*Update: Silver has now retraced nearly the entire waterfall decline, as it has traded back to $34!
After consolidating over $34 throughout the morning COMEX session, the cartel has just initiated another waterfall decline in silver, as the metal was just sent from $34.05 to $33.44 in seconds.
Stack the Smack!!
And the updated chart as silver has now retraced the cartel’s latest failed attempt:
As during Sunday night’s Asian session, $33.50 continues to hold as silver refuses to break down under the cartel’s relentless attacks. Watch the $33.50-$33.60 level as it will be important for silver to continue to find support in this zone.
*Update: It appears $33.50 has held for now as silver has bounced back to $34. Look for another desperation attempt by the cartel during today’s access market session after the COMEX pit close.
We expect silver either to break down as the longs throw in the towel- and silver to move down to $32-$32.50, or the cartel to throw in the towel and retreat to higher ground. The party that refuses to flinch will likely be victorious in this crucial battle.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
Another day & another raid. Nothing to be done but prepare for the day that the fiats die.
@the doc Isn’t it possible they’re just making the price drop so they can buy large quantities of PM’s themselves without causing the price to go up? Wouldn’t that also explain why the price retraces so quickly? Doesn’t this make more sense than a conspiracy theory regarding the FED trying to keep an inflation indicator down?
Another gift from the cartel. Another day to buy silver on the cheap. Remember when we were praying for silver to go below $34? Here is it and maybe a pinch lower.
Oh yeah? Well I am still waiting for silver to return to 27$ per ounce. I am also wondering about why is it taking the cartel so long to bring silver at that price.
The leverage counts already in hundreds x the physical they have available. From this we are quite sure, or how tinfoilhattish would it be to think that the accounting of COMEX suppliers is not true. Andrew Maguire says at least not this way around It can be.
They are forced to leverage more and more, and by the time it gets out of hand your 1000 oz will have to move millions of oz of paper. It might as well be here already, how can you say it’s not?
These bozos clearly do not care how many unbacked naked shorts they sell. Not when they are backed up by Ben’s infinite printing pre$$. It is an easy game when most Crimex contracts are settled in cash. They really need very little physical metal to run the Crimex game. What I don’t get is why sellers are willing to part with physical metal for such an absurdly low price in fiat. I know I would not part with any of my fizz for less than triple digits and probably not even then.
That’s why there’s premiums on physical silver. I’ve realized that the lower silver’s price is, the higher the premiums are. Also, they are rising every day due to paper silver.
Doc you should check this out. Here’s a link to Ed Steer’s latest Gold & Silver Daily Report.
http://www.caseyresearch.com/gsd/home
According to Ed Steer “JPMorgan has a partner in the silver price management scheme…and if I had to bet $20 on which market-making member of the LBMA it would be…I would place that bet on the Bank of Nova Scotia/Scotia Mocatta. “
Unless there are trade indications showing a raid, this morning’s PM drop coincided with total equity cave-ins on the open at 930 and an hour later at 1030, a market-wide ‘risk-off’ move, but I don’t see the news.
The more interesting question is what caused the dollar to surge upward .46 basis points?
Ugly Dog the DOLLAR bounce is very likely caused by the contining crisis in Europe
The head shed in Greece said they will default by november if they don’t get more money, $10-15 billion to pay their debt bills. The demands for more austerity sent 50,000 riots into the streets in Greece.
The IMF and ECB are mute but Germans are going to say no.
This is an existential crisis for the Greek Euro and if the entire Greece debt load is given another default through haircut to save the Greeks from more forced austerity, the whole of the euro zone goes down hard.
The USD is, once again, the best looking horse in the glue factory.
Spain, Italy and France are following the GREEKS into debt purgatory. In this race to the exits, we are being forced to stand in line to throw our hat into the debt ring
Let Greece collapse already, drawing it out is just making things worse.
That’s true! I didn’t even though about this. All I know is that the reason why commodities went down recently is because the US dollar went up but I didn’t know before why. I think that the Euro is going to collapse first before the US dollar.
Once again, we see how the underlying physical market and general demand conditions even by paper traders are overturning cartel efforts at record speed. We’ve already taken back over 95% of the decline and are above the level of early London trading. They’re huffing, puffing, and getting pretty much nothing. They’ll probably try again later, most likely right after normal COMEX hours close.
Thanks all for the comments in the other thread. I’ll catch-up and respond later.
This pattern is very encouraging.
Hmmm. Im buying another 16 ase`s over the next 10 days for £440. But I wouldnt sell one of them for less than £10,500. Thats at 499:1 leverage by the criminals. Im going to take one to a we buy gold and silver outlet and ask this amount for it and see what they say, then I will say my bit.
Some of you might be asking, “Why bomb the price at the close of trading in London?” Good question. The answer involves more than just manipulation for manipulation sake. As it happens, the “London PM Fix” is the most important international daily price quote for precious metals. Countless newspapers, databases, and in turn traders that don’t pay much attention to the PM markets other than to get a daily peek once per day use the London PM Fix as their benchmark. Even financial contracts use that price more often than any other “fix” to represent the price action for a specific 24 hour period.
When you consider these facts, it should then be clear why there’s an added attraction to having the London PM Fix set at a lower price even if one hour on either side of that point in time shows higher prices. Attacking the London PM Fix is among a handful of other time windows that demonstrate probabilities for declines well outside of normal, non-manipulated market trading.
Silver down over 5 to 1 vs. the dow on mon,tues good job cartel. It’s gods work after all!
*Yawn* again? Less and less effective and they are doing it more and more. Desperation is setting in.
The cartel is having hard time at crushing silver’s price. I hope that silver’s price goes even lower, like at 27$ per ounce. If the cartel crush silver’s price, then so be it! I’m going to thank them and I’ll buy more silver cheaply. The cartel are just shooting itself on the foot since lower silver’s price means more demand and more demand equals to higher price.