Porter Stansberry in The Growth Stock Wire, January 26, 2013, on the growing irrelevance of the futures price for gold and silver:
It (the US Mint) ran out of silver Eagles and had to suspend sales. When the mint cannot keep up with demand for physical bullion (gold and silver), something is totally wrong with the spot prices. It makes no sense that there would be so much preference for physical bullion that the mint can't keep up with demand, unless the spot price is being manipulated to keep it artificially low.
Now I'm not a giant conspiracy theorist. But I know how economics work. The demand for physical bullion is a sure sign that the marketplace does not trust the futures price, period. The futures market pricing for gold and silver is becoming more and more irrelevant. And the shortages you're seeing in physical gold are sure signs that something has gone terribly wrong…
All the paper selling of PM's reminded me of this:
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