Saturday, March 21, 2009
Good morning Ladies andd Gentlemen:
Gold closed down by 2.30 to 956., yet silver resisted downward pressure from its stronger brother gold, by rising 25 cents to 13.77. The open interest on gold comex rose by only 8000 contracts with a 68 dollars comex gold rise on Thursday. The new OI is 388,000, plenty of room for speculators to move gold higher.
Over in the silver pits, a total of 15.9 million oz of silver remain to be hit which is very unusual in that only 1 week is left for all deliveries to be made. Only 68 million oz of registered silver sits in the comex vaults.
We suspect that most of its silver has been leased out.
As financial troubles blanket the world, many are seeking the safe havens of the precious metals of silver and gold. I am going to highlight one of the best funds to hold silver and gold.
There is now a huge premium of the gold GTU of 31%. The premium on the CEF is 15%. Here is the article for you to read and it is self explanatory:
Posted by Harvey Organ at 7:00 AM
Thursday, March 19, 2009
Good evening Ladies and gentlemen:
What a fantastic day for gold and silver. Gold finished up a whopping 69.30 to 958.30 while silver is up 1.51 to 13.52. The gold open interest rose 3,914 contracts to the tune of 379,831, so there is no doubt there was a lot of long speculators that joined the gold market today. On the silver front, the OI actually contracted 312 contracts to 92,484 contracts, which shows me that there was a lot of short covering today in the silver pits. There is no question that there is more problems facing the banking cabal in the silver pits than in the gold pits as evidenced by the OI figures today.
Ladies and gentlemen: please look at what investors are willing to fork over in order to obtain physical gold and silver. The premium on the gold GTU (Central Fund) is a startling 31%. It is back to where it was 4 weeks ago when they bought huge amts of gold at a premium of 22%. The real price of gold is in reality approx. 1240 usa per oz physial metal.
My good moronic friend Dennis Gartman, who two days ago pondered as to whether he was going to go short gold, immediately changed his mind and bought two long units of gold. He saw the light.
This just crossed my desk and it is a doozy!!!!. The headline says it all:
Please note that yesterday, I stated that China wants guarantees on all the usa bonds its holds. There is no question that they asked for gold which does not exist on usa soil.
Ok lets start with economic news of the day:
First off, this is Thursday so we get the unemployed levels and benefits paid out. Again we had a record week:
The leading indicators plummeted again last month. We see no end in sight to the banking mess which we are witnessing:
Today we got the Philly Mfg number and it was pretty low but a little better than last month. It registered negative 35 whereas last month it was negative 41. Anything below zero and manufacturing contracts.
Here is the report:
Look at the backlash at certain credit card holders:
I guess Citibank does not have a rosy picture. They are going to have a 1: 10 reverse split:
From Bill Holter; (this is important). The world is devaluing faster than a speeding bullet. Generally most know my favourite saying and it is worth repeating it here: This was said to me 8 years by my friend Reg Howe to myself and Don Jack:
"All currencies will go to their instrinsic value and that value is zero!!" Again Bill Holter comments on the shot heard around the world:
England just announced their deficit and it was abysmal:
England's net debt is now 717.3 billion dollars or approx 1 trillion usa dollars. Its GDP is around 2 trillion dollars so their debt is 50% of GDP.
For comparison, the net debt of the usa is 11 trillion on 13 trillion GDP or about 85%. However England is sinking faster as they have basket case Ireland on its doorstep!.
I will give a comprehensive review on Saturday:
Posted by Harvey Organ at 4:38 PM