Global assault on silver.

Harvey Organ, Monday, May 2, 2011

Global assault on silver.

CME Hikes Silver Margin For Third Time In 7 Days, Raises Initial, Maintenance Margins By 12% 

Last week two silver margin hikes of 9% and 10% did nothing, which is why this week's first hike (of many more) by 12% to the maintenance and initial margins was to be completely expected. We believe that nothing short of 100% margin (coupled with not one single ES margin hike by the Globex) will eventually placate the ardent Comex risk managers who are terrified their models may end up being wrong about "stuff." One thing is certain: the panic is palpable and the administration will stop at nothing to prevent the $50 limit order from triggering silver's surge to triple digits. We wish them all the best in this endeavor and are grateful for any and all BTFD opportunity. 

 

 

 

John Williams: Hyperinflation and Double-Dip Recession Ahead

Karen Roche of The Gold Report - Economic recovery? What economic recovery? Contrary to popular media reports, government economic reporting specialist and ShadowStats Editor John Williams reads between the government-economic-data lines. "The U.S. is really in the worst condition of any major economy or country in the world," he says. In this exclusive interview with The Gold Report, John concludes the nation is in the midst of a multiple-dip recession and headed for hyperinflation. (5/2/11)

 

 

 

Treasury Cuts Its Borrowing Need Estimate By Half, To Suspend State, Local Gov't Funding Due To Upcoming Debt Ceiling Breach 

Submitted by Tyler Durden on 05/02/2011 15:35 -0400

After announcing it issued $265 billion in marketable debt to fund $445 billion in financing needs (including the wind down of $195 billion in SFP cash management bills), the Treasury has just announced it expects to need just $142 billion in Treasury issuance in the April-June quarter. This ridiculous amount is more than 50% lower than the previous estimate of $299 billion disclosed on January 31, and confirms that the Treasury is now scrambling to appear prudent to Congress with its debt needs. That it will need far, far more at the end of the day is beyond question. The reason for the over 50% plunge in borrowing needs "largely relates to higher receipts and lower outlays." Well, that's great - perhaps the treasury can explain why its preliminary cash need for the July-Sept quarter are $405 billion (compared to $396 billion a year earlier). Altogether, this advance estimate is ludicrous and shows that Geithner has totally lost a grip on reality. Yet on the other hand, in order to make his point, the market needs to crash (just like the May 6th crash killed any hope of an Audit the Fed bill). Looks like risk is duly noting its duty to act appropriately when record 2011 bonuses are at stake.

Endangered Golden Eagle To Make Ultra Rare (And Brief) Appearance, Then Disappear For Extended Period (Or Ever) 

WASHINGTON - The United States Mint will open sales for the 2011 American Eagle One Ounce Gold Uncirculated Coins at noon Eastern Time (ET) on May 5, 2011.  The coin's cost is based on the United States Mint's pricing structure for precious metals products.  Current pricing information is available at http://usmint.gov/pressroom/index.cfm?flash=yes&action=goldplat.

Orders will be accepted at http://www.usmint.gov/catalog or at 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers with TTY equipment may order at 1-888-321-MINT (6468).  A $4.95 shipping and handling charge will be added to all domestic orders. 
Customer demand will determine the number of 2011 American Eagle One Ounce Gold Uncirculated Coins minted.  There is no order limit. 

Market Breaks: After Hours Edition As NYSE Says It Is Investigating Pervasive Broken Trades 

Submitted by Tyler Durden on 05/02/2011 18:01 -0400

DJ NYSE Reviewing Possible Bad After-Hours Trades In Many Stocks

PM Eastern Daylight Time May 02, 2011 (MORE TO FOLLOW) Dow Jones Newswires
Were they known as, sales? And in other news, Gold just plunged by $30 for no reason whatsoever. Flash crashes for everyone!

The Complete And Unabridged Bin Laden Termination Animation 

Submitted by Tyler Durden on 05/02/2011 17:33 -0400

As usual for all those still confused by today's news, here is Next Media Animation with their now traditional prompt recreation of the key events in animated form, including such aspects of process including the 1 gazillion Call of Duty points (also known as $25 million), the Osama Bin Bye Bye street chants, and last but not least, the 72 virgin gang bang.