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For Zab. I think uxg is a great buy here even if it goes lower (buy more)same goes for slw. svm a terrific company.
1650 and 42
Thursday, July 28, 2011 at 4:25 pm
I'm still confident we're headed there as soon as next week. Here's why.
The Turd is no civics professor but, as I understand it, there's a process which must be followed on Capitol Hill. As a refresher, I offer you this:
IF The Republocrats in The House pass their bill tonight and IF The Republocrats in The Senate approve their's over the weekend, the differences must then be reconciled in a conference committee. Then, IF reconciled, both chambers MUST pass the new, singular version. By Tuesday. Our esteemed, illustrious and supremely qualified President must then sign the bill into law.
Hmmm. When you look at it that way, it sure doesn't seem likely that they're going to get it done. I'd say that the chances are now greater than 50/50 that The Regime raises the debt limit by Executive Order. If O'bottom goes this direction, you can bet your arse that he won't just piddle around with a puny increase. He'll raise that baby by at least $2T, enough to last through the 2012 election. This will result in two things:
1) A complete loss of confidence in the ability and desire of the U.S. government to address their disastrous fiscal "situation".
2) An inevitable downgrade of U.S. debt by the major credit rating agencies to AA+, at a minimum.
Both of these developments are extremely bullish for the PMs. Extremely bullish. They also signify a major signpost on the road to economic disaster. Remember, quantitative easing is, at its core, simply about buying time. The idea was that if, by buying treasuries, The Fed could keep rates down long enough, the economy would recover and tax revenues would increase sufficiently to sustain The Great Ponzi. To no one's surprise, it didn't work, and now Fed/Govt/TBTF Complex faces their end game.
In order to survive, The Fed MUST now continue QE at an even greater pace. The PMs and all commodities will see their multi-year rallies accelerate. Economic conditions will continue to worsen. Tax revenues will remain stagnant or decline. The annual U.S. budget deficit will widen. The dollar index will break down through the March 2008 lows of around 71. The ratings agencies will be forced to downgrade U.S. debt once again. To keep rates on current and past debt low, The Fed will have to engage in even more QE. The entire U.S. ponzi scheme will continue circling the drain faster and faster until the bottom finally falls out.
And this is all going to happen a lot sooner than what you might think. Some say 2030. Some say 2025. I think we'll be lucky to make it through 2013. Oh, and don't ever forget, the favorite tools of distraction for the Fed/Govt/TPTB Complex are wars and insurrections. Plenty of that on the way, too. As we like to say around here, prepare accordingly.
Onto the charts. Both of our metals ran into a double whammy today. First, there's a general reluctance to bid them higher in that everyone is now convinced that a debt ceiling deal will cause price to drop sharply. Second, The Cartel has clearly decided they'd like to keep a lid on things near 1625 and 41. However, it is very important to note that, even under these conditions, the metals never did truly roll over. Gold rebounded off of firm support below 1610 to close near 1615. Silver held support near 39.50 and is now back just under 40 at 39.80.
For tomorrow, there are more reasons to be long than short over the weekend so I expect an UP day. Ideally, gold will trade up and finish the day near the crucial 1625 level. Silver will rebound and finish somewhere in the neighborhood of 40.50. When the markets re-open Sunday evening and the "deal" has still not been reached, expect both metals to blast through the Cartel-induced resistance levels mentioned above.
For Zab.
Stewart Thomson
email: stewart@gracelandupdates.com
email: stewart@gracelandjuniors.com
Jul 26, 2011
“It’s just a dang disaster everywhere you look,” Redmon said. “I haven’t even seen a corn crop this year, unless it’s being irrigated. Those guys just got hammered.” –Bloomberg News, July 25, 2011.
While leveraged hedge fund managers read the USDA reports of “record corn plantings”, then leverage the dollar against food in a crazed food shorting frenzy, farmers in the real world are watching their crops burn. This situation may be just the beginning of a food price parabola.
The situation is grim, and food prices are probably set to become one more driver pushing the gold price thermometer steadily higher, not just for price, but for time. The list of gold time and price drivers is growing, and intensifying.
Against this horrific background of possible (probable?) looming food shortages, President Obama addressed the American nation last night. He predicted dire consequences for financial markets, unless taxes are raised on “the millionaires and billionaires”.
I doubt that a 100% taxation rate on all US individuals and corporations could even eliminate the deficit now, let alone solve the OTC derivatives and unfunded liabilities debt bombs. The situation has redlined, and the gold thermometer of the world’s financial health indicates a five alarm fire is raging.
Click here now to view your five “gimme it now!” key buy points for gold. These HSR (horizontal support/resistance) lines are drawn across highs in the uptrend. You should understand that a support line is best drawn across a previous high, not a low.
Use common sense when applying capital into the market. Bigger support sits at $1578, and since price just tagged $1624, a fall into $1578, if it happens, is about a $46 price sale, so I think you need to buy something there.
Your five key buy points in the short term are $1610, $1595, $1578, $1558, and $1535. The question is, are you prepared to take buy action, if they happen? Remember that a little price sale should be met with very little buying. $1610 is a very small price sale, from the $1624 highs.
Live in the present, not the past. In the 1930’s, gold was re-valued about 70% higher against the dollar, purportedly to save the system from imploding. $1600 gold is very high, against the background of a nation working diligently to reduce debt and spending. Is that what is happening now? No, the opposite situation is happening, and the steadily rising price of gold reflects current reality.
Did you notice the expression on President Obama’s face in his address to the nation? The situation is clearly grim, and he’s prepared to take powerful action. I told you about the possibility of a certain man wearing a gold mask a long time ago. Do you remember his name?
Don’t think that your President hasn’t considered closing all markets and banks, banning the public from buying gold bullion, and then revaluing gold dramatically higher. If that occurred, when he re-opened the markets, what would you feel like, what would be your financial gain or loss? Would you be in golden party mode? I hope so.
I told you that QE was a water gun against a forest fire and destined for the backburner, and that’s what has occurred. Gold revaluation, not grandstanding tax increases or QE squirt guns, is the kind of drastic action needed to make the epic debt manageable.
The way a modern revaluation would likely work is that gold dealers could be limited in what gold, if any, could be sold to the public, and the most powerful central banks would announce they are prepared to buy any amount of gold from anyone at a certain minimum “floor price”.
Let me ask all those who are telling you that your gold stocks are finished a little question. If institutional money managers were faced with a modern gold revaluation situation, where bullion buying was limited or even eliminated, do you think those managers might possibly consider buying gold stock?
