Tuesday, 27 November 2012

Let's dance..................from Rico

OK, the DTC 'flooding' a month ago during Sandy and all those paper certificates being water-logged in their Manhattan vault was one thing.

Today is quite something else, and the collars don't match the cuffs.

CME announced that it's Manfra (MBT) bullion depository can't deliver bullion right now because of Sandy (force majeure).
- Sandy was a month ago. What? No sump pumps available? Does it take longer than a month to 'rig' some tungsten-filled delivery bars?
- Manfra is a bullion depository. Metal, not paper.
- Manfra is next door to the NY Fed that says its vaults 80 ft underground and 50 ft below sea-level are operating just fine (unless you're Deutsche Bank and want a look at your Gold).
- Followers of Harvey Organ know that Manfra has been 'busy' all month, at least according to their daily-reported accounting activity.

How very convenient for our Cartel, especially since today is both Gold and Silver expiry on CME's COMEX, and Friday is First Day notice.
- 'Sorry old bean, can't deliver physical just now. Water-logged. Sandy, you know, harrumph! That's a good chap, be patient for a while.'

Of course, the inconvenience and extra cost of taking delivery from another CME facility wouldn't have ANYTHING to do with 'discouraging' anyone standing for physical delivery right now.
- Nawwww! Say it ain't so!

Perfect example of the Cartel's "two step" dance, or is this like the song 'gimme two steps towards the door?'
- Or, is it instead one more 'indicator' of a squeeze on physical supply?

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