It’s 3:00 AM MST Friday morning, and I had ZERO intention of writing an article today – having just published my must listen “Central banks are dead, and here’s the real end game” audioblog less than 24 hours ago. However, given that I received more emails from frustrated readers yesterday, following the most egregious Cartel raid of the past 15 years, I thought I’d put this together to assuage your fears – and let you know all’s well in the historic PM bull market, that is still in the first inning of what will ultimately be an unprecedentedly long, extra-inning game.
Not that the absolutely amount of yesterday’s PM declines were particularly large – let alone, as half of silver’s “decline” has already been recouped as I write. Or that there was anything uncommon about the paper attacks; despite an historic day of “PM-bullish, everything-else-bearish” news, featuring the Fed completely capitulating on its fraudulent “rate hike” propaganda. I mean, even after gold decidedly took out early May’s high of $1,303/oz, the Cartel attacked at the 2:15 AM EST London “pre-market” open for the 657th time in the past 754 trading days; and later on, at 11:30 AM EST, which has recently replaced the decade-long, tried-and-true 12:00 PM EST “cap of last resort” as a “key attack time” of choice.
Heck, they were so desperate to keep prices down, they attacked again in last night’s wee hours (see the yellow arrow below), when gold had the nerve to move back up to $1,285/oz; and again at 2:15 AM EST this morning. And yet, as I write, gold is back up to $1,285 again; barely below the pre-FOMC level of $1,290, in “shouting distance” of the aforementioned, extremely “technically important” level of $1,303/oz. Whilst silver, which had been pushed as low as $17.15/oz, is back up to $17.35/oz – compared to its own pre-FOMC level of $17.45/oz, and the early May high of $17.95/oz.
However, in so many ways, it was the most egregious, desperate Cartel raid yet; more so, than even the entire “June rate hike” attacks last month, which I accurately predicted would miserably fail in my epic, 42-minute audioblog on May 19th. Why, you ask, was this done? Well, that’s easy – as frankly, any long-suffering PM holder knows that yesterday morning’s gold breakout to $1,315/oz, both technically and psychologically, was as mentally relieving as any in memory; as not only did it prove the Cartel had lost a major battle – having been unable to cover essentially any of its historically large naked shorts; but that the Fed, and all Central banks, have indeed reached the very end of their credibility leash. Not only that, but the “Lehman of Europe,” Deutsche Bank, was again crumbling; Treasury yields had plunged to within a few basis points of their all-time lows; and commodities and currencies were crashing anew. And thus, it truly appeared that the long awaited, inevitable “commercial signal failure” was upon us.
Thus, when in prototypical algorithmic fashion, the PPT “dead ringered” the “Dow Jones Propaganda Average” back from the abyss – when it was down exactly 1.0%, or what I long ago deemed the “ultimate PPT limit down”; whilst gold and silver were first
“walked,” then smashed down later in the day (the latter, to make sure gold closed the COMEX session below $1,300), it couldn’t have been more frustrating; especially because, other than Deutsche Bank being goosed back to the unchanged level, none of the aforementioned markets had changed a whit. To wit, oil and copper closed at their lows; Treasury yields not far from theirs; and validating what I have said all along about how the dollar/yen algorithms only serves to move markets when the PPT desires, the yen closed up nearly 2%, to a new multi-year high, at its high of the day.
In fact, with less than an hour left in the NYSE trading day, silver was still down just $0.10/oz – compared to an earlier gain of nearly $0.30/oz – when the Cartel went into “berserk mode,” waterfall declining it $0.25/oz lower in minutes, to make sure the close was as psychologically painful for PM holders as any on record. And by the way, aside from the historic, aforementioned FOMC capitulation less than 24 hours before – acknowledged by none other than head MSM propagandist, Steve Liesman of CNBC; and a plunging Deutsche Bank stock price, to a new all-time low; here were some of the other “PM-bullish, everything-else-bearish” headlines scrolling at the time of the aforementioned Dow “rescue,” and simultaneous paper PM attack.
- U.S. negative interest rate bets surge, to more than 50% for 2017
- The European Parliament, via an open letter from 18 of its members to Mario Draghi, begged the ECB for a “robust alternative to kick start the EU economy”; i.e., “helicopter money to low income households,” which they claimed “would definitely work.”
- Bitcoin exploded to as high as $783/coin, up nearly $100 in less than 24 hours
- Silver ETF physical silver holdings surged to, I kid you not, an all-time high!
- In the most recent Brexit poll, the “leave” faction surged to its highest-yet lead
- Foreign selling of U.S. Treasuries hit an all-time high in April
- The CPI index “unexpectedly” rose above the Fed’s 2.0% “rate hike” target, due to exploding “shelter” costs – care of the expanding real estate echo-bubble it created, amidst the worst economic conditions in generations
- The Swiss 30-year bond yield joined the German 10-year Bund yield in negative territory
And yet, “magically” the Dow rebounded at the usual 10:00 AM EST – when the Fed’s covert “open market operations” are held; whilst PMs were first walked, then smashed down later in the day. And I kid you not, in easily the “dumbest, most desperate manipulation excuse ever” – which again, was utilized after most of the stock rebound/PM smash had already occurred, despite the “all-important” yen/dollar and Treasury bond markets remaining near the day’s highs – the MSM actually attempted to attribute said “reversals” to a pro-BrEmain British MP named Jo Cox, of no particular import, being assassinated by a lunatic fresh out of a mental asylum; who “allegedly” screamed “Britain First” before attacking, enabling a comically ridiculous rumor to spread that the Brexit referendum might be delayed (not cancelled), per Reuters…
Frankly, the poor taste, in blatantly trying to create anything to justify such egregiously obvious market manipulation, is staggering. Let alone, actually trying to make people believe Jo Cox’s death was “bullish” for financial markets, and “bearish” for Precious Metals – the latter of which, I might add, were rising principally due to the aforementioned FOMC capitulation! I mean, if PMs were actually “rising all along” due to Brexit fears, than why did gold get smashed by $100/oz during May, when the “leave” faction was gaining strength?
Of course, the “answer” to what actually occurred yesterday – and what will continue to occur as the Cartel’s final “trapped rat” death throes play out – is nothing more than this. The Cartel, on the verge of being permanently annihilated as the “last to go” dollar-priced PM markets inexorably surge; amidst a raging global bull market that WILL NOT stop until all fiat currencies inevitably collapse; is as desperate as ever to put off the inevitable as long as it can, particularly in light of next week’s potentially historic, massively PM-bullish Brexit vote. So take solace, my real money loving friends – as you are in the right; for all the right reasons; and will NOT be denied!