I am beyond belief busy, but desperately want to say a few words about the markets. I am simply too swamped to keep up with the myriad horrible headlines of the past two days, but suffice to say the GLOBAL economic, financial, and political deterioration is accelerating at an EXPONENTIAL pace.
Given my short period of time to write – I want to first make sure you saw Wednesday’s comical “HAIL MARY” chart, enabling the PPT to regain “VARIATIONS THEREOF” status…
…after the comical 2:00 PM EST release of the Fed minutes – utilized solely as a tool to attack PMs despite ZERO incremental information, IDENTICAL to attacks following the last two FOMC minutes releases (such as the “FOMC MUTILATION”…
Fed Minutes: “Few Fed Members Said More Stimulus Would Be Needed”
As you can see, gold was capped at the ROUND NUMBER of $1,580 all day, starting with the “CARTEL HERALD” at 3:00 AM EST, and requisite WATERFALL DECLINE at the 2:00 PM EST announcement…
..after which, gold was AGAIN capped at $1,580/oz…
…and silver at $27.20/oz…
…while the HUI index was MAULED for another 3% (substituting with GDX, as the Yahoo! Finance HUI chart has been broken for a week)…
…despite U.S. gold production PLUMMETING…
USGS: U.S. Gold Production Declines During April – down 7%
…and Canadian and Mexican production as well. Of course, when the world’s leading miners are cutting production estimates by 10%, it doesn’t help you much owning mining companies…
Goldcorp cuts production estimates
Today, Dow futures were down nearly 100 points overnight – with European stocks down more – but lo and behold – yet another “DEAD RINGER”…
…while gold was smashed $20/oz overnight, particularly at 3:00 AM EST and 8:20 AM EST…
However, “ADMIRAL SPROTT” saved the day by pricing a $200 million offering for PSLV, which I KNEW would push silver back up – as it ALWAYS does when PHYSICAL demand meets PAPER naked shorting…
Lo and behold, silver turned from a $0.50/oz loss to a $0.30/oz gain, capped just below the Cartel’s current line in the sand at $27.50/oz…
…while gold came back to close slightly lower, care of a PERFECT “CARTEL HERALD” late in the day, when gold reached – I kid you not – a loss of a measly $0.10/ounce. Readers, THIS is the ultimate case of DLITG, or “Don’t Let it Turn Green”…
Meanwhile, the HUI was down more than 3% at one point – near its lows of the year – and still ended down nearly 1% despite the late day PM rally…
Readers, I’ve been on the show floor for ten hours, and it’s time to go to a business dinner. Thus, I have no time to go over the myriad “horrible headlines,” which would literally take five hours to properly cover. Frankly, I haven’t had time to even OPEN headlines like these, let alone analyze them…
Western paper markets manipulate gold prices lower as China takes the real stuff off the market.
Manipulating LIBOR Allows Banks to Lease & Dump Gold at Artificially Low Costs
False Claims and Absurdities of Mainstream Media Reports On Initial Unemployment Claims
US June Deficit: $60 Billion, $17 Billion Worse Than Prior Year
$10 Billion Away From $10 Trillion – U.S. Money Supply
Record Low 30 Year Auction Yield Is Snoozefest Compared To Yesterday’s 10 Year Reopening
The Chronology Of A Collapse: Santelli’s Primer On The PFG Debacle
All I know is the END GAME is approaching, and those that don’t take ACTION to PROTECT themselves will be kicking themselves soon, especially those that read this blog!
PROTECT YOURSELF, and do it NOW!
Call Miles Franklin at 800-822-8080, and talk to one of our brokers. Through industry-leading customer service and competitive pricing, we aim to EARN your business.