-- Posted Sunday, 16 May 2010 | | Source: GoldSeek.com
The following are some snippets from the most recent issue of the International Forecaster. For the full 38 page issue, please see subscription information below.
GOLD, SILVER, PLATINUM AND PALLADIUM
Wednesday was another wild day to the upside in precious metals. Spot gold rose $22.80 to $1,242.70, as June rose $18.00. Spot silver rose $0.37 to $19.64 and June rose $0.23. As you can see after the Comex spot close the shorts went to work on both metals again. It is interesting that the CME traded 241,207 contracts Thus, the late closes of the outside months are becoming more important due to their increasing volume. The mainstream analysts, economists, pundits and the media, who are wrong 70% of the time, are falling all over themselves trying to explain why the PM’s are all hitting new highs. They most often blame the sovereign debt problem and what has been going on in the EU. Throwing $1 trillion, of which the US will supply $65 billion via the IMF, only addresses the public debt and does not consider the private debt. As we know from history throwing money at debt, or to solve a financial or economic problem never works. Worldwide public and private debt is staggering. What these intellectually dishonest characters won’t discuss is the gold and silver suppression scheme that has been underway illegally from 1967-1988, and the legal suppression since 1988. That will be solved once JPMorgan Chase goes to trial either civilly or criminally in the near future. We see little hope of criminal proceedings against members of the Illuminati, but civil court is actually much better due to wide latitude in discovery. No matter what happens no one from Morgan will go to jail, so the civil approach is better along with billions in fines. This is the story all these characters are trying to hide. Let’s hope we can get swift justice and a swift resolution. Morgan in the meantime is running around in circles trying to cover its silver shorts. These characters just happen to be blind to the fact that gold and silver have been in a bull market since June 2000, and billions of dollars have already been made. Just ask our subscribers. Gold and silver are going to continue to trade sharply higher in the years to come. None of these characters will deal with the truth and reality because they are paid not too.
Gold open interest rose 6,636 contracts to 583,954. We should reach $1,300 over the next several days. The gold and silver Comex and share shorts are getting buried, and that is going to continue. Gold is now recognized as a currency again. What is paramount is that the US government’s suppression of the gold and silver markets is coming to an end. Secondly, the world, except for perhaps 10% of its inhabitants, are not in gold and they all are potential buyers. The XAU rose 1.81 to 186.08 and the HUI rose 3.39 to 491.76.
The Austrian Mint sold more gold in two weeks from April 26 than in the entire first quarter because of soaring European demand. German and Swiss are major buyers.
The Swiss refinery Argor-Heraeus says demand for small gold bars and minted products has jumped 10-fold since the beginning of the year.
$5,000 invested in gold in 1913, the year the Federal Reserve Act was passed, is now worth $287,500.
The Dow rose 148 to 10,896; S&P rose 147 and Nasdaq 298 Dow points. The yen fell .0040 to $.9317; the euro fell .0067 to $1,2634; the pound fell .0132 to $1.4814; the Swiss franc fell .0006 to $1.1093; the Canadian dollar fell .0009 to $.9806 and the USDX rose .41 to 84.88. The 10-year T-note was 3.57%.
Oil fell $0.85 to $75.52; gas rose $0.02 to $2.21 and natural gas rose $0.15 to $2.28. Copper fell $0.01 to $3.18; platinum rose $39.00 to $1,709.80; palladium rose $10.55 to $542.75 and the CRB rose 1.87 to 266.82.
Thursday was a day of rest for gold and silver. Spot gold fell $13.90 to $1,228.80, as June fell $9.60. spot silver fell $0.17 to $19.47, as June fell $0.16. Gold in euros hit another record high at 988.92, as investors fled from the euro. We want to remind you that less than 1% of Americans own gold and silver or the shares, so we have some upside. Just remember be patient and stay long. Gold open interest rose 4,602 to 588,106, as silver OI rose 308 to 123,049. The XAU fell 3.30 to 182.76, as the HUI lost 6.89 to 484.86. Do not forget gold is the antidote to fiat fraud. Gold sales at central banks are at their lowest levels in 20 years.
The Dow fell 144; S&P 128 and Nasdaq 183 Dow points. The 10-year T-note was 3.54%. The yen rose .0061 to $.9265; the euro fell .0098 to $1.2536; the pound fell .0204 to $1.4615; the Swiss franc fell .0060 to $1.1188; the Canadian dollar fell .0003 to $.9803 and the USDX rose .52 to 85.35.
Oil fell $1.72 to $73.92; gas fell $0.03 to $2.18 and natural gas rose $0.01 to $4.34. Copper rose $0.03 to $3.22; platinum fell $9.80 to $1,737.50 and palladium fell $7.45 to $5.40. The CRB Index fell 1.04 to 265.78.
Friday saw an attack on gold and silver. Gold had been up to almost $1,250.00 but the spot close was off $1.40 to $1,227.40, June rose $3.30, a strong close. Spot silver fell $0.27 to $19.20, as June fell $0.15. Gold in pound sterling hit a new high at 852.02; in Swiss francs at 1.388.66 and in euros at 989.34. the gold low was $1,217. As we predicted $1,218 would be tested to fill the gap and so it was. Gold open interest rose 10,952 contracts to 599,058, as silver OI rose 3,997 to 127,046, as the cartel shorted even more. In gold the COT commercials increased their net shorts by 11,058. They are in deep trouble. The Illuminists’ nightmare continues. The HUI rose 3.50 to 487.43, as the XAU rose 2.04 to 183.80.
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THE INTERNATIONAL FORECASTER
SATURDAY, MAY 15, 2010
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An international financial, economic, political and social commentary.
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