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Patrick Souther

Joined: 09/04/15

Comments by Patrick Souther
Chart Of The Day: Oil Pullback Before Decisive Breakout Apr 09, 2015 5:35PM ET
Thank you for this well written piece. I concur with the sentiment that the current drop is just a temporary pullback. These oil prices are currently at an extremely depressed level and it will only be a matter of time before the oil price breaks out. We're already starting to see some signs of the oil price firming back up.
Austria Ceases Bank-Deposit Guarantees Apr 09, 2015 5:32PM ET
I remember there was a well documented visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on the most recent bar list at that time. It was later discovered that this "GLD" bar was actually owned by ETF Securities. I've always suspected GLD of gold hypothecation but saw no real evidence until that visit. The lack of insurance is incredibly convenient for bullion lending.