So you thought I was angry yesterday?
You ain’t seen nothin’ yet, as today was the first time since abandoning mining stocks last Fall that I lost my temper, screaming at the screen like the old days as I watched the Cartel desperately attempt to maintain the status quo by holding down PM prices.
And desperate is the operative word, as their operations are becoming borderline psychotic in their regularity, intensity, and blatancy. Once their suppression scheme fails, it will be GAME OVER for not only the U.S. dollar as “world’s reserve currency,” but ALL fiat currencies – which is to say, ALL CURRENCIES. TPTB know this is coming as sure as day follows night, and are rapidly acquiring PHYSICAL gold and silver while they relentlessly attack PAPER PMs such as futures contracts, ETFs, and mining shares.
If there were ANY remaining detractors of my assertion that gold is being capped at the KEY ROUND NUMBER of $1,750/oz, methinks they are ALL gone by now. In ten years of “Cartel watching,” I had thought I’d seen everything, but nothing comes remotely close to what we are witnessing today, not just in the Cartel’s maniacal defense of $1,750 gold (and $34.00/silver), but their ALL-OUT TAKEOVER of financial markets as the END GAME of the global financial system bears down on us like a 2,000 ton locomotive.
This is why I am amazed that people as experienced as Ted Butler – an idol of mine due to his unflappable persistence – continue to assume “the market” is anything but the giant, manipulated FRAUD it has become, or better yet, that “the government” will seek out the wrongdoers and administer justice – ROFLMAO. In his most recent piece, he says this is the last time he will ask us to write the CFTC or our Congressman, the two groups most responsible for the manipulation. Perhaps he should tell us to write JP Morgan as well!
The CFTC investigation into silver manipulation is now three and a half years old, and at this point it’s pretty obvious Bart Chilton is just as evil and conniving as “Goldman Gary” Gensler, clearly assigned to play “good cop” by giving an ambiguous statement about potential manipulation every year or so. In fact, his last such statement – in November to be exact, was timed perfectly with the publication of his BOOK, the only reason he gave an “exclusive interview” to Eric King in the first place.
Butler states, “The journey to justice and truth is often long and arduous, but must never be abandoned, as the alternative is a life lacking substance. But neither should the journey be unnecessarily prolonged.”
Unfortunately, our lives will have to lack substance, as asking the CFTC to stop silver manipulation is like asking a farmer to destroy his crops or a mother to murder her child. The Cartel WILL eventually be destroyed, but I assure you it won’t be by its own hands!
Before I get to today’s market travesty, I have some post-close BREAKING NEWS, although it will no longer be by the time you read this. In perhaps the most shocking event since man walked on the moon, the CME just cut gold and silver futures margins by 12% and 13%, respectively, the first margin reduction since – well, frankly I don’t remember the CME ever cutting PM margins. If you own PHYSICAL gold and silver, just sit comfortably and watch, as who knows what kind of volatility is coming our way.
Remember, if this was a margin increase the Wall Street propagandists would be falling over themselves shouting how “bearish” it was for PMs, even when gold and silver were at their HIGHS when it should be BULLISH due to anticipated short covering. Conversely, now that margins have been decreased, you can bet your bottom dollar that nary a “bullish” comment will emerge anywhere.
Why, you ask? Because when margins are increased, it is a premeditated event in which the Cartel SLAMS prices FIRST, causing immediate liquidation selling. Margins are supposed to be raised to curb speculation from soaring prices, but that is not how it works in PMs, where margin increases occur SOLELY to attack PAPER prices when they are down, while Bart Chilton, “Goldman Gary” and crew watch with laughter.
As for today’s action, the level of manipulation is officially so off the charts that astronauts look UP at them. Or perhaps I should say cosmonauts, as the U.S. no longer has an active space program.
NEVER has it been more clear how terrified the Cartel is of gold bursting through the KEY ROUND NUMBER of $1,750/ounce, completing the massive “cup and handle” formation that likely will catapult it to a new all-time high. Amidst an unending stream of gold-bullish news, plus soaring commodity prices such as crude oil and copper – the latter of which is nearing an all-time high itself – gold was stopped cold an additional FOUR TIMES at EXACTLY $1,750/oz, with the two biggest smashes occurring at the PM Fix at EXACTLY 10:00 AM EST and the “cap of last resort” at EXACTLY 12:00 PM EST.
