Yet again, the precious metals move down began in earnest during illiquid markets in Asia. On Thursday, gold fell almost 1.5% during the first three hours of Asian trading.

Gold has broken below the December low of $1,635/oz and below the 50, 100 and 200 day moving averages. However, technical analysis should be ignored in favour of fundamental analysis given that there are strong grounds for suspecting that the gold and silver markets are subject to manipulation by certain banks in the same way that interest rates were in the LIBOR manipulation.

The move down is overdone and the smart money will again see the over reactive sell off, manipulative or not, as a nice gift to start the New Year and will again accumulate on the dip.

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From Goldcore:

Today’s AM fix was USD 1,632.25, EUR 1,254.32 and GBP 1,018.37 per ounce.
Yesterday’s AM fix was USD 1,684.50, EUR 1,285.09 and GBP 1,039.69 per ounce.

Silver is trading at $29.33/oz, €22.64/oz and £18.39/oz. Platinum is trading at $1,545.00/oz, palladium at $680.00/oz and rhodium at $1,150/oz.

Cross Currency Table – (Bloomberg)
Gold fell $20.20 or 1.2% in New York yesterday and closed at $1,664.50/oz. Silver slipped to as low as $29.972 and finished with a loss of 2.55%.

Gold in US Dollars (1 Month) – (Bloomberg)

Gold fell a further 2% to a 4 and a 1/2 month low today after minutes from the U.S. FOMC meeting highlighted increasing concerns over its highly stimulative monetary policy, sending stock markets tumbling and boosting the dollar.

Today, U.S. non-farm payrolls data is due at 1330 GMT which will show whether the fragile US economy really is recovering.

Silver’s slip yesterday made its value at its cheapest compared to gold since late August, with 55.76 ounces of silver now equal to one ounce of gold, against 50.4 in early December.

Gold’s price falls may be due to profit taking by speculative players. Since December 20th gold had risen from $1,638/oz to $1,694/oz or by 3.5%.

It may also be the case that bullion banks with large concentrated short positions are using the pretext of the Federal Reserve minutes to manipulate the price lower – both to profit and to allow them to close out their significant short positions at more advantageous prices and possibly even go long.

Gold in US Dollars (1 Year) with 50, 100 and 200 Day Moving Averages – (Bloomberg)

Federal Reserve policy makers said that they probably will end their $85 billion monthly U.S. bond purchases sometime in 2013. The key word is probably and many doubt whether the Federal Reserve will stop their debt monetisation programmes any time in 2013.

Even if the Fed did end them, ultra loose monetary policies and negative real interest rates are set to continue as are competitive currency devaluations – two other fundamental pillars supporting the precious metal markets.

Gold in US Dollars (1 Year) With Monthly Average Price – (Bloomberg)

Yet again, the precious metals move down began in earnest during illiquid markets in Asia. On Thursday, gold fell almost 1.5% during the first three hours of Asian trading.

Gold has broken below the December low of $1,635/oz and below the 50, 100 and 200 day moving averages. However, technical analysis should be ignored in favour of fundamental analysis given that there are strong grounds for suspecting that the gold and silver markets are subject to manipulation by certain banks in the same way that interest rates were in the LIBOR manipulation.

The move down is overdone and the smart money will again see the over reactive sell off, manipulative or not, as a nice gift to start the New Year and will again accumulate on the dip.

American Eagle gold coin 2012 sales down but outlook bright – Reuters

Gold slips 1 pct on Fed minutes; firm dollar – Reuters

Gold Seen Rallying From Worst Streak in Three Years – Bloomberg

HSBC says India’s gold consumption likely to recover –  NDTV

Switzerland and Britain In Currency War – The Telegraph

Spain Plunders 90% Of Social Security Fund To Buy Its Own Debt – Zero Hedge

Keiser Report: Hierarchy of Fraud – Max Keiser


IMF States Entire Derivatives Market is a WMD Time Bomb – Jim Sinclair’s Mineset

    • @PowedBall, the idea of a 1-Trillion Dollar coin has been bouncing around for about two months.
      But what IS significant – is that this story has finally made it into the MSM (mainstream news). 
      If they go through with minting this coin and then proceed with borrowing against it, this may have the unintended consequences of conveying to the world how blatant a counterfeiter the US Fed has become – causing a worldwide drop of confidence in the $USD.
      Can anybody here say ‘Tipping Point?’
      This may be it.

