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Precious Metals Warehouse Numbers cannot be trusted ….
The US Dollar is down 4.3 points with the trade at 82.755 right smack in the middle of its all night trading range. Treasuries are now under support with the Notes and Bonds trading higher with the Eurodollars trading slightly lower. Energy Sector is higher with its leader Crude Oil up 63 cents at $93.94. Gold is higher with the trade at $1,397.70 up 50 cents with the deliveries in June still at 3,312 contracts of the 29+ tons requested for delivery. Silver is at $22.370, down 3.9 cents with only 620,000 ounces standing for delivery. The odd part of all of this is the imbalance in open interest between the metals. There is far less open interest in Gold than the past, maybe because China will no longer play with the COMEX raiders and are flat out demanding their Gold. Yet Silver’s open interest has maintained its lofty numbers above 146,000. Either the deep pockets that are long in Silver have an agreement for their deliveries or the shorts are stuck because they cannot get the prices below $22. Odd indeed, so we wait for an outcome and an answer. Grains are mixed to flat, Softs are mostly higher with Cotton the only exception, The Live Stock Sector is mostly higher as well with Live Cattle the only neg on the board and our Paper Markets are trading lower. Yesterday we were given another point of focus in regards to Precious Metals and the warehouses that are supposed to be verifiable. COMEX just added a couple of disclaimer sentences to its inventory sheet regarding Silver and Gold. The COMEX is telling us that they believe the numbers but cannot guarantee the inventory. I’ve extracted the wording for you here ; “The information in this report is taken from sources believed to be reliable; however, the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness. This report is produced for information purposes only.” – disclaimer now posted on the Comex gold and silver daily warehouse stock report as of Monday, June 3, 2013.
This disclaimer is brand new and helps proves our reasons to be suspect in all things from these guys who are suppose to be “top of the hill” in accounting standards. The only thing trustworthy is the real products that are at your touch, not in these warehouses of disaster. Take your metals home asap and as always … Stay Strong!!
JB Slear
Fort Wealth Trading Co LLC.
866-443-0868 Ext 104
817-717-5489
Fax: 817-764-2537
www.FortWealth.com
Don’t risk what you cannot afford to lose….
Source: http://fortwealth.com/blog/?p=2939
