• Gold: 1,498.97 0.12
  • Silver: 17.85 -0.04
  • Euro: 1.101 -0.000
  • USDX: 98.61 0.479
  • Oil: 61.7 6.88

COMEX Silver Inventory Update: +136,548.748...

COMEX Silver Inventory Update: +136,548.748 ounces

iShares Silver Trust: 9,875.75 tonnes

iShares Silver Trust: 9,875.75 tonnes

Silver moves higher on overnight meetings in...

BRUSSELS — European leaders have agreed to use the continent’s permanent bailout fund to recapitalize struggling banks, and agreed to the idea of a tighter union in the long term.

COMEX Silver Inventory Update: -141,667.265 ounces

COMEX Silver Inventory Update: -141,667.265 ounces

iShares Silver Trust: 9,875.75 tonnes

iShares Silver Trust: 9,875.75 tonnes

Perfect Storm Brewing

The markets are in turmoil for the same cadre of horrible trends as usual, starting with Spanish bond yield surging above 7%, uncertainty about the toothless European Summit, PLUNGING British bank stocks on the heels of “LIEBOR” fraud (Barclays, down 17% today alone) and unattainable ATM funds (RBS, down 13%). Throw in the Supreme Court’s insane upholding of Obamacare, in which the only justice to vote against his party was Chief Justice Roberts, and further weakness in jobless claims, and you have a perfect storm brewing.

COMEX Silver Inventory Update: -2,026 ounces |...

COMEX Silver Inventory Update: -2,026 ounces | Total: 145,937,907

Chink in the Armor

Today, the European contagion returned, as “official efforts” to juice markets – and thus, convince investors the Greek elections and FOMC dispatch were “bullish” – have FAILED. European markets imploded and the Dow fell 136 points, while gold, silver, and the HUI rose. This week’s “European summit” CANNOT and WILL NOT produce anything remotely constructive, with several nations – particularly, Spain and Italy – requesting bailouts despite no ratified mechanism – such as the European Stability Mechanism, which Germany has yet to approve. For the fifth time this year, PMs have risen while the Dow materially declined, demonstrating a major “chink in the armor” of TPTB, whom are desperate for investors to believe PMs are not safe havens. Which of course they are, as they have been for five millenia!

Silver's Fall

We are seeing macro funds buying the gold market and the Silver Trust shares, while other investors are selling to cover their losses in other markets.Silver demand remains vibrant in China and [as a 'needed' metal [in pharmaceuticals and electronics. We do not see that changing! But silver is moving as a monetary metal alongside gold, even though at institutional level it is not considered a monetary metal. We expect this to continue.

Pure Bull

PM prices hit yesterday on “supposed” fears that the clueless Fed didn’t announce enough MONEY PRINTING – though they did EXACTLY what was expected – and “deflation fears” when the Dow tanked mid-Afternoon in response to rumors of the long-awaited Moody’s downgrades, announced after the market close. Like the Fed announcement, no one can claim anything was “unexpected” about these downgrades – and, more importantly, such downgrades (in freely traded markets) are PM BULLISH.