To understand just how much effort is being put into defending the Cartel’s LARGEST-EVER LINE IN THE SAND, look at the SIX TIMES gold attempted to push through yesterday, smashed down each and every time, including at EXACTLY 3:00 AM EST, EXACTLY the COMEX open at 8:20 AM EST, EXACTLY 10:00 AM EST, and EXACTLY 12:00 AM EST.
Next, look at today’s incredible action, again with ALL assets on Earth trending higher with essentially zero volatility. Once again, gold is knocked down literally minutes after breaching the KEY ROUND NUMBER of $1,750 at – what do you know – EXACTLY 10:00 AM EST, then again at 11:00 AM EST, and finally at – all together now – the “cap of last resort” at EXACTLY 12:00 PM EST, with a final “2:00 WTF SLAM” with absolutely ZERO movement in any other market.
Equally important is the line in the sand that has been drawn at $34.00 silver, a war being fought tooth and nail by our own ADMIRAL SPROTT, still in the market for the ten million ounces purchased for his PSLV trust two weeks ago. As noted yesterday, the $34.00-$35.00 level also represents the “rim” of a major “cup and handle” formation that will likely launch silver well into the $40s when broken, particularly as it ALSO sits in the range that silver’s 200 DMA will fall to in the next few weeks. As frustrating as the Cartel’s activities have been defending these lines in the sand, they are simply digging their own grave by creating resistance levels that will eventually become major, potentially unbreakable support levels when finally breached.
And don’t forget the equally epic Euro Gold battle at €1,300/ounce, as the Cartel desperately attempts to prevent a MASS EXODUS of European capital out of fiat Euros on the verge of its extinction. Upward pressure on Euro Gold is immense given the potential for hyperinflation across ALL the PIIGS nations in the very near-term. Capital has been fleeing European banks for some time now, and the last thing the Cartel wants is for Euro Gold to break above its ALL-TIME HIGH of roughly €1,380/ounce, inviting major fundamental and technical buying – and, by extension, fear that CONFIDENCE in the Euro is collapsing.
As much as I want to see the Cartel destroyed – as well as the PPT, ESF, Federal Reserve, and ALL manipulative entities – I am not looking forward to the “other side,” where inflation and government decree yield poverty, fear, and dramatically reduced standards of living. My job is to EDUCATE in an effort to empower readers to PROTECT THEMSELVES from what is coming. I have no delusions of “living the good life” in the coming years, even if PM prices go exponential. My goal is to PROTECT as many good people as possible, in the hope that they, too, spread the word of what’s coming soon to much of the civilized world.
Unfortunately, the recent market LOCKDOWN by TPTB has lulled the public to sleep, particularly in America where we are told “all’s well” because FRAUDULENT economic data such as below are published to keep the masses hopeful. In the case of weekly “jobless claims” and monthly “NFP reports,” I think it’s safe to say the BLS covertly changed its methodology this Fall to make the numbers appear to be rising, mangling the concept of the “unemployment rate” so badly that it is no longer recognizable, and certainly not comparable to historic data.
Due to FRAUDULENT economic data such as Friday’s “FEBRUARY NFP FARCE” and relentless PPT support of the Dow Jones Industrial Average – which is now NEVER allowed to decline – PHYSICAL PM sales have slowed considerably in the past two weeks, just as gold and silver prices have taken off. The big question, thus, is who has taken gold $200/ounce higher this year amidst maniacal Cartel PAPER selling?
I’ll give you a hint – it’s a giant Eastern hemisphere country starting with a “C.”
A country, by the way, that has an insatiable demand for all REAL ITEMS OF TANGIBLE VALUE. Whoops, I just revealed its name!
As for the aforementioned Dow Jones Manipulated Average, how many days in a row are we going to see the early 50-70 point drop, PPT stabilization in the first hour of trading, and slow, low volume walk-up throughout the day to a positive close?
This pattern of upward manipulation appears to have “smoked out” the shorts, pushing short interest to its LOWEST LEVEL IN FOUR YEARS. Normally, this would be an extremely bearish signal, but in today’s PPT-controlled environment, nothing matters anymore.
Not to mention, how many times will we watch equities outperform the credit markets until someone – ANYONE – asks how such a diversion could possibly occur if all was well?
And don’t forget the HUI’s daily 2+% decline…
…or the required 5+% decline any time news of any type is released by a gold or silver mining company, which I’m sure will be followed up tomorrow with another major decline, care of the Cartel…
READ THE FULL NEWSLETTER