Gold and silver consolidated gains and worked higher overnight throughout the Asian and London sessions, and both made a mini spike higher in early COMEX trading but have subsequently been smacked down.
At 8am EST Silver made a .25 vertical move from $27.75 through $28 to $28.01, but was then instantly raided and smashed all the way back to $27.50.
To demonstrate how quickly the cartel leapt into action once silver cleared $28, the move to $28.01 does not even appear on today’s 1 minute bid chart.
Wave 2 has subsequently taken silver back to $27.33. Clearly the cartel understands the significance of silver closing the week above $28.
Gold also was treated to a $10 smash on the COMEX open, falling from $1630 to $1620.
![[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)
M A N I P U L A T I O N
naw …….never happen
Is the cartel a little desperate to quash Silver at 28 or what?There scared shitless!!!!!.It,s so pathetic it,s funny.
such desperation confirms we are in the 9th.
I bet the Eastern banks made a deal. Keep Gold low so we can accum and we wont have a problem when you devalue the dollar to toilet paper. It is the best interest on national security so I am sure that will be an unpunishable crime when it all comes to light.
Blythe Masters with JPMorgan says Morgan is acting(shorting) on behalf of a client. What if the client was the Chinese as Willie theorizes. That would be interesting.
This might be a bit off topic but as I close my Fidelity accounts to get away from that brokerage I still had an uncomfortable amount of capital in my local bank. Doc and I did a quick email regarding that situation and he sent me a link to Gonzalo Lira’s post from early 2011 about the effects of inflation and hyperinflation throughout the last 100 years. It seemed that even real estate wold be badly affected since most real estate is financed. If interest rates hit 15% as they did in 1979-1983, RE would be unfinanceable since the monthly payments would be unaffordable to anyone. So those prices would likely collapse in deflationary fashion which most consumer goods would go up substantially. The people with commodities like gold and silver would be able to buy real estate at a discount.
Doc suggested accumulating a large stack of FRNs so get away from the banking system but those could lose substantial value and I understand how that could happen. So I decided to buy some additional junk bullion at a mid ground alternative to FRNs but without the cost and large outlay factors of buying real estate This is just an opinion but JBis looking more and more attractive as a safe haven alternative to other asset protection methods.
I want to buy a larger place someday, large enough to farm. But I think it would be better to leverage another asset and save on the taxes and hold the asset instead of selling the asset to buy the land. As long as the land produces a proffit to pay the loan off quickly, it’s a win-win!
Just to recap what to expect next week:
Doc: gold up – $1650
Turd: up Mon & Tues. Smashed Wed. & Thu FED meeting, up Friday BLS report.
Harvey (I think): down Friday (now wrong) through Tues. for July options expiration till Aug. first notice.
Any more out there to add?
UGLY DOG: It could also be the western banks and central banks of the west. want to hold down the price to prop up their fiats and the bank and central banks of the east want to help them do it. At least for awhile. If you were the chinese or other eastern intrests , would you provide the rope for your compitition to hang themselves? Would it be profitable to lose some cash buying paper metal and short the market to drive down the spot price. While at the same time going long on the phyzz market for a much larger return later? Is this not the same thing small private stackers are doing? Wanting the price to stay down to stack more. But, also betting the price goes up when the SHTF! It seems to me the difference is that the eastern banks have the capital to do it. While we capitalize on what they are doing!
PS. If we see this then I’m certain TPTB see it too. The next trick is to figure out what TPTB plan to do about it. Then we do it first!!!!
I have recently started buying physical as I see it as a more stable form of savings than fiat.
But, a fundamental question on the back of this arrangement between China and the Western central banks: Once the Chinese have finished stacking courtesy of the central banks, how likely is it that Western govts will then call on Western private holders of physical to hand over their physical holdings? And then let the price of physical float upwards?
I notice there is a lot of excitement among us in anticipation of tripling or quadrupling of prices… but, we might not be in a position to enjoy it.