imagesThe beatdown in the gold and silver markets continued overnight and early in COMEX trading Wednesday ahead of this afternoon’s release of the latest Fed meeting minutes at 2pm EST.   Silver has broken below $29 to $28.81, and gold is back under $1600, down another $15 to $1586.

*Update: and vertical drop now in progress!


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Silver began selling off immediately upon London’s open, and another decline began on this morning’s COMEX open:

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Vertical free-fall now in progress:

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Gold was dropped down a mine-shaft back below $1600, and has been pushed as far down as $1589:

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A possibility exists for a capitulation low/ cartel raid coinciding with the Fed minutes release at 2pm EST, so be prepared to stack the smack!

  1. Darn, I was hoping to find that infamous waterfall pic upon coming here this morning.
    It is really going to suck, to have to pay less than $23/ea., for those Silver Dollars my local coin seller (LCS) is holding for me.

  2. As we fall and the passage of time takes us up to Jim Sinclair’s Birthday late March, I’ll reiterate. He’s either going to be the Greatest Gold Guru that has ever lived or the biggest Goldmember of all time. White knuckle ride here we come. For the paper traders that is ;-)

  3. If they shake that silver tree any more it’ll come out by the roots, shows you how desperate they are to panic out the longs.
    Carry on boyz, doesn’t worry me, it can go down to $1 per oz for all I care, the Wanksters will flip to long in the near future.

    • @Silverman,
      We have been set back two years. I believe Silver will continue down to $26.00. We are hosed! As long as people think the Dollar is solid to buy what they need and the DXY holds, we can take a long nap before Gold and Silver recover. The Guru’s that have been setting on the side of our bed and telling us how great Silver is going to be great haven’t a clue to the forces at work against us. Really tired of all of this hyoer crap and all goes South. 1/2 step forward and 4 steps backward. Do you have any idea how long it will be to even get back to $30-$31? A VERY LONG TIME!

  4.  
    Does anyone have a clue as to what excuse they have for doing this?  I mean trade-able news or some such technical other than satisfying my gratuitous need for cheaper Ag?  Whens Mr Sinclair`s birthday?
     

    • “I wonder more why the dollar is going up.”
       
      As do I.  There is no US financial recovery, profits are not up, wages are falling, tax receipts are falling, and we are facing almost 10% inflation thanks to all the idiotic Fed / Gov policies.  All I can figure is that the yen is in the toilet, the euro is circling the bowl, and the pound is too small to be relevant on the world stage.  That pretty much leaves the US dollar as the last drunk standing.  Oh, and in this scenario of falling down drunks, we have a Chinese bartender who is totally sober and counting his money.  Somehow, all this makes the US dollar “valuable”.  It’s value escapes me at the moment except for two facts:  1) We can trade dollars for gold and silver and foolish people actually accept it; and 2) people still take these little paper / cloth inked coupons for everyday bills.  As long as someone gives us stuff or work for our Monopoly Money, there is some value there but it cannot compare with the enduring value of REAL money that is shiny, heavy, and goes CLINK! when it drops into our hands. 
       

  5. http://www.silverdoctors.com/federal-judge-dismisses-silver-manipulation-lawsuit-against-jp-morgan/

     
    Federal US District Court Judge Robert P. Patterson Jr. has dismissed the class-action litigation suit brought against JP Morgan (and originally HSBC) regarding silver market-rigging.  Judge Patterson cited lack of specifics and claims of bad intent necessary to bring the suit to trial.
    Perhaps Judge Patterson never bothered to actually read the litigation, because if he did, (assuming he was not paid off) he would have come to the same conclusions we did when the suit was filed in September of 2011:
    The lawsuit completely exposes JPMorgan’s silver manipulation from insiders’ perspectives for ALL TO SEE.
    We’re talking your wife streaking on the field during the opening kick-off of the Super Bowl type of exposure.
    Que the CFTC announcement that their 4 year silver probe found no evidence of market manipulation in silver.
    Full details of Judge Patterson’s dismissal of the suit, as well as the full original suit below:
    They are all on the take..

    • Clearly, the judge is “controlled” by TPTB!!! The puppetmasters are working overtime on all fronts to keep PM’s from exposing the true devaluation and decimation of the USD!!!!!!! One day they will no longer be able to keep up the charade with their obfuscated “economic numbers” and “manipulations” and then the whole “house of cards” will crash down. It’s a mathematical certainty…and they know it!!!

    • This judge should be taking the final years of his life more seriously instead of giving protection for lying and stealing. He has just broken 2 of the 10 commandments and at the ripe old age of 89, he is not far from the final courtroom. The only thing he gained by protecting the liars and thieves is their pathetic admiration. Talk about a BAD INVESTMENT. The Judge who reviews his case in that courtroom can not be bought off and will not look the other way.

