I know, I know. "Unexpectedly" is perhaps the most disingenuous and over-used word by the American financial media complex today. It cleverly implies "Gee, who could have seen THAT coming?" ...I rest my case.
UNEXPECTEDLY (at least in the American financial media complex...yes, I'm talking to YOU Bloomberg, MSNBC, CNBC, et al, although there was some 'infotainment' from Maria Bartiromo's interview of Jennifer Anniston concerning 'hair') it was an article in today's Sunday edition of the "South China Morning Post" where we learn that the HKMEx (Hong Kong Mercantile Exchange) has announced that it will NOT reopen for business Monday morning, 20 May.
- All 'open' positions will be 'closed-out' and settled in cash (paper fiat) ...NOT physical bullion, at a settlement price determined by HKMEx...to 'protect' their clients best interests (you know, those silly blokes who 'thought' they owned a Gold position). Gotta just LOVE these weekends, eh? Makes me wonder what surprises America's Memorial Day Weekend may hold for us?
If anyone needed further convincing that we're looking at a huge shortage of physical Gold and Silver bullion in the fractional reserve paper bullion Ponzi game after MF Global (gee, it 'vaporized') and ABN Amro (no more physical deliveries), this should be a 'wake-up and smell the coffee' moment.
- And while we're speaking of "unexpected" the registered Gold bullion inventory at the COMEX is at an 'interesting' LOW right now, making me wonder how the LBMA stands...and how it will handle the "rush" to acquire physical bullion in the wake of this news when it reopens Monday?
Monday, 20 May 2013
Unexpectedly.......................from Rico
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