harveyorgan.blogspot.com / March 27, 2013
Good evening Ladies and Gentlemen:
Gold closed up $10.60 to $1606.40 (comex closing time). Silver fell by 6 cents to $28.58.
Here are the final access closing of gold and silver:
gold: $1605.4
silver: $28.69
In physical news at the comex, the CME reported another 5 gold delivery notices filed equal to 500 oz , the number of gold ounces standing for delivery remained the same and thus 13.15 tonnes of gold are the standings for March delivery. month.
Silver eagle sales are 3.4 million oz with 4 days left in the month. Last year in March we had 2.5 million oz of silver sold in the entire month. Silver is still on fire.
Late yesterday, zero hedge brought us a story which suggests that we had major leakages out of the Cypriot banks these past two weeks. He even suggested that maybe all of the Russian money was already out of Cyprus. This morning the contagion of the Cyprus mess was translated with the Euro falling below the key 1.28 mark and settling at 1.2775. Tomorrow the Cypriot banks are scheduled to open by noon time. However there are major controls set by the government as only 300 euros will be allowed to be taken out each day. Moody’s lowered its credit ratings on Cyprus to Caa2 which is a few steps away from bankruptcy. Moody’s noted that the European exercise to bail out Cyprus has probably made an exit problematic for this island nation. Zero hedge believes the next nation to ask for a bailout will be Slovenia. Mark Grant believes it will be Luxembourg.
Spain saw it’s 2012 deficit rise due to faulty tax accounting.
Italy had a terrible day as it had a failed bond auction. It’s 10 year bond yield rose a huge 14 points. Italian industrial sales and orders collapsed last month. Grillo refuses to ally with any of the two major parties. Bersani has until tomorrow to form a government and it does not look likely.
Egan Jones just got downgraded the UK to A + from AA-.
We will go over these and other stories but first…………………….
Let us now head over to the comex and assess trading over there today: