pm
Silver Spurs
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Back to financial concerns

Interesting conversations on space weapons/ meteors/ conspiracies. But, my thought is ... Not much I can do about meteors coming into Earth's atmosphere if caused by natural causes, and not much I can do about manmade space weapons controlled by governments (from any country). On the other hand, last night on Fox Business on the Cavuto show (which is about the only one I like, cause I think Cavuto is humorous and somewhat on track) he had 2 of his 3 guests say gold was out and financial stocks were in (Cavuto didn't express much either way, just let the commentors speak - of course they have to interupt each other all the time, that's annoying!). So I get this inner feeling ... Might want to buy some physical - cause when news financial "gurus" speak, it's usually doublespeak. Just my thoughts. DS, appreciate this forum. Have a great day!

Sat, Feb 16, 2013 - 12:56pm Silver Spurs
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RE: Back to Financial Concerns

SilverSpurs, just like terrorists affected our financial situation by adding reams of security and DHS and new wars costing trillions, so meteors on a large enough scale will have financial repercussions as they move to field space defenses against meteors. It's all part of the plan to ruin us financially and make us so weak TPTB can take over.

Mr. Fix has asked the $64K question about timing. How long can they keep up keeping gold and silver in the doldrums? Will they keep this up so long that the guys that bought on the margin will have to fold at a loss? Will they keep this up so long that guys will have to sell their stacks just to eat? Now we have "financial gurus" who say sell. Like you say, that indicates a bottom, and from the sentiment I see, the sentiment is at a bottom, and the cartel is finding more shorting causes silver OI to increase, so they have reached the limit of what shorting silver can do. That presages a commercial signal failure, for if what Harvey posted about miners starting to hoard their silver production is true, we will see a massive short squeeze as the market "crashes" to the upside. In a commercial signal failure the shorts will have to cover at any cost to keep from being destroyed. If the miners are hoarding, there is virtually no other supply coming in now, for scrap sales are drying up, and the miners are being killed anyway by the naked shorting of their stock, so why not hoard? What more can the bad guys do to them if they do hoard? So, if supply dries up, the market is at a bottom, naked shorting doesn't work any more, and the asteroids have started, it looks to me like we could be in for (as the Chinese say) "interesting times" in the metals, and yes, by all means, if you have dry powder, buy silver.

DayStar

Sat, Feb 16, 2013 - 2:15pm
Silver Spurs
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Good of you to respond

Yes, you're right. There are many outside causes to financial markets involved (politics, war, "national security", blah, blah, blah) And I do stack G and S on regular basis DCA.

Sat, Feb 16, 2013 - 10:14pm
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~~Harvey 16 Feb 2013

This is DayStar (DS) with the Saturday Harvey Report.

The FDIC seized the Covenant Bank of Chicago, IL this weekend.

The Commitment of Traders Report (COT)

Gold: [The gold COT was] strange indeed. The commercials went net long by 13,954. Remember this is from last Tuesday until this Tuesday last. This is bullish but what caused the specs to go massively short? We have the specs going short and the commercials going net long: it cannot get any more bullish.

Silver: [Open interest is rising as prices fall] and they raided? The commercials went net long a huge 5149 contracts and the specs went net short on the week? This should set up a very bullish situation as the specs will get annihilated when the bankers go long. DS: There is such thing as decreasing marginal utility. The more you have of something, the less positive effect adding more of the same thing has, until at some point, you reach an inflection point and adding more of the same thing causes it to have a negative utility instead of positive (where am I going to put all this oil? <g>). The cartel has shorted silver to the point where when they short more, they add more contracts (OI), because the market price is down so briefly, they can't unload their short positions at a profit as the market moves up. The spec longs also don't bail on the price drop, and the commercials are stuck with the OI they created to cause the price drop, because the longs cover their margins and hang tight, betting the price will soon come back up.

DS: There was an article from Jim Sinclair recently where he expressed amazement at the fact that the Fed owns more Treasury bonds than the Treasury has even issued. What that shows is that the Plunge Protection Team (PPT) is "naked longing" Treasuries to keep the interest rates down. It does this by buying Treasury bonds it creates out of thin air. It works just like naked shorting silver, except they buy bonds that don't exist instead of selling silver that doesn't exist, and instead of trying to keep the price of silver from skyrocketing, the PPT is trying to keep the interest rate from skyrocketing. All they would have to do create a moonshot in interest rates that would crash the dollar would be to stop buying Treasuries. They are doing the same thing to stocks. During the last half hour of Dow trading the PPT often does a "Hail Mary" on down days to get the Dow up. During that time they buy stock, a lot of which probably is not for sale and does not even exist. They do this so they can park the Dow where they want it for the day. They fraudulently create stocks and bonds just like they create fraudulent silver.

Harvey: If the OI on Monday is again higher, our banker friends might as well throw in the towel, as nothing can help them. The massive not for profit selling of non backed silver paper at lower prices is futile, because the bankers are having trouble removing their huge shorts in silver. Instead of the bankers buying them back at lower prices after the raid as our resolute silver holders are buying the shorts as soon as the raid begins, and they are holding on to them.

Harvey: The rigging started in earnest when the CME lowered the margin requirements. This brought in more weak longs into gold and silver. Then the constant raids brought the main stream media to report the end of the gold/silver bull for the umpteenth time. Dennis Gartman who always gets the sell side right but never the buy side, announced that he was going short in gold, and he was right again. Today the selling reached a climax with gold at one point gold breaching the 1600 dollar barrier. Silver on the other hand breached 30.00 and stayed below that level for the rest of the day. However, when you have massive selling of paper silver and gold, you generally see liquidation of the paper contracts (OI). However, we had only a minor contraction in gold OI. In silver OI strangely increased and the CME reported a gain of 1417 contracts up to 154,364. We are now at a two year record high in silver OI with a lower price in silver ($29.86 today vs $49.00 in April 2011), In gold, the bankers are getting their way as the OI has fallen to 442,000 contracts.

GoldCore: According to the World Gold Council’s Q4 2012 report issued today, Global gold demand in Q4 2012 reached 1,195.9 tonnes, up 4% from Q4 2011. In value terms gold demand for the quarter was 6% higher year-on-year at $66.2bn marking the highest ever Q4 total and driving annual demand in 2012 to a record value of US$236.4bn. Gold demand ended a challenging year on a strong note, with a level of demand in Q4 2012 second only to the record level in Q3 2011, highlighting gold’s ongoing attraction and resilience to economic uncertainty. Overall gold demand remains above the five year average with demand in Q4 2012 driven by India, China and the official sector. In India, investment and jewellery demand reached their highest levels for six quarters with overall demand up 41% on Q4 2011. China recovered from a difficult start to the year, with strong demand in investment and jewellery, both up marginally on the high levels from the final quarter in the previous year. Global investment in ETFs in 2012 was up significantly by 51% on the preceding year, though Q4 was down 16% to 88.1t when compared with the high levels recorded in Q3 2012.

