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War Drums out of North Korea/Turkey imports 18.2 tonnes of gold/6.2 tonnes of silver/silver eagles sales at record levels for first 3 months/Europe and USA stock exchanges tumble/
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
harveyorgan.blogspot.com / Wednesday, April 3, 2013
Good evening Ladies and Gentlemen:
Gold closed down $22.50 to $1552.60 (comex closing time). Silver fell by 45 cents to $26.77 (comex closing time). Throughout the night, gold and silver were hit which set the stage for today’s big fall in gold and silver. We seem to have a scorched earth policy as paper gold and silver are shorted by the hedge funds and bullion banks, while over in the far east, sovereigns like Turkey, Russia, and China are picking up these metals with reckless abandon. Much gold is leaving western shores to supply the east’s appetite. Eventually, the physical supply just runs out.
In physical news, Turkey imported a rather large 18.2 tonnes of gold into their country last month. Generally this gold heads over to the Arab countries. Also Turkey imported 6.2 tonnes of silver a big 31% increase from last month.
Silver eagles are now running at record levels. We should exceed last years record of 39 million oz. For the first 3 months, we have sales of 14.22 million oz of silver.
In the news today, Europe plummeted on news of that huge drop in monthly European PMI numbers and they were ugly ( Spain still in contraction mode at 44.2, Italy at 44.5 and the whole of Europe at 46.0. Even Germany was below 50 at 49.0) Today the Italian financials were down badly as there was a stock halt of just about all of Italian banks including our favourite, Monte dei Paschi di Sienna. Today BMPS finished at 17 cents down 2.5%.
Over in Korea, war drums are beating louder and louder and the US is finally paying attention to North Korea’s nutcase at the helm.
In the USA we have two reports and both missed big.
i) the private ADP employment report which precedes the big Friday jobs report
ii) the service ISM report.
We have provided details to you on both.
John Williams of Shadowstats.com reports on a widening USA budgetary deficit
We will go over these and other stories but first…………………….
Let us now head over to the comex and assess trading over there today.
Thanks to BrotherJohnF
2013-04-03 18:33:19
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