15 October 2013

Gold Daily and Silver Weekly Charts - Cap, Cap, Cap...

There was very little movement in the Comex warehouses yesterday. The spreadsheet is included below.

This interview with Jim Rickards at Goldbroker is worth reading.
"The signs that the manipulation is coming to an end will include depletion of warehouses, price spikes and notifications from banks that they will no longer allow the conversion of gold forward contacts into physical gold."
The gold chart and silver charts are set up for a 'pop higher' if they can ever get some traction. That may not occur until the gold starts flowing out of the warehouses again. The registered (deliverable) inventories in the Comex warehouses are very thin. It will take higher prices to move more inventory out of storage and into the market.

Gold premiums in India have hit a record $100 per ounce this week. Nothing to see here, move along.

As a reminder this is a stock option expiration week.  The 28th is a Comex precious metals option expiration.

Until then, things are what they are.  Try not to allow the histrionics and hysteria to fill your sails.

After the bell Fitch put the US credit rating on negative watch.  tra la.

I spent the day straightening out some medical bills.  For those of you who are unfamiliar with its gorier details, the healthcare industry in the US is like a protection racket.  You have to pick some group to belong to, in order to obtain protection from financial ruin.

Forget paying the bill, the first benefit of health insurance here is that the specialist office visit that bills out at $550 gets reduced to $120, and then the insurance company pays some portion, and you pay the rest.  And when it comes to larger bills like hospital stays, the numbers get exponentially ridiculous.  And with certain pharmaceuticals, we enter the Land of Oz.

I think the only people who really like the US healthcare system are those who have rarely or only lightly used it, and who comfortably keep some ideologically based model of it in their heads.  Until they are old enough to have to use it and are covered by Medicare, and then they seem to love that.  But only for themselves, for they alone are the deserving and without sin.

The doctors and hospital people are fine and decent.  The financials of the system are barking mad. 

Have a pleasant evening.