Reuters: Tighter U.S. sanctions are killing off Turkey's gold-for-gas trade with Iran and have stopped state-owned lender Halkbank from processing other nations' energy payments to the OPEC oil producer, bankers said on Friday. U.S. officials have sought to prevent Turkish gold exports, which indirectly pay Iran for its natural gas, from providing a financial lifeline to Tehran, largely frozen out of the global banking system by Western sanctions over its nuclear program. Turkey, Iran's biggest natural gas customer, has been paying Iran for its imports with Turkish lira because sanctions prevent it from paying in dollars or euros. A provision of U.S. sanctions, made law last summer and implemented from February 6, effectively tightens control on sales of precious metals to Iran and prevents Halkbank from processing oil payments by other countries back to Tehran, bankers said. DS: Ok, so what do you think will happen now? Turkey has huge gold bazaars where you can buy gold freely. Iranian agents have access to Turkish lira in Halkbank. Instead of cash, they have to buy food or medicine which they can sell for cash or gold. They take the cash and go to the bazaar and load millions into suitcases and go to Hong Kong, Bangkok, New Delhi, and Shanghai, and exchange gold for cash or goods. It's no big deal if the bank can't handle cash withdrawals. The Iranians will just have to launder the money through more middlemen.

Chris Powell (GATA): GoldMoney research director Alasdair Macleod reports today that bullion banks have been aggressively closing their short positions in gold but have been unable to close them in silver.

Silver Doctors: New signs of an extremely tight wholesale physical silver market have now emerged, as a first-hand account has revealed that one of the largest and most famous German automakers is hoarding massive amounts of physical silver inside one of the most secure vaults in Zurich, Switzerland. Financial writer Byron King, who viewed firsthand the German automaker’s massive silver hoard stated: Why does the German company store dozens of pallets of silver in a secure vault deep in the mountains of Switzerland? It’s simple, really. So that the metal is there when the car maker needs it. As one purchasing manager explained later, “For some metals, like silver, there’s no such thing as ‘just in time’ delivery anymore.” In other words, this German company buys silver when it’s available. In fact, the company buys as much as it can acquire. Then it stockpiles the material in a vault in the mountains of Switzerland, right next to the pope’s gold. Ted Butler’s long anticipated panic buying & stockpiling of physical silver by industrial users is marking its beginnings.

DS: It seems that physical silver is becoming scarce and producers are hoarding the metal. The bankers do not like what they see with silver as every raid at these low prices brings on more longs and they seem to represent strong hands. We saw an article two weeks ago where Apple was having trouble shipping some of its products, apparently because of a silver shortage. Now an article appears about a German car manufacturer hoarding all the silver it can find because it believes silver will soon become unavailable.

Marc to Market: As apocalyse week ends we have seen the resignation of the Pope that was followed by a lightning strike on the Vatican. A meteor storm has hurt hundreds of people in Russia and this was followed by major meteor fireballs in Cuba and San Francisco. UK retail sales collapsed in January, falling 0.6% increased of rising 0.5% as the consensus expected. Insult was added to injury as the November and December series were revised lower. DS: In spite of all this bad news, gold and silver were down, but OI in silver still increased, which does not look good for JPM's short position. Mr. Fix thinks the OI is manipulated, as well it could be. IMO, the PMs will not beak out until we have a Comex failure or a commercial signal failure. Either of these could happen soon, as the Comex silver longs at the moment are showing little interest in rolling, and the OI for the big March delivery month is 51,992, which is enormous. Of course, they could sequester the OI and we would never know. It would look like massive amounts of longs folded in the last three or four days like it did in January. Here's a couple more stories about major meteor observations within 24 hours of the Russian big bang.

https://www.nbcbayarea.com/news/national-international/Watch-Fireball-Streaks-Across-Bay-Area-Sky-191510701.html

https://www.rainews24.rai.it/it/news.php?newsid=174956

https://rt.com/news/meteorite-crash-urals-chelyabinsk-283/

Harvey's comments on Friday's price action (basis 1:30 PM EST)

Quote:

Gold closed down $25.90 to finish the Comex session at $1608.80.

Silver finished down 56 cents at $29.84.

In the access market, here are the final prices:

Gold; $1610.10

Silver: $29.80

Thursday, Feb 14th Gold and Silver Action (basis 1:30 PM EST)

https://harveyorgan.blogspot.com/2013/02/gold-and-silver-hit-again-with-silver.html

Total, Feb (Gold), Mar (Silver), Apr (Gold) Open Interest

In silver

Quote:

The total silver Comex OI surprised everyone as it rose by 1417 contracts, from 152,947 down to 154,364. With silver falling badly these past couple of days, one would have thought that liquidation was the order of the day. I guess not.

The non active February contract month saw it's OI rise by 15 contracts up to 79. We had 51 delivery notices filed on Thursday so we again gained 66 contracts or an additional 330,000 oz of silver will stand in February.

The big March delivery month is less than 2 weeks away. Here the OI only fell by 1756 contracts from 53,277 down to 51,992. It looks to me like many OI holders in the March contract will not budge as they refuse so far to roll. They seem to be not intimidated by the antics of the bankers.

In gold

Quote:

The total Comex gold open interest fell by a tiny 1715 contracts from 446,274 down to 444,559 despite the massive raid on Thursday. It will be very interesting to see what happens to the OI on Monday's reading.

The active February contract month saw it's OI fall 125 contracts from 1464 down to 1339. We had 129 delivery notices filed Thursday so we gained 4 contracts or 400 oz of additional gold will stand in February.

The March non active gold contract month saw a gain of 77 contracts up to 1281.

The next big active contract month is April and here the OI fell by 4868 contracts from 263,963 down to 259,095.

Volume

In silver

Quote:

The estimated volume on Friday was huge at 84,429.

The confirmed volume on Thursday was large but not as big as Friday coming in at 57,748.

In gold

Quote:

The estimated volume at the gold Comex today was 258,376 compared to the confirmed volume of 191,795 yesterday.

Inventory Numbers

In silver:

Today, we had fair activity inside the silver vaults.

We had no dealer deposits and no dealer withdrawals.

We had 0 customer deposits of silver:

Total customer deposit: nil oz

we had 1 customer withdrawal:

i) out of Scotia: 350,997.75 oz

Total customer withdrawal: 350,997.75 oz

We had 0 adjustments:

When you see massive deposits and withdrawals you know that there is turmoil inside the silver vaults.

Registered silver remains today at : 37.522 million oz

Total of all silver: 160.242 million oz.

