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Silver and gold rebounding

June 3, 2011

They are odd the lows here with the s&p still at lows. If they can break stock market correlation they will be on great shape.

Ugly today

June 3, 2011

The jobs number was terrible and sent stock futures down a bit over 1%. Silver and oil are getting hit hard but remarkably gold is hanging in there. for silver I think we might see 35 hold but 30 might be the real number.

Pemex sues US companies over buying stolen gas

June 2, 2011

My guess is that the US gov will fine the US companies a few thousand bucks, then they will use that money for AR15’s which they’ll pass along to the Mexican drug cartel.

Eleven U.S. companies are being sued by Mexico’s state-run oil company Pemex for purchasing as much as $300 million worth of fuel they say was stolen by drug cartels and smuggled across the border to America.

Pemex’s suit was filed in a U.S. district court in Texas on Sunday, and claims some companies worked with Mexican drug gangs to forge documents and illegally bring natural gas condensates in the U.S.

The complaint filed by the Pemex’s exploration and production (PEP) unit read:

“The defendants have participated and profited—knowingly or unwittingly—in the trafficking of stolen condensate in the United States and have thereby encouraged and facilitated the Mexican organized crime groups that stole the condensate.

“PEP has lost large amounts of its condensate, at times approaching 40 percent of the production of condensate from the Burgos field. Since 2006, more than $300 million worth of condensate has been stolen.

“Since August 2006, no Pemex entity has sold PEP condensate. Thus, any Mexican condensate which entered the United States after August 2006 was stolen and brought in without title or right.”

Mexican relies heavily on the revenue from its state-controlled oil industry, as it accounts on about 40 percent of the government’s annual revenues.

Pemex truckers were held at gunpoint, the lawsuit says, and the criminals even built pipelines and tunnels to move the gas condensates into the U.S.

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Here is the game summary.

June 1, 2011

All things exchange listed seem to trade in pure correlation of the EUR and inversely to the USD. While I view the US and EUR economies as essentially the same, the market currently does not. The EUR was up strongly the last 24 hours and that brought some selling into the market, until news came out the Moodys was downgrading Greek debt to just about junk. Money then flowed from EUR to USD causing everything to sell off. To figure out which way markets are generally going to move you must figure out which shoe drops first: EUR or USD.

Silver pounded

June 1, 2011

Moved down about 3% in last few minutes. Looked like Moody’s downgraded Greece causin the euro to drop. This in turned pushed USD up and smacked everything, especially silver.

Silver and gold qe3 dependent

June 1, 2011

Gold staged a solid rally as the economic numbers continue to worsen. Silver didn’t move much, but I bought some out of the
Money SLV calls in anticipation of an “official” launch of QE3. Should that not come I think gold and silver are going to have a hard time pushing to new highs.

Russia Says IMF Chief Jailed For Discovering All US Gold Is Gone?

June 1, 2011

This site is a bit, well, strange but its a really fascinating story. Certainly no way to tell if this is true.
“A new report prepared for Prime Minister Putin by the Federal Security Service (FSB) says that former International Monetary Fund (IMF) Chief Dominique Strauss-Kahn [photo with Putin top left] was charged and jailed in the US for sex crimes on May 14th after his discovery that all of the gold held in the United States Bullion Depository located at Fort Knox [photo 2nd left] was ‘missing and/or unaccounted’ for.

According to this FSB secret report, Strauss-Kahn had become “increasingly concerned” earlier this month after the United States began “stalling” its pledged delivery to the IMF of 191.3 tons of gold agreed to under the Second Amendment of the Articles of Agreement signed by the Executive Board in April 1978 that were to be sold to fund what are called Special Drawing Rights (SDRs) as an alternative to what are called reserve currencies.

This FSB report further states that upon Strauss-Kahn raising his concerns with American government officials close to President Obama he was ‘contacted’ by ‘rogue elements’ within the Central Intelligence Agency (CIA) who provided him ‘firm evidence’ that all of the gold reported to be held by the US ‘was gone’.

Upon Strauss-Kahn receiving the CIA evidence, this report continues, he made immediate arrangements to leave the US for Paris, but when contacted by agents working for France’s General Directorate for External Security (DGSE) that American authorities were seeking his capture he fled to New York City’s JFK airport following these agents directive not to take his cell-phone because US police could track his exact location.”