Market Curiosity: Exploring Markets And Systems

March 17, 2011

Silver update March 17th, rumors about JPM offering premiums, possible extortion

Filed under: Just Watching — Tags: , , , , , , — Jeff Fitzmyers @ 10:31 pm

Not really much change on the COMEX partial backwardation.

JPM COMEX default rumors: I’m still waiting for my 3 contracts to be delivered. I’ve already been offered cash for my 15,000 ounces of silver, which is totally illegal. The COMEX must deliver and I’m now getting brushed off. They told me that I may not be getting my silver delivery, but they’ll give me shares of SLV + a premium of 70%. I have a feeling that after March it’ll be impossible to get the silver at the current price from anyone.

I don’t know if these stories are true or not, but just the fact they keep cropping up, and are very logical is interesting.

It would be normal to tag the yellow rising 34 ema.
+ Closing above the blue 10 ema is bullish.
+ The daily yellow CCI is low enough to turn up.
+ There are now likely 4 stabs below 34 frn’s/oz.

This chart includes after hours trading at 10 pm PST. After hours trading still takes a back seat to COMEX trading so things could very well look different in the morning.

A possibly significant fundamental story is The Ticker Guy’s Nuclear Problem In Japan: Is Obama Partly Responsible? The alleged extortion:

2226: The Yomiuri Shimbun newspaper, quoting a senior official of the ruling Democratic Party of Japan, said the US made the offer immediately after the disaster damaged Fukushima No 1 nuclear plant. According to the unnamed senior official, US support was based on dismantling the troubled reactors run by Tokyo Electric Power (TEPCO) some 250 km (155 miles) northeast of Tokyo. However, the government and TEPCO thought the cooling system could be restored by themselves, the report said.

I don’t know if it’s true, but it’s makes sense in many ways. As many have pointed out, a child could have dumped a bunch of generators on site and hooked them up by now. Veracity aside, this info is apparently getting a bit of visibility in Asia. And everyone knows the US gov needs to have bonds well bid and silver well offered or the music stops. If people get a bit upset about it….

Also, Raymond Merriman’s silver index is suggesting a reversal.

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