Earth to gold stock bears on Mars, knock knock, is anyone with an IQ over 10 home? Sadly, nobody is home, and many are actually naked short gold stocks. The scheme is to short the stocks and buy bullion in a ratio trade. Pure genius! Just remember that there is a very fine line between genius and insanity. When GDX blows the doors off the US dollar toilet paper roll, at just over $64, and does it with or without gold revaluation, you could see gold stocks start a rocket ride towards GDX $75-80, then on to $100. The bears could be exterminated.
Click this GDX chart now to view your key GDX buy points at $58.50, $57, $55.50, $54, $52.50. Are you prepared to take buy action at those points, and below, if it happens?
Many investors and analysts who totally failed to predict the 2008 crisis, and liquidated into the lows, are now telling you to be ready for “Lehman 2”. Only an idiot is not removing some cash today from the financial system, given the grim statements made last night by the President of the United States. While put options are the best insurance you can buy for your gold holdings, you should also understand that the situation is so dire that a default could also cause gold to spiral higher, or be re-valued higher by central banks.
Can you even imagine the horrors of blowing out your gold on a debt default-fuelled hit to say, $1200 gold, only to watch the President of the United States close the banks and markets, address the nation, and announce gold has been re-valued overnight to numbers that now seem inconceivable and impossible?
You’d be wiped off the financial map by the man in the golden mask, and the only question is, are you prepared?
The bottom line is that those who were blown away into the Dow lows of 6500, while I bought and told you to buy, may not necessarily be your best “beacons in the storm” during this new phase of the accelerating crisis. Predicting your way through the crisis has not worked up to this point, and it’s likely about to get a whole lot harder to do so.
It’s very important to keep a distance from those telling you “what you want to hear”. It feels comforting to “know” another 2008 is coming, and so if you just sell in size now, you can always get back in later. That’s a very soothing thought, but is it valid? Think of the breadlines of the 1930s. This crisis is far bigger, and the US dollar is now held up by liquidity flows and promises, not 20,000 tons of gold. You can’t know what is coming, but you can respond to what happens.
I see a need to raise cash levels outside of the financial system more than within it. Obviously if you bought GDX, individual gold stocks, and gold/silver bullion into the weakness of GDX $51 and gold $1478, you are taking bits off the table into this monster rally, and that is raising your cash levels. You can’t seriously believe the financial system can take another Lehman-style hit and remain open, can you? So, what do you think you should do with that cash, leave it all in the system, or take some out?
I’d like you to look at the horrific financial positioning of Elmer Fudd Public Investor. He waddles in and buys bonds after a 30 year bull market. That crap pays him negative real interest rates. He’s soaked in debt and lives far beyond his means. Fudd believes the Gman and Ben “Dr. Pinocchio” Bernanke are his saviours. The bottom line is that Fudd is all boxed in with nowhere to go, except straight down to the breadline.
I told you that you would soon feel “fear beyond fear” as the dollar and the bond begin to implode. We are on the cusp of that situation now. You need more cash (outside the system) and more gold, as the crisis accelerates. Click this swiss franc takes a bat to the dollar chart link now, to ask yourself what kind of cash within the system you really need. See you out there, on the price grids. Thanks!
Jul 26, 2011
Stewart Thomson
Graceland Updates
website: www.gracelandupdates.com
email for questions: stewart@gracelandupdates.com
email to request the free reports: freereports@gracelandupdates.com
Zab, my opinion is they are on the cusp of correcting.. and then when all are scared.. they will take off
to the sky. Ditto silver stocks.Look at the charts.
SLW
SVM
UXG
Personally, I choose a group (metals) and that is solely what I invest and trade in.
Its a focus thing.
sally
Why do you allow others to be political????????? Don't you think there is flexibility appropriate for
the turnips Lee?????????
Thanks.
The spending and repeal of Glass- Steagall started with Clinton..Bush expanded and spent ..both parties are the same.
The two ETF's that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.
There is now evidence that the GLD and SLV are paper settling on the comex.
Thus a default at either of the LBMA, or Comex will trigger a catastrophic event.
From Harvey Organ July 16
No timber crash in sight......
Fabian, silver as you know will double what gold does. Look at UXG for making you money. Ditto
GPL and SVM.
No crash. Perhaps a little crash....
So why isn't TIMBER.. hitting the screen????????
excuse me Lee, what was off topic?Please explain. You seem unnerved by whatever...
respectfully-sally
Good one Bruce. Go mining shares.
You read Trader Dan Norcini...?
Lives, Fortunes and Honor
Saturday, July 2, 2011 at 1:17 pm
Monday is the 235th anniversary of the signing of the American Declaration of Independence. As such, I'm dispensing with the regular, weekend chart update. Today, I'd like you to consider the words of The Declaration as well as the events that led to its signing.
IN CONGRESS, July 4, 1776.
The unanimous Declaration of the thirteen united States of America,
When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.--Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.
He has refused his Assent to Laws, the most wholesome and necessary for the public good.
He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them.
He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.
He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their public Records, for the sole purpose of fatiguing them into compliance with his measures.
He has dissolved Representative Houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.
He has refused for a long time, after such dissolutions, to cause others to be elected; whereby the Legislative powers, incapable of Annihilation, have returned to the People at large for their exercise; the State remaining in the mean time exposed to all the dangers of invasion from without, and convulsions within.
He has endeavoured to prevent the population of these States; for that purpose obstructing the Laws for Naturalization of Foreigners; refusing to pass others to encourage their migrations hither, and raising the conditions of new Appropriations of Lands.
He has obstructed the Administration of Justice, by refusing his Assent to Laws for establishing Judiciary powers.
He has made Judges dependent on his Will alone, for the tenure of their offices, and the amount and payment of their salaries.
He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
He has kept among us, in times of peace, Standing Armies without the Consent of our legislatures.
He has affected to render the Military independent of and superior to the Civil power.
He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his Assent to their Acts of pretended Legislation:
For Quartering large bodies of armed troops among us:
For protecting them, by a mock Trial, from punishment for any Murders which they should commit on the Inhabitants of these States:
For cutting off our Trade with all parts of the world:
For imposing Taxes on us without our Consent:
For depriving us in many cases, of the benefits of Trial by Jury:
For transporting us beyond Seas to be tried for pretended offences
For abolishing the free System of English Laws in a neighbouring Province, establishing therein an Arbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these Colonies:
For taking away our Charters, abolishing our most valuable Laws, and altering fundamentally the Forms of our Governments:
For suspending our own Legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.