[/quote]

In gold:

Quote:

We had fair activity at the gold vaults.

The dealer had 1 deposit and no withdrawals.

Dealer deposit: 899.97 oz into Brinks

We had 1 customer deposits:

1) Into scotia: 3472.2 oz

Total deposit: 3472.2 oz

We had 1 customer withdrawal:

i) Out of JPM: 119,939.578 oz (approx.3.7 tonnes)

Total withdrawal: 119,939.578 oz

We had 0 adjustments:

Thus the dealer inventory rests tonight at 2.702 million oz (84.01) tonnes of gold.

Delivery Notices

In silver:

Quote:

The CME reported that we had 66 notices filed for 330,000 oz of silver for the February contract month.

In gold:

Quote:

The CME reported that we had 127 notices filed for 12,700 oz of gold today.

Contracts Left To Be Delivered + Month-To-Date Summary

In silver:

For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

https://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

Quote:

To obtain what is left to be served upon our longs, I take the OI standing for February (79) and subtract out Tuesday's notices (66) which leaves us with 13 notices or 65,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing for delivery in silver is as follows:

1,590,000 oz (served) + 65,000 oz (to be served upon) = 1,655,000 oz

We gained 330,000 oz of silver standing for February.

As I promised you, the total silver ounces that are standing for February is advancing.

In gold:

Quote:

The total number of notices so far this month is thus 11,149 contracts x 100 oz per contract or 1,149,200 oz of gold. To determine how much will stand for February, I take the OI standing for February (1339) and subtract out Friday's notices (127) which leaves me with 1212 notices or 121,200 oz left to be served upon our longs.

Thus the total number of gold ounces standing in this active month of February is as follows:

1,149,900 oz (served ) + 121,200 oz (to be served upon) = 1,236,100 oz or 38.45 Tonnes.

We gained 400 oz of gold standing for the February delivery month.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) was 753 up 0.67%. WTI crude was 95.86 down a large 1.44 today. Brent closed at 117.66 down 0.18. The spread between Brent and WTI was 21.80, up 1.26. US Treasury 30 year was 3.1790 down 0.0020. The interest rate hike is the economy and dollar killer. The dollar was up 0.12 at 80.58. The PPT/Dow was 13,981.76 up 8.87, BELOW the very key round number of 14,000! Facebook was 28.32 down 0.18 (0.63%). Silver closed down a ridiculous 0.60 at $29.80. It appears the CCI has stopped trading. It used to be considered an important indicator, but the markets are so controlled now, price is almost a random walk, so the CCI is apparently a losing crap shoot, and speculators have bailed. March wheat was up 10.20 at 742.00. March corn was up 4.00 at 698.60. April lean hogs were 84.250 down 0.075. March feeder cattle were 143.375 up 0.700. March copper was 3.7370, down 0.0005. March natural gas was down 0.010 to close at 3.153. March coal is 58.43, down 0.41.

Thank you for reading the Harvey Report. There is much more on Harvey's blog

https://harveyorgan.blogspot.com.

Goooood day!

Sun, Feb 17, 2013 - 12:46pm
Sun, Feb 17, 2013 - 4:33pm Nana
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RE: X-37 and Cuba

Thanks, NANA, for the updates on the X-37. Makes you wonder what they are doing with that robot orbiter.

Also, just found this update on the Cuban meteor:

https://beforeitsnews.com/space/2013/02/cuban-fireball-bigger-than-the-sun-videos-2454486.html

DayStar

Mon, Feb 18, 2013 - 9:36pm
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~~Harvey 18 Feb 2013

This is DayStar (DS) with the Monday (President's Day) Abbreviated Harvey Report.

GoldCore: Gold recovered from is greatest one day drop since December on Friday, rising $6.05/oz to $1,615.11 by late morning trading in Europe. This is a 6 month low figure for the yellow metal but has led to bargain hunters again emerging to buy on the dip. Asian jewellery buyers and bargain hunters look to lend support at these lower levels. Gold fell less in pound, yen and most other fiat currencies again showing that gold’s latest bout of weakness is more a function of the dollar gaining in value rather than simply gold weakness.

Ranting Andy Hoffman (Miles Franklin): America's debt and deficit issues are MATHEMATICALLY too big to fix; and not only that, if there truly was a "recovery", it would cause INTEREST RATES to surge from their RECORD LOW levels; killing off the equity, debt, and real estate markets; not to mention, each 1% increase in rates raises annual U.S. debt service costs by a whopping $160 billion. The cartel aimed to have us believe PAPER prices should collapse while PHYSICAL demand is achieving RECORD levels, so much so; not only did gold's Relative Strength - or RSI - Indicator fall to three-year lows (all of which presaged bottoms) but gold was pushed to the verge of backwardization; indicating EXTREMELY tight PHYSICAL market conditions, and even more so in silver; where Futures prices for the December 2017 contract are essentially the same as TODAY! Four decades of Western fiat currency abuse - led by the U.S., Europe, and Japan have destroyed the global economy from the Far East to Europe to the United States of Moral Decay, and even the core banking business of capital formation; as opposed to today's "profit centers" of the Fed-guaranteed "carry trade"; insider trading; derivatives; and fraudulent accounting. The only reason FINANCIAL ARMAGEDDON has not yet commenced has been the most concerted scheme of MONEY PRINTING, MARKET MANIPULATION, and PROPAGANDA in global history; in essence, commandeering financial markets and targeting nominal gains at the expense of exploding debt and inflation.

WalMart VP of Finance today gave these EXTREMELY OMINOUS comments. This is the worst start to a month I have seen in my seven years with the company... That points to our competitive landscape, which means everyone is suffering and probably worse than we are. We have to fight against the tougher economic environment, to earn a bigger share of a smaller consumer spending pie

Gold Core: A group of countries including Britain, China, France, Germany, Russia and the United States, known as P5 +1, wants Iran to do more to prove that its nuclear program is for only non-military purposes and to permit wider U.N. inspections. An anonymous source said on Friday that the P5+1 plan to offer to ease sanctions barring trade in gold and other precious metals with Iran in return for Iranian steps to close down the nation's newly expanded Fordow uranium enrichment plant. The officials said the offer will be presented to Iran at February 26 talks in Almaty, Kazakhstan, and they acknowledged that it represents a change to proposals from last year.

