SP 500 and NDX Futures Daily Charts - 3Q Earnings Season Starts This Week

US corporations will begin announcing their 3Q numbers shortly.

The economy continues to flounder, so the earnings may obtain additional attention.

I am sitting largely in cash after today's rally.

Have a pleasant evening.

NAV Premiums Of Certain Precious Metal Trusts and Funds

Since the last time I had updated their statistics on September 30, both of the Sprott Precious Metals Trusts lost a little bullion, presumably to redemptions. If they were bullion sales to raise cash, then they have no yet updated the cash levels with it.

Sprott Silver declined by 10,800 ounces, and Sprott Gold by about 2,231 ounces. There was a commensurate reduction in shares outstanding.

Do Not Look at These Charts Showing Registered 'Deliverable' Gold Bullion In New York

“The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil."

John Kenneth Galbraith, The Great Crash of 1929

Here are a few charts that show the rather striking decline in 'registered' gold, that is gold available for those standing for delivery, in the Comex warehouses.

'Standing' by the way means standing around and waiting for someone to choose to fulfill your request for your contract to be fulfilled with actual bullion before the cut off date.

You can see from the first chart that the likelihood of someone actually standing for delivery and receiving bullion has never been less at The Bucket Shop.  Real metal is unfashionable amongst our financial sophisticates.

As for delivery and withdrawal of bullion, it is getting stronger and stronger in the East.  Second chart.  What can one say at such embarrassing behaviour?  What a bunch of rubes!

The shills and shrills for the bullion banks will tell you, in hair-splitting and often misleading detail that none of this means anything.    And you better listen to them because they are the ascended masters of the universe.

All of these categories and procedures at The Bucket Shop are meaningless.   And the holders of these millions of dollars in bullion often change the designations of their metal in new but meaningless ways in their quest to baffle the world.  And provide makework for their brokers and clerical staff.

The Bucket Shop is not likely to fall into a hard default.  You cannot lose when you own the game and set the rules, and can always force settlement.

Try not to underestimate the skillfulness and determination of market manipulators.  And especially their shamelessness. They hate it when you refer to the obviousness of their schemes. Like rigging almost every global market, and selling tailor made toxic instruments which they later bet against.  And getting caught, paying a wristslap fine to their cronies, and then claiming that they are the real victims of zealous prosecutors and your envy at their well-deserved success.

So nothing to see here.  Better not to look at it or ask any questions. About anything. Just leave your money and move along.

Shanghai Gold Exchange Has 65.7 Tonnes of Gold Withdrawn into China In Latest Week

Week in, and week out.

Physical gold bullion is flowing from West to East.

Lars Schall interviews German banker Folker Hellmeyer "The Physical Markets of the East Will Prevail"

Gold Daily and Silver Weekly Charts - Fashionably Lean of Thought

"Rudeness is the weak man's imitation of strength."

Eric Hoffer

And the imitation of knowledge as well.

We are in an age of the con man (and woman), when it is fashionable to be lean of thought, and long of bluff and sheer bravado.

At least it seems to be all the rage on financial and social matters. And it is doing remarkably well in the polls.

The veneer of respectability has worn so thin on the Comex that they barely make the effort to keep up the appearances of efficient price discovery.

All that heavy pressing down on the prices all week was released in a single realization this morning that there is no sustainable recovery in the US.  As if that was in any way 'news.'

The Fed will be hard pressed to raise rates by any significant amount.  They would very much like to do so for policy reasons, and perhaps as a boost to the spreads and the strong dollar for their financial cronies.  The incoming-producing assets of the world are up for sale, and the oligarchs will have their rents.

But it is now becoming more likely that they will continue to degrade the currency in order to prop up this miserable economy that we have today in which a very few are garnering the lion's share of all the proceeds for themselves.

The Bucket Shop was very quiet on the delivery report, and the warehouses, those museums to price discovery, continued their slow bleeding out of bullion.

Gold and silver are flowing from West to East.

The miners were particularly advantaged today which was a nice change of pace.

Follow through on the charts of bullion is what is needed, and I think it will be realized one way or another.  Either by the modest restraint of the pool operators at the prospects of an embarrassment at the least, and a breaking of confidence.

And if not that, then a hard stop to the scheme, and a general re-ordering of the flows of wealth and stores of value, not in an orderly manner, but under duress.

Either way you look at it, the current situation will not stand.

Later this evening I hope to have some news on the flows of bullion out of London and New York.

The economic news will be a bit light next week, but earnings are just around the corner.

Please remember those who have none to care for them.

Have a very pleasant weekend.

SP 500 and NDX Futures Daily Charts - Bad News Is Good News, At Least Today

The economic news this week has been generally 'awful.'

At least I do not think awful is too extreme of an adjective, especially in light of the Non-Farm Payrolls report this morning which was much worse than anyone had expected, from top to bottom.

Less people are working less hours at less interesting jobs for less wages.

There is no sustainable recovery.  There can be none without meaningful reform.

This too shall pass.

Have a pleasant weekend.