Silver, Gold and Crypto - Daily Digest: October 9, 2017 - Chinese are back after golden week off!

Folks, the markets are still open and for a change gold and silver are up and likely to remain up for the remainder of the session today.

As I mentioned in my blog last week, China had the golden week off last week and cartels took that opportunity to smash or try to smash the prices as much as they could. I think the luck ran out for them though. Well, Chinese are back and are backing up the bus to take advantage of the low price. Gold is currently at $1280 and silver back to around $17. Nothing to get excited about just yet though as this game will continue until the time there isn't any gold and silver left for delivery or till the time stackers feel happy with their stack. I don't think stackers will ever feel satisfied with their stack! :-)

In case you missed the news, Swiss Bank, of all the banks, has come out and mentioned that they won't be transferring the account holder's gold unless the account holder is present and withdraws the gold. This is big news as it pretty much destroys them as an option for storing the gold and carrying out the transactions remotely.

The second news is an article by Bill Holter suggesting that by October end, COMEX will indeed be out of physical silver. I had written a blog on this topic about a month back.

Cryptos are having a very skewed day today. Bitcoin is sharply up to $4,850 while all other coins are down. This is a bit of anomaly as for sure Bitcoin and Litecoin move in tandem and generally, when Bitcoin goes up, it tends to take all other coins along with it. The only explanation for this could be the hard fork Segwit 2x that is coming up for Bitcoin and people are thinking that just like the last split where an equal number of Bitcoin Cash was created for Bitcoin Coin, this time around same thing will happen. I don't have enough details on how this will play out. Not to forget that Ethereum fork is also just around the corner.

On the Geopolitical front, USS Ronald Reagan strike fleet has left South China sea moving closer to Korean Peninsula. I wouldn't be surprised if after next missile launch by North Korea there is some exchange of fire.

Germany is finally regretting the open door policies for the immigrants. Turkey, Iran, and Iraq are figuring out the way to contain Independent Kurd region, Italy banks are getting weaker, Spain is dealing with Catalan, Russia is busy taking out enemies of Syria, Pakistan is looking for trouble, China playing childishly with India border dispute despite the US and UN support, Australia is experiencing financial constraints with highly leveraged banks, Brexit is making no progress and the list goes on.

All in all, it is going to be a fun month and a month to be prepared and be safe!