Bloomberg: Gold volumes for the benchmark cash contract on the Shanghai Gold Exchange soared to a record today, as the market re-opened after the New Year’s week long holiday and bargain hunters started buying. The volume for bullion of 99.99% purity exceeded 22,000 kilograms (22 metric tons), according to data compiled by Bloomberg. Prices fell 2.8% to 327.25 yuan/gram ($1,630.29/oz) as of 5:04 p.m. Singapore time. “Chinese investors returned to the market today after the holiday, and the slump in gold prices in the past week provided great incentive for buying as many Chinese are still holding a bullish outlook on gold,” Qu Mingyu, a trader at Bank of China Ltd., the 4th largest lender by assets, commented today. The return of demand in Asia was not limited to China as demand in India was also seen overnight. UBS analysts say UBS had above average demand from India after last week’s sell off. India’s gold imports surged 23% in January.

GoldCore: The Shanghai gold exchange volume soared to a record 22 tonnes last month. What is interesting is that the gold opened this morning in China at $1630.29 per oz even though it closed in NY at $1608.80 on Friday. Gold closed in Europe at 1609.80!! However the big news came from India where in January they imported 100 tonnes of gold into the country. No doubt the increase in the duty tax caused many to bring in gold ahead of the tax but still this is such a huge importation of gold. China imports approximately 73 tonnes of gold per month. The world produces 2200 tonnes of gold ex China ex Russia so in January almost all of gold production went to India and China. Central banks around the world in 2012 bought 534 tonnes and this is without China who only report their addition to reserves every 5 years. So you can just imagine the turmoil at the LBMA as physical gold is leaving its shores for Eastern destinations. What is left behind is paper obligations which will surely cause defaults to our major bankers.

Robert Ian (GATA): Adrian Douglas Passes Away – He Was An Intellectual Giant in the World of Gold. One of the smartest men I have ever known, and one of THE smartest in the world of gold, lost a courageous 2 year battle with brain cancer and passed away this past week. Adrian Douglas, of MarketForceAnalysis.com was a longtime Board member of GATA, the Gold Anti Trust Action Committee, and one of the most brilliant thinkers of our time.

Zero Hedge: Beleaguered Prime Minister Mariano Rajoy just broke another record. As if a plague of corruption scandals was not enough,Spain's debt-to-GDP has now reached levels not seen in over 100 years. As El Pais reports, Spanish debt levels rose at an alarming EUR 400 million per day in 2012 making for the largest annual increase in debt in the nation's history - all the while proclaiming austerity.

Tyler Durden: While the G-20 tries to convince the rest of the world that the plunge in the Yen was an indirect, "unexpected" consequence of BOJ monetary policy (when in reality as Richard Koo explained it is merely a ploy to avoid the spotlight falling on each and everyother G-7/20 member, all of which are engaged in the same type of currency wars which eventually will all morph into trade wars), Europe's energy powerhouse Norway quietly entered into the war. Norway’s politicians, central bankers and business leaders have joined forces in a push to weaken the currency.

Tyler Durden: The big story of the day is where the Danish CEO of the big Saxo Bank, Lars Seier Christensen, admits the euro’s recent rally is illusory and the shared currency is set to fail because the continent hasn’t supported it with a fiscal union. “The whole thing is doomed,” Christensen said yesterday in an interview at the bank’s Dubai office. “Right now we’re in one of those fake solutions where people think that the problem is contained or being addressed, which it isn’t at all.”

ZH: As Mark Thomas noted in 2010, China and Russia and Brazil have all recently expressed deep unease at America’s can-kicking and money-printing mentality. This is partly because American money printing has exported inflation to the world, as a result of the dollar’s role as the global reserve currency, and partly because these states already own a lot of American debt, and do not want to be paid off in hugely-debased money.

Jim Sincliar: QE to infinity, there is no other alternative. A lower dollar and gold at and above $3500 regardless of present MSM and short side MOPE. Retail Apocalypse: If the Economy Is Improving, Why Are Major Retail Chains All Over America Collapsing? Sears, J.C. Penney, Best Buy and RadioShack Are All Going To Close Hundreds of Stores Before The End of 2013! When you step back and take a look at the bigger picture, the rapid decline of some of our largest retail chains really is stunning. It is happening already in some areas, but soon half empty malls and boarded up storefronts will litter the landscapes of cities all over America. DS: I was in a big mall last weekend where half of it was already boarded up. Some small ones here are completely empty. One of the three major malls in the city got so infested with gang fights they closed it and tore it completely down. Apocalypse indeed! You ain't seen nuttin yet!

Beni Emmanuel (Emet Report): President Mahmoud Ahmadinejad declared Iran was a "nuclear state" during his Cairo visit two weeks ago. Saturday, Feb. 16, supreme leader Ayatollah Ali Khamenei shed more light by saying, "Iran is not seeking nuclear weapons but no power could stop Tehran's access to an atomic bomb if it intended to build it." Iran's leaders are therefore quite frank about the state of their nuclear program: the components of a nuclear weapon have been procured - defying Israeli Prime Minister Binyamin Netanyahu red lines - but Tehran has not yet crossed the threshold to assemble it - although this could be done modularly. And if the Islamic Republic has acquired the components and knowledge for surreptitiously building one bomb, it stands to reason that three or five would be no object. Now al-Nusra, newly armed with hardware from Bosnia and Kosovo, have pushed across the border into Lebanon, our sources reveal, and are harassing Hizballah in its home bases in the Beqaa Valley. Night after night in the last ten days, small bands of Islamist fighters, weighed down by heavy loads of rockets, are attacking Hizballah strongholds and isolated guard and watch posts and ambushing military vehicles. Both are designated terrorist groups by the United States government. The Syrian conflict has indeed spilled over the border into Lebanon. It is also turning more and more into a sectarian confrontation between extremist Sunnis and radical Shiites. At the same time Lebanon is supplying the armed forces of Syrian President Bashar al-Assad with explosives, a Lebanese MP has charged.

Beni Emmanuel (Emet Report): In Syria, the Iran special Quds force is working to help Syrian President Bashar Assad survive, and is seen as a bitter enemy by the predominantly Sunni Syrian rebels. The Quds Force is a powerful, shadowy Iranian force tasked with managing the Islamic republic's overseas operations. When it was established in 1984 to operate in Iraq (during the Iran-Iraq war), the Quds Force adopted the slogan: "On our way to Jerusalem, via Baghdad." Its flag consists of a clenched fist around a rifle, below a citation from the Koran which reads, "Against them make ready your strength to the utmost of your power." Set apart from the rest of the Iranian armed forces, the Quds Force has been headed by Gen. Qassem Suleimani since 1998. Suleimani commands, according to estimates, some 15,000 operatives, and answers directly to Iranian Supreme Leader Ayatollah Ali Khamenei. Enjoying staff branches, regional headquarters and generous resources, the Quds Force maintains operations in Syria, Lebanon, Afghanistan, the Gaza Strip and elsewhere. It assists, trains and arms Hezbollah in southern Lebanon, supplying it with tens of thousands of rockets. It has also assisted Hamas and Islamic Jihad in Gaza. It has been spearheading terrorist attacks around the world against Israeli targets for more than two decades. The Quds Force has a special operations unit called Unit 400, which is tasked with organizing terrorist attacks and training terrorists.

