Gold & Silver Daily
"There's an old trading adage that states that one should "never short a quiet market""

¤ Yesterday In Gold & Silver

It was a nothing sort of day in gold yesterday.  After getting sold down about five bucks by 11:00 a.m. in London, a smallish rally developed that lasted until about twenty minutes after the Comex open in New York that took gold back into positive territory...and from there the price chopped sideways into the 5:15 p.m. Eastern time electronic close.

The high of the day...such as it was...came shortly after the equity markets opened in New York yesterday morning...and Kitco recorded that as $1,681.00 spot.  The low of the day...such as it was...was around the $1,668 spot mark...and occurred in late morning London trading.

Gold finished the Wednesday trading session at $1,677.30 spot...up $4.10 on the day.  Volume was light...around 106,000 contracts. 

It was pretty much the same story in silver...and the price path was very similar to gold's.  The only notable difference was that silver rallied from the 11:00 a.m. GMT London low, almost to the close of electronic trading in New York...and that silver's high tick of the day came about five minutes before the Comex close.

Silver's low tick was just under $31.60 spot...and the 1:25 p.m Eastern time high tick was reported by Kitco as $32.00 right on the button.

The silver price closed at $31.85 spot...up 3 cents.  I'm underwhelmed. Net volume was very light...around 25,000 contracts. 

Here's the Kitco platinum chart...and as you are probably more than aware, it is now outperforming gold...and is over fifty dollars an ounce higher than gold is at the moment.

The dollar index opened in the Far East at 79.54...and then rallied up to 79.80 by the 8:00 a.m. GMT London open.  From there it chopped around for the rest of the day, closing the Wednesday trading session at 79.74...up 20 basis points from Tuesday's close.

The gold stocks basically followed the gold price around yesterday...and the HUI finished up 0.63% on the day.

Most of the silver stocks finished in positive territory, including those ones that mattered...and Nick Laird's Silver Sentiment Index closed up 0.79%.  Nick is having some issues with his new Intraday Silver Sentiment Index, so until he's fixed that, the older version of the chart is the one that's posted below.

(Click on image to enlarge)

The CME's Daily Delivery Report showed that zero gold and 4 silver contracts were posted for delivery on Friday from within the Comex-approved depositories.

There were no reported changes in either GLD or SLV...and there was no sales report from the U.S. Mint, either.

Over at the Comex-approved depositories on Tuesday, they didn't reported receiving any silver, but they did ship 195,490 troy ounces of it out the door...and the link to that activity is here.

As promised yesterday, here are three charts from Nick Laird showing all the action in the Hong Kong/China Import/Export/Re-Export in gold bullion.

Imports in December rose to an all time high of 109.825 tonnes with cumulative imports since 2001 now reaching 1,352 tonnes.

(Click on image to enlarge)

Imports for the year of 2012 were also at an all time high of 572.575 tonnes.

(Click on image to enlarge)

Coupled with mine production, we get a potential 970 tonnes of gold finding it's way into their hands this year.  Cumulative gold - imports plus production - now reach 4,793 tonnes since 2001.

(Click on image to enlarge)

For those who think that gold no longer has any value as currency in the modern world, these charts should put an end to that type of thinking.

I have a rather large number of stories for you again today, so I hope you have the time to read the ones that are of interest.


¤ Critical Reads

Broke U.S. Postal Service Cuts Saturday Delivery

The financially struggling U.S. Postal Service says it plans to stop delivering mail on Saturdays, but continue delivering packages six days a week.

In an announcement scheduled for later Wednesday, the service is expected to say the cut, beginning in August, would mean a cost saving of about $2 billion annually.

The move accentuates one of the agency's strong points — package delivery has increased by 14 percent since 2010. The delivery of letters and other mail has declined with the increasing use of email and other Internet use.

This short Zero Hedge piece is worth a minute of your time, which is all the time it will take to read it.  I thank West Virginia reader Elliot Simon for today's first story...and the link is here.


Tim Geithner Joins CFR As "Tireless And Creative Practitioner And Thinker"

Well that didn't take long. It appears spending time with the family is over-rated (or perhaps they couldn't stand him either) as Turbo Timmy has landed his first post-Treasury gig (Citi next?). The Council of Foreign Relations has graciously brought this "tireless and creative" thinker on board as a Distinguished Fellow. His role... "to strengthen their capacity to produce thoughtful analysis of issues at the intersection of economic, political, and strategic developments." We assume this is his gracious 'giving back' phase before six-months down the line slithering over to the big bucks at a bank when he suspects no one will be looking...