    • The idea of a $1T platinum coin has been around for years.  The Coinage Act (I forget which one) details the denominations of all the coins minted in gold, silver, copper, nickel, everything except platinum.  Congress could mint a $16T platinum coin and payoff the Federal Reserve dropping the national debt to zero.  But, every time someone in Congress brings up the platinum coin national debt payoff strategy, they are run out-of-town buried in scandal.  Ask Tom Daschele.

  1. A lot of the Asia/Euro sell-off has already retraced. Hard to keep info coming to me what is actually happening on the trading floor. Does anyone have good info streams to their disposal? I would have loved a little paper ride up from this bottom today.

  2. Manipulation? Most likely not. If Silver and Gold are manipulated other than paper, then every friggin’ commodity is being manipulated since last night and yesterday and throughout the years!
    Forex Futures doesn’t lie. Check it out for yourself
    I have said this time and time again. Silver drops and drops, then when it goes up far less than the drops all the Silver Gurus that post articles here throw a party! Yeah we’re winning the war……HORSESHIT!

  3. @PatFields commented in an earlier thread “…the wisest course is to volume average according to one’s capacities.
    –  –  –  –  –  –  –  –  –  –
    Actually, you will get a better price per oz over the long term if you dollar-average, rather than volume-average.  Turd performed a study on this last year, and found that if you buy the same dollar-amount of Silver every single month, you will end up with a lower price per oz than if you buy the same weight (volume) of Silver every month.
    I believe that mathematically, this will always be the case.  It would be very interesting if somebody would run the numbers & generate the formula for this – any takers here on SD?

  4. Funny – I have a 40 minute drive to work and usually listen to MSNBC for comedy value ( I’ve done this for about 2 months now). I don’t recall them ever mentioning silver once. Until today. They mentioned it several times in the context of how shitty it was doing, along with how gold has extended its losses and is at a 4 month low. They tripped over themselves to shit on the metals.
    I’ll be buying more today no matter where it goes i the next few hours. Listening to the douchebags wax poetically and get it all wrong is on par in annoyance with the litany of articles prognosticating silver taking out new highs imminently. All I can do is put my head down and buy what I can. Me accumulating silver has gone from a hope of making money to a statement registering my disgust with the current financial system. Silver is me extinguishing my dollars and walking away.

    • “They tripped over themselves to shit on the metals.”
      Typical.  These are the same empty suits who get delirious over a stock that has half the gains of PMs for half the length of time.  A real eye-roller of a cheer leading group if ever there was one.  I agree about the comedic value.  It’s fun to see what new form of BS they will pull out of their @$$ next. 😀

  5. If there was easy money to be made simply by squeezing the bank shorts, do you not think one out of the thousands of mutual funds/hedge funds would have done it by now? Manipulated or not, the silver market has gone no-where in 2 years. Only half silver produced actually is for industrial uses and the rest is coins/jewelry/investment. This can all be converted straight back into supply. Silverdoctors and Maxkeiser are now selling silver too, no conflict of interest there right?
    Do yourself a favour, stop reading bias sites like this. I never see one anti-silver comment. Everyone has all their assets in silver. It’s like reading the message boards of companies like iomega during the dot com bubble. Silver is in a bubble. Quit watching silver futures and invest in something you can actually understand.

    • @Tallen
      The only people making money in metals are the ones’ selling it. Like I have stated, I am weary of the Silver Guru’s sitting on the side of the bed telling us how great it’s going to be. I have my nice stack, but will buy no more. One day I hope that I can get what I have paid for it all. The Central planners will always be ahead of this game and really don’t think regardless of 57,000 ounces of Gold Eagles being bought stands a chance of beating the Bullion bankers to the finish line. They will simply not let us and Gold and Silver will eventually level off to a given static price and stay right there.

  6. I just got some more Silver this morning, wasn’t a lot only 2 rolls off Kennedy halves but hey the price was cheap. 80% below spot another Stacker scared off. More For Me. Keep Stacking and While I Wait I’ll Take a Snooze. Lol

  7. CDL Most of us have taken a pledge, personal or well stated on this or other sites, to protect ourselves and those closest to us’ to fight the corrupted system the best way we can. Fight it with lead and get dead is not a good investment of your life. Fight it with paper trading and the chances are you get rolled. Fight it with the purchase of assets that represent something more important than just a hard asset in your safe and you are making a stand against the system of debt and FIAT. It may not work out in the short run, as we can see through the daily price swings. But in the long run it will prevail as will we, the people.
    Once committed to this course of action, the MSM, price swings, bank criminality and eggregious government actions are just a play with a bad ending. Molon Labe

  8. We must be near a bottom with trolls like tallen and MOPE Over Hype coming out of the woodwork.
    tallen- the word you were searching for is biased, not bias…and if you had read this site for longer than the 3 days you’ve been registered, you would know that our outlook on the metals has not changed one iota since we launched SDBullion.