Comments on Monday's price action (basis 1:30 PM EST)

Quote:

Gold closed in Europe at $1609.80 up $1.05 from Friday. Silver also landed in the green at $29.98 up 14 cents.

Thank you for reading the Harvey Report. There is much more on Harvey's blog

https://harveyorgan.blogspot.com.

Goooood day!

DayStar

Tue, Feb 19, 2013 - 9:36pm
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Thank you DayStar for your insightful commentary.

Even though I already read the Harvey Organ blog,

I just had to stop by here and see your take on it.

Well worth the read, in fact you gave it an upgrade.

PS, check your inbox.

"When the student is ready, the teacher will appear."
Tue, Feb 19, 2013 - 10:15pm
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~~Harvey 19 Feb 2013

This is DayStar (DS) with the Tuesday Harvey Report.

James Turk (via King World News): Given the ongoing bullish backdrop for the metals, we may be reaching the tipping point when the central planners completely lose control. They are so fearful of that event, they attack the one market over which they have the most influence, and which is also the one market that will send signals to the world most friendly to the central planners' cause - they trash gold. And they do it by selling paper derivatives. Currencies are being mismanaged, and gold and silver are the best protections against the erosion of the purchasing power of national currencies. The central planners used every news release last week as cover for their interventions in the market to make it look like investors were driving the price of gold and silver lower so government interference would be somewhat cloaked. Who thinks this drop is going to dissuade Chinese buyers, who are now back in the market this week after being outré last week for their New Year celebration? Who believes that the central planners are going to manage currencies to preserve purchasing power? So why should the precious metals decline in a week in which the underlying fundamentals for gold and silver have become even more bullish? It is more of the same. It is the ongoing war between sound money and the central planners who have hijacked the world's monetary system.

James Turk (KWN): There is an ongoing currency war being fought which started in 2008. Japan may have fired the latest salvo, but there are dozens of countries trying to debase their currency in an attempt to gain an edge in shrinking global trade. This is taking place as economies around the world weaken, with some dipping into recession - and some like Greece and Spain actually in a depression. The yield on the 10-Year Treasury is still around 2% and threatening to go higher in spite of all the Fed buying, and buy they (the Fed) did last week. The Federal Reserve actually monetized $50 billion of debt during the week. This latest round of creating dollars out of thin air has taken the debt it monetizes to a new record high. The Fed is thereby continuing the expansion of its balance sheet, which is now rapidly approaching $3.1 trillion. And here is the key vulnerability, the US government can't afford a normal 6% interest rate, let alone one approaching double-digits which is really what is needed to offset the present risks that come with holding dollars. A 1% increase in interest rates adds $160 billion to the US government's $16+ trillion debt load. Each 1% increase in interest rates is about 6% of the US government's annual revenue. So a 4% jump in dollar interest rates would consume almost one-fourth of the US government's annual revenues, which in turn would cause it to borrow more, leading to higher interest rates and vicious spiral ending in hyperinflation. DS: When you couple the inevitable rising interest rates with the repatriated dollars that foreign countries don't want any more because they are abandoning the dollar, then you have a recipe for Zimbabwe a la mode.

Chris Powell (GATA): Market analyst and newsletter writer Stewart Thompson argues today that as "quantitative easing" increasingly is recognized to have failed to revive economies, nations will turn to gold revaluation, just as they did during the Great Depression. DS: We will probably see dramatic movements in the price of gold, but it will presage the collapse of the American way of life and usher in an age of hardship and poverty. On top of this will be superimposed a world war and the destruction of the US electric grid. During the chaos of these years, for a time gold and silver will be of much less utility than bullets and beans, and will be far less supportive than Jesus and the Bible. I recommend that the prudent investor be well equipped with all the above.

James Turk (via King World News): The U.S. Treasury Department's new report about its "audit" of U.S. gold held by the Federal Reserve is "total rubbish," GoldMoney founder and GATA consultant James Turk tells King World News today. "They didn't audit the gold," Turk says. "All they looked at was the 'Treasury's schedule,' and that's an exact quote -- 'Treasury's schedule' -- of how much gold it's keeping in the various Federal Reserve banks. So again it's basically just looking at paper or record keeping and saying, 'Yes, this record keeping says that all of that gold is there.' "But there is no indication whatsoever in the Treasury announcement that they actually verified that the bars existed or went into the vault. So I don't know where the news reports came from about drilling bars and all of that kind of stuff because there was nothing whatsoever about that in the actual announcement from the Treasury itself. Again, it just looks like more disinformation or propaganda to make people (and countries) feel that the gold is really there, and that the Treasury did an audit, but they really didn't."

Harvey: We are now seeing positive gold lease rates. This is the first time we have seen this in over a year. This is indicative of tightness in the gold market.

Zero Hedge: Just as two years ago, China appears set to pull QE first, as once again inflation rears its ugly head. And where the PBOC goes, everyone else grudgingly has to follow: after all without China there is no marginal growth driver to the world economy. End result: China's reverse repos, or liquidity providing operations, have ended after month of daily injections, and the first outright repo, or liquidity draining operation, just took place after eight months of dormancy. The move by the central bank to withdraw cash from the banking system is a reversal after months of pumping cash in. That cash flood was meant to reduce borrowing costs for businesses as the economy slowed last year—but recent data has shown growth picking up, along with the main determinants of inflation: housing and food prices. The next question is how soon until the PBOC makes a courtesy call to the Fed, the ECB, and all other central banks, and politely requests that they shut it all down. Because while there may be slack elsewhere, China will no longer absorb the same systemic excess liquidity that has pushed gas prices to the highest level on this day in history, at the fastest pace in years. Finally, for those wondering just what signal gold was waiting for to surge in the same parabolic fashion as it did in 2011, the answer is: this. Because unless the PBOC can get inflation under control, and this time it means getting one more central bank to cooperate with the BOJ now acting on behalf of Goldman's open-ended easing paradigm, the locals will hardly be preserving their purchasing power by warehousing pork and rice. DS: This looks like an "and so it begins" to me. This phrase, "China will no longer absorb the same systemic excess liquidity" is chilling. If China won't do it, guess who will have to eat the "excess liquidity" (read: inflation)? And this time it won't be just the Chinese wondering how they are going to buy pork and beans to feed the kids.