He has abdicated Government here, by declaring us out of his Protection and waging War against us.
He has plundered our seas, ravaged our Coasts, burnt our towns, and destroyed the lives of our people.
He is at this time transporting large Armies of foreign Mercenaries to compleat the works of death, desolation and tyranny, already begun with circumstances of Cruelty & perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the Head of a civilized nation.
He has constrained our fellow Citizens taken Captive on the high Seas to bear Arms against their Country, to become the executioners of their friends and Brethren, or to fall themselves by their Hands.
He has excited domestic insurrections amongst us, and has endeavoured to bring on the inhabitants of our frontiers, the merciless Indian Savages, whose known rule of warfare, is an undistinguished destruction of all ages, sexes and conditions.
In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people.
Nor have We been wanting in attentions to our British brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us. We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which, would inevitably interrupt our connections and correspondence. They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our Separation, and hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.
We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these United Colonies are, and of Right ought to be Free and Independent States; that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.
So, who were these guys, anyway? Legions of fuzzy-headed politicos with an agenda would have you believe they were nothing but filthy rich, old white guys who didn't want to pay their taxes. Is that true? Do you even know whether or not it's true?
Below is the best summary I have ever found on the history of America's "Founding Fathers". It was written some fifty years ago by the father of radio host Rush Limbaugh. Regardless of your opinion of Rush the Third, please take a few moments to read and reflect upon the words and wisdom of Rush the Second. A link to the full page is here:
http://www.rushlimbaugh.com/home/folder/american_who_risked_everything_1.guest.html
"The Americans Who Risked Everything", by Rush Limbaugh, Jr.
It was a glorious morning. The sun was shining and the wind was from the southeast. Up especially early, a tall bony, redheaded young Virginian found time to buy a new thermometer, for which he paid three pounds, fifteen shillings. He also bought gloves for Martha, his wife, who was ill at home.
Thomas Jefferson arrived early at the statehouse. The temperature was 72.5 degrees and the horseflies weren't nearly so bad at that hour. It was a lovely room, very large, with gleaming white walls. The chairs were comfortable. Facing the single door were two brass fireplaces, but they would not be used today.
The moment the door was shut, and it was always kept locked, the room became an oven. The tall windows were shut, so that loud quarreling voices could not be heard by passersby. Small openings atop the windows allowed a slight stir of air, and also a large number of horseflies. Jefferson records that "the horseflies were dexterous in finding necks, and the silk of stockings was nothing to them." All discussing was punctuated by the slap of hands on necks.
On the wall at the back, facing the president's desk, was a panoply -- consisting of a drum, swords, and banners seized from Fort Ticonderoga the previous year. Ethan Allen and Benedict Arnold had captured the place, shouting that they were taking it "in the name of the Great Jehovah and the Continental Congress!"
Now Congress got to work, promptly taking up an emergency measure about which there was discussion but no dissension. "Resolved: That an application be made to the Committee of Safety of Pennsylvania for a supply of flints for the troops at New York."
Then Congress transformed itself into a committee of the whole. The Declaration of Independence was read aloud once more, and debate resumed. Though Jefferson was the best writer of all of them, he had been somewhat verbose. Congress hacked the excess away. They did a good job, as a side-by-side comparison of the rough draft and the final text shows. They cut the phrase "by a self-assumed power." "Climb" was replaced by "must read," then "must" was eliminated, then the whole sentence, and soon the whole paragraph was cut. Jefferson groaned as they continued what he later called "their depredations." "Inherent and inalienable rights" came out "certain unalienable rights," and to this day no one knows who suggested the elegant change.
A total of 86 alterations were made. Almost 500 words were eliminated, leaving 1,337. At last, after three days of wrangling, the document was put to a vote.
Here in this hall Patrick Henry had once thundered: "I am no longer a Virginian, sir, but an American." But today the loud, sometimes bitter argument stilled, and without fanfare the vote was taken from north to south by colonies, as was the custom. On July 4, 1776, the Declaration of Independence was adopted.
There were no trumpets blown. No one stood on his chair and cheered. The afternoon was waning and Congress had no thought of delaying the full calendar of routine business on its hands. For several hours they worked on many other problems before adjourning for the day.
Much To Lose
What kind of men were the 56 signers who adopted the Declaration of Independence and who, by their signing, committed an act of treason against the crown? To each of you, the names Franklin, Adams, Hancock and Jefferson are almost as familiar as household words. Most of us, however, know nothing of the other signers. Who were they? What happened to them?
I imagine that many of you are somewhat surprised at the names not there: George Washington, Alexander Hamilton, Patrick Henry. All were elsewhere.
Ben Franklin was the only really old man. Eighteen were under 40; three were in their 20s. Of the 56 almost half - 24 - were judges and lawyers. Eleven were merchants, nine were landowners and farmers, and the remaining 12 were doctors, ministers, and politicians.
With only a few exceptions, such as Samuel Adams of Massachusetts, these were men of substantial property. All but two had families. The vast majority were men of education and standing in their communities. They had economic security as few men had in the 18th Century.
Each had more to lose from revolution than he had to gain by it. John Hancock, one of the richest men in America, already had a price of 500 pounds on his head. He signed in enormous letters so that his Majesty could now read his name without glasses and could now double the reward. Ben Franklin wryly noted: "Indeed we must all hang together, otherwise we shall most assuredly hang separately."
Fat Benjamin Harrison of Virginia told tiny Elbridge Gerry of Massachusetts: "With me it will all be over in a minute, but you, you will be dancing on air an hour after I am gone."
These men knew what they risked. The penalty for treason was death by hanging. And remember, a great British fleet was already at anchor in New York Harbor.
They were sober men. There were no dreamy-eyed intellectuals or draft card burners here. They were far from hot-eyed fanatics yammering for an explosion. They simply asked for the status quo. It was change they resisted. It was equality with the mother country they desired. It was taxation with representation they sought. They were all conservatives, yet they rebelled.
It was principle, not property, that had brought these men to Philadelphia. Two of them became presidents of the United States. Seven of them became state governors. One died in office as vice president of the United States. Several would go on to be U.S. Senators. One, the richest man in America, in 1828 founded the Baltimore and Ohio Railroad. One, a delegate from Philadelphia, was the only real poet, musician and philosopher of the signers. (It was he, Francis Hopkinson not Betsy Ross who designed the United States flag.)
