SP 500 and NDX Futures Daily Charts - Marking Time Before a Three Day Weekend

"Our lives begin to end the day we become silent about things that matter."

Martin Luther King Jr

Stocks moved sideways today as traders squared positions ahead of the three day weekend for Martin Luther King Day.

Have a pleasant weekend.

NAV Premiums of Certain Precious Metal Trusts and Funds - 'Someone Will Be Bleeding'

As a reminder the US will have a three day weekend, with the observance of Martin Luther King Day on Monday.

The rest of the world must try and carry on without its guidance.

There was some commentary about the thinness of gold available for delivery on the Comex on the Business News Network today.  There was an interesting discussion of the divergence between 'paper gold' and 'physical gold' as well.

As the news anchor noted, 'someone will be bleeding' if too many people stand for delivery in February, and prices do not incent the addition of more gold to the market.   I have no doubt that the gold cartel and the Comex will actively prevent any such pain to their own.  Assuming of course, one knows who 'their own' are these days.

This market structure seems to be dominated by big holders and bag holders.

And as a reminder, those who held their gold and silver in third party and unallocated claims through MF Global learned a lesson about fiduciary trust, guarantees, and the rule of law the hard way. 

Gold Daily and Silver Weekly Charts - What Goes Around

"The people of England have been led in Mesopotamia into a trap from which it will be hard to escape with dignity and honor.  They have been tricked into it by a steady withholding of information."

T. E. Lawrence

A top German regulator, Elke Koenig, said today that the price rigging in currencies and precious metals is 'worse than LIBOR.'  

China has supposedly disclosed that they are now have the third largest gold holdings in the world, having surpassed Italy and France.  This is a subject of controversy because China has been notoriously reluctant to disclose its central bank gold dealings.  

There was no movement of gold bullion in or out of the Comex warehouses yesterday.  Deliverable gold is at lows we have not seen in many years, representing a 112 to 1 ratio compared to open interest, which I suspect is an all time record.   This would indicate higher prices ahead in a normal market.

Change is coming.

Have a pleasant evening.