Tyler Durden: the fact that the Yen has fallen over 20% against the Korean Won in the past 6 months means a direct loss to Korean exporters, most of whom compete directly with the neighboring island nation. Furthermore, since trade is zero sum, all Japanese gains mean Korean losses, and accentuated and direct hits to Korea's GDP. Which means that all eyes now turn to Seoul in anticipation when this final bastion of monetary stability will cave to the global onslaught and its central bank proceeds to engage Japan directly in the most acute case of global currency warfare since the Great Depression. However, as C-grade financial tabloids have explained, the currency wars, and trade wars that result, will be a win-win for everyone.... Just please to ignore the last time they resulted in war-war.

ZH: Japanese households are beginning to feel pinched by the weaker Japanese currency. It remains to be seen just how much more of this relentless inflation the local population can stomach, considering the bulk of local assets is not in the stock market, but in such safe investments as bonds and deposits. It also remains to be seen just how much domestic sales will plunge, when indexed for the new prices as [Prime Minister] Abe-nomics fails to translate inflation into higher wages. One thing is sure: with at least a several quarter delay before any of the incipient inflation can translate into personal consumption, one wonders: will the Abe government last long enough to offset increasing household anger resulting from soaring prices before sellers' remorse settles in, and Abe's repeat appearance at the helm of the Japanese government is once again cut prematurely short. DS: It will be anger indeed when the time comes that the average household income won't feed the family, as also in the US of Declining Marginal QE Returns.

ZH: Now Spain's real estate giant, Reyal Urbis, has filed for insolvency making it the nation's second largest bankruptcy as dozens of smaller firms have failed. What makes this so important is the fact that the banks were unwilling to refinance the debt - seemingly comfortable with liquidation - summed up perfectly: "Many loans were refinanced one or two years ago, in the hope that things would get better, but it has not been the case and there is now more realism about the situation. Why would you extend a new loan today?" DS: So, the ECB will probably end up with the real estate loans from this defaulting giant. The big is being consumed by the bigger. In a lot of respects our current day of financial titans who are consuming the earth finds a precedent in the physical giants that consumed the earth in Noah's day. Just like the appetite of the physical giants led to violence and "the thoughts of man's heart was only evil continually", even so we will probably see WWIII out of this disaster. It wasn't too long after the giants ate the earth out of house and home till God had enough and decided to destroy the earth by water. This time when He calls "time", He will destroy the earth by fire, but the cause is the same: the giants devoured the earth, causing desperate men to resort to desperate measures. The last time the ark was the place to be. This time the land of Israel will be the ark, at least, after God repulses the Iranian invasion.

Comments on Tuesday's price action (basis 1:30 PM EST)

Quote:

Gold closed down $5.20 (from Friday's NY close) to finish the Comex session at $1603.60.

Silver finished the day at $29.38 down 45 cents.

Monday, February 18th Gold and Silver Action (basis 1:30 PM EST)

https://harveyorgan.blogspot.com/2013/02/the-british-pound-at-lowest-level-in.html

Total, Feb (Gold), Mar (Silver), Apr (Gold) Open Interest

In silver

Quote:

The total silver Comex OI shocked the living daylights out of the bankers. No doubt the many raids that we are witnessing lately has silver as the object of the interest. The total silver Comex OI rests tonight at multi year highs of 155,204, a rise of 840 contracts from Friday's level of 154,364.

The non active front month of February saw it's OI fall by 5 contracts from 79 down to 74. We had 66 delivery notices filed on Friday so again we gained another 61 contracts or 305,000 oz of additional silver standing for February delivery.

All eyes are now focusing on the upcoming March delivery month. The OI dropped marginally by only 1404 contracts from 51,992 down to 50,588. We have 6 more OI reporting days before first day notice on Thursday February 28.

DS: Don't get your hopes up on the March OI. We have seen large OI repeatedly over the past two years only to watch it fall dramatically the last three trading days. A little of it will roll to May, but a good chunk of the OI that actually stands will probably be sequestered as Blythe tries to run a cash for silver operation. However, if the schedule is now at "and so it begins" and the Chinese are actually playing hardball, they could easily break Comex by buying all the naked shorts JPM offers, and then covering all the contracts and standing for delivery. JPM would never be able to deliver if there were 30,000 contracts (150,000,000 oz) that stood for delivery, but they might pretend that they settled everything and let the Chinese holler. They could kick the can for a little while doing that.

In gold

Quote:

The total Comex gold open interest (basis Friday) surprisingly rose by 854 contracts despite the huge drubbing that gold took on Friday down almost $26.00. It surely does not look like we had any liquidation of the longs. No doubt major entities were thankful for the lower price of gold and loaded up with the large specs joining Dennis Gartman as the supplier of non backed paper together with JPMorgan and friends.

The active contract month of February saw it's OI fall by 103 contracts from 1339 down to 1236. We had 127 delivery notices filed on Friday so in essence we gained back 24 contracts or an additional 2400 oz of gold will stand in February.

The non active March contract month saw it's OI fall by 44 contracts down to 1237.

The next big active delivery contract month is April and here the OI actually rose by 3480 contracts from 259,095 up to 262,575.

DS: The OI rising while they raided likely means the bullion banks were stuck with naked shorts they could not cover. It could not happen to a nicer bunch of crooks. Of course, the ones that stuck it to them were probably crooks too (the raptors and China proxies), but it was still good enough for a chuckle.

Volume

In silver

Quote:

The estimated volume today was also in the stratosphere at 368,039. In ounces this represents 1.825 billion oz or over to 2 years of annual silver production.

The confirmed volume on Friday was also extremely high at 97,544 contracts.

In gold

Quote:

The estimated volume today was an unheard of 741,131 contracts.

In ounces this represents almost 75 million oz or equal to annual gold production.

The confirmed volume on Friday was also huge at 284,331.

The bankers are not happy campers seeing volume rise to such levels and yet no liquidation by the longs.

Inventory Numbers

In silver:

Quote:

Today, we had considerable activity inside the silver vaults.

We had 1 dealer deposit and no dealer withdrawal.

i) Into dealer account (registered) 597,760.90 oz

We had 3 customer deposits of silver:

i) Into Brinks: 2054.72 oz

ii)_ Into CNT: 600,354.000 oz (another nice round number)

iii) Into HSBC: 350,997.47 oz

Total customer deposit: 953,406.47 oz

We had 4 customer withdrawals:

i) out of Scotia: 1007.6 oz

ii) out of CNT: 126,020.5

iii) out of Delaware: 954.35

iv) Out of Brinks: 150,021.36

Total customer withdrawal: 278,003.81 oz

We had 0 adjustments:

When you see massive deposits and withdrawals you know that there is turmoil inside the silver vaults.

Registered silver remains today at : 38.119 million oz

Total of all silver: 161.516 million oz.

In gold:

Quote:

We had huge activity at the gold vaults.

The dealer had 0 deposits and 0 withdrawals.

