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Politics : Technical Analysis
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The1Stockman
To: The1Stockman who wrote (13952)12/31/2013 12:38:27 PM
From: Robov1 Recommendation  Read Replies (1) of 14245
 
I commented early that I would not be at all surprised to see the miner's lead gold and silver higher given as you say, the destruction to share prices with many at 2008 or earlier levels when gold was trading nearly $500 cheaper.
Gold IMO is still washed out at these levels and is long past due for a rise even if it does get taken lower at some point. The Comex was just able to make deliveries for the December contract and February can be a big delivery month as well. Comex inventories are at or near record lows and the LBMA and GLD have been plundered this past year. At what point does the fact that there is little or no gold left to deliver East rear it's ugly head. I see imports to China were down substantially last month and of course the MSM trots out the usual BS as to why. But is it less demand or the fact that there wasn't maybe enough gold to meet that demand. That is something you will not hear from the MSM.
On another interesting note I picked this up from Ed Steer this morning.

There were no last minute December deliveries in either gold or silver for later today, so the deliveries I spoke of in Saturday's column were it for the month. First Day Notice for the month of January showed that 3 gold and an absolutely stunning 1,030 silver contracts were posted for delivery on Thursday within the Comex-approved depositories.

The short/issuers of note were Canada's Bank of Nova Scotia with 368 contracts---but the big kahuna was JPMorgan, with 651 contracts out of its client account! There's no prize for guessing the biggest long/stopper, as it was JPMorgan Chase once again with 988 contracts in its in-house [proprietary] trading account. The link to yesterday's Issuers and Stoppers Report is here, and it's worth a look.

This is really a big deal, as January is not a regular delivery month in silver---and the fact the JPMorgan took delivery of five million ounces on the very first day, should make everyone stand up and take notice. As Ted Butler has pointed out on many occasions---JPMorgan is mega-short the Comex paper market, but taking physical delivery of every ounce they can lay their hands on.


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