Richard Henry Lee, a delegate from Virginia, had introduced the resolution to adopt the Declaration of Independence in June of 1776. He was prophetic in his concluding remarks: "Why then sir, why do we longer delay? Why still deliberate? Let this happy day give birth to an American Republic. Let her arise not to devastate and to conquer but to reestablish the reign of peace and law.
"The eyes of Europe are fixed upon us. She demands of us a living example of freedom that may exhibit a contrast in the felicity of the citizen to the ever-increasing tyranny which desolates her polluted shores. She invites us to prepare an asylum where the unhappy may find solace, and the persecuted repost.
"If we are not this day wanting in our duty, the names of the American Legislatures of 1776 will be placed by posterity at the side of all of those whose memory has been and ever will be dear to virtuous men and good citizens."
Though the resolution was formally adopted July 4, it was not until July 8 that two of the states authorized their delegates to sign, and it was not until August 2 that the signers met at Philadelphia to actually put their names to the Declaration.
William Ellery, delegate from Rhode Island, was curious to see the signers' faces as they committed this supreme act of personal courage. He saw some men sign quickly, "but in no face was he able to discern real fear." Stephan Hopkins, Ellery's colleague from Rhode Island, was a man past 60. As he signed with a shaking pen, he declared: "My hand trembles, but my heart does not."
"Most Glorious Service"
Even before the list was published, the British marked down every member of Congress suspected of having put his name to treason. All of them became the objects of vicious manhunts. Some were taken. Some, like Jefferson, had narrow escapes. All who had property or families near British strongholds suffered.
· Francis Lewis, New York delegate saw his home plundered -- and his estates in what is now Harlem -- completely destroyed by British Soldiers. Mrs. Lewis was captured and treated with great brutality. Though she was later exchanged for two British prisoners through the efforts of Congress, she died from the effects of her abuse.
· William Floyd, another New York delegate, was able to escape with his wife and children across Long Island Sound to Connecticut, where they lived as refugees without income for seven years. When they came home they found a devastated ruin.
· Philips Livingstone had all his great holdings in New York confiscated and his family driven out of their home. Livingstone died in 1778 still working in Congress for the cause.
· Louis Morris, the fourth New York delegate, saw all his timber, crops, and livestock taken. For seven years he was barred from his home and family.
· John Hart of Trenton, New Jersey, risked his life to return home to see his dying wife. Hessian soldiers rode after him, and he escaped in the woods. While his wife lay on her deathbed, the soldiers ruined his farm and wrecked his homestead. Hart, 65, slept in caves and woods as he was hunted across the countryside. When at long last, emaciated by hardship, he was able to sneak home, he found his wife had already been buried, and his 13 children taken away. He never saw them again. He died a broken man in 1779, without ever finding his family.
· Dr. John Witherspoon, signer, was president of the College of New Jersey, later called Princeton. The British occupied the town of Princeton, and billeted troops in the college. They trampled and burned the finest college library in the country.
· Judge Richard Stockton, another New Jersey delegate signer, had rushed back to his estate in an effort to evacuate his wife and children. The family found refuge with friends, but a Tory sympathizer betrayed them. Judge Stockton was pulled from bed in the night and brutally beaten by the arresting soldiers. Thrown into a common jail, he was deliberately starved. Congress finally arranged for Stockton's parole, but his health was ruined. The judge was released as an invalid, when he could no longer harm the British cause. He returned home to find his estate looted and did not live to see the triumph of the Revolution. His family was forced to live off charity.
· Robert Morris, merchant prince of Philadelphia, delegate and signer, met Washington's appeals and pleas for money year after year. He made and raised arms and provisions which made it possible for Washington to cross the Delaware at Trenton. In the process he lost 150 ships at sea, bleeding his own fortune and credit almost dry.
· George Clymer, Pennsylvania signer, escaped with his family from their home, but their property was completely destroyed by the British in the Germantown and Brandywine campaigns.
· Dr. Benjamin Rush, also from Pennsylvania, was forced to flee to Maryland. As a heroic surgeon with the army, Rush had several narrow escapes.
· John Martin, a Tory in his views previous to the debate, lived in a strongly loyalist area of Pennsylvania. When he came out for independence, most of his neighbors and even some of his relatives ostracized him. He was a sensitive and troubled man, and many believed this action killed him. When he died in 1777, his last words to his tormentors were: "Tell them that they will live to see the hour when they shall acknowledge it [the signing] to have been the most glorious service that I have ever rendered to my country."
· William Ellery, Rhode Island delegate, saw his property and home burned to the ground.
· Thomas Lynch, Jr., South Carolina delegate, had his health broken from privation and exposures while serving as a company commander in the military. His doctors ordered him to seek a cure in the West Indies and on the voyage, he and his young bride were drowned at sea.
· Edward Rutledge, Arthur Middleton, and Thomas Heyward, Jr., the other three South Carolina signers, were taken by the British in the siege of Charleston. They were carried as prisoners of war to St. Augustine, Florida, where they were singled out for indignities. They were exchanged at the end of the war, the British in the meantime having completely devastated their large landholdings and estates.
· Thomas Nelson, signer of Virginia, was at the front in command of the Virginia military forces. With British General Charles Cornwallis in Yorktown, fire from 70 heavy American guns began to destroy Yorktown piece by piece. Lord Cornwallis and his staff moved their headquarters into Nelson's palatial home. While American cannonballs were making a shambles of the town, the house of Governor Nelson remained untouched. Nelson turned in rage to the American gunners and asked, "Why do you spare my home?" They replied, "Sir, out of respect to you." Nelson cried, "Give me the cannon!" and fired on his magnificent home himself, smashing it to bits. But Nelson's sacrifice was not quite over. He had raised $2 million for the Revolutionary cause by pledging his own estates. When the loans came due, a newer peacetime Congress refused to honor them, and Nelson's property was forfeited. He was never reimbursed. He died, impoverished, a few years later at the age of 50.
Lives, Fortunes, Honor
Of those 56 who signed the Declaration of Independence, nine died of wounds or hardships during the war. Five were captured and imprisoned, in each case with brutal treatment. Several lost wives, sons or entire families. One lost his 13 children. Two wives were brutally treated. All were at one time or another the victims of manhunts and driven from their homes. Twelve signers had their homes completely burned. Seventeen lost everything they owned. Yet not one defected or went back on his pledged word. Their honor, and the nation they sacrificed so much to create is still intact.
