Monday, May 9, 2011
Silver Futures Rally From Worst Weekly Loss Since 1975 as Investors Return
From Bloomberg:Silver futures rebounded from the worst weekly slump since at least 1975 and gold gained on speculation investors will return to commodity markets after concerns over the global recovery eased and the dollar weakened.
The Standard & Poor’s GSCI Index of 24 commodities declined 11 percent last week, the most since December 2008, led by the 27 percent tumble in silver futures. The dollar fell as much as 0.5 percent against six major currencies today. Precious metals typically move inversely to the greenback.
“Gold and silver may regain strength as traders perceive last week’s commodities washout to be excessive and it isn’t viewed as a trend reversal,” said Park Jong Beom, Seoul-based trader with Tongyang Futures Co. “There’s no change in the outlook for a weaker dollar as well.”......read on
Hong Kong Mercantile Exchange's 1 Kilo Gold Contract To End Comex Gold Futures Trading Monopoly
From Zero Hedge:30 years ago, Bunker Hunt, while trying to demand delivery for virtually every single silver bar in existence, and getting caught in the middle of a series of margin hikes (sound familiar), accused the Comex (as well as the CFTC and the CBOT) of changing the rules in the middle of the game (and was not too happy about it). Whether or not this allegation is valid is open to debate. We do know that "testimony would reveal that nine of the 23 Comex board members held short contracts on 38,000,000 ounces of silver. With their 1.88 billion dollar collective interest in having the price go down, it is easy to see why Bunker did not view them as objective." One wonders how many short positions current Comex board members have on now. Yet by dint of being a monopoly, the Comex had and has free reign to do as it pleases: after all, where can futures investors go? Nowhere... at least until now. In precisely 9 days, on May 18, the Hong Kong Mercantile exchange will finally offer an alternative to the Comex and its alleged attempts at perpetual precious metals manipulation.
From Commodity Online:
The Hong Kong Mercantile Exchange (HKMEx) has received authorisation from the Securities and Futures Commission and will make its trading debut on May 18, 2011 with the 1-kilo gold futures contract offered in US dollars with physical delivery in Hong Kong.The ATS authorisation grants HKMEx the right to offer market participants, through its member firms, the use of its state-of-the-art electronic platform to trade commodities. The Exchange will begin trading with at least 16 members including some of the world’s largest financial institutions as well as several well-established brokerages in Hong Kong.
“We are very excited about this historic day. It allows us to establish a liquid and vibrant international commodities exchange based in Hong Kong, linking China with the rest of Asia and the world,” said Barry Cheung, chairman of HKMEx. “Global demand for core commodities has in recent years been driven by Asia, especially China and India. However, market participants in the region have had to rely on Western exchanges for price discovery, bearing the basis risk exposure in the process. Our new platform will offer Asia a bigger say in setting global commodity prices. It will also enable market participants to more actively manage their risk exposures, using products tailored to Asian market needs.”
Noam Chomsky on Tim's death
By Noam ChomskyIt’s increasingly clear that the operation was a planned assassination, multiply violating elementary norms of international law. There appears to have been no attempt to apprehend the unarmed victim, as presumably could have been done by 80 commandos facing virtually no opposition—except, they claim, from his wife, who lunged towards them. In societies that profess some respect for law, suspects are apprehended and brought to fair trial. I stress “suspects.” In April 2002, the head of the FBI, Robert Mueller, informed the press that after the most intensive investigation in history, the FBI could say no more than that it “believed” that the plot was hatched in Afghanistan, though implemented in the UAE and Germany. What they only believed in April 2002, they obviously didn’t know 8 months earlier, when Washington dismissed tentative offers by the Taliban (how serious, we do not know, because they were instantly dismissed) to extradite bin Laden if they were presented with evidence—which, as we soon learned, Washington didn’t have. Thus Obama was simply lying when he said, in his White House statement, that “we quickly learned that the 9/11 attacks were carried out by al Qaeda.”.....read on
'US too broke for real war on Libya'
http://www.presstv.ir/detail/178736.html
The US has resorted to stirring conflict between the Libyan Islamic Fighting Group, al-Qaeda, and anti-Gaddafi tribes because it is simply "too broke and isolated to mount any serious form of land effort in Libya," a historian says.
Press TV has conducted an interview with American Author and Historian, Webster Tarpley to further discuss the matter.
The US has resorted to stirring conflict between the Libyan Islamic Fighting Group, al-Qaeda, and anti-Gaddafi tribes because it is simply "too broke and isolated to mount any serious form of land effort in Libya," a historian says.
Press TV has conducted an interview with American Author and Historian, Webster Tarpley to further discuss the matter.
Rick Rule: On volatility
Rick Rule, Founder of Global Resource Investments LP discusses volatility in the gold & silver market with Eric King of King World News......listen here
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