Hope everyone is having a fabulous weekend thus far as its bright and sunny here. One of those perfect weather lower humidity weekends that suit my lifestyle.
I would like to go straight into the COT report as its it seems that the criminal minds that want to keep a lid on this silver game have conspired, yet again, and this is why we saw the massive sell offs in both metals.
Commercials: ADDED 14,588 Long, and COVERED 3823
This is bullish.
Commercials: reduced longs by 274, and ADDED 6144 SHORT. If you are thinking "You have to be kidding me.." you are not alone. I am assuming the majority of these were covered on the $44-39 move as this is from Tuesday.
Not too sure what to think of this, I think they have covered most of it on the downside volatility that they manufactured themselves. If they haven't covered them yet, we should see lemons being squeezed into fresh juice within 3 weeks.
I wrote a warning about the Perth Mint being ransacked yesterday. I have now two confirmations from very large distributors, and one mint, that have heard the same thing.
Let me clarify what this is. First, all NEW orders FROM dealers that want 1 oz silver coins from the PMint has BEEN SPOKEN FOR BY A SOVEREIGN CHINESE SOMETHING. Company's like APMEX etc. may already have orders in to get them, by any NEW orders they request have been spoken for, so we hear.
So you can still get the 2012 coins, albeit they will disappear in the first day, and that may be the end to that distribution. Now, is this the Perth Mint just trying to create more sales? I am not 100% sure on this yet, but as usual, I always inform my loyal readers of any insider news I receive.
My poker game last night, with the exception of one degenerate gambler who is for sure 500K in the whole and needs serious help, was a blast. I always try to test out the public's waters once to test the 'bubble' theory of precious metals. These players that I am surrounded by have money and perceive them to be in the 'know' about our current situation. This is the polar opposite of reality. I bought in for a tube of Maples. Everyone said, "what is that?" I said its money. They said, "no no buying in with car keys and bullshit, bring out the wallets." So I gladly took my maples back (knowing full well this idea would be dismissed) and gave them fresh crisp paper linen with various worthless denominations.
So much for the bubble. Long live Silver.