And, finally, there is the New Jersey signer, Abraham Clark.
He gave two sons to the officer corps in the Revolutionary Army. They were captured and sent to that infamous British prison hulk afloat in New York Harbor known as the hell ship Jersey, where 11,000 American captives were to die. The younger Clarks were treated with a special brutality because of their father. One was put in solitary and given no food. With the end almost in sight, with the war almost won, no one could have blamed Abraham Clark for acceding to the British request when they offered him his sons' lives if he would recant and come out for the King and Parliament. The utter despair in this man's heart, the anguish in his very soul, must reach out to each one of us down through 200 years with his answer: "No."
The 56 signers of the Declaration Of Independence proved by their every deed that they made no idle boast when they composed the most magnificent curtain line in history. "And for the support of this Declaration with a firm reliance on the protection of divine providence, we mutually pledge to each other our lives, our fortunes, and our sacred honor."
As you enjoy your 3-day weekend with friends and family, please take time to remember the sacrifices made by these courageous men and their families. Ask yourself, "would I have been willing to make the same commitment"? "Which principles do I hold so dearly as to risk everything for their maintenance"? "Should the time come again, will I be willing to speak out and lead or will I stand idly by and watch freedom slip away"?
I leave you this weekend with the words of Abraham Lincoln, written some 90 years after The Declaration. Please have a safe and joyous holiday. TF
"The world will little note, nor long remember what we say here, but it can never forget what they did here. It is for us the living, rather, to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced. It is rather for us to be here dedicated to the great task remaining before us -- that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion -- that we here highly resolve that these dead shall not have died in vain -- that this nation, under God, shall have a new birth of freedom -- and that government of the people, by the people, for the people, shall not perish from the earth."
so whats new......???????
Isabella Stewart Gardiner Museum. Louisburg sguare. Lunch at Lochobers(sp) Newberry st.
you can purchase mining stocks now at bargain prices...trade them at tops and bottom dips..Put the money into Hinde Capital Fund for your 4 yr. old.
SLW ,UXG ,SVM,EXLLF
Fed May Buy $300 Billion in Treasuries After QE2
By Daniel Kruger and John Detrixhe - Jun 27, 2011 7:15 AM ET
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The U.S. Federal Reserve building stands in Washington, D.C., U.S. Photographer: Joshua Roberts/Bloomberg
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June 24 (Bloomberg) -- Michael Cloherty, head of U.S. interest rate strategy at Royal Bank of Canada’s RBC Capital Markets unit, talks about Federal Reserve monetary policy, U.S. Treasury yields and investment strategy for savers. Cloherty, speaking with Tom Keene on Bloomberg Television's "Surveillance Midday," also discusses the U.S. economy, oil prices and the European debt crisis. (Source: Bloomberg)
The Federal Reserve will remain the biggest buyer of Treasuries, even after the second round of quantitative easing ends this week, as the central bank uses its $2.86 trillion balance sheet to keep interest rates low.
While the $600 billion purchase program, known as QE2, winds down, the Fed said June 22 that it will continue to buy Treasuries with proceeds from the maturing debt it currently owns. That could mean purchases of as much as $300 billion of government debt over the next 12 months without adding money to the financial system.
The central bank, which injected $2.3 trillion into the financial system after the collapse of Lehman Brothers Holdings Inc. in September 2008, will continue buying Treasuries to keep market rates down as the economy slows. The purchases are supporting demand at bond auctions while President Barack Obama and Republicans in Congress struggle to close the gap between federal spending and income by between $2 trillion and $4 trillion.
“I don’t think the Fed wants to remove accommodation in any way, shape or form,” said Matt Toms, the head of U.S. public fixed-income investments at Atlanta-based ING Investment Management, which oversees more than $500 billion. “It’s quite natural for them to reinvest cash,” he said. “That effectively maintains the accommodative stance.”
Mortgage Debt
A total of $112.1 billion of the Fed’s government bond holdings will mature in the next 12 months, 7 percent of the $1.59 trillion in Treasuries held in its system open market account, known to traders as SOMA. Replacing those securities will require the Fed to buy an average of $9.4 billion of Treasuries a month through June 2012.
The Fed also held $914.4 billion of mortgage-backed debt and $118.4 billion of debentures, the debt of government sponsored enterprises Fannie Mae and Freddie Mac, as of June 22. UBS AG, Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co. and Royal Bank of Canada say $10 billion to $16 billion will mature each month, depending on the pace of prepayments.
In a Bloomberg survey of 58 economists June 14-17, 79 percent said Fed Chairman Ben S. Bernanke will sustain the central bank’s balance sheet at current levels until the fourth quarter, compared with 52 percent in April. The Fed said June 22 its goal is to hold assets at $2.654 trillion.
Treasury 10-year yields fell to the lowest since Dec. 1 today, down from this year’s high of 3.77 percent on Feb. 9. On June 24, the two-year yield came within one basis point of the record low, set November 2010, reaching 0.32 percent.
Frustrated Fed
The yield on the benchmark 10-year note declined to 2.84 percent today, the least since Dec. 1, before settling at 2.86 percent. The 3.125 percent security due in May 2021 traded at 102 1/4 at 7:13 a.m. in New York, Bloomberg Bond Trader prices showed. Two-year yields were at 0.34 percent after reaching 0.32 percent last week, the lowest since Nov. 4.
Bernanke said at a press conference June 22 that progress bringing down the 9.1 percent U.S. unemployment rate was “frustratingly slow.”
Fed officials said the economy will expand 2.7 percent to 2.9 percent this year, down from forecasts ranging from 3.1 percent to 3.3 percent in April. It was the second time this year Fed officials lowered growth estimates. Gross domestic product expanded 3.1 percent last year.
Policy makers said they expect the world’s largest economy to grow 3.3 percent to 3.7 percent in 2012, according to their central tendency forecasts. In April, their predictions ranged from 3.5 percent to 4.2 percent.
Fear Factor
Fed officials predict an average unemployment rate of 8.6 percent to 8.9 percent in the final three months of 2011, compared with 8.4 percent to 8.7 percent projected in April. Their estimate for unemployment at the end of 2012 was in a range of 7.8 percent and 8.2 percent, compared with 7.6 percent to 7.9 percent in April.
While the Fed didn’t start a third round of quantitative easing, as some traders speculated was needed, Treasuries could gain on weakening of the economy or the European sovereign debt crisis.
