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Yesterday, a desperate Cartel engaged “THE 2:15 AM” PM-suppressing algorithm for the 65th time in the past 69 days.  They failed, of course, as by day’s end gold was $18/oz higher.  However, it is truly comical to watch this charade in action, as this pathetic operative was attempted as two-thirds of the entire South African gold mining industry commenced a strike that is expected to last until at least year-end; whilst Steve St. Angelo presented verifiable PROOF the silver industry cannot operate profitably below $30/oz.  Conversely, with Treasury yields soaring to nearly 2.9% amidst surging oil prices; John Boehner essentially GUARANTEEING a Congressional “yes” vote on invading Syria; Israel test firing missiles and ensuring Assad will “disappear one way or the other”; San Bernadino becoming the third California city to file for bankruptcy protection (MUCH more where that came from); radiation levels at Fukushima exploding to levels that will kill anyone in the vicinity; and red ink across all European equity markets, the PPT fought reality “to the death” in its quest to close the “DOW JONES PROPAGANDA AVERAGE” in positive territory; as if ANYONE really cares anymore what equities do.  Just ask the Venezuelans, who are watching their primary stock index explode as the nation heads closer and closer to Weimar-style inflation.

Amazingly, the day’s MOST IMPORTANT PM STORY went nearly completely unreported; which shows you just how dissociated Americans have become from reality.  And that is, of course, is the fact that COMEX inventories are on the verge of disappearing; setting the stage for the inevitable end of the PAPER PM suppression that has destroyed the financial world – and frustrated PM longs – for the past decade.

As I wrote last week in “COMEX REGISTERED INVENTORIES – COULD DISAPPEAR ANY DAY,” the ongoing COMEX inventory drain has been historic; collapsing from 3,000,000 ounces just before April’s blatantly orchestrated “ALTERNATIVE CURRENCIES DESTRUCTION” to just 768,000 ounces last week – valued at just under $1.1 billion.  Well yesterday, the COMEX issued its weekly update on such; and lo and behold, registered gold inventories plunged an additional 9% – to just 702,000 ounces.  At this pace, the ENTIRE COMEX could be drained of registered inventory by year-end; as which point, it would cease to exist as a price discovery mechanism.  And yet, I hear nothing but crickets on the topic – outside the terrific Jesse’s Café American website…

Comex Warehouses

Today, of course, “THE 2:15 AM” is back for its 66th visit in the past 70 trading days; as the Cartel grows still more desperate as the END GAME of collapsing currencies and freely-traded PMs approaches.  Just as they battled for weeks at the $1,300/oz level – only to be soundly defeated – they are now attempting to hold the line on $1,400/oz; in front of tomorrow’s G-20 meeting, Friday’s NFP report, and the upcoming Syria, Congressional funding, and “debt ceiling” debates – among countless others.  However, they WILL again fail – as they ALWAYS do; and when they do, the historical “barometers of bad tidings” will shine like the government-shaming beacons they have been for centuries.

Care of a rush of Chinese and Indian festivals – not to mention, above average financial market turbulence – PMs typically post their best gains in the September through December period.  Given the potentially cataclysmic events “circling the wagons” as we speak, I’d be hard-pressed to believe the Cartel can prevent such typical PM behavior this year…

Gold Seasonal 30 Years

And if COMEX registered inventories continue to plunge – amidst ongoing futures backwardation – don’t be surprised if A LOT more occurs in the PM markets than most could imagine.  Just ask Dallas Federal Reserve President Richard Fisher – one of the most noted “hawks” on the FOMC; who just yesterday, disclosed he owns $1 million of the GLD ETF.  Not to mention, Goldman Sachs; which added $450 million of GLD in the first quarter.  Too bad such “paper gold” won’t help them when the system inevitably fails; but at least they understands the dire, irreversible financial situation America faces.