Jim Rickards: Study Will Show That Gold Is Being Manipulated on the Comex (Again)

"If I were running the manipulation I would be embarrassed at this point, it is so blatant...The regulators have been asleep at the switch."

Jim Rickards

As an aside, and in case you wondered, I do not take Rickards at face value. I sift what he says, carefully. And that is enough said about that, except that it is good advice in general especially when it comes to money and investments.

No one listens because the US regulators don't want to see it,  Wall Street traders make money off it, the mainstream media ignores it, and the shills deride anyone who brings it up. So I do not expect anything to come out of this latest version of a study that I have seen several times before, unless it is somehow associated with more undeniable smoking gun evidence uncovered through the London Fix investigation, and a 'limited hangout' operation. But I can doubt that as well, because it requires too much self-awareness for the masters of the universe.

The real smoking gun will more likely be tied to be an unanticipated default somewhere in the system.  And then people will ask, 'how did we not see this coming?'  And the hunt for a scapegoat or patsy will be underway. God will not forgive us if we once again allow some of the old and shameful persecutions of the weak and innocent and the other to carry that burden of guilt yet again.

The public will be trimmed and skinned in yet another bailout, or should I say 'bail-in,' to replace what had been rehypothecated. Possession will be nine-tenths of the law. And the big crooks will throw the shills, stooges, and the little crooks to the mob, without a second thought.

It is different this time, because we are different. It can't happen here. The most delusional words ever spoken.

Gold Daily and Silver Weekly Charts - Roll Over Beethoven

There was intraday commentary on the gold market and in particular the April delivery month here.

We are crossing over into the April delivery month, and I think the price and volume action reflect that reality. Especially with regard to the relatively high number of potential contracts that are still in a position to stand for physical delivery.

More gold came into JPM eligible storage yesterday.   I'll have to take another look at the ETF inventories in the next couple of days.  Has anyone seen the Ukraine's national hoard?   lol.

Let's see how the next two or three days go.   I expect this will settle out by the end of the first two delivery weeks.

As you might have expected Ben Bernanke is no cheap 'intimate dinner' date. I hope they at least give him cab fare with the check.

Spring is in the air.  Have a pleasant evening.

 

SP 500 and NDX Futures Daily Charts - Tottering Into the End of the Beginning

Monday will be the end of the third quarter.

If they are going to paint the tape then they will have to begin tomorrow.

The big depressant on US equities yesterday was that Citi failed the Fed stress test for the second time in three years.   This is the beast that Sandy Weill and Robert Rubin wrought, in overturning Glass-Steagall and marrying Wall Street to Washington, with Bubba as the Elvis impersonating preacher.

Judging by the earnings-less, piece of crap IPOs being shoved out the door, I think this year may bring some clarity to market valuations, most likely in the second have after most of the steaming IPO deuces being held in the pipeline have dropped.

Have a pleasant evening.

NAV Premiums of Certain Precious Metal Trusts and Funds - Stand and Deliver, or Roll Over

The metals are getting pressed heavily as we come out of options expiration,

The open interest, or number of April gold contracts that are going into First Delivery notice next week for the April active delivery month, are still rather high and are being pressured, especially those stalwarts who held in the money calls yesterday.

The open interest for April alone as of yesterday was 69,714 contracts representing 6,971,400 ounces.  The 'deliverable ounces' on the Comex were about 637,591 ounces of gold as of yesterday. 

So obviously not all the open interest can stand for delivery, and it never does, unless the price goes higher and encourages more eligible ounces to warranted over for delivery. 

I suspect a little of today's April price decline is due to the jackals taking a piece out of those who are rolling their contracts over to the next active month of June.  Notice that the preliminary volume for the April contract is well over two times yesterday's open interest.  Those are some hot little potatoes.

As usual, it appears that JPM has its hand on the jukebox, or the organ grinder crank if you prefer.