Gold and silver were hit by a brutal takedown this morning.
Welcome to the post FOMC reaction, as well as the end of the month, and the beginning of the active month of May for silver.
These jokers aren't even feeling the need to pretend anymore.
I hear that a carefully coiffed, long time teddy bear acquaintance says that some big traders are rigging the metals market, but "the government isn't involved at all." For newbies, he has been saying this for about fifteen years so at least he is consistent. But it is getting old now.
NO involvement. Really?
When there is a blatant, wide open crime wave with daylight muggings and bombings, and the duly designated authorities aren't doing anything about it, I imagine you could say that technically they are 'not involved.' After all they didn't do anything. Except not do their jobs.
This kind of obstinate credulity is a big part of the problem. Of course they are involved. The only question is why?
I have been watching the markets for a long time. And this is starting to look like a bad dream. These jokers never know when to stop. They are emboldened by ever successful caper. They start to feel like rigging the market is like an entitlement.
I will never forget the reaction from an ex pat trader from a major US Bank in London, who when caught red-handed manipulating euro bonds by smashing a quiet market with sell orders, was indignant at being chastised for it. Hey, we do this all the time back home! It even had a cute frat name, the Dr. Evil strategy. He thought he had universal impunity.
It's funny but there seems to be a double standard for US traders and 'foreign traders.' Have you noticed? Doesn't it seem like the US always goes after the foreign banks and traders even when it involves a general free for all of criminality?
Is this some sort of imperial droit du seigneur when it comes to market rigging? Is this like being able to say that you are a citizen of Rome and entitled to be judged by the emperor alone?
Have a pleasant evening.
