1) I’m not dead – or depressed or anything bad. I’ve been busy as hell, and for now, I’m just going to leave it at that. I am astounded at the number of people who continue to stop by the blog, day after day, to see if I’ve written anything new. Thanks, but………Where the #$% were you guys when I was actually writing?
No matter. YOU LIKE ME!!
(OK, maybe you don’t like me. Maybe I annoy you so much that you just can’t resist the temptation to agitate yourself. Maybe you just can’t find anything you want to read. I can relate, but you can’t stop me from getting all misty about what I perceive to be undying support).
Now onto a couple of important things that I’m not seeing reported anywhere.
2) JP MORGAN’S HOUSE ACCOUNT HAS TAKEN 80% OF THE COMEX GOLD DELIVERIES SO FAR IN JUNE!!!,
That’s right, the Morgue itself is on a buying spree – not it’s “customers”. In case you’ve forgotten, when JP trades for its own account, they tend not to make mistakes.
Of the 5,968 contracts settled so far, they’ve taken 4775 (80%). Follow the fun here:
3) Banks to Taxpayers: “YOU’LL GET NOTHING AND LIKE IT!”
Few things drove up my blood pressure like the appointment of taxpayer charity case General Electric’s CEO, Jeff Immelt, to the Federal Reserve Bank of New York’s “Class B” Board of Directors. Class B directors are elected by member banks to represent the public. Apparently bankers have a keen sense of irony. Why else would they elect the CEO of a zombie-dinosaur-parasite to represent us?
On March 9, 2011, Jeffy resigned from the NY Fed BOD…..and nobody noticed. Not me, and not the Fed, who announced his departure April 28 (seven weeks later). The public is now represented by an empty chair where Jeffy used to be, and I’ll be the first to admit that that is an improvement, but not exactly what I had in mind.
For those of you keeping count, the banker’s now have elected TWO empty seats to represent the public.
I’m hereby throwing my hat in the ring.
And speaking of irony, the reason Immelt left the BOD was because he was offered a job for which he was even more unqualified: Chairman of the President’s Council on Jobs and Competitiveness. This is now becoming a black hole of irony from which escape is impossible. The vacant seat at the NY Fed will most likely be the only job Jeffy creates. In his tenure as GE’s CEO, Immelt has created negative 24,000 American jobs.
To review Obama’s choices: 1) He picked the single person most responsible for the Madoff fraud to chair the SEC (Mary Schapiro). 2) He has now picked the CEO of a company that has $1.6 million in debt per employee, pays no federal taxes (sorry Jeff, fines don’t count) and who has lost more American jobs than anyone else in the last ten years to advise on jobs and competitiveness. He now only needs to appoint Jamie Dimon Treasury Secretary to complete the triple crown of ultimate head-up-your-assery.
4) JPM has vanished from the silver market.
Speaking of Jamie and all this other wierdness, I find it interesting that JPM (house account) has not delivered or taken delivery of a single silver contract in all of May and so far in June. They delivered only eight contracts in April, and since then, nada, zilch, zippo, the goose egg….
Yes I know I published a piece entitled Guess Who’s Almost Out of Silver? on April 8, but I still find their absence very eery. I guess I thought we’d be tapping the strategic silver reserve…..oh wait, we did that for sixty years. This should be interesting.
5) Bonus Things (a silver lining).
- Registered silver continues to disappear from the COMEX. Track it here.
- Physical silver continues to disappear from the SLV warehouses as well. You can track it here (shares outstanding * .975 = ounces in trust).
- Despite all the “silver crash” hype. Silver is up 13.7% YTD vs. 2.4% for the S&P 500. Of course, the nominal gain in stocks gets swallowed up by the 4.4% drop in the dollar (and then some).
Remember this: All roads lead to global currency devaluation. There simply is no “Plan B.” Don’t get confused.