Gold and silver are selling off during early Monday Asian trading, which was expected after Friday afternoon’s announcement that a Federal District judge had struck down the CFTC’s position limits rule, scheduled to go into effect Oct 12th.
Silver gapped down on the 6pm EST globex open, and has continued to sell off nearly continuously in the Asian session, down to $34.28.
Gold is down a more modest $5 to $1765.
As we mentioned Friday night, the ruling explains why the commercials (cartel) have continued to massively increase their net short positions, adding another 6 million net shorts in silver this week, to a massive 258 million ounces net short!
Clearly the judge’s ruling was leaked to the bullion banks well ahead of time, and thus the bullion banks continued to fearlessly add new shorts to both gold and silver to stifle the current rally. Had the cartel not been able to so drastically increase their shorts over the past month, we would surely be already looking at new all-time nominal highs in gold above $1920, and silver would likely be in the $40′s and ready to re-challenge it’s all-time nominal high of $50.35.
Gold also selling off early in Monday trading.
![[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)
Could this be a hand picked puppet?
Or he was one who WAS concerned about affording retirement. KA-CHING! :-(
The more things change the more they remain the same!
I’ve been watching this go on for the last few hours in Hawaii. I’m pretty sure someone needs to conduct an investigation on the judges background. To rule in favor of the banks and now they are going after the markets again. Corruption at it’s worse.
And the beat goes on… musical chairs… until the naked short music stops and there are no chairs.
The problem is, there is no one to stand up for truth or justice. The average investor is nothing more than road kill, or as Obummer said: “a bump in the road.”
Whether or not ‘permission’ is garnered from a government kangaroo ‘court’ to continue manipulating paper claim markets, there remains the ‘brick wall’ of physical supply-demand forces. Reality can’t be ‘decided’ or ‘interpreted’ through Administrative Process by some bought-off bozo in a black robe.
Pat, You need to be careful when you insult Bozo!
The music will stop only when the supply runs out. Until then, the cartel will program the price at whatever level they want. The system is a total fraud. If you think that the ups and downs to the silver market mean anything, then you are just an addicted gambler. The only play here is to buy and hold, keep stacking and wait for that day that the cartel intends to pull the plug. It won’t happen any sooner than that unless the whole system goes into a cascading default, and that too will likely be managed in its earlier stages of collapse.
But what if the cartel secretly has secured millions of oz. of silver?
How do you guys distinguish a Cartel raid from normal downtick?
According to Ted Butler JPM is now 30000 contracts or 150 million ounces net short silver which is obviously not backed by physical metal. True price discovery has been completely destroyed by these b**tards.
If the CFTC wants position limits introduced, to start with they are going to have to show in their ongoing Silver Investigation evidence of systemic manipulation by JPM and co. If the Silver Investigation turns out to be a whitewash, which is most likely, they only have themselves to blame.
It would be interesting to check this Judge’s bank statements over the last few months.
A normal downtick is jagged. A slash down in one second is a blatant dump of non backed paper. The Law of Supply and Demand still exists and in an uncertain fiat/bond/criminal intent world where silver is Finite and durn hard to get more out of the ground and used up all the time and not well recycled like other metals and being bought in the tonnage by Central Banks eventually the Mere Rarity will drive the market. This market of SLV and ETF is a great hoodwink for lazy investors that would shudder to think that people take their shiny coins out of their cubby hole and stack them all up to see how tall the are. I do.
”Clearly the judge’s ruling was leaked to the bullion banks well ahead of time”
I think the ruling was leaked to the judge in time for his Friday afternoon statement. Ever notice how all statements and rulings that protect the elites from everyone else are always issued late on a Friday? This keeps them off the dim-bulb boobus Americanus’ radar.
Another thing to consider folks: If they manipulate the price of Silver down that is one thing but “They” will certainly manipulate the price of Corn, Wheat, Soybeans…UP!
Idaho Silver, Don’t you think that is odd that ALL commodities go to the Outhouse at the same time?
All except for just a very few on Forex?
http://www.forexpros.com/commodities/real-time-futures
Ranger from Texas
When the COT shows Commercials (JPM) extremely short, and Speculators extremely long, like now, it’s time for a raid. Look at this exellent COT graph from Clive Maund’s subscription services (http://www.clivemaund.com/):
See the last extreme on 3 March 2012? That’s exactly when the last big raid started – go to Stockcharts one year silver graph (http://stockcharts.com/h-sc/ui?s=$silver), change “Range” to One Year, and press “Update”, and look at the start of March’s raid.
You can moan about manipulation, or you can get with the program.
Paper players should play alongside JPM, not against them. And stackers should stack only on raids, and thank JPM for the opportunity to still buy cheap.
And here’s an interesting item. It’s a silver “update” on the CME’s (“COMEX”) website, dated 24 Sep 2012 (same date as the COT graph above). They tell us things are looking bearish for silver. Look at the last line where they say rumours are that commodity players (inferring silver, but not saying it outright- to protect their backs if confronted – because their rumour mongering is an outrageous mistruth) are “dumping” because of Greek fears. Really? So how come big buyers of silver in London have big delays getting their physical, as we speak? First time I hear players are dumping silver because of Greek fears – what fantastical BS. This CME rubbish is to trigger fear in the Spec longs herd, and prime them for a raid. it’s blatant propaganda for their pet client JPM, and the CME is going to also rake in fat trading commissions as the raid ramps up.
The Cartel (JPM), the CME (Cartel’s paper trading enabling platform), the CFTC (Gensler, in Cartel’s pocket, making sure poor CFTC legal arguement forces judge to rescind position limits, and taking orders from politicians put into power by the Cartel), and the London LBMA (bullion banks selling physical) are all in it together – one giant virtuous circle, under our noses, and untouchable because of political/regulatory protection.
We have been warned.
8:15 pm Hawaiian Time and It appears we have some positive movement out of the red. Down from -.30 to -.15 Hopefully this will translate well into the morning on the East Coast.
down-up-down-up…straight lines don’t mean no good…
The good guys respond by buying phizz and sent AG higher.
Silver suddenly jumped 50 cents. Gold/oil a bit but not as much. Currency markets are realtively calm so it may be a silver event.
But shhhhh, keep it quiet. Don’t want to wake the monkeys up so they can slam it back down.
Their slams have less and less effect each time they do one even when they dump twice the annual US silver production on the market in less than 15 minutes it doesn’t take long to bounce back up again.
I think they’re going to have to start raising margin requirements soon.
Wow, a $1.00+ move straight up over $35 is a huge move!
Has this ever happened before? I’ve never seen silver act like this.
I’ve never seen an upward move like that before, I’m sure others who have been following silver longer than I have though.
Back under $35 pretty fast
this ceiling cannot be breached. I expect another raid quite soon. Even if that means selling of the Sun’s system’s entire annual production….
p.s.
raid already here?
Gold, oil, Forex all now getting into the act but it definately started in silver.
well it was short lived gold knocking at 1800 right at this moment …. burning a hole in the cieling new highs in a couple of weeks
Silver has an E.M.E. courtesy of QE Cialis
Maybe it’s got ELE
Perhaps more of the sheeple are waking up and dumping their fiat before the election?
@ 09:29 there were 2,281 contracts dumped on it, and another 1836 @ 10:40. The next barrage is scheduled for 11:50 or so.
LOL! Things aren’t getting any easier for Blythe and the Flying Monkey Circus.
So the commercials are the cartel. I thought that they were two different groups. Anyway, buy physical silver and crash the commercials also known as the cartel! This was a stacking opportunity!
Instead of trying to beat them at their game play along and take advantage of the dips to stack. The time is coming where you are going to need the physical silver.