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Take a look at the 6-Month Gold Chart:

As you can see, all of the gains since January 24th were erased in a matter of a few hours.

Welcome to the World of Gold (and Silver).  Every dollar gained is a struggle with gains virtually never allowed to exceed 2% in any given day, or around $35.  Gains of half that much are much more common.  Then, the bullion banks flex their muscles, pull all of their bids and flood the market with sell orders and the result is perfectly pictured above, what is commonly referred to as a “waterfall” decline.  The market has just met a “not-for-profit-seller.”

Let’s be rational about this for a moment.  I have owned stock in many “thinly-traded” issues over the years and when I decide to sell my shares in one of the companies, in order to get the MOST possible from the sale, I usually dump the stock a little at a time over a few hours or a few days, if necessary.  I understand that if I sell my shares all at one time, the price will drop and I will get LESS for the sale than I would if I managed the sale over time.  What, you should ask yourself, would possibly motivate these “not-for-profit” sellers to get the least possible for their trade?  It certainly isn’t profit.  It certainly wasn’t a spectacular news release that changed the game and suddenly made gold (and silver) less valuable at 11:30 than they were for the last month or so.  Do you still wonder why Andy Hoffman and I write continuously about Market Manipulation?  I can hardly wait to read Andy’s “Rant” today.  He must be beside himself with anger.

This is why you can’t win trading in and out of your gold and silver.  Today was another example of the “volitility” that Jim Sinclair has been warning about.  Moves of $100 or more a day will become common, he says.  This is all taking place in that snake pit they call COMEX!

I can hear them cheering in India and China now and I expect them to open their check books and order an extra-large helping of gold and silver by tomorrow morning.  The Asians buy the dips.  Most Westerners sell out or freeze in fear and indecision.  Meanwhile, at 11:37 P.M. Eastern Time, gold is up $27.40 to $1,724.10 and silver has regained $35.  It will be interesting to see what happens by Thursday morning.  (It’s now 1- hours later, at 8:37 A.M. and coming into New York, gold has been pulled back down to $1,705 and silver to $34.53.  They BUY in Asia and SELL in London and New York.  These fools never seem to learn.  So far, the fire sale prices still exist.)

It would be par for the course for the bums to jump on the one-day rout by INCREASING MARGINS.  If they do that on Thursday or Friday, that is another example of the brazen “in your face” arrogance by the CME gang – you know, the folks that abandoned their members by refusing to make good on the billion dollar plus losses at the hands of MFGlobal.

I plan to spend some money tomorrow morning.  Nothing has changed.  Gold is headed toward $2,100 and then much higher.  Silver is moving toward $50 and above.  The bull market has not been derailed, but you can save 5% or more, thanks to the bullion banks intervention on the COMEX.  I hope you take advantage of this, I certainly intend to.

Here is what “Mr. Gold,” Jim Sinclair has to say about Wednesday’s events:
Today was a Cover-Up By the Fed & Mainstream Media
February 29, 2012, at 11:22 pm