The world is on fire. We are seeing history in real time. Maybe these lunatics are going to be right:
I'm sure that Blythe is pulling for them...
Oh, my goodness, what a day. What a week! This has been crazy!
March silver open interest basis last night remained high at 39,528. Surely, more rolled today but how many? There is still plenty of suspense as we head into tomorrow and Friday. However, even if the EE survives this month, the back-channel publicity this squeeze has gotten has exponentially grown the amount of people who are now aware of the inevitable Comex default. The EE may buy time until May but May's going to be a bitch! Frankly, I hope that they do survive because I will be loaded and ready come early May. I'm sure you will be, too, and we're all going to make a lot of frickin money.
Let's start to day with an update of the crude oil chart. With Libya in chaos and the very real potential for this to extend to Saudi, well, lets just say "all bets are off". Anything, and I mean anything, could happen.
If we continue with an orderly climb (if you can call $5/day orderly), there is nothing stopping oil from making it to $110 or so before encountering some resistance. Again, if you wake up tomorrow and Libya's oilfields are all on fire??? Uhhhh, lets just say there won't be much resistance at $110.