The New World Order crowd adds another sociopath to its list of undistinguished members.  This story is also from Zero Hedge...and also courtesy of Elliot Simon.  The link is here.


CBO: Social Security, Health Spending Headed for $3.2 Trillion a Year

U.S. spending on Social Security and healthcare will double to $3.2 trillion a year over the next decade, threatening a sharp rise in the national debt unless Congress acts to avoid the danger, congressional researchers warned on Tuesday.

A report from the nonpartisan Congressional Budget Office did not put forth a plan to resolve the long-term imbalance between revenues and spending on retirement and healthcare benefits. But it said that action taken now would help minimize the economic impact of whatever course lawmakers can agree on.

"Unless the laws governing these programs are changed – or the increased spending is accompanied by corresponding reductions in other spending, sufficiently higher tax revenues, or a combination of the two – debt will rise sharply relative to (the U.S. economy) after 2023," the CBO warned.

This story appeared on the Internet site late on Tuesday afternoon...and it's Elliot Simon's third offering in a row.  The link is here.



Presented with little comment aside from noting that the only time stocks have been this 'euphoric' was right before the collapse in 2000 and right before the collapse in 2008.

This very short Zero Hedge piece contains three charts that make it a must read...and it will take but a minute of your time as well.  This article is courtesy of Marshall Angeles...and the link is here.


A Massive Bearish Bet Against Banks Has Traders Buzzing

According to Barron's columnist Steven Sears, someone made a big bet against the financials ETF yesterday (ticker symbol XLF), and it has everybody buzzing.

The trader bought 100,000 put options on the ETF (a put option increases in value when the price of the underlying asset, in this case, the ETF, goes down).

To put that number in perspective, Sears writes, "Few investors ever trade more than 500 contracts, so a 100,000 order tends to stop traffic and prompt all sorts of speculation about what's motivating the trade." According to Sears, the trade "has sparked conversations across the market."

Well, you have to wonder if someone knows something that the rest of the word doesn't.  I suppose we'll find out soon enough.  This article was posted on the Internet site early yesterday afternoon Eastern time...and I thank Roy Stephens for his first contribution in today's column.  The link is here.


Some Trader Has Made a Very Big Bet That Something Very Bad Will Happen Within the Next 60 Days

Stocks have been rallying relentlessly to post-crisis highs.

Meanwhile, the volatility index (aka the VIX, aka the "fear index") is near historic lows.

But according to UBS's Art Cashin, some options trader has made an enormous $11.25 million bet that the VIX will explode higher very soon...and a rally in the VIX is usually accompanied by a drop in the stock markets.

This short piece was posted on the Internet site yesterday morning...and it's worth skimming.  I thank Scott Pluschau for sending it along...and the link is here.


S&P Lawsuit Portrays CDO Sellers as Duped Victims

Oh, the poor suckers at Citigroup Inc. and Bank of America Corp., fooled about the stench of their own garbage by those sneaky credit raters at Standard & Poor’s.

The U.S. Justice Department made some peculiar allegations in its lawsuit this week against S&P and its parent, McGraw-Hill Cos. According to the government, Citigroup was defrauded by S&P credit ratings on subprime mortgage bonds that Citigroup itself created and sold. Bank of America, too, allegedly was defrauded by S&P in the same way.

If this doesn’t make sense, that’s the point. The notion is far-fetched. No wonder S&P wouldn’t agree to a settlement and told the government to see it in court.

This op-ed piece by Bloomberg columnist Jonathan Weil appeared on their website yesterday morning...and I thank Manitoba reader Ulrike Marx for bringing it to our attention.  The link is here.


'Bailout': Neil Barofsky's Adventures in Groupthink City

Neil Barofsky isn't going to like this, but the first person I thought of when I read the former TARP Inspector General's book, Bailout, was G. Gordon Liddy. Not that he has anything in common politically with Nixon's fanatical arm-roasting hatchet man, but after reading Bailout I had the same thought I had after reading Liddy's memoir, Will – that every now and then, a born writer ends up in some other, far more interesting profession, and we don't find out about it until he or she is forced for some reason to write a book.

