SP 500 and NDX March Futures Daily Charts

Market is struggling to hold its level, but is fighting off the overnight selloffs in light volumes.

Alcoa kicked off earnings season after the bell with a lackluster 'beat.'

Markets are looking forward to Intel and JP Morgan earnings this week, with PPI and CPI on the macroeconomic front.

Massive Silver Withdrawals From The Comex

It will be interesting to see how the CFTC, the Obama Administration, and the Comex deal with this situation with silver, including the disposition of the massive paper short positions that appear to be undeliverable.

It could prove to be a watershed event, or at least an interesting scandal to observe as it unfolds.

Harvery Organ's commentary:

"And now for the big silver report.

We witnessed a massive withdrawal of silver unprecedented in the history of the comex. First there was a smallish 6507 oz of silver deposited to two customers, one being 497 oz and the other 6010 oz). But just look at the huge withdrawals:

Four customers (not dealers) withdrew a total of 1,019,310 oz from the comex vaults. This is real silver leaving from 4 registered vaults. The individual withdrawals are: 579,081, 30,380, 399,994 and 9855 oz.

The dealer (our bankers) also were involved in the withdrawal of silver to the tune of 769,941 oz (there were 2 dealers involved removing 102,866 and 667,875 ozs). When you see this massive drain of silver, the fire is raging. The total silver withdrawal by both dealer and customer totalled an astronomical 1,789,251. The Brink's trucks must have been very busy yesterday.

The comex folk notified us that an amazing 85 notices were sent down for servicing for a total of 425,000 oz of silver. The total number of silver notices sent down so far total 323 or 1,615,000 oz. To obtain what is left to be served, I take the open interest for January at 153 and subtract 85 deliveries leaving a total of 68 notices or 340,000 oz left to be serviced.

Thus the total number of silver ounces standing in this non delivery month of January is as follows:

1,615,000 oz + 340,000 = 1,955,000 oz (Thursday total = 1,625,000). As promised to you, this number is rising and will continue to rise until the end of the month as our banker cartel scrambles to get any morsel of silver to satisfy the massive demand for this metal. Our bankers are stunned to see such a huge amount of silver options in a traditionally slow month.

I hope everyone caught the Eric Sprott story on Kingworld news that he is having trouble locating silver."

Greenspan: Prove I Was Wrong!

The trickle down effect from a financial asset stock bubble will save the US economy (again).

Even odds chance of a US bond collapse unless the Congress gives the Banks what they demand.

Greenspan is the master of malpractice, a mad scientist of macroeconomics.




Mister Greenspan, at the Fed, with a Printing Press

Gold Daily and Silver Weekly Charts

The last three days candlestick patterns are interesting.

Prices are smacked down in obvious selling raids designed to dampen price, especially after a higher overnight trade. And then determined buying brings the price back up but is held to a modest loss in the New York Comex session.

Silver is winding up for a run that will take no prisoners, show no mercy.

But these are just my opinions and I could be wrong. Here are two other similar perspectives.

“This may be the best opportunity you’re going to get at least from a price sense to buy gold and silver in the next few days. I think when this correction however long it will last is over, it will probably mark the lows for the year which will then be the liftoff to the eleventh consecutive year of higher gold prices.” John Embry, interview with KWN

New Buyers Are Taking On the Silver Shorts - Turk