“What always moves the market is fear and greed, and there’s a huge amount of fear on the economy,” said David Brownlee, head of fixed income at Sentinel Asset Management in Montpelier, Vermont, which manages $28 billion. “That’s where you want to have Treasuries.”
The conflict between Obama’s administration and Congress over increasing the government’s borrowing limit could lead to higher yields, as Moody’s Investors Service and Standard & Poor’s said they may consider cutting the nation’s AAA credit rating unless progress is made next month.
political conversation.. ends badly when there is name calling and tossing silly
insults. Proclaiming ones expert opinion covers up a bruised ego.
Brightness and fois gras were engaged in reality as they understand it.
They were not interested in argument or their egos.
It is meanigful and serves a valid purpose to share intelligent thoughts.Particularly in his day.
Lee, you ready to delete Rand Paul by Alex....?
I agree with Alex....
thanks
the 'arguement'...or discussion ..in your mind; can you be specific what the point was??
thanks lee.
Dear Lee, I do not think the deleted messages are that 'political'. More, in telling truth as as a person sees it. My bringing in Ron Paul is political. We live in the darkest of dark ages...(Dalai Llama)
To ignore the current reality which has so much connection to the market is ignorant. It is totally relevant. Deletion is for "too much".
Yes, indeed. What good is holding cash versus purchasing mining shares of well managed
gold and silver companies.
SLW could pay a 5.00 dividend in a couple of years...
Bernanke May Try Spurring Economy by Prolonging Stimulus (1)
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By Joshua Zumbrun and Steve Matthews
June 21 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke will probably delay the central bank’s exit from record stimulus, economists said in a survey, giving the flagging economy a boost without resorting to additional asset purchases.
Seventy-nine percent of 58 economists expect Bernanke to sustain the Fed balance sheet at current levels until October or later, compared with 52 percent who held that view before the Fed’s last policy meeting in April, according to a Bloomberg News survey conducted last week. Ninety percent of those surveyed predict the Fed will wait until the fourth quarter before dropping its pledge to hold interest rates low for an “extended period.”
Bernanke and his fellow policy makers have given no indication they’ll tighten policy anytime soon. With manufacturing slowing and unemployment increasing during May to 9.1 percent, the Fed chief said this month growth is “frustratingly slow,” and Richmond Fed President Jeffrey Lacker said the economy could be “stuck below trend for some time.”
“The longer they signal they will be on hold for an extended period, they are de facto easing,” said Carl Riccadonna, senior U.S. economist at Deutsche Bank Securities Inc. in New York. Expectations the central bank will delay a policy reversal help reduce long-term interest rates and spur growth, he said.
Congressional Mandate
The Federal Open Market Committee will begin a two-day meeting today in Washington and issue a statement tomorrow at about 12:30 p.m. Bernanke is scheduled to meet the press at 2:15 p.m. tomorrow, and the central bank will also release economic projections by policy makers.
By prompting expectations it will postpone a reduction in stimulus, the Fed can draw closer to meeting its congressional mandate to achieve maximum employment, Fed Vice Chairman Janet Yellen said in February.
“Such a shift in policy expectations would be associated with a lower trajectory for the unemployment rate,” Yellen said in a speech in New York. “Financial conditions would become significantly more accommodative, even in the absence of any change in the current level of the funds rate.”
As for QE3. The question is, if there isn't any QE3, how will the Government finance the additional Treasury debt that it will issuing once the debt ceiling limit is inevitably raised by at least $2 trillion? We learned over the weekend that Russia, one of the largest holders of U.S. Treasuries, has been quickly reducing its holdings and will continue to reduce its holdings: LINK So there goes one big historical source of funding. And China, despite the holdings as reported in the monthly TIC reports, has been quietly reducing its dollar holdings using clandestine methods. This is something I have always suspected, but Standard Chartered Bank lays out a very credible scenario here: LINK If you bother to read through that and know anything about the fund flows the way they are reported in the TIC report, then you will have accept that the scheme described by Standard has a very high degree probability.
So if Russia and China are no longer financing the U.S. Government's massive spending addiction, and the Fed has been the primary financier since December, if the Fed were to NOT extend its QE program in some form, who will finance the $2 trillion?
It's getting very "spooky" out there in the markets and based on the way that gold and silver have been performing recently, I believe that large flows of very smart capital around the world are beginning to view gold and silver as the last port in the face of a very serious in-coming financial tsunami...
POSTED BY DAVE IN DENVER AT 9:54 AM 8 COMMENTS LINKS TO THIS POST
whats dcb...?
what do you offer for June???
I say July. What do you say..?
Guest Post: “Stay And Fight”: Is This Realistic?
Submitted by Tyler Durden on 06/18/2011 19:44 -0400
Belgium Greece Guest Post Italy Reality United Kingdom
Before leaving New York, I was enjoying a perfectly nice afternoon yesterday walking around the Upper West side. When I got to Lincoln center, roughly at the corner of Broadway and W 62nd Street, reality set in. No fewer than ten NYPD storm troopers were ‘patrolling’ the sidewalk outside in full combat gear: Kevlar helmet, flak vest, semi-automatic 9mm sidearm, and Colt model 933 with M900 foregrip and M68 aimpoint. A few of them had M203 variety grenade launchers fitting snugly underneath the barrel. And to what did we owe the deployment of such unnecessary firepower? An invasion of the Canadian hordes? Terrorists on the loose? No. Some visiting politician… clearly an individual who feels important enough to merit an intimidating death squad in his vicinity. This is the nature of the system. Police are armed to the teeth… and while their official marketing slogan may be to ‘keep people safe’, their real function is to be the protectors and enforcers for the political class, all while keeping the people in check so that the know who’s boss.
Lee- Can the board place bets on a date that the Bernank will say we need another round of QE..
Or, their new name for it?
Thanks.
Jim Rickards explained this on King World News..the recent interview. It is 'true'.
NEWS RELEASE
ROB MCEWEN PROPOSES MERGER OF US GOLD AND MINERA ANDES: CREATING A HIGH GROWTH, LOW-COST, MID-TIER SILVER PRODUCER FOCUSED IN THE AMERICAS
Toronto, Ontario (June 14, 2011) US Gold Corporation (NYSE:UXG – TSX:UXG) and Minera Andes Inc. (TSX:MAI - US OTC: MNEAF) announce that Rob McEwen, Chairman, CEO, and largest shareholder of both companies has proposed to combine these companies to create a high growth, low-cost, mid-tier silver producer focused in the Americas. Mr. McEwen’s investment in the combined company (market close on June 13, 2011) would be approximately US$ 345 million.