We had 1 customer deposits:

1) Into Brinks: 64.3 oz

Total deposit: 64.3 oz

We had 2 customer withdrawals and they were dandies:

i) Out of JPM: 135,816.987 oz (approx.4.4 tonnes)

ii) Out of Scotia; 8,029.455 oz

Total withdrawal: 143,846.442 oz

In the last two sessions JPMorgan withdrew from its customer account 8.1 tonnes of gold. Boy! were they busy!!

We had 0 adjustments:

Thus the dealer inventory rests tonight at 2.702 million oz (84.01) tonnes of gold.

Delivery Notices

In silver:

Quote:

The CME reported that we had 65 notices filed for 325,000 oz of silver for the February contract month.

In gold:

Quote:

The CME reported that we had 78 notices filed for 7800 oz of gold today.

Contracts Left To Be Delivered + Month-To-Date Summary

For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:

https://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

In silver:

Quote:

To obtain what is left to be served upon our longs, I take the OI standing for February (74) and subtract out Tuesday's notices (65) which leaves us with 9 notices or 45,000 oz left to be served upon our longs.

Thus the total number of silver ounces standing for delivery in silver is as follows:

1,915,000 oz (served) + 45,000 oz (to be served upon) = 1,960,000 oz

We gained 305,000 oz of silver standing for February.

As I promised you, the total silver ounces that are standing for February is advancing and will probably exceed 2.0 million oz for two consecutive non active delivery months.

In gold:

Quote:

The total number of notices so far this month is thus 11,227 contracts x 100 oz per contract or 1,122,700 oz of gold. To determine how much will stand for February, I take the OI standing for February (1236) and subtract out today's notices (78) which leaves me with 1158 notices or 115,800 oz left to be served upon our longs.

Thus the total number of gold ounces standing in this active month of February is as follows:

1,127,700 oz (served ) + 115,800 oz (to be served upon) = 1,238,500 oz or 38.52 tonnes.

We gained 2400 oz of gold standing for the February delivery month.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) was 738 down 1.20%. WTI crude was 96.68 up 0.82 today. Brent closed at 117.52 down 0.14. The spread between Brent and WTI was 20.84, down 0.96. US Treasury 30 year was 3.205 up 0.0026. The interest rate hike is an economy and dollar killer, not to mention the brobdingnagian derivatives Sword of Damocles that is hanging over our heads. The dollar was down 0.11 at 80.47. The PPT/Dow was 14,035.67 up 53.91, ABOVE the very key round number of 14,000! Facebook was 28.93 up 0.61 (2.15%). Silver closed down another ridiculous 0.54 at $29.44. I think I am going to quit reporting the CCI. Volume is too thin to mean much. March wheat was down 10.00 at 732.20. March corn was down 3.40 at 695.20. April lean hogs were 83.050 down 1.200. March feeder cattle were 142.750 down 0.425. March copper was 3.6495, down 0.0875. March natural gas was up 0.119 to close at 3.166. March coal is 59.43, up 1.00.

Thank you for reading the Harvey Report. There is much more on Harvey's blog

https://harveyorgan.blogspot.com.

Goooood day!

DayStar

Wed, Feb 20, 2013 - 12:01am
ReachWest
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Big Volume

Thanks Daystar. You put a lot of work into compiling and commenting on this - much appreciated.

That volume number for today, (368,039 contracts = 1.8 Billion oz) that's huge. I don't recall seeing anything that substantial in the past. Sure seems like the pressure on the Silver Comex is building.

Wed, Feb 20, 2013 - 6:27am ReachWest
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RE: Big Volume

ReachWest, I appreciate your appreciation. I agree that the pressure on the silver Comex is building. Jim Sinclair says this will be the last big dip, and I think JPM is trying to engineer a collapse to cover some of their shorts. So far it is not working because (presumably) China is buying and holding all the naked shorts JPM is willing to issue. It looks to me like China intends to purchase all of Comex silver, or at least what they are willing to deliver. Notice that Soros got out of GLD, probably through the back door by taking out tranches of gold in exchange for shares. Notice how England is trashing the pound sterling. They are dragging down Europe and everybody else. Yesterday the big banks got the biggest real estate company in Spain. They are gobbling up everything, just like Mr. Fix said about the mines. Inexplicably in view of inflation and the drought, hogs, cattle, wheat and corn are falling. Makes me wonder if they are trying to put farmers and ranchers out of business. Since the asteroid on Friday of last week we have seen a decided turn for the worse in world events. Makes me wonder about that statement (I forget who said it) that was reported last Thursday. He put out a tweet, I think, that all it said was a mysterious, "And so it begins". The asteroids were definitely part of the plan. Von Braun had warned about them in 1971, and they had to hold stuff together to wait for them to get here. Now it's happened and they can proceed with other aspects of the plan like crashing the Euro and the yen and then the dollar and starting a war in the Middle East with Iran invading Israel. Like China, America is looking at food too expensive to buy if we don't get WWIII first. So, it looks like Feb 15th was a key day. I guess we will see.

DayStar

Wed, Feb 20, 2013 - 7:27am
DayStar
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More Asteroids

Here's more asteroids following the "and so it begins": https://beforeitsnews.com/space/2013/02/two-more-reports-of-meteor-strikes-saudi-arabia-florida-flyby-2-17-13-2454658.html

There were some more reported yesterday, but I can't find the link today.

DayStar

Wed, Feb 20, 2013 - 9:04am
DayStar
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RE: Meteors and Weaponization of Space

This is exactly what Von Braun said would happen; an excuse for the weaponization of space:

https://abcnews.go.com/WNT/video/meteors-sighted-us-18533306

DayStar

Wed, Feb 20, 2013 - 9:02pm
Mr. Fix
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Good evening DayStar,

It would appear that Harvey Organ's blog has not been updated today, and I cannot find the reason as to why even in the comments section, I hope he is okay.

I am hoping that you do your nightly post anyway, your commentary stands on its own. The numbers that Harvey runs have little relevance in today's markets.

I think that the COMEX is in a freefall state of collapse, and the numbers that they post on a daily basis

are useless.

See you later.

"When the student is ready, the teacher will appear."
Wed, Feb 20, 2013 - 9:05pm
Mr. Fix
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I may have spoken too soon.

I did find a post from Harvey in the comments section, he said he would not be able to get to it until 11 PM, although I do not know which time zone that is.

I'll wait.

"When the student is ready, the teacher will appear."
Wed, Feb 20, 2013 - 9:41pm
DayStar
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~~Harvey 20 Feb 2013

This is DayStar (DS) with the Wednesday Harvey Report.

