How The Comex Lost 20% Of Its "Registered" Silver In One Week, Or Where There's Smoke Of A Run, There's Probably A Run
Submitted by Tyler Durden on 04/27/2011 18:38 -0400A week ago we noted something peculiar: in one day, COMEX depository Scotia Mocatta (one of five in the world) saw a 25% transfer of silver from "registered" (or deliverable physical) to "eligible" (or "undefined" - a distinction discussed previously, and also below). We said: "Canada's largest bullion depository (and one of five total) reclassified a whopping 5.2 million ounces of silver from Registered to Eligible status. In order to get a sense of how big this amount is, which amounts to just under $238 million at today's fixing price, it represents just over 25% of the total silver stored at Scotia Mocatta, and about 5% of the total silver held across all depositories." The reason then given was: "due to a reporting reclassification, 5,287,142 t oz was moved from Registered to Eligible." To our (lack of) surprise, a quick glance at today's silver holdings at the Comex confirms that the trend of reclassification is continuing unabated, and total "physical" silver across the entire Comex universe has now plunged by almost 20%, or from 41 million ounces to 33 million ounces, in the span of one week! And while last week it was Scotia Mocatta, today it is HSBC and the Delaware Depository, and the reason given: "Adjustments include reporting classifications of t oz that were moved from Registered to Eligible. Please see Special Executive Report reference 5736 for additional information. http://www.cmegroup.com/tools-information/advisorySearch.html#." And a further drill down reveals the following link. Many have speculated that there could well be a run on physical silver. But for those looking for a smoking gun, this is as close as you will get to one, without JPM actually declaring "force majeure."
If you are confused why at one point every word the Chairman said was the equivalent of one pip lower for the DXY and 10 cents higher for gold, wonder no more. Here is Citi's Steven Englander asking, and explaining why the USD just hit a new cyclical low.Posted: Apr 27 2011 By: Jim Sinclair Post Edited: April 27, 2011 at 6:11 pm
Filed under: In The News
Ballistic Time For Gold!
$1650 is out there now pulling like the dickens on gold’s price.
Today was all about the FOMC statement and a little concerning the first press conference in the history of the Federal Reserve.
Gold has been showing all the characteristics that make a foundation for a ballistic move upwards. $1650 is in the bag.
QE by whatever name you wish is here to stay. The weakness of the dollar grinds on.
Posted: Apr 27 2011 By: Jim Sinclair Post Edited: April 27, 2011 at 6:02 pm
Filed under: Jim's Mailbox
Dear Eric,
QE to infinity is here to stay. Who cares what you name it. Back door or front door, it is all the same.
Regards,
Jim
QE(N) Does Not End Here!
CIGA Eric
QE(N) will not end in June. It simply morphs into something less obvious. Why initiate another “shock and awe” bond buying program when maturing debt reinvested into Treasuries can do the heavy lifting without unnecessary political attention in the future?
Headline: Fed signals $600B bond program to end in June
The economy and job creation have strengthened enough for the Federal Reserve to end its $600 billion Treasury bond-buying program in June as planned, the Fed signaled Wednesday.
Ending a two-day meeting, the Fed made no changes to the program. The decision was unanimous. The bond purchases were intended to lower loan rates, encouraging spending and boost stock prices. But critics worried that the purchases would feed inflation.
The Fed downplayed inflation risks. It acknowledged a spike in oil prices, but concluded that the pickup in inflation will be temporary.
Source: news.yahoo.com
More…
Greetings Jim,
Gold closed sharply higher today, moving up to a new all-time high for the secular bull market from 2001. Technical indicators have strengthened further and are now bullish overall on the daily chart, supporting a continuation of the advance.
With respect to cycle analysis, today’s close well above the recent Alpha High (AH) reconfirms the bullish translation of the current short-term cycle.
The Gold Currency Index (GCI) also closed at a new all-time high today, confirming the breakout in gold. Technical indicators have strengthened on the GCI daily chart and are now moderately bullish overall, supporting a continuation of the rally.
We are 13 weeks into the intermediate-term cycle from late January. The strength following the long-term breakout at the beginning of April reconfirms the bullish translation of the current cycle and forecasts additional gains during the next few weeks.