    Also, your statement that silver is in a bubble, while at the same time admitting that it has consolidating for 2 years is the most humorous attempt at MOPE I have seen in awhile.  Perhaps you need a primary course on the definition of a market bubble?  I don’t think less than 1% of assets in a class, and a 2 year consolidation classify as bubble territory. 

    • The Doc, there’s always negative factors to an investment decision or where it could go wrong. I am not a troll, I have invested in the silver market before and may again. Less than 1% had all their money in Iomega in the dotcom bubble, didn’t mean it didn’t fall 99% from its high. I’m not saying silver is going to drop that much of course!
      You can complain about the big drops, blaim them on manipulation. Watch futures all day, claim victory when silver is up 1% then complain about manipulation when it falls. It’s a joke. Or the countless gurus claiming idiotic prices. We’re at a bubble because the current set of investors has over-allocated.

    • @tallen: When the LBMA sells more “silver” every day than the entire world yearly production then one MUST conclude THATS MANIPULATION! Don’t you dare buy any, it’s for people not trolls. Go eat some babies or something.

    • @RocketsRedGlare – The story about London consuming so much silver can easily be explained by Bullionvault’s expansion of their silver segment of their business. They now have 349 tons vaulted in London.
      The futures market has always been highly leveraged, doesn’t matter what asset you are talking about. The registered silver inventory at the comex has seen a increase over the last few months. If one was to take this manipulation hypothesis to its logical end we should see inventories constantly dropping as supply is dwarfed by demand. Don’t trick yourself, the easiest answer (no manipulation) occam’s razor is almost always the right answer.

      If manipulation was so visible and obvious, why aren’t we all billionaires yet?

    • There is not that much silver in the world! Thats the easy answer and the right one. No one, not the Crimex, not the LBMA  can expand the “silver” in their vaults every day, equal to the entire yearly world production. It’s rediculous! I think it was JP Morgan not so long ago settled a lawsuit for charging storage fees on silver they didn’t have!

  9. All this manipulation is fantastic!!!!All this negativity is fantastic!!!!!The fundamentals have not changed folks.  We gotta wait this out.  What is happening right now is proof that we are onto something.  A year from now we will be very happy we got some silver in our rabbit hole.  Keep the negativity coming Tallen.  Means us stackers are onto something.

    • “I think it was JP Morgan not so long ago settled a lawsuit for charging storage fees on silver they didn’t have!”
      Yeah, I remember that story but thought that it was either Morgan Stanley or Goldman Sachs that was supposed to buy and hold physical gold for their “muppets” but didn’t and then had the big brass ones to charge them storage fees on gold they never purchased.  The more I think about this the more I think that it was G-S.

    • @RocketsRedGlare:   This made me curious, so I looked it up.  It was Morgan-Stanley.  Unlike most banksters heists, this one was so blatant than it could not be passed off as an admin error, trading error, mistake, or any of the other excuses.  This was absolute fraud and no bones about it.  No one went to jail, AFAIK, but then that’s typical too.  There was a hefty fine but probably less than any profits they scored via this theft.

  10. [Doc wrote this intro]Notice how people like me & MOPE Over Truth are all over the boards when silver breaks $30? Think its a co-incidence? We’re going to keep calling gold and silver bubbles when its the treasury bond market and debt that is the real bubble, because we have no understanding of macro market fundamentals, and want to convince as many as possible to join our fears of a collapse in value of our insurance. [/end doc]


    1. Bubbles are created by hoarders.

    2. Hoarders create a FALSE illusion of excess demand, by buying something and storing it.

    3. But ANYTHING stored is actually EXCESS SUPPLY (not true demand).

    4. Producers react to the hoarding by INCREASING production capabilities and output

    5. The hoarders help temporarily drive the price higher and those higher prices KILL true demand because the real users of the commodity are forced to make cuts, due to high prices.

