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Here is an additional interpretation of the big inverse H&S bottom from July 2010 showing a target around 1280 that appears to have been met.
I cannot stress enough how manipulated these markets are, so use caution if you choose to play on their tables.
I was watching some individual stocks on Level II quote feeds and they were marching the prices up and down using 100 share bid/ask transactions. There was a noticeable lack serious buying at most times.
The intraday price manipulation in these markets, and particularly in silver, is becoming so blatantly obvious as to be getting almost silly. It reminds me of our little girl showing me one of her 'card tricks' when she offers me the deck with one card sticking way out and says 'pick one,' and then moves the deck around furiously if I try to pick one of the others.
I think there is a nice setup for a 'flash crash' developing with perhaps some trigger event this time that will be used as a justification for that and perhaps other things.
These fellows on Wall Street and in Washington have gotten through most of their lives by using special privilege, private influence, and simply cheating. By now dishonesty and deception is like a familiar friend that they turn to whenever the going gets tough, so how can we be surprised?
As a reminder, The Quiet Coup - Simon Johnson
“For every credibility gap there is a gullibility fill.” Richard Clopton
"Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked: "Account Overdrawn."
Ayn Rand
Gold Over $2,000 and Silver Over $50 in 2011 - John Embry (KWN)
I used today as an opportunity to buy a little more broadly in gold and silver near the lows as bullion approached some short term oversold levels below 1370 and 29.00 respectively. These were plays in bullion primarily with little or no leverage, with some paired trades for hedging.
"The more gross the fraud the more glibly will it go down, and the more greedily be swallowed, since folly will always find faith where impostors will find imprudence."
Charles Caleb Colton
I had the opportunity to speak with a pit trader the other day, and he described the mood amongst traders as cautious. They see the stock market rising and cannot get in front of it, as the buying is too well backed. But the volumes are so thin and the action so phony that they cannot get comfortable on the long side either, so are buying insurance against a correction even while riding the rally higher.
This is a market setup for a flash crash.