Bailout has its first paperback release this week, and Barofsky accordingly is making the media rounds (check out Comedy Central tomorrow), where he'll mainly be asked about the political revelations in the book. You know, the inside-baseball stories of how the officials who administered the TARP bailout fought transparency at every turn, failed to do due diligence on the health and viability of bailout recipients, seemed totally uninterested in creating safeguards against fraud, and generally speaking spent more time bitching about the media and plotting against the likes of Elizabeth Warren and, eventually, Barofsky himself than making sure the largest federal rescue in history wasn't a complete waste of money.

As the former Special Inspector General of the TARP, a key official who was present at the highest levels throughout most of the bailout period and saw from the inside how both the Bush and Obama administrations attacked the economic collapse, Barofsky does have that story to tell, and the book unsurprisingly is full of historically weighty scenes and factoids that will be culled by reporters like me for years to come.

This is one of the longest book reviews I've ever read...but it's also a must read...and I ain't joshin' you on this one.  This is the happiest I've ever seen Matt Taibbi...and for that reason alone, it's worth the trip.  I thank Ulrike Marx for bringing it to my attention...and now to yours.  It was posted on the Internet site yesterday...and the link is here. [Note: No 'pithy prose' in this one! - Ed]


Record of Trader Talk to Haunt Royal Bank of Scotland

A senior yen trader at Royal Bank of Scotland made a revealing observation in mid-2007 about the bank panel that sets the borrowing rate in Japanese yen.

"The jpy libor is a cartel now. It's just amazing how libor fixing can make you that much money," the senior trader wrote in an instant message to traders at two other banks, according to a filing by the US Commodity Futures Trading Commission.

On Wednesday RBS admitted to manipulating the London Interbank Offered Rate in yen and Swiss francs between 2006 to 2010 and agreed to pay L390 million to the CFTC, US Department of Justice, and the UK's Financial Services Authority. Its Japan subsidiary pleaded guilty to wire fraud.

The vast majority of rate requests involved rates for Japanese yen or Swiss francs, although regulators also documented five, apparently unsuccessful, efforts to influence the US dollar rates. RBS settled allegations it manipulated other rates, but the identity was redacted from the public filings, citing an ongoing investigation.

The attempts at manipulation within RBS were so casual that one trader joked that he moved his fixes day to day as much as a prostitute draws up and down her underwear, while a broker at another firm offered a RBS rate submitter a steak dinner in exchange for a favourable fix, according to the CFTC order.

This amazing story appeared in the Financial Times of London yesterday.  It's posted in the clear in this GATA release that Chris has headlined "Imagine what gold and silver subpoenas might dig up"...and it's definitely worth reading.  The link is here.


CFTC's Bart Chilton: Banks Must End 'Brazen, Flagrant' Manipulation

Big banks that rigged interest rates behaved in "brazen, flagrant" fashion, the head of the Commodities and Futures Trading Commission told CNBC on Wednesday, adding that imposing hefty fines were needed as a deterrent to bad behavior.

In the wake of disclosures that Royal Bank of Scotland would be fined $627 million by regulators in the U.K. for global interest-rate rigging, Bart Chilton, the CFTC Commissioner, called for a "culture shift" as part of an effort to rein in improprieties at large financial institutions.  "They were really acting like they were flying above the law in arrogant fashion," Chilton said on "Squawk Box." He said the stiff penalties levied against RBS showed that regulators were serious about cleaning up financial markets. 

"If you violate the law, you should be punished. The law is the law," the CFTC chief said. "That's why these penalties, like this one, over $600 million are so important. It sends a serious and significant message: don't mess with markets."

Yo...Bart!  What about the grotesque and obscene short positions in the precious metals held by JPMorgan Chase, the Bank of Nova Scotia...and HSBC USA?  And how's the CFTC's 4+ year investigation into the silver price manipulation going?  Just asking.  This CNBC story was picked up by the Internet site yesterday...and the 11-minute embedded video clip with Commissioner Chilton is worth watching.  I thank Scott Pluschau for sending it our way...and the link is here.


Anglo Irish Bank on the brink of liquidation

Last night, the Irish government was pushing through legislation in parliament to liquidate the debt-ridden, now nationalised Anglo Irish Bank.

The dramatic move is to prevent the Republic from having to pay a €3.1bn promissory note (an IOU), to Anglo Irish Bank bondholders due at the end of the month. It will ease the huge debt burden on the Dublin government.

