It’s that time of the morning again for the COMEX open waterfall smash of gold and silver, a daily occurrence in the now week-long post QE4 massive cartel intervention in the gold and silver markets.
Gold has been smashed all the way back to Sinclair’s famous $1650, and silver has been smashed to a $29 handle.
*Update: 2nd wave of smash sends silver to $29.71, gold to $1641!
While the rumors/excuse among the financial media for the week long smash of the metals are that Paulson’s fund is liquidating his gold position, we find it highly difficult to believe that Paulson would be dumping his positions without regard to price daily on the COMEX open. Paulson selling/ fiscal cliff fears are merely the cover used by the cartel for one last massive smash of the metals prior to full blown monetization by the Fed.
That said, buyers in size (ie China) continue to step aside and allow the selling to continue, meaning there is now a legitimate chance that the cartel will achieve their ultimate goal in silver, and paint a negative annual return on the charts for the 2nd consecutive year.
Silver to $29.91:
Gold to $1651