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I’m just waiting for Yellowstone and Mt. St. Helens to blow in tandem
why not have a party?
7.5 Earthquake – Kuril Islands
Between Japan and Russia peninsula. Tsunami watch for Hawaii & pacific shores issued. Awaiting buoy data of wave information. Possible tsunami arrival time in Hawaii 4 hours from this timestamp. Possible 0.3 meter wave (1-foot) at Hawaii.
More excitement for the homebound. Hawaii beaches all closed anyway.
Saw this from a poster on Zero
and it makes sense, as u have to deliver phys, if u short Gold on an EFP…….
Rumor swirling… “Today, some banks failed to deliver physical in the comex bar EFP. As a result, these banks suffered large losses which will soon be announced. They’ve also decided to exit the comex market. Now there remains a big shortage in physical in the comex denomination so rumors are the Comex will announce a force majeure and allow banks to deliver LBMA bars instead. This should be announced imminently.”
Gold Train
Gold Hill and Silver City
https://railpictures.net/photo/725881/
https://railpictures.net/photo/725880/
Delivery failure among the banksters?
He he heh. The gold rig is exploding, and they are trying to muffle it with a blanket. Hold tight to the physical… and get some popcorn. This will be entertaining.
If you are playing with paper… prepare to get burned.
Buygold
Doesn’t seem like a head fake. Seems pretty serious so far.
That would be a real kick in the nuts if we head back to $1400 or something. I’m guessing that won’t happen.
Ipso – I sure hope so
Looks like they’re on the attack tonight with gold down $20 and silver now only up $.07
Really hope this isn’t another bullshit head fake.
The rig seems to be unraveling rather quickly
1/2 I’ve received some important information relating to what’s going on in Gold markets. Today, some banks failed to deliver physical in the comex bar EFP. As a result, these banks suffered large losses which will soon be announced. They’ve also decided to exit the comex market.
1/2 I’ve received some important information relating to what’s going on in Gold markets. Today, some banks failed to deliver physical in the comex bar EFP. As a result, these banks suffered large losses which will soon be announced. They’ve also decided to exit the comex market.
— Roy Sebag (@roysebag) March 24, 2020
Spot Gold @$1700
Per Apmex @ 7:39 pm!
I just got this from my good buddy Mike Ballinger
Forgive my language but – STAY THE F**K AWAY from JNUG! And NUGT! The custodians were not hedged into the crash and are in deep shit. If Van Eck closes its doors, they have to pay out the NAV on GDX and GDXJ but the derivative shit goes POOF!
Long GDX/Short NUGT; Long GDXJ/Short JNUG would be a perfect arbitrage trade.
This news helps unravel the mystery of
why maddog and US people were seeing various prices
Maddog–maybe gold is a volcano that’s about to blow its top=$2500 gold in 2 weeks?
As Kitko notes, just before noon EDT, one price vendor was showing spot metal was trading at $1,612.10 an ounce while at the same time showing the Comex April futures were at $1,654.10 an ounce – a spread of $42 an ounce. It was much wider earlier in the day, when as Kitco adds, “nearby futures were more expensive than deferred, a sign of strong demand in any commodity market.”
“I’ve never seen that before,” said one gold trader who has been in the market for 30-plus years. Some contacts reached by Kitco suggested the discrepancy is an evolving story that is still unfolding, with traders trying to figure out what’s happening.
Earlier in the day, the London Bullion Market Association, the world’s most important authority for physical gold and its transfers, issued this stunning statement to Kitco:
“The London gold market continues to be open for business. There has, however, been some impact on liquidity arising from price volatility in Comex 100-oz [ounce] futures contracts. LBMA has offered its support to CME Group to facilitate physical delivery in New York and is working closely with Comex and other key stakeholders to ensure the efficient running of the global gold market.”
In short, the unprecedented scramble for physical metal coupled with continued liquidations among levered players, while refiners remains offline, appears to be fracturing the gold market from within.
NY
People need to hunker down and think less necessary they shouldn’t travel out of their state. 25,000 cases now.
Maddog–Murph talks about the $80 difference between spot gold and futures this a.m.
Tuesday morning …this has been the most whacked out day in precious metals history. I woke up to gold $117 higher. Not long later, it was up $20 in the spot bullion sites. But the futures were still $80 higher.
Some explanations of what is going on…
Wholesale bid/ask spot price spreads super wide this morning
Dear Bill and Chris,
If others had not already told you, here is what I just posted on Liberty’s Facebook page:
Be very careful of what is being quoted for spot prices today! One of the largest US bullion wholesalers is quoting a $70 difference between their bid gold spot price and their ask gold spot price. The same company has a 25 cent spread on their silver bid/ask spot prices, a $15 spread on platinum, and a $180 spread on palladium bid/ask..
