Gold is edging higher Monday morning as bargain hunters race back in before dumping again later this week. Gold last reported a.m. is $1191.00 and silver is $16.66
Greece’s government spokesman Gabriel Sakellaridis said today that while Athens intends on meeting all of its payment obligations including nearly a 1 billion euro payment to the International Monetary Fund in May, it needs fresh funds before the end of May. Stating the obvious that “liquidity is the issue”, Sakellaridis said the Greek government is not going to wait until the end of May for a liquidity injection.
Talks remain underway with the new Greek negotiating team between representatives of the ECB and IMF renamed the “Brussels Group” as all sides face the reality that unless Greece receives much needed stimulus, it will not make it’s scheduled May payments.
Labor Minister Skourletis said the IMF was unyielding on its demands for labor reforms, including pension cuts, mass layoffs and resisting a plan by the new government to raise the minimum wage. Greek officials understand that required “mass layoffs” coming at a time when Greek unemployment is already running at 25 percent, will be rejected by citizens and throw the country further into economic and political turmoil.
There really is no good scenario where either side wins. Trillions of dollars in derivatives are at stake and default could decimate many of the EU’s largest banks reaching the U.S. An agreement may be reached but for Greece the end result is bankruptcy.
JP Morgan continues massing silver at record levels, for unknown reasons. Official records show JP Morgan holds around 55 million ounces of silver in its vaults but the actual number is probably considerably higher. The bank has repeatedly held down silver prices by questionable activities in the futures markets (COMEX) since 2011.
Between April 7 and April 16, COMEX silver deliveries to JP Morgan were as follows:
April 7th: 1,110,000 ounces
April 8th: 1,280,000 ounces
April 9th: 893,037 ounces
April 10th: 1,200,224 ounces
April 14th: 1,073,000 ounces
April 15th: 1,191,275 ounces
April 16th: 1,183,777.295 ounces
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