The financial media would have you believe that everyone and their dog has given up on the precious metals market. But as Peter Schiff humorously remarked perhaps a few months early: The gold & silver bull market is dead! Long live the gold & silver bull market!
On this week’s show, we discuss the recent action in the metals & markets, including:
Testing of $22/silver and $1320/gold next week, with the potential for a capitulation spike low as soon as Sunday’s Globex session- silver could see a spike low to $18-$20, & gold a $1200 handle
Examination of fundamentals: Nothing has significantly changed
Physical versus paper demand trends in both the West and Asian markets
George Soros and another documented case of financial media spin
Once again after trading in a tight consolidation range throughout the Asian and London sessions, gold and silver have just been greeted with a vertical Demon Drop Waterfall smash, sending gold back to a $1300 handle, and silver to $22.41.
A re-test of the correction lows of $22.005 and $1320 appears imminent.
What would you think if someone told you the following? “Three times this week, I am going to tell you the low price of gold with near perfect accuracy, and one of those three times, I am going to tell you events that will precede the low and the exact time that gold prices will crash.”
You would likely conclude that either:
(1) I am somehow directly involved in setting the price of gold in paper derivative markets, or
(2) that since nearly perfectly predicting gold price movements three times in one week in a free market is impossible, that such an accomplishment would serve as indisputable proof that gold markets are rigged and manipulated by bankers, as none of my predicted price targets depended upon technical chart analysis of any kind.
So let’s summarize my calls regarding gold price movements on three separate occasions last week, and why I feel that the accuracy of these calls serve as indisputable proof that Central Bankers and their agent bullion banks manipulate the price of gold and silver.
On today’s show, the Doc and Eric Dubin discuss trends in the physical market, which remains strong worldwide as the silver shortagehas intensified and spread from 1 oz coins to 10 oz and100 oz bars. Last week we underscored the likelihood that the wholesale supply chain would begin to show signs of true physical shortage once the restocking cycle got underway to replenish April’s demand spike. That appears to be what we saw begin to unfold this week, which speaks to higher prices in the weeks ahead.
Legendary gold trader Jim Sinclair sent an email alert to subscribers last night, stating that the rig (gold manipulation) is up, and that the big dirty secret is out that there is no physical gold in volume.
Sinclair states that the biggest moves on a percentage basis for gold and gold stocks has just begun, and provides a formula for profits in the gold sector here and now:
Commercial longs added 581 contracts to their total and 5,155 shorts to end the week with 46.34% of all open interest, a huge increase of 3.18% in their share of total open interest since last week, and now stand as a group at 112,490,000 ounces net short, which is an increase of just under 23 million net short ounces from the previous week! I will go on record and say the bottom is not in yet.
The CFTC is sitting on information that implicates JPMorgan as manipulating the futures market in Silver and Gold. The reason this is so damning is that the CFTC has evidence that incriminates JPM as having malicious short positions designed to influence the price action of Silver and Gold towards JPM’s favor; akin to the LIBOR scandal in which rates were manipulated down towards the banks favor. -JPM Whistle-blower
The PM community has been waiting over a decade to see the gold and silver manipulation story go mainstream, as the LIBOR scandal did last summer. As of 9pm EST tonight, the wait is over…
*UPDATE: ALL US WHOLESALE SUPPLIERS ARE NOW SOLD OUT OF EVERY OUNCE OF PHYSICAL SILVER & HAVE SUSPENDED ALL SALES!
Two of the largest wholesale suppliers in the US, including Amark and CNT, who is the supplier of gold blanks to the US Mint for Gold Eagles, and is a registered COMEX depository, HAVE JUST SOLD OUT OF ALL PHYSICAL SILVER!!!
Many writers were declaring a bottom for the silver slide after price rose from last Friday’s low of $26.57 and rose to $27.90 at Tuesday’s close. They were wrong. Almost all writers have previously declared $26 as the holy grail never to be broken downward again. They were wrong. How low can price go?I will repeat what Martin Armstrong has said we may see $23 and then if that, then $17 is possible.
SD Weekly Metals & Markets 4/13/13: Vampire Squid Kicking Arse As MOPE Fiesta Runs Wild
Thank goodness for a day of rest — and a weekend, if you’re so lucky! After a week like this, some precious metals investors might consider driving a car into a tree more relaxing than watching the mainstream media explain market machinations and how gold is now officially in a bear market. Providing our antidote to mainstream MOPE, we bring you this week’s SD Metals & Markets discussion, including:
Paper Metals Market Madness: Silver Breaks $26 And Gold Dives Below $1500- is a wash-out capitulation crash to $22 and $1400 imminent?
Vampire Squid Must Eat: The Bankster Set-up Before Cyprus Forks Over Gold
Tribute To Bill Murphy, Chris Powell And GATA: American heroes in the most classic sense of the term
Launch the radio program by clicking the YouTube play button and enjoy the supplemental write-up. Let’s get to it!