Well, this is thoroughly disgusting. Trust me, I'm as pissed off as you are. When the EE raided the metals on the Globex yesterday, it signaled their intentions to hammer it today. I'm surprised, however, that they've been able to beat things down as far as they have.
Most important now are support levels. The March11 contract should have terrific support between 29.50 and 29.30. If you wanted to do some dip buying, I would expect the BoS to emerge from the shadows once we enter that region. In gold, the long-ago highs of 1372 and then 1365 should be rock solid.
This really sucks but we've seen this happen so many times now that I kind of just shrug my shoulders when it happens. Hang in there. Everything is still headed higher.
The only real offense we have is to buy physical and take delivery. Blythe can continue to play her games but if we slowly acquire all the physical, we will win.
Lastly, remember this?
How about this?
And this one, too:
Finally, this is a critical excerpt from "Turd's Glossary", which was written on a Sunday back in early December when things looked just as rosy as they did this past Sunday. Keep the faith. Liars and cheaters may steal a few battles every now and then but they will not win the war. Trust will prevail!
"On to the PMs. Everything, and I mean everything, looks great for the PMs as we head into this week. From the charts to the fundos to the chatter, it appears to be "all systems go" for liftoff. Therefore, you should be nervous. It is in times like these when the EE often counter attacks. Just look back four weeks ago for your latest example. The Fed announced QE2 on 11/3 and, by 11/9, the dollar was diving and the PMs were soaring with no conceivable end in sight. Well, we all remember what happened next. Out of the blue, we get margin requirement increases and a sharp correction in price. Silver shed $4.30 in a week and gold lost $95! None of the fundos changed, however, and we've since recovered. If you don't think that the EE has more tricks up their collective sleeves, you're living in FantasyLand. They may hit us again this week or they may not but hit us again they most certainly will. Be cautious and you'll make a lot of money in this market. Get greedy and you'll be wiped out faster than the free booze at the company Christmas party."
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