22 April 2013

Gold Daily and Silver Weekly Charts - Physical Buying in Asia - Irish Pension Accounts Get Cyprus'd

"If it's beautifully arranged on the plate, you know someone's fingers have been all over it."

Julia Child

Intraday commentary here.

Reggie Middleton warns that Irish Savers Have Just Been 'Cyprused'
"This is likely to be the biggest finacial story of the month, a story that's bigger than Cyprus, and a story that you're not going to see in American mainstream media - not by a long shot."
It looks likewith retirees with Approved Retirement Fund accounts at the bank are getting wiped out along with the senior bondholders.   Whatever is not covered by the 100,000 deposit guarantee is being 'bailed-in.'

With regard to the bullion market the Financial Times reports that:
"Asia is witnessing one of the strongest waves of physical gold buying in 30 years, with bargain hunters using the drop in prices to secure jewellery and gold bars."
As a reminder the 25th is a Comex option expiration.

GDP on Friday. Company earnings and revenue results on the stock market are tending to be disappointing especially on the revenue number.