    • “…assuming he was not paid off…”
       
      That would be a MASSIVE and UNWARRANTED assumption, IMHO.  Consider the magnitude of this silver manipulation and the BILLIONS of dollars that are involved in it.  Now… if this entire problem can “go away” for the paltry sum of, oh, say, $5 million, is that not the buy of the millennium?  Failing that juicy carrot, there is always the stick approach.  “Judge, either you take the $5 mil OR we spend it on a hit squad to whack your entire family”.  Either way, the deed is done… and at an incredibly cheap price compared to what’s at stake.

  6. Can we please get the same yoyos clamoring about stacking the dip to tell me to stack the dip so I can stack the dip and watch it go down again and show how full of sh*t the cheerleaders are..
     
    I sincerely hope we are watching the market break now.

  7. Also, before some dolt feels the need to talk about how physical and spot prices are diverging, I am looking at maples for 32 bucks and generic rounds for 30.50. I appreciate how wrong the majority of silver cheerleading has been the last 18 months. I feel good my wealth has been so well preserved. NOT!

    • You are free to hold dollars instead..  Or maybe bonds..   Or maybe shares of AAPL?   Whatever you want to preserve your wealth in is your choice.  Good luck to you sir… 
      I am still happy and confident that my decisions have been correct and that the future is clear.

    • Through a holding company I am invested in I’ve watched a reasonable amount of money grow even more reasonable in this irrational market. So thanks for the invitation, but I’ve made my money already.
       
      The very simple and obvious point is that the bad guys control the market, until they don’t – so the chicken little calls that have littered the silver blogosphere for 18 months look increasingly foolish.
       
      My position in silver ( I’m all in personally) is not insignificant, so you can spare the lecture there. Fact is, while people have waxed the virtues of holding physical (as you are doing now) the value of the wealth preservation the last 12 months has been blowtorched repeatedly, so it rings 110% hollow. We all know the story and the theory, but the free market isn’t free.
       
      My heart is pumping purple piss that you are happy with your decision. At some point when the sky falls (as has being forecast for a number of years) we’ll be right on the money. I suspect this shit show is a prelude to just that.

    • yep. let’s try to spin this into a positive, or explain how wrong the experts have been – while the people who “did the right thing” get their faces torched off every morning like clockwork.
      I said before I pray this is the market breaking. After all this bullsh1it, I’d be happier in a post industrial mad max world than I would playing these fu*king games and watching the charade that is the world.

    • i’m with you Ranger!!! It has been awhile since, I have bought any silver and or gold bullion. I have just watched and listened to these Gold & Silver Magnates! The one person who, I really like it Mike Maloney. Yet you have to remember they have these companies to make profits. I will continue to wait it out!!

  8. At some point, when JPM gets the silver price DOWN to where they want it, then they will SHIFT to RAISE it to where they want it.  Just be patient and ACCUMULATE all you can, when you can, at any price.  You will pat yourself on the back one day! 

  9. I think that the silver miners should collectively raise their middle fingers at the banksters and tell them that their mines will be shut down until further notice.  They should tell them that it no longer makes sense to mine silver as it cost more to mine than it is selling for on the crimex.  I bet that would send shock waves through the market!  That should cause a nice rise in the price of silver.

    • @Felix:  IMHO only JPM raises or lowers the paper silver price.  Period.  The mines shutting down would not create–by itself–a rise in paper silver price, however, the physical price would definitely increase.

    • The sad part is the government through it’s agents at places like JPM have decimated the mining industry, mining jobs, and put strain on the supply networks.
       
      They have given the middle finger to the industry and forced many places to be shuttered. We need the market to break and they seem to be doing a good job at breaking it.

    • Actually, a FAR better plan would be to mine all the silver they can and offer it to the Chinese and Indians who appreciate it and not the money-grubbing, back-stabbing, market manipulating a$$holes of the Crimex and LBMA.  When no one ounce comes in to these cretins, perhaps they will get the message.  If not, eff’em.
       

  10. I think it would be wise to be patient before buying.  This is just an amateurs opinion.  We don’t even know why this is happening.  My theory is that they want to cover some older short positions but I have also read that they are having a hard time covering due to silver shortages.  There are behind the scenes reasons for this silver raid and we will not be privvy to the reasons.  However, for whatever reason they want the price down lower.  I think it would be prudent to wait, let the price go down to 26 or so before making a purchase.  Don’t fret.  This is a scheme.  We can only watch.  I am no longer watching in horror as I have become de-sensitized to this non-sense.

    • I think it’s pretty simple. Open interest is extraordinarily high on the comex, and their tried and true method of smashing silver through naked shorting and clearing interest is not only failing, but open interest is GOING UP.