“The merger of US Gold and Minera Andes would be transformative, creating a dynamic, new precious metal company. A mid-tier silver producer diversified throughout the Americas. The combined company would be low-cost and possess a significant pipeline of production growth in addition to owning an exciting portfolio of exploration properties. Importantly, this combination would move us one step closer to our goal of qualifying for inclusion in the S&P 500 Index by 2015.”
– Rob McEwen
Meet The Squatters: Here Are The Millions Of Americans Who Live Mortgage-Free For Up To 5 Years And Counting
Submitted by Tyler Durden on 06/10/2011 13:14 -0400
Florida TARP
The topic of Americans living mortgage-free in foreclosed homes on which banks do not have proper titles is nothing new - in fact we are surprised that there isn't a robosignature app for that...yet. Neither is the fact that this ongoing reverse capital transfer provides as much as $50 billion in "rental" income for those same squatters. And while the ethical arguments for strategically defaulting on one's mortgage can get very heated on both sides, one thing is certain: the ongoing foreclosure crisis is creating a new subclass of "entitled" people, who certainly enjoy living on the back of the banks, while not paying one cent, and not vacating the premises. According to a new article by CNNMoney, some of the excesses observed within this latest demonstration of unearned entitlement are truly staggering. To wit: "Charles and Jill Segal have not made a mortgage payment in nearly five years -- but they continue to live in their five-bedroom West Palm Beach, Fla. home....Lynn, from St. Petersburg, Fla., has been living without paying for three years....In Thousand Oaks, Calif., an actor has missed 30 payments, and still, he has not lost his home...." In other words, what were once isolated incidents are becoming an epidemic, and like it or not, are creating a massive capital shortfall in bank balance sheets (after all "assets" are supposed to generate cash in most cases), which will likely involve yet another broad taxpayer bailout of these same banks that now have no recourse to do much if anything to evict these same squatters who instead of paying their mortgage (or rent), prefer to purchase trinkets and gizmos. "Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics. Of those, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years."
The specifics, to anyone who has been following this festering issue which threatens to create even further class resentment, are well known:
These cases can go on and on. Nationwide, it takes an average of 565 days to foreclose on borrowers in default from their first missed payments to the final auction. In New York, the average is 800 days and in Florida, where the "robo-signing" issue is particularly combative, it's 807.
If they want to fight evictions hard, borrowers can remain in their homes even longer while their cases are being worked through.
The Segals have been doing that -- in court. They bought their home in 2003 with an adjustable rate mortgage. After a few years, their monthly payments tripled to $3,000, just as their home-inspection business was cratering.
The Segals want the bank to modify the mortgage so payments are affordable, and they think the court will agree that their lender put them into a toxic loan.
Surely, the Segals signed the dotted line under the gun:
"The evidence will show that we were defrauded," said Jill Segal.
Well, with no downside, and just an already worthless credit rating as the opportunity cost, everyone is rapidly realizing that strategic defaults are the way to go:
If they lose, of course, they'll finally have to leave. And, unfortunately, more than 50 months of missed mortgage payments hasn't translated into big savings.
"It's very hard to save," said Jill Segal. "Our company's billing is 90% off and my husband is only working about four days a week."
Lynn, who didn't want her last name used, purchased a two-bedroom on Tampa Bay in 1998 for $135,000.
As the waterfront property's value skyrocketed, eventually reaching $750,000, she refinanced twice (once to expand a business), and took out a second mortgage. She now owes more than $600,000 on the home, which is worth only $235,000.
Living in this foreclosure limbo is "Hell," Lynn said. "I feel like I'm locked in a box. I work for a financial organization and if this came out, it could cost me my job."
And why not? With banks not having to face the consequences of massive failure, why should deadbeats? Especially when there are such sensitive issues to consider as whether the next place one lives, the one where one will actually have to pay for a roof, has a favorable pet policy:
She's still hoping to negotiate the loan. In the meantime, small things bother her. "A couple years ago, I lost my dog and I can't decide on getting a new one," she said. If she has to move, she can't be sure she'll go somewhere that allows pets.
In the meantime stories such as this one are rapidly becoming the new morality drama:
Ruben Martinez, a Staten Island, N.Y., man trapped in a particularly bad adjustable rate mortgage, stopped paying more than three years ago. His attorney, Robert Brown, has managed to stave off one foreclosure.
Martinez, still struggling to find work, has little in savings despite the missed payments. He's earning some income as a pastor and consulting for a non-profit family counseling organization.
"There's pressure on me every day," he said. "I have a wife, three daughters and two grandchildren. Where are we going to live?" To top of page
For now there has not been much dissent with this type of behavior. However, when banks openly turn the tables and make it all too clear that they have absolutely underreserved for this kind of behavior and will very soon need a TARP 2.0, funded by everyone else, but certainly not the squatters, according to whom they dont' have two nickels to rub together, the question will be: will the general population, and here we reference the increasingly more endangered middle class, blame the banks again... or will it turn on itself?
4.42857
The two ETF's that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.
from Harvey Organ june 8
Comex Physical Silver Drops To Fresh All Time Low Of 28.8 Million Ounces, 3% Drop Overnight, 30% Drop In Six Weeks
Submitted by Tyler Durden on 06/06/2011 18:40 -0400
When we first started paying attention to the physical ("Registered") silver held in COMEX warehouses on April 20 following the explosion in the silver price, the total amounted to just over 41 million ounces. As of today, a short 6 weeks later, the total physical silver held throughout the entire Comex complex, has dropped by 30% over that period. As of close today, the total amount of Registered silver is now 28,773,375 ounces, a decline of 2.9% overnight from 29,636,513. This is due to a withdrawal of physical from both Brinks and Scotia Mocatta, as well as the ongoing reclassification of 438,708 ounces of Registered into Eligible silver over at HSBC (but wait, it will revert back to Registered any moment... we promise). At this rate of withdrawal and "adjustment", there will be no physical silver left in the entire Comex in about 5 months. At that point, even one delivery intention will send the price of silver to previously unseen levels.
» 233 comments Read more
Harvey Organ
MONDAY, JUNE 6, 2011
Massive Drain of Comex silver/almost all gold and silver at comex settled by paper
Good evening Ladies and Gentlemen:
There is a lot of stuff happening today so please read everything today very carefully.
