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DrStool

Gap City Rollers - 3/18/20

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New York prices are gapping and reversing daily. It's madness if you don't stay up all night trading the fucutures. 

 
 

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Stocks and bonds are trading like pork bellies back in the day. 

I want a sound bite of me telling Lindsay 10 days ago that there are dead bodies and that they've taken their banks with them.  

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All the proof you need that the banking system is now insolvent. The only thing now backing your bank deposits is the Fed lending repo to the banks, who can't borrow it because all the collateral is already pledged. 

  12 hours ago, sandy beach said:

Of the trillion the Fed offered yesterday the banks took down $150 billion. VIrtually all of that was in the AM operation. In the PM operation they only took $10 billion. THere's no collateral. So the Fed reopened the PDCF, which is basically a no money town, good credit, bad credit, we finance everybody payday loan, except at 0 interest.

We're fucked.  It will be interesting to see the numbers on that in next week's H41.

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The spreads between spot and dealer PM price have jumped in the past several days. Silver even more than gold. Silver eagles at dealers are selling for $10 above spot for bulk purchases, $12 for small purchases. 90% junk silver at dealers is selling for $20/ounce, or about a 2/3 premium to spot. The premium on gold eagles over spot is much less but has increased around 50% in recent days, to around 7% for bulk purchases, or twice the normal premium. Under anecdotal, could be meaningless, junk silver on eBay is in much shorter supply than normal, listings way down, and what's there is selling for around 30-40% over spot. And all forms of macaroni are sold out on Amazon. 😶 The fear is real. 

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I saw yesterday that the market for a certain type of trucking, I'll call it on demand, is very high. The supply chain is buzzing. GM, Ford, FCA and Tesla are still building cars. 

https://www.caranddriver.com/news/a31716966/uaw-ford-fca-gm-coronavirus-wont-close-plants/

I have no clue how much other heavy manufacturing, or light manufacturing for that matter, is continuing.

I'm not sure this info is of much use but for the time being it's good to keep in mind the economy hasn't stopped.

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1 hour ago, Private Skidmark said:

The spreads between spot and dealer PM price have jumped in the past several days. Silver even more than gold. Silver eagles at dealers are selling for $10 above spot for bulk purchases, $12 for small purchases. 90% junk silver at dealers is selling for $20/ounce, or about a 2/3 premium to spot. The premium on gold eagles over spot is much less but has increased around 50% in recent days, to around 7% for bulk purchases, or twice the normal premium. Under anecdotal, could be meaningless, junk silver on eBay is in much shorter supply than normal, listings way down, and what's there is selling for around 30-40% over spot. And all forms of macaroni are sold out on Amazon. 😶 The fear is real. 

I manage one of the largest private depositories in the country. I buy and sell metal, a lot of it. All I can say is that most dealers are grouching the living $hit out of their customers right now. They are not offering immediate delivery metal with these extraordinary premiums. Wholesalers have raised their prices but not like the retail dealers. Mints have not. Case in point, I have been selling silver 100 oz bars the last 2 days at most, 95 cents an ounce over spot. Most other dealers are at $4 over spot.silver eagles  $3.25 over spot, most other dealers $7 over spot.  This comment is not meant as a commercial but rather an insider that is seeing retail dealers spread fear and panic while premium spiking their products that they do not even have on inventory.

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39 minutes ago, potatohead said:

I manage one of the largest private depositories in the country. I buy and sell metal, a lot of it. All I can say is that most dealers are grouching the living $hit out of their customers right now. They are not offering immediate delivery metal with these extraordinary premiums. Wholesalers have raised their prices but not like the retail dealers. Mints have not. Case in point, I have been selling silver 100 oz bars the last 2 days at most, 95 cents an ounce over spot. Most other dealers are at $4 over spot.silver eagles  $3.25 over spot, most other dealers $7 over spot.  This comment is not meant as a commercial but rather an insider that is seeing retail dealers spread fear and panic while premium spiking their products that they do not even have on inventory.

Will we get arrested for trading on this. 😄😄😄

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5 day cycle projection on the fucutures 2250. 

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Mnuchin on the phone with Cramer on caca-vision just now.

Just a couple of average Joes talking through things - an “outside the box” exercise.  

Cramer floated the idea of the USG creating a new govt institution aside social security that would invest in Boeing stock, so that Americans could benefit from its eventual returns on bailout.

Then, he floated the notion that this Institution alongside social security might also invest in corporate bonds. With the implied understanding that this would be, you know, for the benefit of the American people.

Just a couple of average Joes chewing over ideas on live TV.

it’s not like they were floating trial balloons or something - please, don’t get the wrong impression.....

 

 

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