• Gold: 1,226.20 -0.19
  • Silver: 14.58 -0.05
  • Euro: 1.151 0.000
  • USDX: 95.713 -0.243
  • Oil: 69.63 0.88

CME, LME compete to provide alternative to London...

Major metal exchanges emerged as contenders in developing an alternative to the London silver price benchmark, or "fix", after the century-old system for setting the globally recognised price is disbanded in August.

COMEX Options Expiration Day

What more can one expect on a COMEX options expiration day, in the year's lowest volume, post-holiday markets, when a plethora of PM-positive "horrible headlines" ran hot and heavy throughout the weekend?

LBMA extends deadline 1-week on daily silver...

"There are a lot of people who wanted to respond to the survey, but some of them have to take legal advice before they can make a formal response, so we are extending it to next Friday," a spokesman for the LBMA said. "We want to get in as many people as possible."

Silver downside is extremely limited

With prices so far below their respective costs of production, the downside is extremely limited, IMO, no matter what they do. And each day they stay this low, the potential for a Cartel-killing shortage only grows stronger.

Silver Chartology

As you can see this month of May has cracked the neckline but not decisively yet. There is still a week and a half of trading yet before this monthly chart shows the closing price. This is either the best buying opportunity or the greatest short of a lifetime right here and now. You know how I’m positioned. All the best…Rambus

Pan American Silver expects Argentina's open...

Canadian miner Pan American Silver believes Argentina this year will lift its ban on open-pit mining that forced the company to suspend operations at its Navidad gold project, CEO Geoff Burns said Wednesday.

Well, well, well

Well, well, well; turns out I was right that U.S. Treasuries are being swamped by buying - and European sovereigns, too - amidst expectations of accelerated QE given plunging global economic activity. In the past two days, we have seen ZERO retail sales and a surging PPI, demonstrating stagflation at its worst; not to mention, collapsing German confidence readings and Chinese economic data. It's only a matter of time before ALL safe haven buying is not in Treasuries, but REAL MONEY.

Rock and a hard place

Each day, my belief that the Fed is actually supporting interest rates - specifically, the 10-year yield at multi-month support at 2.6% - grows stronger, via the "most damning proof yet of QE failure." Today's abysmal retail sales number clearly has them under pressure again; not to mention, the horrific Chinese industrial data and German ZEW investor confidence numbers. The ECB again leaked its leaning toward launching QE at next month's meeting; and pretty soon, it will be the Fed's turn as well - as they are stuck in the ultimate "rock and a hard place."

NOTHING incremental

Another Fed Chairman giving Congressional testimony, another PM raid. No matter that NOTHING incremental was said relative to last week's FOMC statement, with the MSM's key takeaway being the sound byte "a high degree of accomodation is still warranted." In my view, the scariest part of TPTB's shell game is the fact that rates are dramatically falling despite the so-called tapering of QE; in my view, per the title of my article today, "the most damning proof yet of QE failure."

How much longer can this historical aberration...

In the aftermath of yesterday's faux "tapering" announcement - following a miserable +0.1% GDP reading, which per today's revised durable goods figure, was actually negative - PMs have been attacked with impunity; on this, the third annivesary of the 5/01/11 "Sunday Night Paper Silver Massacre." With most of the world closed, TPTB have bulled up stocks and bonds despite the so-called "tapering" increase; and amidst a flood of horrible global economic data, particularly in the U.S., have taken gold down $30 from Friday's highs, and silver to near its multi-year lows.