The next Intermediate-Term Cycle High (ITCH) will likely occur sometime during the next five weeks, after which prices will decline into an Intermediate-Term Cycle Low in June or July. The annual cycle from late January also remains healthy and a strong close to the month at the end of this week would reconfirm its bullish translation.
Overall, the secular bull market remains healthy and the strong showing in April has reconfirmed the long-term uptrend, forecasting additional gains during the second half of 2011.
Best,
CIGA Erik
Prometheus Market Insight
http://www.prometheusmi.com
No QE3 Right - So Why Did The USD Just Hit A New Cyclical Low? Citi Explains Why
Submitted by Tyler Durden on 04/27/2011 17:25 -0400If you are confused why at one point every word the Chairman said was the equivalent of one pip lower for the DXY and 10 cents higher for gold, wonder no more. Here is Citi's Steven Englander asking, and explaining why the USD just hit a new cyclical low.
Filed under: In The News
Ballistic Time For Gold!
$1650 is out there now pulling like the dickens on gold’s price.
Today was all about the FOMC statement and a little concerning the first press conference in the history of the Federal Reserve.
Gold has been showing all the characteristics that make a foundation for a ballistic move upwards. $1650 is in the bag.
QE by whatever name you wish is here to stay. The weakness of the dollar grinds on.
Posted: Apr 27 2011 By: Jim Sinclair Post Edited: April 27, 2011 at 6:02 pm
Filed under: Jim's Mailbox
Dear Eric,
QE to infinity is here to stay. Who cares what you name it. Back door or front door, it is all the same.
Regards,
Jim
QE(N) Does Not End Here!
CIGA Eric
QE(N) will not end in June. It simply morphs into something less obvious. Why initiate another “shock and awe” bond buying program when maturing debt reinvested into Treasuries can do the heavy lifting without unnecessary political attention in the future?
Headline: Fed signals $600B bond program to end in June
The economy and job creation have strengthened enough for the Federal Reserve to end its $600 billion Treasury bond-buying program in June as planned, the Fed signaled Wednesday.
Ending a two-day meeting, the Fed made no changes to the program. The decision was unanimous. The bond purchases were intended to lower loan rates, encouraging spending and boost stock prices. But critics worried that the purchases would feed inflation.
The Fed downplayed inflation risks. It acknowledged a spike in oil prices, but concluded that the pickup in inflation will be temporary.
Source: news.yahoo.com
More…
Greetings Jim,
Gold closed sharply higher today, moving up to a new all-time high for the secular bull market from 2001. Technical indicators have strengthened further and are now bullish overall on the daily chart, supporting a continuation of the advance.
With respect to cycle analysis, today’s close well above the recent Alpha High (AH) reconfirms the bullish translation of the current short-term cycle.
The Gold Currency Index (GCI) also closed at a new all-time high today, confirming the breakout in gold. Technical indicators have strengthened on the GCI daily chart and are now moderately bullish overall, supporting a continuation of the rally.
We are 13 weeks into the intermediate-term cycle from late January. The strength following the long-term breakout at the beginning of April reconfirms the bullish translation of the current cycle and forecasts additional gains during the next few weeks.
The next Intermediate-Term Cycle High (ITCH) will likely occur sometime during the next five weeks, after which prices will decline into an Intermediate-Term Cycle Low in June or July. The annual cycle from late January also remains healthy and a strong close to the month at the end of this week would reconfirm its bullish translation.
Overall, the secular bull market remains healthy and the strong showing in April has reconfirmed the long-term uptrend, forecasting additional gains during the second half of 2011.
Best,
CIGA Erik
Prometheus Market Insight
http://www.prometheusmi.com
Goodbye David Sokol
Submitted by Tyler Durden on 04/27/2011 16:00 -0400BERKSHIRE SAYS COMMITTEE FOUND SOKOL LZ TRADING VIOLATED TERMS
BERKSHIRE SAYS SOKOL'S PURCHASES VIOLATED CO. POLICIES
And next, David Sokol takes down Charlie Munger.
BERKSHIRE SAYS SOKOL'S PURCHASES VIOLATED CO. POLICIES
And next, David Sokol takes down Charlie Munger.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
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