With a mountain of litigation claims against banks, today King World News interviewed the man Jim Rickards calls the best bank analyst in the country, Chris Whalen co-founder of Institutional Risk Analytics. When asked about JP Morgan’s exposure from litigation Whalen said, “The surviving 33 claims which are straight forward securities fraud claims, much like WorldCom, Enron and that sort of thing, those claims were settled at 50 cents on the dollar.
So today of the trillion dollars or so in class action claims that were filed right after the crisis started, there’s about $200 billion left that have survived motions to dismiss and other procedural efforts by the banks to knock this litigation out. JP Morgan has somewhere around $45 to $50 billion worth of current claims that look like they are going to go to trial.”
From Jesse's Cafe sent in by Shaza as I missed it.
Gold Daily and Silver Weekly Charts - La Douleur du Monde - Most Likely to Go Supernova
Greece is First Car in Fiscal ‘Train Wreck’: RBA
Macro Economic Clues Through the Metals Charts
Some metals are used to gauge the health of economy either at home or abroad or specific sectors. Others are used to to talk about inflation expectations. It makes no sense to put these long term concepts into the daily or even weekly charts of the price action for metals and hope to glean insights. These concepts play out over months not days or hours. Since it is less than two trading days from end of the June and the Greek austerity vote has passed, I am going to gamble on current monthly ranges for the major metals not being violated and see what we can learn looking at the monthly Futures charts using the Andrew’s Pitchfork.
Robin Griffiths - Buy Silver, The Lows for the Correction