    6. So with FALLING real DEMAND, and with RISING SUPPLIES, the massive oversupply continues to build up, while prices are pushed to a peak.. But with excess supplies, prices top out and start to crash.

    7. Falling prices scare speculators away and the massive oversupply helps to keep pushing prices lower. The lower prices go, the more it frightens speculators and many start to dump their hoards FURTHER ADDING TO THE MASSIVE OVERSUPPLY and further crashing the prices.

    8. As prices continue dropping, the commodity gets a very bad reputation as a wealth destroyer and that bad reputation completely kills the hoarding cycle and prices drop VERY steeply.

    The real estate bubble was created by folks buying and storing unused real estate (many folks held 2, 3, 4, and more houses sitting empty). When the bubble popped, prices fell to 2001 levels.

    When the rhodium (precious metal) bubble popped, prices returned to 2001 levels. Rhodium had big bubble even though FAR fewer folks bought rhodium than are buying silver in the silver bubble.

    Silver was $4 in 2001
    [UPDATE] I’ll have to update this as he has censored me:
    I don’t feel gold is in a bubble Doc, you have me wrong for adding that at the start. I totally agree that government bonds/bonds are in a bubble. Even if they tank, it doesn’t mean that money will flow into PMs. Go on youtube, how many thousands of people are there that think Silver is going to make them rich?

    As far as stacking goes, wouldn’t you be better just buying up land/guns? If the dollar fails, who is going to give you guns/land for some silver? No-one. Smart money doesn’t buy silver coins! I am going to be starting a gold position shortly. Bought 10 GC contracts at 1648. Will load more if it drops. I see gold as an attractive investment, silver I don’t for the reasons above.

    At least Doc, please listen to me. Stop posting the Gurus who claim $100, $200, $2000. It’s beyond a joke.

    • Tallen.  This is a stackers site almost to its entirety.  We are preppers.  We know that silver will have its day as we get closer to the collapse.  You should move over to Turd Fergusons site where the paper traders gather.  They would be excited about your paper short trade that you are talking about.  I am not.  Preppers are different than traders.  We got time to wait this out and the collapse is a mathematical certainly.  Good luck with your paper trade sir.  Thanx for the insight on silver.  We all know the fundamentals and the risks here.  And, we are certain that we are right.  If your short trade backfires on you please complain about that on Turds site.  They will understand.

    • Your logic has to many faults biggest being producers will use less. Silver is in demand in more and more products every year, the solar panel market is still strong also and they use quite a bit.

  11. @Truth over hype- we have put thousands of our own $$ into this site since launching it over 2 years ago. We haven’t seen a single penny.  Jim Sinclair has spent over $2.5 million on JSminetset educating people. 
    I’m not going to let you attempt to categorize us with the banksters.  We waited too long when previous new users attempted to take over the boards.  You are now officially moderated. 

    We strive to allow discussion and dissenting opinions as we can learn from that.  However, it is obvious that some are not attempting to offer a different opinion and educate other readers, they are merely trying to stir up dissension.  That stops now.


    I do agree with the beginning of your comment that the time to buy is when blood is in the streets and that the bottom will be in when everyone share’s Ranger’s sentiments.


  12. Looks like todays raid is falling on its face.  Silver will be back in the 30’s on Monday.  My take is this.  If the Feds can get silver down much below 30, we will see increases in premiums.  Silver is going to be a scarce commodity if they force the price down much more than this.  Silver is worth a lot more than 30 bucks per oz.

    • Agreed, PK.  This is why so much western gold and silver will find their way to Asian vaults.  I am not criticizing the Asians in any way for this.  In their shoes, most all of us here would be doing the same.  But why are the fool banksters promoting this move of PMs from West to East?

    • @Ed_B, “But why are the fool banksters promoting this move of PMs from West to East?
      –  –  –  –  –  –  –  –  –
      That rhymes with, But why did the fool western countries promote moving their country’s factories (and Manufacturing jobs) from West to East?
      GREED is the answer, isn’t it?

    • @Mammoth:  “That rhymes with, But why did the fool western countries promote moving their country’s factories (and Manufacturing jobs) from West to East?  GREED is the answer, isn’t it?”
      It very well could be.  My theory is that it is a combo of greed and short-sighted stupidity.  Still, there are people in the financial world who do know the value of gold and what it represents to national security.  I would imagine that they are few and in low regard amongst the wild-eyed we-can-do-any-damned-thing-we-want socialist crowd, though.  History will prove them right and the socialists wrong, as always, but it could be a VERY expensive lesson.  The true tragedy is that those who create these situations are often not the ones who suffer the most from them… or at all, in many cases.

