![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
With Sunday’s Greek vote threatening to extend the current status quo indefinitely in Greece in Europe as Syriza was unable to win a majority in the Greek elections, silver gapped above $29 on Sunday night’s Globex open. As this obviously could not be allowed, it was instantly beaten down to $28.40, and sent as low as $28.21 in early COMEX trading this morning.
Gold received an even more blatant manipulative take-down, opening up $2 before immediately being smashed $20 lower to $1610.
Does anyone think gold and silver would have traded any differently had Syriza won the elections outright and the markets opened in a panic? The cartel would have taken the opportunity to take down the metals in an epic way and claimed it was ‘dollar strength’. The fact that metals manipulation is becoming ever more blatant and predictable and continually counter-intuitive is a sign that the cartel’s breaking point is closer than ever.
Have faith and keep up the fight (and the stacking)- one day soon the metals manipulation will simply snap.
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Gold’s even more blatant take-down:
![[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)
just stack the smack
GOT STACK?
“Have faith and keep up the fight (and the stacking)- one day soon the metals manipulation will simply snap” - Amen!
Slowly but surely…I was stacking some more Ag last week when I saw a customer of mine (who I’d recently been talking about silver with) at the bullion dealer I frequent. He was picking up a 10 oz bar because that was what he could afford that week. So this is a cheer for the efficacy of recruitment – he’s the second person I’ve convinced to buy phyzz. A third has been waiting a month for this Greek election under the impression that a new low may appear. Hopefully he too will now stack. Personally I’m doubtful we’ll drop much lower, if at all – but maybe that’s because I suck at keeping dry powder around, and so that’s what I want to believe…
TTM Well done!!!
Ordered 10 1oz bars myself at the weekend, sold a few bits and pieces of crap i dont use or need anymore to get the cash doubt i’ll be able to afford to keep buying bits much longer unless i can get a new job very soon, VAT is a bitch but i wonder how much longer the blue touch paper will last on the silver rocket?
Another failed raid, I see. Silver is heading up again!
Talking about recruiting others to buy silver. I convinced a friend of mine to buy 1 gold maple and 77 rounds of silver last year. The price was over $1800 gold/$40 Silver. I told him I felt bad about the fact his first purchase was under water. I tried to explain the mind set of ignoring price, dollar costing, etc. I also tried to get him to buy more when the price was lower. He’d have none of that. So, I’m currently failing trying to convert this guy.
He hasn’t really spoken to me since. I then talked with his wife. She wasn’t too happy either. My real indicator that it was either hopeless or that I had a lot of work to do convincing these people to add more PM’s to their holdings was a comment she made to me regarding her 401k.
She told me she “must be losing a lot by now” because in the last 4 years “the market has dropped”. I asked her what she was invested in. She told me, “I THINK IT’S SOMETHING CALLED EQUITIES”.
I try not to look at the spot price anymore just when I’m buying. One night I’ll go to bed and I’ll wake up to a post on Doc’s SILVER UP $3.00 OVERNIGHT when that happens then I’ll take notice. LMAO
Markets waver as relief over Greek vote fades
Posted: Tue, Jun 19 2012. 12:01 AM IST
The euro fell and borrowing costs for Spain and Italy rose on Monday
as initial enthusiasm over a weekend victory for pro-bailout parties in
Greek elections soon gave way to pessimism about the nagging debt crisis
still facing the euro zone.
Voters
gave a majority to parties supporting Greece’s economic bailout on
Sunday, easing worries about a break-up in the euro zone and boosting
risk assets initially.
But a relief rally among risk assets
fizzled and prices of safe havens such as US and German bonds,
especially on the long end, rose. Yields on Spanish and Italian bonds
also climbed in a clear sign that the Greek election did not remove
investor concerns about the region’s debt crisis.
“The win in
Greece does not really resolve anything. It’s still going to be tough
for Greece,” said Boris Schlossberg, managing director at investment
advisory firm BK Asset Management in New York. “And with Spanish and
Italian yields at high levels, the credit market remained sceptical that
Europe is going to get out of the debt crisis.”
The lack of a
convincing popular mandate in Sunday’s Greek election to implement the
deep spending cuts and tax increases demanded of Greece by the European
Union and the International Monetary Fund also weighed on investors.
New
Democracy leader Antonio Samaras, who needs to form a coalition
government after after his party won Sunday’s election by a slim margin
over the radical leftist Syriza party, said the country would meet its
bailout commitments.
But he added: “We will simultaneously have to
make some necessary amendments to the bailout agreement, in order to
relieve the people of crippling unemployment and huge hardships.”
Samaras
voted in 2010 against the first €110 billion rescue because he thought
it was too harsh. He now says Greece should have until 2016, not 2014,
to meet fiscal targets set by under the bailout. His most likely ally to
form a coalition, Socialist Pasok leader Evangelos Venizelos, wants a
further year to reform.
“The consensus is that it’s a weak
government in Greece,” said Steven Bell, director and portfolio manager
at GLC Ltd in London, a hedge fund with $1 billion under management.
“We
have avoided ‘drachmageddon,´ but we’re still in a very weak situation.
It’s almost like, ‘Let’s move on from Greece and let’s focus on
Spain.´”
“We can see
that the markets are not convinced,” Italian Prime Minister Mario Monti
said at a G-20 meeting in Mexico, according to Italian new agency ANSA. “We must draw up a definitive and clear road map with concrete actions that make the euro more credible.”
Monday’s market response underlined the problem
facing the euro zone: short-term improvements in the climate do not get
away from the fact that finances are perilously tight in the middle of
an economic downturn.
Spanish 10-year bond yields were 26 basis
points higher at 7.18% after hitting 7.30% earlier in the session, the
highest in the euro zone’s history. Yields over 7% are considered
unsustainable. Italy’s was just above 6%. European equity markets
reversed early gains to finish flat. Declines of 3.0% and 2.9%,
respectively, for Spain’s IBEX and Italy’s FTSE MIB indexes, pushed
regional shares lower.
The price of benchmark US 10-year notes rose
1/32 to yield 1.59%. Prices on German 10-year bonds also rose, yielding
1.41%. The euro fell about 1% to $1.2597, off a one-month high reached
during Asian trading in reaction to the Greek vote. The US dollar index
rose 0.3% to 81.864. READ MORE
June 18, 2012, 1:31 p.m. EDT
PUPPET PRESS BABBLING JUNE 20TH At 2:25 EST
FED EXPECTED TO TWIST AGAIN
WASHINGTON (MarketWatch) — The Federal Reserve is likely to extend its
Operation Twist program at the end of its two-day meeting on Wednesday, a
growing number of Fed watchers said over the weekend.“We now expect the Fed to ease policy further at next week’s meeting,”
Barclays Capital economist Dean Maki said in a note to clients. “We see a
short-term extension of Operation Twist as the most likely outcome.”
The Federal Reserve is likely to extend its Operation Twistprogram at the end of its two-day meeting on Wednesday, a growing number
of Fed watchers say.
Michael Gregory, senior economist at BMO Capital Markets, said more and
more economists were jumping on the “bandwagon” of an extended Twist.
The current $400 billion Twist program is set to expire at the end of
June. It gets its name from the Fed trying to twist the yield curve by
selling short-term securities that it holds while buying longer-term
securities.
Analysts said the Fed has about $180 billion of short-term Treasurys
left to sell. There was some speculation that the Fed might buy
mortgage-backed securities in the new round.
The risks of extreme financial contagion subsided Sunday night in the
wake of the Greek election. Economists said this would lower the odds
for a massive new bond-buying program, known as the third quantitative
easing or QE3.READ MORE