The paper dump on gold and silver continues early in Friday’s Asian session, as the cartel attempts to extend today’s Globex sell-off. The in-progress raid has stalled once again at $32.60 in silver, and just above $1735 in gold.
Look for the cartel to throw everything at the market in an attempt to force silver below $32.50, triggering stops, and forcing silver down towards it’s 50 DMA.
Silver’s Globex clubbing, and latest waterfall decline to $32.60:
Gold should find strong support near $1720-$1725 should $1730 fail:
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
What we are witnessing are the death throes of a failing, corrupt economic system. While the future is still uncertain, it does seem that the plans of TPTB are imminent economic collapse, hyperinflation, and eventually, WWIII. In the meantime, it seems as though Wall St. is pulling out all of the stops to ensure an Obama victory in November. I therefore expect to see further retreats in both the futures markets, and in the price of consumer commodities (i.e., gasoline), through election day, but a dramatic reversal shortly afterwards. $50 silver by January still seems like a sure bet to me.
That’s only 3 months away. I don’t expect a pull back in consumer commodities in that short amount of time, especially Gas being the conflict in the middle east is beginning to heat up. If anything it will remain the same, but I doubt it. As for Wall St. “pulling out all the stops to ensure an Obama victory in November” , I respectfully disagree there too. Rick Santelli is a realistic representative for the traders and there’s nothing in it for them with the current administration. Obama wants their wealth. Lets flash back 3 1/2 yrs ago.
At any rate its hard to image either candidate preventing the results of extreme debt and budgetary deficits.
Stack it before it’s gone.
I feel like’a chicken in a coop with the fox busy ,in and out with steaing baby chicks! and all the other chickens ,roosters turning their heads untilthey come for you.
The more the cartel smashes the price of silver, the more physical is taken off the market. They can create all the paper silver they need to suppress the price on the short term, but all that does is allow the big Asian buyers to acquire more physical at a cheaper price. When the LBMA and/or COMEX runs out, it’s game over.
Tomorrow feels like a good day to swap my gold phyzz for some more silver phyzz!! And buy buy more nice when a smash falls on a pay day. Thanks Jamie!
I wish people would stop refering to “the election.”
http://en.wikipedia.org/wiki/Charybdis
I think we should be able to vote for Who is going to be Rich. The ad would go like this: “Hi! My name is Joe Schmo and I have been your Rich Person for the last 4 years and if your Life has gotton better please put your X in this little box here.”
I agree with you 100% that the election is a sham. I’m not sure exactly what the meaning of your link is, but if you mean to say that democracy is a myth, than I agree with you there too. Regardless, at least 47% of America still believes in the American Fairy Tale, and as Jim Rogers says, there’s no arguing with human stupidity.
Nowadays, elections are fraud especially with the two-party system in place. The only person that I can trust is Gary Johnson who has the same ideas as Ron Paul and he’s a Libertarian. The Libertarian party only needs 5% of the votes so that the two-party system could end.
Okay, so what? The reality is depreciating Plantation Scrip offered for hugely over-leveraged, ultimately un-deliverable ‘claims’ to silver in the possession of myriad other people. More and more, those ‘other people’ are increasingly reticent toward trading away their holdings.
All that’s happening here is a ploy of alternating ’greed and fear’, where the ‘paper hangers’ are testing the two ‘motivational’ capacities to ‘break’ the resolve of the physical holders.
The illusion behind both the ‘fear’ and ‘greed’ entirely hangs on maintaining belief that Plantation Scrip has viability outlasting that of the metals. To recognize that the banknote scheme is mathematically impossible of such viability and that the sequential steps of its demise have been ticking off toward culmination, steel the nerves of those who keep this process in constant view.
Excellent post! They will never break my resolve!
It appears that just after 4 this morning they brought out the big guns and got it well below $32.50. I know “stack the smack”, etc., but I still find this a bit depressing.
Silver has already broken the $32.50 barrier… can the Cartel bring us back below $30 again? I wouldn’t put it past them.
In response to Ciand0on’s reply to me earlier comment, allow me to reiterate my position. The decline in commodities prices that we are seeing is going to be EXTREMELY temporary, and will only bolster the population’s acceptance of Obama’s coming re-election (a forgone conclusion, I’m afraid, not that it really matters much anyway).
Come election day, we are going to have yet another ‘extremely close’ race (the hallmark of the secret ballot system, it seems). When the dust settles and Obama is declared victor due to a tiny electorate margin, the TV pundits will be able to say “Well, at least Obama was able to bring gas prices back down to the $3.00 level for election day. I guess that’s convinced American voters to give him another chance.” Never mind the fact that gas is going to be well over $12 a gallon as soon as the bombs start dropping on Tehran in three months, which looks like it is going to happen no matter who is elected.
This next couple of weeks may represent your final, best buying opportunity to stack as much silver as you can below $35. After the election, all bets are off. This is my prediction, and you can call me out on it if I’m proven wrong.
Superior Bullion, You couldn’t have missed it any further than your analogy. The cartel knows the puppet, Obummer has lost his strings. He can no longer blame Bush. However, a Romney President would be able to blame Obummer for EIGHT years. All the while the cartel sits behind the scenes as the people continue to accept this blame game that keeps the populace divided. Obummer IS DONE! The cartel has already chosen their man, ROMNEY. That is why I will be writing in Congressman Ron Paul.
The disadvantage most silver stackers face every day is that they do not have the number ratios between the paper market and the physical. On the other hand, the thieves know immediately as to their effectiveness in pushing the price down. And if you think a falling silver price cannot put a knot in your stomach, you must have purchased your silver after May 1, 2011. Plus, these poor excuses for animals will take silver down as far as they can, then keep it there until they are ready for it to rise again.
Even those who started to purchase silver after November 2011 like me got used to the raids. With my experiences with previous raids, this one was very kind compare to the other raids. Before, one raid could’ve crush silver’s price by 2$ in one shot. Now, it took the cartel one shot to crush silver’s price by 0.50$.
I don’t see the sink thrown yet and the price of silver continues to fall to $32.43. I know things are getting tighter, but most just do not acknowledge to power and influence the cartel still has. Could they push silver below $30/oz. Anything is possible and they just might do it. Long term though, physical silver will win big time. But I would not use my lunch money to buy silver right now. You might end up losing your lunch.
This feels like a game. The cartel is the bad guys and we are the heroes of the silver market who are using silver bullets and silver shields. The “stuff” that the cartel is throwing out are like smaller bad guys to buy some times. Once they run out of bad guys, they’re going to throw themselves into the market and at this point, this is going to be the final boss. Once the cartel is defeated, we saved the silver market!