Anglo's €28bn promissory note would be replaced by sovereign debt that may not need to be repaid for decades. The liabilities and assets of the failed bank would be transferred to the Irish central bank, with outstanding loans going to National Asset Management Agency (Nama) – the Irish state bad bank.

The next domino to fall...and there will be many more...because if it wasn't for 'QE to infinity', just about every bank in the Western world would suffer precisely the same fate.  This story showed up in The Guardian late yesterday evening GMT...and it's courtesy of Swiss reader B.G.  The link is here.


Britain may need more QE in 'uneven' recovery - OECD

Having been “flat” for two and a half years, the economy should grow by 0.9pc this year and 1.6pc in the next, under the Paris-based think-tank’s latest review - unchanged from last November.

However, if the economy stays weak, another push from the Bank of England’s £375bn quantitative easing (QE) programme, under which it buys up government debt in an effort to stimulate the economy, may be warranted, it said.

“It is important that monetary policy continues to be supportive of the economy,” said Angel Gurria, the OECD’s secretary-general. “Unconventional measures, such as further quantitative easing may be needed - now, this is of course if growth fails to catch.”

The recommendation came even as enthusiasm for QE appears to be waning among Bank policy-makers, viewing it as a tool which offers diminishing returns.

Print...print..print.  That's all they have left, except for the gold card...and that ace they're saving until the last possible moment.  This story showed up on the Internet site early yesterday evening GMT...and it's courtesy of Roy Stephens.  The link is here.


Core or Periphery?: Poland's Battle Over Embracing the Euro

Many Polish business owners who have established companies in recent years and are now hoping for a breakthrough into the European Union agree. Since the fall of communism in 1989, Poland has become an EU member that has developed from a backward, agricultural country into a prosperous nation. Now liberal-conservative Prime Minister Donald Tusk wants to take the next step. He has announced his intention to hold a "national debate" in the spring over Poland's accession to the euro zone. "How should we decide?" he asks. "Do we want to be part of Europe's core in the future or remain along its periphery?"

With its national debt at only 56 percent of GDP and its currency, the zloty, relatively stable, the stability criteria are hardly an issue for Poland. The only minor sticking point is that last year's 3.1 percent budget deficit is slightly higher than the deficit-to-GDP ratio of 3 percent demanded by the Stability and Growth Pact.

The parliament is a much bigger hurdle. Replacing the zloty with the euro would require an amendment to the constitution with a two-thirds majority, which Tusk doesn't have. The right-wing nationalist opposition headed by Jaroslaw Kaczyski has announced its intention to sharply oppose the plan.

Why any country that's not using the Euro would want to drink that Kool-Aid is beyond me...and I hope the Poles give this idea the decent burial that it so richly deserves.  However, the government and the banks may have other ideas and, in the end, the people may not have a say.  This essay showed up on the Internet site yesterday...and it's also courtesy of Roy Stephens.  The link is here.


Black Bloc: Egypt's Opposition Gets More Radical

Protests against Egyptian President Mohammed Morsi and the Muslim Brotherhood are becoming increasingly violent. One factor behind this is the founding of the "Black Bloc," a loosely organized group of activists that is not afraid to clash with the government.

They're suspicious -- five young Egyptians in hooded sweatshirts with their faces hidden, arms crossed and bodies in a defensive stance. "The media represents us as thugs," says one. "They say we're killing policemen and setting the country on fire, but we are just defending ourselves. The real aggressor is sitting in the presidential palace."

Violence is increasing in the capital, but also in Alexandria, and everywhere else President Mohammed Morsi declared a state of emergency on Sunday of last week: Ismailia, Suez and Port Said. More than 60 people have been killed since Jan. 24, and hundreds have been injured. The protests against Morsi and his Muslim Brotherhood have become more radical, and that due in part to a new phenomenon here: the Black Bloc.

The five young men are members of the movement. They know their emergence has fueled speculation, and that the government sees them as terrorists and enemies of the state. Supporters of the deposed regime of Hosni Mubarak have reportedly mixed in with the masked men, government officials claim. Others accuse the government itself of being behind the Black Bloc, using it as a tool to discredit the opposition. But many demonstrators say the organization is simply an answer to the violence exercised by the Muslim Brotherhood and its thugs.

This short article was another one posted on the Internet site yesterday...and it's also courtesy of Roy Stephens...and is his final offering in today's column.  The link is here.


