“He did not care for the lying at first. He hated it. Then later he had come to like it. It was part of being an insider, but it was a very corrupting business.”
Ernest Hemingway, For Whom the Bell Tolls
The slam on silver seems to coincide with the ADP Report which was better than expected. Just now the ISM Manufacturing number showed a contraction at 49.8, so now it can go up again?
But all this nonsensical rationale aside, it is more likely due to this being an FOMC day, and the opening of the US Comex for trade, and the sheer power of a paper market dominated by one or two Banks and a few hedge funds who shove prices around in the real economy to tax both productive activity and the public savings.
Did you catch the close of the SP futures last night? Just another example of a market dominated by paper and leverage, insider trading and computerized manipulation.
And the moral hazard of regulators who simply do not do their jobs, going along to get along. They see nothing, they know nothing. Until a financial disaster occurs, and they show up to take a body count.
They turned a blind eye to the rigging of LIBOR for years. So why wouldn't they 'investigate' the rigging in the silver market for four years, and maintain an arrogant silence throughout? I can hardly wait to hear what they find.
These markets are dangerously out of control.
No further comment is necessary.
