Chinese Gold Imports Through Hong Kong Year Over Year

Net Asset Value Premiums of Certain Precious Metal Trusts and Funds

Negative premiums.

The Gold/Silver ratio is extremely high at 62.4.

Silver Market Sunday Evening Follies

A large number of silver contracts were dumped on the Comex open on Sunday evening, a very quiet market period.

This ran the 'stops' and the price.

A similar number of contracts were then bought back at a lower price.  And then the market was roiled, but started to recover from a very obvious price smackdown. 

It is a little hard to see it on the 15 minute chart which just looks like a lot of selling.  I hear that 2500 contracts traded in 15 minutes is a near record for an off hours session.

The action is much easier to see on the 5 minute chart below that.

This looks very much like the Dr. Evil strategy which the banks and funds like to use when the regulators are turning a blind eye.

I have included a 15 minute gold chart just for comparison sake.

If this was selling by a trader with an eye to raising cash, that trader should be fired.  If it was done by a trader seeking to manipulate the price of the market, the CFTC should be able to find out fairly easily and publicly fine them.  But don't hold your breath for that to happen in the US.

The price of key commodities are being set by what is little more than a bucket shop.

The world sees this, and is appalled.

Sunday Afternoon Listening - These Are the Words I Would Say

Registered Gold At the Comex

The extreme lows in registered inventory tend to mark the beginnings of major advances higher.

Comparison of the 1976 Gold Bull Market and Today

This is making the rounds on twitter.

Please note that I have not yet had the time to check this for accuracy.

I am playing 'nurse' for my wife who has returned from surgery at hospital.

And I am doing a poor job of it, I should say. Or as she says. lol.


Postscript:  First, thanks to all your good wishes.  The similarity of individual people from all over the world never ceases to amaze me.  And when one strikes that chord, we see we are not alone after all.

Secondly, it appears that this comparison is valid.  And thanks to those who went back and compared the data.    I should add that I think we can see similarities in movements like this, a correction in a bull market, a pause before an advance.

I do think however, that extending the similarities over time causes much trouble.  Market movements are influenced by secular events, and there was a great deal going on in the latter part of the 1970's.  While things do 'rhyme' the tune these days is being played on a very different set of instruments.

And I also believe that this is no natural correction, but a manipulation of markets in the midst of a 'currency war.'