Japan protests to China after weapons radar pointed at vessel

A Chinese navy vessel aimed a type of radar normally used to aim weapons at a target at a Japanese navy ship in the East China Sea, prompting Japan to protest, Japan's defense minister said on Tuesday, an action that could complicate efforts to cool tension in a territorial row between the rivals.

"Projecting fire control radar is very unusual," Japanese Defense Minister Itsunori Onodera told reporters of the incident, which he said occurred on January 30 but took time to confirm.

"One mistake, and the situation would become very dangerous."

This Reuters story was filed on their website early Tuesday morning Eastern time...and I borrowed it from yesterday's edition of the King Report.  The link is here.


Three King World News Blogs

The first is with Louise Yamada...and it's entitled "4 Spectacular Gold and Silver Charts".  The second blog is with the managing director of investment banking at Haywood Securities, Kevin Campbell.  It's headlined "The Big Picture for Gold and the World Going Forward".  And lastly is this interview with a Mr. Kevin Wides from Switzerland, whom I've not heard of before...and it has the eye-opening headline "Exit From Massive Silver Base Projects Staggering 1,020% Move".


China tops world in gold producing

China produced the most gold in the world in 2012, making it the largest producer for the sixth straight year, latest industry association data showed.

China's gold output increased 11.66 percent from a year earlier to hit a record high of 403.05 tonnes in 2012, the China Gold Association said Wednesday.

The output was almost 100 times that of 1949, when the country produced just 4.07 tonnes, the association said.

This very short must read story appeared on the Internet site early this morning...and I thank Ulrike Marx for sending it to me late last night.  The link is here.


RBI releases Final Report of the Working Group on Issues Related to Gold Imports and Gold Loan NBFCs in India

Today, the Reserve Bank of India placed on its website the final Report of the Working Group to Study the Issues Related to Gold Imports and Gold Loan NBFCs (non-banking finance companies) in India.

"There is a need to moderate the demand for gold imports considering its impact on the current account deficit. A combination of demand reduction measures, supply management measures and measures to increase monetisation of idle stocks of gold need to be put in place."

The link to the "Executive Summary" is here...and it's worth skimming.  The link to the full 246-page report is here.  I thank Mumbai reader Avi Raheja for bringing these reports to our attention.


India central bank considers more gold import curbs

This Reuters story appears to be a report on the above mentioned report, but stripped down to its bare bones.  It's worth the read as well, because it's my opinion that this piece brings more clarity to the above 'executive summary'.

The story was filed from Mumbai early yesterday morning Eastern time...and I thank Ulrike Marx for sharing it with us.  The link is here.


Virginia coin moves closer to reality

Virginia Del. Robert G. Marshall fears that a financial apocalypse is coming and only one thing can save the Commonwealth: its own currency.

The idea that Virginia should consider issuing its own money was dismissed as just another quixotic quest by one of the most conservative members of the state legislature when Marshall introduced it three years ago. But it has since gained traction not only in Virginia, but also in states across the country as Americans have grown increasingly suspicious of the institutions entrusted with safeguarding the economy.

This week, the proposal by the Prince William Republican sailed through the House of Delegates with a two-to-one majority.

“This is a serious study about a serious topic,” Marshall said Tuesday. “We’re not completely powerless.”

This article appeared in the Tuesday edition of The Washington Post...and is a follow-up to the editorial on this issue that appeared in the New York Sun on Monday.  The link to the WP story is here...and it's definitely worth reading.  My thanks to West Virginia reader Elliot Simon for sending it along.


Jim Rogers: Don’t Sell Your Gold and Silver Coins

Demand for gold and silver coins is raging, and given the weak outlook for paper currencies, investors should hold on to these coins, says star investor Jim Rogers, chairman of Rogers Holdings.

Gold coin sales hit a 19-month high last month, while silver eagle sales climbed to a record peak.

"You can’t get [silver coins]. They sell out,” Rogers tells Yahoo. “Several mints have run out of coins...because everybody’s worried about the future of the world.”

The long term looks bright for precious metals, he says. “There is no paper money in 2014 or 2015 that will be worth much of anything."

Well, Jim's certainly right about that.  This item showed up on the Internet site early yesterday morning...and it's also courtesy of Elliot Simon.  The link is here.


Platinum Surges 12% YTD – Mine Closures Sees Supply Fall To 13 Year Low

Platinum prices have already risen by more than 12% so far in 2013, following the same advance for all of 2012.

