The cartel understands TA and investor psychology as well as we do, and clearly understands the significance of a close today above $35 in silver. The cartel just went on the offensive, erasing all of silver’s early gains, smashing the metal down a full dollar to $34.23!
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Gold has also been kicked down the elevator shaft back to $1775:
![[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)
Dang, these guys are good. The Cartel is signalling to us that they are still the ones calling the shots!
Yep. Like a true waterfall. This manipulation thing won’t end any time soon…. now they’ve got a bunch of free money from uncle Ben to play with… indefinately it seems
They will always call the shots. Think with me – with a one world money/govt they can do ANYTHING they like. They could even make gold/silver worthless.
You are absolutely correct. Once we transition to a one world fiat currency, it is game over for every nation on Earth. If you feel like a serf now, just wait. I believe a one world currency IS the ultimate goal. All the silver and gold in the world will not help you at that point.
I_S
They will not stop until the banking system collapses.
They are sick people.
They are using HFT to squeeze all the longs out.
The fight for the 35 close. They have to try and delay it as long as possible.
There is still time on the clock to get back over $35.00 an ounce. We shall see 5:26 am Hawaiian Time. Still six hours left and lets see what happens. Have a great weekend.
JPM didn’t want to play ball today, that’s for sure. It’s just so pointless, this price suppression.
The US dollar is toast and everybody knows it. No-one is buying US debt anymore apart from the Fed and Japan.
Unless the CFTC actually does something soon the reputation of the US financial system will be in the toilet if it isn’t already there.
“Unless the CFTC actually does something soon the reputation of the US financial system will be in the toilet if it isn’t already there.”
LOL!!! Those bankster turds at the CFTC have been circling the bowl for… how many years now? The BIG flush is LONG overdue.
The volume in that big spike down is incredible. 12,500 contracts in one 15 minute period, 10:45. 62,500,000 ounces of paper.
So the stimulus is being spent to throw a wet blanket on the PM fire. They will not put up with a $35/1790 Friday close. They will burn through billions over this foolishness.
The world is a big place, and it needs more silver than a $34 price level can provide.
Europe shuts and…wallop. Standard operating procedure.
Two things.
First—the patterns from yesterday and today look like the Blythe jaws of death—or just a big yawn–she is so irrelevant
Second I’ll bet Sumkid’s stack of SD Ounces that we will see a retracement and recovery of the downward action before the market closes.
Sorry Sumkid, just because I’m a former banker doesn’t mean I don’t like to play with someone else’s money. LOL
“Sorry Sumkid, just because I’m a former banker doesn’t mean I don’t like to play with someone else’s money. LOL”
LOL, AG! Old habits die hard, eh?
On the other hand, we all just HAVE to respect the fact that you came out of darkness and into The Light. :-)
“They will always call the shots. Think with me – with a one world money/govt they can do ANYTHING they like. They could even make gold/silver worthless.”
No, they cannot. This is the kind of thinking that ‘they’ would like everyone to have, to think nothing can be done and it’s pointless to struggle. If they really were always calling the shots, gold would still be $25/oz and silver would be worthless. But they have been losing in the manipulation schemes all along, for over a decade now. Think of this, even ‘they’ cannot overcome the laws of reality (the laws of Nature and of the Universe). Silver and gold are physical elements in this Universe, not some figment of someone’s imagination.
Ultimately I think you’re right, Plebian, but in the meantime it is plain to see that the whole game is manipulated. It kinda takes the wind out of my sails to see/know this. If I fully take in this reality, then what’s the purpose of getting emotionally invested in the ups and downs? Better to just hang in there and wait it out, because eventually the game will end….
Do you think the Hunt brothers know who is in charge?
Who would bother to raise the margin requirements for silver to shake out the loose hands?
Who would short the market before doing so?
Can you imagine why anyone might do this?
Just got back from the coin shop (located in a pawn shop), bought three rolls of dimes and a half roll of quarters. Paid 11 cent under spot for each dime. Cleaned them out in dimes and quarters. The guy comes into the pawn shop every sat and fills the stock back up and readjusts prices. Another 14 plus ounces off the market.
Thank you, Cartel — time to go buy more!
I must be a blind idiot because every time I see hyperbole filled “Smashed/Raid” headline on silver doctors, the numbers spouted NEVER agree with the charts posted to support the headline!
In the post above, it looks like silver never fell below $34.45 and never got any higher than $35.18 so I fail to see where silver was smashed a full dollar from $35.23 (supposedly) to $34.23 (a full dollar) as the text indicates.
Can anyone explain this?
I_S
Indentured Servamt, the reply is here.
http://www.forexpros.com/commodities/real-time-futures
(Will close in 4 hrs. 6 mins.)
Metals
Date
Time
(EST)
Bid
Ask
Change
Low
High
GOLD
09/21/2012
13:09
1777.60
1778.60
+9.10
+0.51%
1768.60
1788.80
SILVER
09/21/2012
13:09
34.70
34.80
+0.06
+0.17%
34.23
35.32
I’m a slow poke on the silver chart but I am guessing that these ups and downs are so quick that we miss HFT algo cycles.
It’s only by luck that I caught a buy price at the low for the day back when silver was $28 an ounce That seems like a lifetime ago.
