Shit am I tired. Sick, too. But the show must go on.
First up, I get asked often how the EE slams price. Many of you are probably wondering this again tonight. Harvey summed it up perfectly so I'm just going to c&p him here:
"For the past week, we have seen an equilibrium between buyers and sellers in gold at around 75,000 contracts. Today the estimated volume at the gold comex was 240,871 and when the confirmed volume comes in I can assure you it will be much higher. The modus operandi of the crooked bankers is simple. They withhold all bids to buy as they tell would be purchasers to hold off as they will get their metal cheaper. Then they bombard with over 100,000 contracts that are totally un-backed and they trip some of the longs who have stop losses below the spot price. This trips other stop losses as the price goes lower until it reaches its nadir and the bankers slowly try to cover all their shorts. This is collusion, as all the bankers are told in advance when the raid is to be expected. Then they supply paper with no backing to gold or silver whatsoever."
Also, please take time to read Trader Dan, too:
Lastly, I would be remiss if I didn't offer perspective after the 24 hours we've had. DO NOT FORGET that the EE has been relentless now for almost three weeks. Remember this?
This dates back to 12/16 or so. How much price has Blythe dissolved in the almost daily raids since? $6? $8? And yet, your going to sit here and tell me with a straight face that silver has topped or is running out of momentum? Seriously? What f-ing planet do you live on?!? (OK, now I'm getting worked up!) Without direct EE intervention over the past three weeks alone, silver would rest tonight at about $37!! So I don't want to read any garbage about top and waves and stochastics and momentum. Its all bullshit. The fundos are overwhelmingly positive and the metals are going HIGHER. Period. People like Prechter are as worthless as tits on a boar. Don't listen to them!
If you still need a long-term chart or two to peruse, here's gold:
And here's silver:
All is well. Truth will prevail. It always does. We will win. BTFD. Turd night-night.