In checking various spot price reporting services right now, I saw the “gold spot” as being anywhere from $1,603 to $1,678. Silver was almost as crazy with prices from $14.03 to $14.33.
The wide spreads indicate a developing shortage of physical product to meet demand. So, assume that if you want to acquire physical bullion-priced precious metals you will have pricing figured on the basis of the wholesale ask price levels.
There is a substantial risk of far higher gold and silver prices in the immediate future along with a much higher risk that the public may simply be unable to purchase physical precious metals at all.
Why is this happening?
The top reason is the announcement yesterday that the US government and Federal Reserve will tremendously increase the supply of the US dollar. This is happening at the same time that production of goods and services worldwide is declining. When you have more dollars chasing fewer goods and services, prices inevitably rise.
In other words, the value of the US dollar will drop significantly in the near future, as guaranteed by the US government and Federal Reserve. Smart people are looking to acquire assets that will protect them against the falling value of the US dollar–meaning gold and silver.
We are definitely living in “interesting times.”
Patrick A. Heller
Communications Officer
Liberty Coin Service
path@libertycoinservice.com email…
Maya
That’s good.
If any businesses are reading theirs hospitals could and do need Vapotherms for both pediatrics and adults. They can be a alternative to respirators up to a point and last option before being on dreaded life support. One of my daughters was in it once said it was horrible. You can’t breath on you own have to wait till it pumps the oxygen to you. She kept pointing to it telling her to pull it out. When I worked with children they were always trying to pull it out. One child only three a little Italian kid was so strong he slammed the board his arm was tied to so he couldn’t pull it or IVs out and broke it in two against the side rail. Sometimes it took two of us also fighting tears with that one. Cuz they feel like they can’t breath. Their 02 have to be watched close. Even movement the Sats can drop.
Anyways more of those too.
You should have sold your JNUG last Feb 24th when gold was 1493
Lets put things into perspective…Let’s take the curious case of JNUG
February 24th Jung was $92—COMEX april 2020 gold was $1493 on Monday Feb 24th 2020
Today March 24th, JNUG is 5.84—and Comex April gold is 1665
Comments appreciated…is JNUG cheap now…a buy?
I know I said to forget the negative conditioning on gold of the last 9 years and accept the possibility that “everything has changed” for gold…but I can’t help it…if the dollar bounced tomorrow and gold was down 20–30–50…I could see JNUG falling a buck or $1.50…G*d bless all who read this post…
Maddog
What about JPM’s supposed giant silver stash? I wonder if it really exists. I imagine we’ll find out.
Cheers
bbl
ipsofacto
The London mkt is way bigger in phys than crimex and way bigger in trading Vol……
No idea of the exact ratio, as London never really discloses what goes through…it is a very secret mkt.
But was thinking about the LBMA statement…the Crimex mkt must have collapsed at one point today, which explains why the LBMA says they will bail them out….but can they ????……JPM and it Ag shorts ain’t looking very clever as of now…… as they cannot get the silver anywhere, if the refiners and mines close……they will have to pay up.
Good to the scum take 4 % off GDX in last 3 minutes….they really do deserve all they are gonna get.
Maddog
What’s the paper gold to physical gold ratio? I think it’s huge … doesn’t seem like it would take much demanding delivery to tip the whole rotten paper gold edifice over.
And the sooner the better!
Maybe there isn’t catfood in my retirement future. 🙂
Buygold/ipsofacto
That zerohedge story is part right, i think….there must have been a massive buy order/stops on the Globex o/n Crimex gold mkt, which sent the mkt flying up to @ 1690…..and at the same time because there are no dealers on the London mkt, because they are all home, no -one arbed the diffrence out, so the London spot price only hit 1650 much later..
Those Ameritrade prices were crimex April prices, not spot, which I was seeing…….by a miracle I was talking to a mate who was telling me the mkt was 40 or 50 higher and I said bullshit…but we didn’t realise…what was going on..
As for Ronna O’Connell…she will never tell the truth about the scum, she is part of them……today we really got a taste of what is to come, when people find out what has really been going on and that the likes of GLD have only paper promises.
Buygold
“Hoping all their corruption finally bites them in the ass.”
Me too Brother!
Hey Ipso
I sure hope it’s burning and someone too big to fail is demanding delivery so that the Crimex defaults.
It certainly appears there’s a shortage of physical, mines now shutting doesn’t help and where the hell is price discovery? Seems nonexistent.
Crazy. Hoping all their corruption finally bites them in the ass.
Buygold @ 14:52
That’s what it sounds like. All the physical is being drained from the crimex and the LBMA. Default on deck! (I hope)
What a day! PAPER IS BURNING.