tyb
MarketFag update: just under 5m ozs (4.90m) transferred from 'eliglble' to 'registered' on the COMEX yesterday after a record low the previous day & FED Emergency Bank Bailout Facility another record high
And this is the same type of price action that closed out the first qtr in mid-to late Feb so the price will probably challenge the recent low of just over $20 achieved at that time. The end of Q2 is next Friday so theY have been driving the proce down so that it reflects a lower amount for the qtlry print that occurs next Friday, June 30th.
Just as the next big delivery month begins, July-they can start doing it on Friday June30th for July contracts..we have a replenishment of deliverable Silver for that process to start (June is not a big delivery month). This was taken out of the 'Unwarranted' or 'Eligible' category and shifted (by magic!) to the 'Warranted Metal for Futures (i.e COMEX) Deliveries. Just as it was at one of the lowest points since it's been tracked-and that includes the proce run up in 2011-and slammed down by about $6 from $49.6x on a Sunday night-which just 'habbened to coincide with the news announced that UBL was captured and killed. This habbened to the second-see cap#5
The other news is that the Banks continue to 'hit' the Emergencgy Bank Failiout Facility (another new record high)-see article link from ZH below and some additional comments in bold and () about Money Market Funds and the New York Federal Reserves Reverse Repo Program-which is ran out of the US Treasury's Exchange Stabilization Fund (ESF) which is unlimited in scope-this was created as the Plunge Protection Team (PPT) after the 1987 Market crash. It is not just used as a pump mechanism either it can (and has been) to exacerbate drops as once you get one going it's not hard to pile on the selling. SO just becasue it's called 'Plunge Protection' that doesn't mean it isn't used to facilitate or exacrebate one.
America's Darkest Secret: The Exchange Stabilization Fund
https://steemit.com/informationwar/@richq11/america-s-darkest-secret-the-exchange-stabilization-fund
There was also a large addition of silver into the SLV ETF (BlackRock is the custodian, JP Moran a Trustee along with Bank of NY Mellon and Virtu Financial-a HFT market rigging operation) of that) this week, on Tuesday when the price was down significantly. You can see on the 2 year chart-cap#3 that they (SLV) actually lost (sold) ozs during the early March time frame (red arrow) as the SVB banking situation was unfolding-they are unable to get hands on the physical that it says it buys to add to the ETF so in order to increase the 'value' of the ETF they simply decreased the amount of shares it held so they did not have to buy any (it's fake accctoungtin anyway) to 'add' to the trust-that in itself has also been covered exhaustively in QR and QRB.
Fed Emergency Bank Bailout Facility Usage Hits New Record High; Money Market Funds See Another Small Outflow
For the second straight week, money market funds saw outflows, falling $18.2 billion - the biggest weekly decline since Xmas week 2022 (ex-tax day drop)…And for the second straight week, all the outflows were institutional (-$24.89 billion) while retail funds saw a ninth straight week of inflows (you can also see this in the NYFRB Reverse Repo Facility (RRF) useage-which has been declining since the US Treasury has to have someone buy the $1T of UST Notes/Bills to replenish it's cash balances-see cap#4)
Is this related to the chase into tech stocks? (No it is related to the US T issuance and Reverse Repo Facility being used less and less as today if finally dropped below the $2T a night mark @ $1.994.711T-and the first time under $2T since June 2, 2022 barely-with a coupon (rate) of 5.05%-and the rule is that the RRF has to be 5 basis points higher than the low end of the Fed Funds Rate-which is 5%-5.25% hence the 5.05% for risk free munee GUARANTEED).
(So the bottom line here is that munee is being put to werk in US Treasuries again (albeit slowly) and this is another MAJOR reason why the FOMC is D-O-N-E raising rates (unless it is their intention to crash the system before next years election-I highly doubt they will since with a few rare exceptions they have always crashed the markets with s Republican President in charge so they will likely wait..also CBDCs will wait until then too since I cannot see them lining it up to be put at fault for that introduction prior to the 2024 election season and cycle…unless they do it really quick and that is not out of the question eith but highly unlikely imo.)
See and track that (NYFRB Reverse Repo Ops) daily operation here: https://www.newyorkfed.org/markets/desk-operations/reverse-repo
The money market fund outflow (which leads banks deposit data by a week), is interesting because it comes after banks saw a huge deposit outflow the prior week. Having gone nowhere for two weeks, The Fed balance sheet shrank by $26.3 billion last week, basically back in line with pre-SVB levels. As far as QT is concerned, The Fed sold a decent $19.4 billion of its assets, down to its lowest since August 2021 (another misnomer….they simply expired and rolled off the balance sheet-if you or I owned them we could claim we were doing QT too so total Bullshit there) The US central banks has $106 billion of loans outstanding to financial institutions through its two backstop lending facilities. With banks' usage of The Fed's emergency Bank Term Funding Program rising once again to a new record at $102.7 billion (up $0.8 billion from last week), while discount window usage slipped $0.4 billion to $3.2 billion.Finally, as a reminder, banks have 9 months left under the original 12-month BTFP Fed bailout program to find a way to stabilize their balance sheets.Not only have they failed to do so, usage of the BTFP facility is at a new all time high, and yields are rising even more (great MTM losses).
https://www.zerohedge.com/markets/fed-emergency-bank-bailout-facility-usage-hits-new-record-high-money-market-funds-see
>>19048494 MarketFag : COMEX trading from yesterday(June19th-the big drop on the NYMEX open): 665.585m ozs in paper dumped on it
With PM's and Fed rate raises/pauses and it's overall shenanigans' and what they call "strategies" have been about 90-95% correct with what I have posted.
Don't give any advice on equities or anything to buy and /or sell except hard assets-get as much of those/that as you can.
No longer trade so can't speak to that but let's just say I took muh pile in 2013 (cuz I was fed up with the manipulation) and I still have a nice portion of it left and in other things.
That's about as far as I will take that in public