harveyorgan.blogspot.com / January 30, 2013
Good evening Ladies and Gentlemen:
Gold closed up today to the tune of $20.00 to finish the comex session at $1680.20. Silver had a good day rising by 99 cents and closing at $32.15. Gold was trading around $1667.00 when the bankers showed up whacking gold down to $1662. when the world was greeted with news that the first preliminary 4th quarter GDP came in at a negative .1%. Not only that but the good folks revealed a negative deflator. This deflator is suppose to deduct inflation from the eventual GDP number. Today it helped the figures, otherwise we would have had a negative .6% GDP. (rarely do you see a negative deflator)
The street did not like what it saw. The stock market, on the opening bell, fell and finished the day down 44 points. All of the major European bourses ended in the glue. The volume on gold contracts skyrocketed. Immediately gold and silver reversed course and ended the day up 1% which is generally the level where the banking cartel will allow gold to rise. It never allows gold to rise for two consecutive days. To further signal their intentions, the banking cartel whacked the gold and silver equity shares in the afternoon. It looks like we had a one day postponement for our raid on our precious metals. So be careful tomorrow and Friday.
Silver eagles continue to shine with sales this month at 7.4 million oz.
In other news, Italy got another bombshell today when a 4th derivative was uncovered at Banca Monte dei
Paschi di Siena. However this time it was revealed that the Central Bank of Italy was well informed on these derivatives underwritten by the bank way back in 2010. Who was the head of the Central Bank of Italy at this time? None other than Mario Draghi. The prosecutors have opened up a case against the Central bank of Italy and Mario Draghi.
The Euro continues to rise against the dollar causing trouble for big exporters like Germany.
It also causes huge problems for Spain and Italy as their exports will plummet to nothing. Not only that, but this will also damage the target 2 imbalances with Germany.
On this side of the pond, the 2 and 10 year interest rates are starting to rise and investors are taking note.
The USA 10 year rate finished above 2% in quite some time. Also the German 10 year bond is close behind in yield.
We will discuss these and other stories but first let us head over to the comex and assess trading today…………