Gold closed today up $4.80 to $1546.50. Silver which for most of the day traded up by over one dollar
lost some of its steam late in the comex session to close at $36.77 up 58 cents. It had traded well north of 37.00 dollars during the early comex session.
Let us go to the comex and see how trading fared today.
First the gold comex:
The total gold comex OI rose today by 4311 contracts from 503,511 to 507,822 which of course is basis Friday, the day of the lousy jobs report. The banking cartel provided a lot of non backed paper gold trying to suppress its rise. The front delivery month of June saw its OI fall from 5442 to 4257 for a loss of 1185 contracts. We had deliveries on Friday of 980 so we lost 205 contracts to fiat settlement. In the body of the commentary I will reveal to you astonishing data which seems to suggest that all the comex gold and silver are settled by paper.
The next front month for gold is August and we saw the OI rise from 331,378 to 336,027 which is quite normal as we quite away from first day notice for the August contract. The estimated volume at the gold comex today was 105,382 which is quite tame. The confirmed volume on Friday, was very good at 160,386.
And now for silver:
The total silver comex OI fell by 1683 contracts to 121,606 from 123,289. Silver OI seems to be trading within a small band hovering around 121,000 contracts.
Mysteriously the front options expiry month for June saw its OI rise again from 157 to 172 for a gain of 15 contracts. There were no deliveries so the gain will increase the amount of silver standing.
We have witnessed the front options delivery month go from 115 to 187 and then back down to 157 and then back up to 172 all with zero deliveries of silver. Go figure!!
The next big delivery month for silver and this will have all eyes focusing on this is July. The OI for July fell by 2284 contracts from 57,094 to 54,810 contracts. We still have 3 weeks to go before first day notice.
The estimated volume at the silver comex today was very tame at 57,736. The confirmed volume on Friday was much firmer at 84,565.
Here is the chart for 6/7/2011 regarding deliveries and inventory changes at the comex. This is for the June delivery month in gold.
Gold
Ounces
Withdrawals from Dealers Inventory
nil
Withdrawals fromCustomer Inventory
nil
Deposits to the Dealer Inventory
nil
Deposits to the Customer Inventory
nil
No of oz served (contracts) today
15400 (154)
No of oz to be served (notices)
410300 oz (4103)
Total monthly oz gold served (contracts) so far this month
335,4200 (3542)
Total accumulative withdrawal of gold from the Dealers inventory this month
nil
Total accumulative withdrawal of gold from the Customer inventory this month
10,205
Let us begin with gold.
We witnessed zero activity in gold. This is polar opposite to silver which you will see shortly.
The only transaction was an adjustment whereby 796 oz was removed from a customer's inventory.
The comex folk notified us that we had a total of 154 notices filed for delivery or 15400 oz of gold.
The total number of notices filed so far this month total 3542 for 354200 oz of gold.
To obtain what is left to be served, I take the OI standing for June (4257) and subtract out today's deliveries
(154) which leaves with with 4103 notices to be served upon or 410300 oz of gold.
Thus the total number of gold oz standing in this delivery month of June is as follows:
354,200 oz (already served) + 410,300 (oz to be served) = 764,500 oz.(23.78 tonnes)
Yesterday we had a reading of: 785,000 so we lost more to paper fiat.
And now for silver:
Silver
Ounces
Withdrawals from Dealers Inventory
429,567 (Brinks, Scotia0
Withdrawals from Customer Inventory
157,075 (Brinks, Scotia)
Deposits to the Dealer Inventory
nil
Deposits to the Customer Inventory
nil
No of oz served (contracts) today
nil (0)
No of oz to be served (notices)
860,000 (172)
Total monthly oz silver served (contracts) so far this month
915,000 (183)
Total accumulative withdrawal of silver from the Dealers inventory this month
429,567
Total accumulative withdrawal of silver from the Customer Inventory this month.
1,368,765
Today we witnessed a massive exodus of silver from the silver vaults.
As Zero Mostel would say: where there is smoke there is salmon!!"
The fires are burning at all registered vaults.
The dealer saw two massive withdrawals of silver:
1. 375,781 oz from Brinks.
2. 53,786 oz from Scotia.
total silver leaving the dealer: 429,567 oz.
The customer saw this silver leaving their vaults:
1. 155,082 oz leaving Brinks customer vault.
2. 1993 oz leaving Delaware.
total customer silver withdrawal: 157,075 oz.
The adjustments were also fierce:
There were two adjustments and both saw the dealer lose silver to the customer by way of an adjustment:
1. 438,708 oz (dealer to customer) HSBC
2. 5,137 oz (dealer to customer) Scotia.
total adjusted out silver: 446,845
total registered silver at the comex has now fallen to an all time low of 28.773 million oz.
Surprisingly for the 3rd day in a row we had zero notices filed for delivery. Thus the total number of notices remain at 183 for 915,000 oz.
To obtain what is left to be served upon I take the OI for June ( 172) and subtract out the deliveries for today (zero) which leaves us with 172 notices or 860,000 oz
Thus the total number of silver oz standing in this non delivery month is as follows:
915,000 oz (already served) + 860,000 oz (to be served) = 1,775,000
we had 1700,000 oz on Friday so we gained back what we lost on Friday.
end
Let us now proceed to our ETF's SLV and GLD and then our physical gold and silver funds:
Sprott and Central Fund of Canada.
The two ETF's that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.
First GLD inventory changes: June 6.2011 :
Total Gold in Trust
Tonnes: 1,212.87
Ounces:38,994,859.03
Value US$:
60,377,085,905.50
Total Gold in Trust:
June 4.2011
Tonnes: 1,212.87
Ounces:38,994,859.03
Value US$:
60,028,109,525.60
June 2.2011:
Total Gold in Trust
Tonnes: 1,212.87
Ounces:38,994,859.03
Value US$:
59,785,707,149.22
Total Gold in Trust;June 1.2011:
Tonnes: 1,212.87
Ounces:38,994,859.03
Value US$:
59,785,707,149.22
We neither gained nor lost any gold in the GLD ETF's for each of the past 4 trading days.
Now let us see inventory movements in the SLV:
June 6.2011:
Ounces of Silver in Trust 317,822,982.300
Tonnes of Silver in Trust 9,885.40
I am buying.
I cannot paste it . Excellent audio on King World News by Jim Rickards june 4.
all my savings are in gold and mining stocks inc. SLW.
Washington ...and individual states will make the guns available. Police, military.