There are days when the usual 8:00am bloodletting is not just required, its mandatory. Today is such a day.
Longtime readers and observers of the PM "markets" know by now that the most likely time for an EE raid is between 8:00 and 9:00 New York time. We've discussed this ad nauseam here with posts such as this:
Earlier this week, we discussed it again:
Always remember, the primary job of The Cartel is to suppress price. Runaway gold and silver prices make the underlying inflation in the economy obvious for everyone to see. Inflation means higher interest rates. Higher interest rates are the beginning of the end for the government/financial complex. Again, for an 8-minute tutorial, watch this:
At any rate, The Cartel can most effectively whack/suppress/cap price by acting away from normal market hours. At moments of thin volume, their massive supply of unbacked paper contracts can easily overwhelm the puny bid and permanently steal 20 to 30 cents from the price of silver, 5 to 6 dollars of the price of gold. Given the desperate events of yesterday and the subsequent, building FUCME formation overnight, you knew a raid was coming this morning and..right on shcedule at precisely 8:00 am EDT, Blythe obliged. Looky here:
Onto today, which still has the potential to be glorious. We closed the week last week at 35.06 so I think its safe to say we are going to post another UP week. Very nice. In gold, we finished last Friday at 1416 so we're looking good there, too. In fact, a Daily Double is not out of the picture as the highest ever daily close is only $5 away as I type at 1438. For clarification:
Daily Double: New high daily and weekly close occurs on same day.
Trifecta: New high daily, weekly and monthly close occurs on the same day.
Superfecta: New high daily, weekly, monthly and annual close occurs on the same day. It happened on 12/31/10. The odds of it ever happening again are extremely remote.
As I wrap this up, The EE is still in the pit, banging away as hard as they can. We just had another, textbook, one-minute 25-cent silver smack. Just frickin ridiculous. Oh well. Hang in there. Be patient. We are winning. TF