One more thing. I think it would be fun to have some contests using our SD dollars where we could bet some of our stack on predictions of PM prices and events etc. Winner takes all. Just a thought
Indentured Servant,
I’ve noticed that all of the charts are different, but close. The exact figures are not important, the spike and waterfalls are. I saw the 4:30 am (PST) spike and the 7:30 (PST) waterfall. At 9:15 (PST), i got 10 silver eagles for 34.00. BTFD.
I appreciate the responses from Ranger, Doc and onza. Thank you. I figured there must be an explanation but I’m not a trader so I just glance at metals charts from time to time as a buy and hold stacker.
Cheers,
I_S
A quick note to the gold smack down A story on ZH noted that today’s mine strike settlements would cause a rise in wages of 22%. It is assumed that some of the mine companies would be forced to close or go bankrupt due to this cost increase, given the other large costs like energy. Gold and platinum prices would be affected at supply constraints would impair mine earnings to the point of insolvency. Silver took a hit in sympathy with gold being jacked downwards over the realization of mine problems. My thought is that the cartel used this sympathy price hit out of SA to sell into the market, further exacerbating the very short term price adjustment. But the fact is that SA produces very little silver so nothing will come of the SA miner problems in the AG market
“ A story on ZH noted that today’s mine strike settlements would cause a rise in wages of 22%. It is assumed that some of the mine companies would be forced to close or go bankrupt due to this cost increase…”
Does this make any sense to anyone else? Mine owners are going to offer higher wages that will either bankrupt them or force them to shut down? Why on Earth would ANYONE do that? If all your workers are on strike, you are shut down anyway, so WTF? Sell the mine to the Chinese and they can bribe the right officials and then bring in all the Chinese miners, who will not strike, that they want.
New World Currency? It would need to be backed by real wealth. I don’t believe that you can convince Chima
for instance that being not only the world’s largest producer of Gold and importing all the Gold that they can
would favor a new world currency unless it was theirs. There will be no new world currency IMO. Digitized money
backed by the bullion banks will be the new monetary system. No more paper money. Just a one world credit
card and debits and credits backed by Gold and Silver than has been converted for your convenience at whatever
your paper money is valued at for the transfer. If you hold physical, you are going to be set as the new central
bullion banks will eventually set the price of Gold and Silver higher to dissolve the debased currencies and totally
dissolve debt. The American taxpayer is on the hook for America’s debt. The government can take whatever they
want to pay off the debt on the otherhand. Whatever is in your IRA or Savings is at risk.
Just ask yourself this question: How would you get all of the countries of the world to agree otherwise to a new
paper currency?
Ranger from Texas
“How would you get all of the countries of the world to agree otherwise to a new
paper currency?”
By destroying the current currency being used. The collapse of the dollar alone will destroy many other currencies all by itself.
I_S
The only way I can see digital money coming close to working is if it is centrally controlled and no charges are put on using it. Otherwise, there will be a lot of people using barter system again. I have always thought that I would never be converting my silver into another currency and figure it will ultimately be used as real money directly. Probably will hold true also for copper cents and nickels as change for the silver. Gold will be used for larger purchases. I don’t think governments will get 100 percent cooperation on the digital money thing for a long time to come. Having to use digital money, exclusively, in any form will be very close to enslavement and there will be more than a few people that may have a problem with that.
“Having to use digital money, exclusively, in any form will be very close to enslavement and there will be more than a few people that may have a problem with that.”
IMHO, all digital money will not be “close” to enslavement, it will BE enslavement.
The Sheeple, of course, will do as they are told and will love it.
The Aware, on the other hand, will instinctively know that digital money is the last nail in the coffin of liberty.
My question:
Is it possible that JP Morgan and others controlling the price of silver are able to do this without it costing them money? Many people in this blog point to the cost of shorting the market if the price rises. However, if they can do wash trades or other fake price movements, can they get away with this manipulation without putting $$ on the line? If so, then this charade will go on forever.
Anybody care to weigh in?
Yet another raid and another chance to buy cheaper silver. Buy while you can because sooner or later this is going to break loose and head for the sky.
True Ed B Old habits. But I lost my bet The price did not rebound to $35 so Sumkid wins. I will probably owe him a T shirt.
I did own a big chunk of a bank 20 years ago When I left the bank I sold my shares and started a fishing business in Hawaii. So much for that venture. Boats and banks will break you sooner or later.
The impression I got on that ZH article is that the miners and their unions extracted some serious wagae concessions but some mines are probably inefficient and hope that by opening again the price rise in PMs like gold and platinum will save them But you make a point that if their mines are not doing well they would sell to the Chinese just to save what little they had invested in the mine. Energy and wage costs are harsh arbiters of the miners existence. There was a note that a wild cate stike just started at a large gold mine so this cycle of strikes and violence is not over yet. The 2 mine unions are atill fighting for dominance and that means this war is not done. The mine owners must be crapping their drawers—each concession to the unions means lower profits and maybe losses. SRSrocco will weigh in on this soon I expect and we’ll get the straight scoop. Cheers.
But now, silver is at 34.52$ per ounce. So in my opinion, the raid wasn’t so bad compare to the previous raids that happened one years ago. Before, raids were a lot worst but now, it is nothing. I think that silver still has some chances to go back to 35$ per ounce.