Ranting Andy (Miles Franklin): I'd rank Tuesday's smashdown the MOST EGREGIOUS CARTEL ATTACK OF MY ENTIRE "TEN YEARS (soon to be eleven) OF HEAVEN AND HELL." Not that it's the worst decline, in terms of scope (NOT EVEN CLOLSE); but by far, the most maniacal. Suffice to say, the ten straight COMEX-opening smashes is a NEW RECORD in the manipulation annals. Moreover, I'd estimate the Cartel has attacked at nearly all KEY ATTACK TIMES - EVERY DAY - since late January. The smash doesn't change my life one iota - particularly as the YTD declines are just 3%-4%.. However, those holding "PAPER PM Investments" - against my SCREAMS and PLEAS of the past two years - are feeling the same pain as during the 2008 market collapse. Gold has been attacked mercilessly despite some of the most positive fundamentals I can recall over the ENTIRE 12-YEAR PM bull; pushing its Relative Strength Indicator to its lowest level in at least three years and its downward price excursion to statistical extremes reminiscent of the late 2008 Global Meltdown (FYI, also due to vicious Cartel PAPER attacks).

Ranting Andy (Miles Franklin): Don't forget tomorrow - at 2:00 PM EST - is when the January FOMC "minutes" will be released; as in the past year, publication of this meaningless (and likely doctored) report has been utilized as a primary "attack event." TPTB constantly attempt to "spin" such statements to suggest the Fed is about to "end QE," even though the GLOBAL economy is in shambles

Ranting Andy (Miles Franklin): European and U.S. stocks are FLAT as a board; as are oil (near multi-month highs) and most commodities. But yet again, as we have seen for the past two weeks, PMs have been annihilated at ALL KEY ATTACK TIMES; in what I can only describe as the MOST HEINOUS CARTEL OFFENSIVE in the eleven years I have been in this sector. Even as gold backwardization nears; and the silver "basis" (futures minus spot) is nearing ZERO as far as five years into the future the PAPER PM attacks keep coming (I know they are PAPER-only because NO ONE is selling metal to Miles Franklin). Yet again, the smash down started the second the London PAPER "pre-market" session commenced at 2:15 AM EST; followed by a $10/oz WATERFALL DECLINE with no other market budging at EXACTLY 6:00 AM EST. And now, right after the 10:00 AM EST KEY ATTACK TIME; the Cartel has gone into full naked shorting mode; with gold down an astonishing $20oz with the Dow unchanged.

Silver Doctors: While Eric Sprott was speaking with The Doc this morning, Sprott’s Rick Rule was on CNBC discussing gold, silver, platinum, and palladium in the midst of the latest cartel raid on the metals. While Rule’s entire interview is a MUST WATCH, the below clip was an absolutely classic response to CNBC’s claims that jewelry recycling will prove to bring massive supplies to the market: In terms of gold and silver with supply, you have to think about historically mine supplies, but there are no substantial inventories of platinum and palladium. It has gone up a smokestack, it has gone out a tailpipe or been turned into jewelry. If you think your wife’s ring is supply, ask her. You’ll find out it isn’t.

Zero Hedge: We noted yesterday the strange intraday pattern emerging in Silver price movements - the alarmingly predictable morning takedown of the precious metals when the NYMEX opens. It's a reality that we need to be eyes wide open about, as it underscores the challenges of being long in an asset that powerful players don't want to appreciate. And while it's important to understand the risks in play here (e.g. these raids may continue for longer than we think possible), we emphasize the importance for precious metal owners to hold fast with the courage of their convictions - ultimately fundamentals will prevail and gold and silver prices will rise to their true levels. So, if you decide to bet on the continued success of the status quo, your choices are easy: Get in the paper markets and go long. The Fed will be adding $85 billion of liquidity rocket fuel each month for the rest of the year to push the prices of your paper investments even higher.

Tyler Durden: One can spend all day watching financial media channels stuffed full of self-promoting index-hugging asset-managers and be left with the belief that all is well and that the market does indeed represent our reality... Or, as UBS' Art Cashin notes, there is more (well less) to today's global economy and markets than meets the eye or rests in the headlines. His excellent diatribe today reiterates our previous comments of investing icons such as Baupost's Seth Klarman and Oaktree's Howard Marks that "(The) underpinnings of our economy and financial system are so precarious that the un-abating risks of collapse dwarf all other factors."

Howard Marks (Oaktree Capital): The level of anecdotal economic activity is not an indication of health in the future. It is an indication of health in the present. The question is, what are the implications for the future? When you say restaurants are full and you can’t get a cab, there is no contravening the fact that the economy is doing well at the top. The problem is the people who are not in the upper strata; their incomes are flat to down, they are losing their overtime. The joblessness rate is up significantly and that excludes people who aren’t seeking jobs and are unemployed — their future is not good. The ratio of income from the top to bottom is higher than in the past, which itself is unhealthy. In fact, restaurants were full in 2006 and early 2007 as well. So, don’t get carried away.

Comments on Wednesday's price action (basis 1:30 PM EST)

Quote:

Gold closed down $40.30 (from Friday's NY close) to finish the Globex session at $1564.30.

Silver finished the day at $28.56 down 88 cents.

Select Commodity Prices:

The Bloomberg Baltic Dry Index (BDI) was 735 down 0.41%. WTI crude was 94.46 down a whopping 2.22 today. Brent closed at 115.17 down 2.35. The spread between Brent and WTI was 20.71, down 0.13. US Treasury 30 year was 3.209 up 0.0040. The interest rate hike is an economy and dollar killer, not to mention the brobdingnagian derivatives Sword of Damocles that is hanging over our heads. The dollar was down *0.11 at 80.47. The PPT/Dow was 13,927.54 down a whopping (for these days) 108.13, BELOW the very key round number of 14,000! Facebook was 28.93 up 0.61 (2.15%). Silver closed down another monstrous 0.88 at $28.66. March wheat was up 6.20 at 738.40. March corn was down 5.20 at 700.40. April lean hogs were 82.950 down 0.100. March feeder cattle were 140.725 down 2.450. March copper was 3.6080, down 0.0415. March natural gas was up 0.007 to close at 3.279. March coal is 59.77, up 0.34.

Thank you for reading the Harvey Report. There is much more on Harvey's blog https://harveyorgan.blogspot.com.

Goooood day!

DayStar

Wed, Feb 20, 2013 - 9:57pm
Mr. Fix
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Thank you for posting tonight

I guess we didn't really need Harvey after all!

"When the student is ready, the teacher will appear."
Wed, Feb 20, 2013 - 10:00pm
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Daystar

I am confused, is this today's or yesterday's? I still don't see a post for Wednesday the 20th at harvey's blog.

Wed, Feb 20, 2013 - 10:13pm
TomMack
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thanks DS

STACK stay strong

It is the BILL of RIGHTS not the BILL of NEEDS

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