NAV Premiums of Certain Precious Metal Trusts and Funds

Hi ho, Silver!

Gold Daily and Silver Weekly Charts - Thar She Blows?

The metals are hovering just below some key breakout points.

It has the appearance of a setup for an epic short squeeze, perhaps after some additional huffing and puffing.

Ted Butler thinks JPM has a corner going on the gold futures market on the COMEX.

"And I will be the first to attest that were it not for the incontrovertible evidence in the COT and Bank Participation Reports, there would be no allegation of a market corner to be made. But the data clearly indicate that JPMorgan holds 25% of the total true net open interest in COMEX gold futures and no one can refute that degree of market share wouldn’t constitute a corner on any market."

If so, this will prove to add some interesting fuel for the fire to the upside. I am watching to see if we form a massive inverse head and shoulders bottom with the formation of a right shoulder and then a breakout through the neck, with a target in the $2,000s.

Well, let's see if at some point we get a triple digit gain day and break the no more than 2% up in one day rule.

If so, then silver should be capable of generating some fairly impressive shock and awe to the upside of its own.

SP 500 and NDX Futures Daily Charts - Pullback Say What?

Stocks were pulling back to key support levels today.

Let's see what tomorrow brings.

 

NAV Premiums of Certain Precious Metal Trusts and Funds

The gold/silver ratio has fallen from its extremes down to something less lofty but still on the high side.

PSLV premium has turned solidly positive. Will wonders never cease?  Let's see if gold turns positive as well.  I suspect this will not happen until gold has broken through overhead resistance, and a short squeeze gets underway.

The Central Trusts still lag a bit. As you know I have speculated that this may be because they have no redemption process.   Other than this, the metals there have what is considered the 'right kind' of pedigree and are audited twice a year with an external auditor.

"Central Fund's Gold and Silver Bullion is stored in the highest security rated treasury vaults at a Canadian chartered bank on an unencumbered, allocated and segregated basis."