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I’ve been in this industry since 1983 and have seen all of the ups and downs along the way.  But at no time, in the past three-decades, have I ever seen gold and silver so openly, blatantly and continually manipulated.  The “expert” on the causes of this manipulation is our own Ranting Andy Hoffman, and if you don’t read his Afternoon Rant, you should re-consider.  Below, is the opening from his Thursday afternoon Rant.

Since the regulatory agencies are not “regulating” gold and silver, the Cartel is free to operate with impunity, in broad daylight, and they are rather successfully keeping the price of both metals in a narrow trading range.  Investors have come to believe the bottom could fall out at any time or that prices will not be allowed to rise.  The Cartel has successfully broken the will of many well-seasoned gold bugs.  But what they have not done is to change the laws of (financial) nature.

It is only a matter of time until the Fed openly resumes their propping-up operations and gives us QE3 (to be followed by QE to Infinity).  This being an election year, the odds strongly favor Fed intervention to prop up the incumbents in their bid for re-election.  That’s just the way it goes in an election year, and if the Fed and the politicians do not find a way to push unemployment numbers below 8% and keep the stock market (Dow) moving up, there will be a lot of changes in the make up of Congress and the White House in 2013.  Not that it is a bad thing, mind you, but the PTB will fight it tooth and nail.

The result of unbridled government spending (did you see the video I urged you to watch, yesterday?) and uncontrolled Fed money creation will be the demise of the dollar as we know it.  The dollar is destined to lose its “reserve currency” status.  If you don’t believe that statement and continue to manage your wealth in dollar-denominated assets, I wish you the best of luck.  You will need it.

When the dollar starts to fall – from its current level of 80.87 – and heads toward Jim Sinclair’s prediction of around 60 or less, be prepared to pay 25% more for your food and energy and anything imported.  2.5% inflation my ass!

How about 7%, a more realistic number and the one that is based on the way the government calculated the CPI under Bill Clinton’s presidency.  That number, as high as it is, will be mild after the onset of QE3.  Bob Chapman is looking for 15% or higher next year.  Of course you won’t hear these kind of numbers on CNBC or Bloomberg, but you will see them on the Miles Franklin Report, or at ShadowStats.com.

Never-ending government borrowing and spending and never-ending Fed intervention, to keep the economy and banking cartel afloat, will seal the fate for the US dollar.  Where is one to go with their investment capital?  Not the yen.  Not the Euro.  The Swiss franc has been greatly de-valued and the Australian Dollar and Canadian Dollar are all suspect as well.  The last man standing – bring on the drum roll please – is gold and of course, silver.  Speaking of silver, there is a fabulous article on silver (Silver Supply Up As Supply Slips) in today’s newsletter under the LeMetropole Café section.  It is a great read!

The Miles Franklin Quarterly Report
Andrew Hoffman, Marketing Director at Miles Franklin

To close out the week, a comment from Jim Sinclair giving you a heads up that the next “crisis” point for gold will be at $2,100 when another attack will be launched.  But enjoy the move from here all the way up to $2,100!

Jim Sinclair’s Commentary