And Then There’s This… Wednesday July 16, 2008
Jul 16th, 2008 | By Ed Steer | Category: Gold MarketPlease note the huge differences in the graphs since the peak in March. The inventory in the gold ETF got sold down…but physical metal never stopped flowing into the silver ETF, and the inventory level has flat-lined since June 11th.
From that date…and up until July 11th…108.4 tonnes of gold were added to GLD…and the SLV actually declined 500,000 ounces over the same time period. Something is definitely not right with this picture. If you’ve been reading silver analyst Ted Butler’s work, he figures that SLV is currently owed about 60 million ounces of silver…which isn’t there, because it’s not available. At least not available at anything near current spot price. About 2 million came in yesterday, which is a drop in the bucket.
In other gold and silver news, I see that the Central Fund of Canada has a cheque in hand to buy about $130 million worth of gold and silver bullion. That should take a bit over three million ounces of silver off the streets…along with about two tonnes of gold. It will be of interest to see how long it takes CEF to get its five semitrailers full of silver delivered. I’ll keep you posted.
A couple of stories today as usual. It’s all doom and gloom out there, so I thought I’d start with more woes in Zimbabwe. You just had to know that this problem was going to surface sooner or later. The L.A. Times headline reads: “Lack of bank note paper threatens Zimbabwe economy”. Try not to laugh as you read the article, which is linked here.
The next story is from The National out of the United Arab Emirates and is entitled “Iraqis demand end to ‘occupation’ “. It appears that a lot of Iraqi citizens do not appreciate the American military in their presence. Gee, I wonder what would make them think like that…LOL!!! It’s the 21st century equivalent of “Yankee go home.” The link is here.
There are no markets anymore…only interventions. - Chris Powell, Gold Anti-Trust Action Committee, Inc.
One can only imagine how bad the carnage would have been on Wall Street yesterday if the boyz hadn’t been around. They are the market. Now that they (Bush/Bernanke/Paulson et al) have their backs to the wall, there’s nothing they won’t do to try and ’save’ the system…no matter how much collateral damage they cause in the process. But in the end, it won’t make any difference, because…as the Mogambo Guru says…”We are all freakin’ doomed!” So are they.
See you tomorrow.
Source: And Then There’s This… Wednesday July 16, 2008
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