Today not much has happened in PM’s. I had a couple of friends on zh asking me yesterday: “Silver, is true PM’s are going to collapse tomorrow?” Nope, I said, unless Ben would come out saying starting tomorrow no more heroin money for the markets… And that, of course, did not happen, could not happen, and will not happen simply because is the only glue keeping the pieces of this economic travesty together! Not now, at least. Some FED big name is pushing for ending QE by this year, or half of 2014, some others are willing to wait until the job market (already a joke of cooked numbers) improves. Good luck with that! So, at first the PM’s world already modestly up, took a bit of further push up after 2:00 and is now posting very small losses or just about the way it opened. Even a little better than I expected , and for the records, they did exactly what we said last night: starting a little positive, then reverse after FOMC but nothing extraordinary. Maybe less and less people are believing the clowns P.R or afraid of the boogeyman Bernank!
Physical front:
This morning at opening, 9:30 or so, APMEX called us looking for 90% silver, offering to pay 2.75$ OVER SPOT, which is a very high premium. This is a good indicator of a diffuse low inventory for 90%. we raised our sell price for 90% about 50 cents and we are paying also 35 cents more, we are very short 90% silver compared to the usual supply. Some bullion gold premiums are down 5$ or so for AGE , MP and Krugs. Gold and silver untouched by the FED, oil is the big winner, 3% up , very close to 107$ and the major level at 108$ and change, that is a strong resistance, something to monitor closely. US$ index also lower from profit taking, Ben and technical correction after hitting the 3 yrs high on Tuesday.
Later folks, we can turn the lights off, the Boogeyman was a bluff, one more time…
