Gold Goes Kablamo, Yellen Thinks She's a Goddess, 2008 Ghosts Haunt NYCB

And Israel will be invading Lebanon after Passover, goes the rumor mill around me.

• Gold open interest is up 43K in 2 days, that has to be a two day record though I don't have the data to prove it.

• Retail investors have not yet made a move in the gold market, ETFs had no inflows, and premiums are down in the physical market.

• Deposits are down and bank credit is steady, while New York Community Bancorp is about to die due to impairment ghosts from before 2008.

• Israel war update, we're invading Lebanon after Pesach apparently, maybe, goes the rumor mill.

• RRPs fall to $441B, and Yellen thinks the dollar is indestructible and that she is a goddess or something.

• I will be sending an update to the Biblical playlist to founding members today.

Gold open interest explodes by 30,269, and by 42,700 in two days. That's a trend change if I ever saw one. We have a long way to go here. I don't have the means to check this, but if it's not the biggest two day increase in open interest, it's up there somewhere in the top 10.

Remarkably, GLD added almost nothing to its coffers despite the huge volume. Only 30K ounces, a comparatively tiny amount. IAU, the second biggest gold ETF, actually lost 20K. This was focused on the futures markets. Retail missed it entirely. Premiums are also down across the board. So at least from the data I'm seeing, Friday was not a particularly big day at the coin shops either. Which means this is bank driven, financial system core. If the retailers and the stackers have yet to make their move, that means we are likely at the beginning of a trend change.

We also had the highest weekly closing ever, at $2095.