by Harvey Organ
Harvey Organ’s Daily Gold & Silver Report

Good morning Ladies and Gentlemen:

Gold closed up today to the tune of $36.70 to $1591.60. Silver followed suit rising by 20 cents to $27.34. Late last night, Moody’s lowered the boom on Italy as their credit rating falls to Baa3 two steps above junk. Once Fitch joins the party then the Italian banks will need to fork over more collateral as their LTRO swaps are hugely underwater. Also in the news, the CEO of Peregrine Best has been arrested. JPMorgan before the release of earnings has stated in an 8 K filing that some traders have been involved in hiding the true value of their credit default swaps as they marked them much higher than they ought to be. The regulators are going to have a field day as JPMorgan just through the entire CDS market under the bus. The JPMorgan reported on their earnings. The loss of the CIO ( I G 9) came in at 4.4 billion dollars but they “made” a profit by reducing their loss reserves. Going forward JPMorgan has lost its major profit centre as the CIO will be shut down. The fun will begin as losses on its interest rate swaps are reevaluated especially with the libor mess. We will go over these topics and others and first let us discuss comex trading for Friday.

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