At around 1:15 EST, I was visiting by phone with my friend, Mr. Hyde. We were commiserating on the orchestrated, bs nonsense of the PMs vs USDX trade today. (I don't mind getting my ass kicked when I'm wrong but getting my ass kicked when I'm right makes me want to quit.) At any rate, we agreed that we'd seen all this crap before. Regular buyers were in the pit, holding off Blythe and the Monkeys all day, but you knew that when everyone went home at 1:30, she was going to take her gigantic silver auger and jam it straight up our collective butt. In what should come as a surprise to no one, she has done, and continues to do, exactly that:
But it doesn't fucking matter. Nobody cares and no one is going to stop them so, we're stuck.
Now take a look at today's action on a 5-minute chart:
Pure, unadulterated bullshit. Now, feel free to say that I'm just a conspiracy theorist, I could give a shit, but you tell me how it is that Hyde and I can accurately predict in advance what will take place on the Globex when we're just a couple of dumb, drunk, gambling-addict hayseeds.
Anyway...we're back to hoping/praying that support will hold. Again, its about 1365 in gold and 28.50 and then 28 in silver. Any rebound strength in the USDX now and you can bet your ass Blythe will double-down and take a stab at breaking them. You'd better start planning where to place some stops.
Maybe the cute, little silver bears and the chain emails are right and silver is about to be hammered down to 20 so that really big money can surge the OI, drive the price to 40 and force JPM to settle in cash at a 30% premium. Hell if I know. For now, I'm off to CVS to get some Preparation H and some maxipads as I hope to unwind Blythe's auger without doing too much additional damage. Turd out.
7:30pm EST UPDATE:
Ignore me if you want but listen to Harvey:
Good evening Ladies and Gentlemen:
When Dennis Gartman opens his mouth and states that he is selling some of his gold and/or silver positions, you know for sure that a big raid is being orchestrated by our banking crooks.
To do so, on the day of the vote for position limits and removal of exemptions by the CFTC commissioners, has to rank as total "chuztpah" (translation: nerve) by JPMorgan and friends.
Gold at closing time comex rose by $1.20 to 1,386.90. Silver, however lost 28 cents to $29.25. However after the comex closed, our heroes sold massive amounts of paper with basically no counterparty as the access market is generally thin with traders.
Thus it is very easy for our crooks to knock the price down to anything they want. Right this minute at 5:45 pm est, the price of gold is: $1374.00 and silver is below 29 dollars at $28.74. Hold on to your hats as tomorrow will be an extremely violent day pitting massive buyers like the sovereign wealth funds against the sellers, the banks. All of the selling is un-backed gold and silver. Physical metals are very tight. As you can see there is huge disconnect between paper gold and silver and the real stuff.
More here: http://harveyorgan.blogspot.com/