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Gold and especially silver were hit at the Comex open today in a completely cynical exercise in paper price manipulation.
Intraday commentary here.
Nothing has changed.
The ECB and Bank of England may act tomorrow. Non-Farm Payrolls in the US on Friday.
Bernanke's Fed did nothing today, and the markets sold off a bit although the markets had wide intraday swings.
Tomorrow we may see something from Mr. Draghi in Europe, and the Non-Farm Payrolls on Friday.
“O Jerusalem, Jerusalem, you who kill the prophets and stone those sent to you, how often I have longed to gather your children together, as a hen gathers her chicks under her wings, but you were not willing. Look, your house is left to you desolate."
This is the speech that led to his departure from the NY Times.
“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.