Platinum supplies have fallen to a 13-year low as mines in South Africa, the world’s biggest producer, close and the platinum industry is in crisis due to industrial unrest, geological constraints and sharply rising costs.

Global production will drop 2.7% to 5.68 million ounces, the least since 2000, according to Barclays Plc, which raised its 2013 shortage estimate six-fold last month after Johannesburg-based Anglo American Platinum Ltd. said it plans to idle shafts.

This commentary was posted on the Internet site yesterday...and my thanks go out to Marshall Angeles for digging it up for us.  The link is here.


Ian Gordon: Economic Winter Could Thaw Gold Equities

Ian Gordon has said it before: We're on the edge of an economic maelstrom that will breathe new life into the gold exploration industry. While his cautionary tales may be beginning to sound like the boy who cried wolf, Gordon, the founder and chairman of Longwave Group, gives some persuasive evidence to support his doomsday scenario for the greater market. In this Gold Report interview, Gordon talks about what he forecasts as an unprecedented period of growth and investment in gold, which is just about to get underway as the market sinks. 

This interview with my good friend Ian Gordon was posted on Internet site yesterday...and is a must read in my opinion.  The link is here.


Print those blues away - why gold is under accumulation globally

"Lenin was certainly right, there is no more positive, or subtler, no surer means of overturning the existing basis of society than to debauch the currency...The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million is able to diagnose." -- John Maynard Keynes

Neither Keynes nor Lenin would have envisioned currency debasement on a global basis, yet that is exactly where we find ourselves today. As mentioned in last month's The Gold Owners Guide to 2013, it is as if John Law had been reincarnated simultaneously in every major nation state in the world. At this stage, it is difficult to gauge the potential effects though, as you are about to read, there is plenty of speculation. Though the price of gold remained range bound this past January, global demand for coins and bullion has been anything but restrained. The U.S. Mint reports the highest monthly sales ever for the Silver Eagle in January and the highest monthly total for the Gold Eagle in over two years. Similarly ETF gold holdings are up about 12% since last August reflecting strong interest among financial institutions and funds. Though Keynes was right about currency debasement, he missed the mark on the public's ability to identify the problem. Apparently, a good many understand the problem all too well.

This excellent, but longish commentary, is by Michael Kosares over at  I found it posted on the Internet site...and if you have the time, it's certainly worth reading.  The link is here.



¤ The Funnies

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¤ The Wrap

The message today is not just that JPMorgan is the big silver crook...and that the CFTC and the CME are negligent and conflicted. It’s much more than that. The pattern over the past year of JPMorgan being the sole new short seller of last resort represents a dramatic escalation in the silver manipulation that appears certain to self-destruct. Just as it has become obvious to most that the CFTC is investigating silver instead of answering how a 25% or 35% share of the market wouldn’t be manipulative to the price, JPMorgan goes ahead and ups the ante and becomes the only new silver short seller to boot. This new pattern smacks of desperation. - Silver analyst Ted Butler...06 February 2013

It was a very quiet trading day yesterday...and there was no volume to speak of, so there's not much to read into Wednesday's price action.  It was pretty much just another day of the calendar, as Ted Butler is wont to say...and another day where the grotesque short positions in the precious metals...particularly silver...remain unresolved.

Those three gold charts on China's production and imports over the last ten years speaks volumes for the fact that the current fiat currency system is now on its last legs, as the Chinese are not doing this without a good reason.  It's just a matter of the timing of the announcement of just how much gold they have socked away that will be the surprise...and if these numbers are even close to being accurate, they have quite a bit...and this is only what we know about through 'official' channels.

There sure isn't much happening in the precious metals as we approach the 8:00 a.m. GMT London open, as it was totally dead in Far East trading.  Volumes are even lighter than they were this time on Wednesday morning...and the dollar index is hovering around the unchanged mark.

And as I hit the 'send' button a couple of hours later at 5:10 a.m. Eastern time...both metals are down a hair in mid-morning London is the dollar index.  Volumes are still very light...and mostly of the high-frequency trading variety.

There's an old trading adage that states that one should "never short a quiet market" and, in my opinion, this would apply in spades here...even if we get blasted to the downside one more time by JPMorgan Chase and friends.

If you live just west of the International Date Line...I hope you enjoy your weekend...and I'll see you here on Saturday.  If you live elsewhere, I'll see you on Friday.