      So, like any good insane sociopath, keep doing the same thing until it works. With respect to buying, if you’re buying under 50 oz, to me plus or minus a couple bucks is irrelevant. Especially if you buy the incessant propaganda that silver is primed to go to 100+ dollars. the BTFD to me is like whistling past the graveyard, it just makes people feel better about watching them get their asses handed to them.

      See the below chart from zerohedge. You can set your watch by this. The regulators (CFTC) see it and look the other way because the agent of this fraud (JP Morgan) has the same employer as the CFTC, and that is, the US government. End of story.

      This is simply having to work harder and harder and more blatantly to control a market that if you lose control of, the sh*t hits the fan.
       
       

    • We will find out fairly soon if the spec longs hold on to their positions.  The only other reason I can think of for this ongoing price smash is that they want an opportunity to load up on metals.  I strongly feel that the hedge funds and banks will not lose a dime on this operation.  This all must be being done for a devious and profitable reason.  They want the specs to capitulate of course so they can cover shorts.  They also may want to buy real phyzz in preparation for a turn in the market.  The shorts will maintain pressure for as long as they must in my view as they have the will and the fiat to carry out this operation.  March 27 is still almost 40 days away.  Its looking more and more like Mr Sinclair is onto something.  He must have known in advance that this huge raid was going to take place.  I feel confident that he will be proven right.  There are a lot of people out there that know what is going on and they do not want publicity.  Jim Sinclair is the perfect platform to get the message out.  Sinclair has a half century worth of contacts that are telling him what is going on.  This is a huge raid going on right now so there must have been quite a few traders etc that are privvy to what is going on.  We need to have faith.

    • primary silver mining has been increasingly marginalized into the dustbin of history thanks to years of manipulation but your point is well made. The routine I guess is to manipulate the market until you decimate / break it, and deal with the aftermath.
      what is going to be interesting is if alot of these folks stand for delivery we could have some spectacular fireworks, which I for one hope we do.
       
      In other news US mint sales in february surpass 2 million oz of silver, and hopefully will be on pace to beat 2011 ( they already handily beat 2012).

  11.  I dunno  Maybe it’s just me,  but these smack downs are just noise and commotion.  Anyone buying precious metals  is getting a discount in a world of 10-20% inflation. Not bad for a week’s work on short selling. $5 savings on silver. Who do I send a thank you note for making silver less costly. Gold to silver ratio is climbing over 55 to 1.
    The funny thing is that all the usual suspects, Chilton, Blythe, COMEX, CFTC, are playing into our hands, not that it was their intention  to do so,  We get to buy things that are valuable in more ways than I can outline here and we can do so on the cheap. 
    In these historical times, providing we oldsters live long enough to see this through, and to the youngsters who will see this through, we get to sit ringside at the greatest battles in history.  The best thing about this is that we know how to avoid the worst of the splattering and maybe even prosper a bit during the whole cycle of events going on a world wide level.  That’s as optimistic as I can get today. 

    • This price squashing might get ugly.  TPTB are intent on defrauding the public, so there’s no telling how far they’ll go.  My sense is that there will be many events in the next few years that test our patience.  They are in it for the long haul and are making money all along the way.  It is a never ending game for them. 

  12. Just a thought. The price of silver was forced down today again, by the usual suspects I suppose, but they did not wait for the FOMC minutes to help their cause! Could it mean that they might “know” that the FOMC minutes to be released would counter their efforts? This could then be a turning point, as I am sure at $28.50 they must surely be out the majority of their short positions.

  13. Collected my all-in stack today.
    Dealer told me he sells 20x more € in silver than gold.
    Absolute buying mania going on. Sold out on all over-1oz stuff basically. 
    Mexico is cancelling approved orders.
    Dealers and Wholesalers are starting to distrust each other like the banks are.
    Expects an imminent disconnect between physical and paper, in the form of a paper crash.

    How are stores in US/CA doing? 
     

  14. I am a self confessed stacking newbie and on my exponential learning curve, watching the prices get smacked down is music to my ears and am completely un-phased! Things change so fast these days, right across the globe, that I will be taking full advantage of this. Following geo politics for quite a while now it is clear, even to the casual observer that it will take just one event for the tide to turn, there’s almost a lucky dip of potential black swan events out there. It was for this reason I knew it was time to hedge against WTSHTF moment and store wealth in PM’s. Happy to ride the low because that high is coming……like my mom always said patience is a virtue, I believe she was right!!!!

  15. I think we are seeing the run to the dollar in advance of another major currency failure. Add in JPM driving the paper market down to make the dollar look better. Time to get ready to hunker down and ride out 6-12 bad months before things start to normalize.

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