  13. Doc,
    We follow you because we trust in what you tell us. Year before last all was going to go bonkers the next year, last year the Gurus’s say that 2013 is the Year. The time expands all to the forward, but Gold and Silver do not. Yes it is true that some of us have turned negative, but who can possibly blame us? NFP made no difference and where are the article writers today telling of the fortunes to be made? Don’t see any today. They are probably scratching their heads wondering what is wrong as well. All we need to know on a regular basis is what the positive out look is right now, not what it will be in another year or years as that mountain is getting harder to climb. Does anyone really know for any given fact how much Gold and Silver is stacked in the vaults of London or any other country? Most likely not. The Comex was reported recently to be under immanent collapse, but now all seems to be well. So put yourself in our shoes, we are not economists, nor as astute as you are concerning China is doing this or Japan is doing that or whatever the financial dots connect to, we are just good ole common folk who are mostly scared to death about what the future is. Sure there are posters here that say keep on stacking, etc., but deep down they are scared too! If you think all is well, we think all is well and we respect that. I think all of us here that post just want to see some consistency in Gold and Silver moving forward, we really don’t care if it’s a nickel a day, just moving forward. 
    We appreciate you Doc,

    • @Ranger
      That’s why the manipulation is so effective. The fundamentals have not changed so how can silver be up .63 one day and open -.80 the next? I know the markets will blame the news, but really; what has changed–nothing. I, too, just want some consistency in the market, but since the commodity markets (esp, PM and oil) are so crazy, the best we can do is ignore the paper prices and remove physical from the banksters by stacking. That’s my plan, anyway. I just hope the whole thing doesn’t come unglued before I’m done!

    • Most of what you are seeing is paper trading algorithms screwing up the true market price of a physical commodity, until that is fixed and regulated things will continue. But all it takes is  a trigger event the algo’s can’t handle and the price will break free.

    • Ranger… deep down I am not scared.  Owning silver and perhaps gold one day actually makes me LESS fearful about the future.  I am diversified with money in stocks, stock mutual funds, commodities, utilities, cash, and PMs.  At the present time, my silver stash represents about 7% of my total wealth.  I have more faith in silver and gold because they cannot be printed by an off-the-wall out-of-control Fed.  I hope to add to my stash as time goes by and recently took a 2012 distribution from my IRA so that the taxes due would be lower than they will be in 2013.  All part of the game, you see.  Others made the rules but if we want to do well at it, we have to KNOW them as well as they do.  (insert evil grin here!)

      Although the past several months have not been the best of times for PMs, there is a nice 15-20% annual gain for PMs over the previous 10+ years.  It would be a rare find to come up with an alternative investment that has performed this well.  If you’re thinking that this does not guarantee future gains, you’re right.  But since we cannot know the future, all we can do is our best.  In the case of investing, this means that we need to be diversified across several asset classes, keep a stash of cash for emergencies, and hold onto those PMs.
      As a member of the “we used silver coins as money everyday” club, you know whereof I speak.  Like me, I am sure that you remember when a gallon of gas could be bought for a quarter or even less.  In the late 1950s, my Dad served in the US Army in Lawton, OK.  Gas there was often $0.18-0.20 a gallon and when a customer pulled in, 5-6 guys in spiffy service station livery came running out of the station to check the tires, oil, gas, wipers, and windows.  Then, they would give us a free drinking glass of some kind that we all collected.  lol  

      Anyway, my jaunt down memory lane really does have a purpose and that is to remind everyone that we can still buy a gallon of gas for a 90% silver quarter and even get change back.  Yes, gasoline actually costs less in silver terms today than it did in 1960.  Gas only looks expensive in terms of cheap fiat dollars.  Someday, this same sequence of events will recur, although we do not know when.  When it does, either I or my family will be ready because there will be a serious stash of REAL money that isn’t all about playing the inflation game and disappearing just when it is really needed.

  14. I’m for one a Physical Stacker, not for Profit but for Survival. I know deep in my heart this country is going to crash along with a whole bunch of other Countries and when it does I will be prepared. I Keep Stacking and the only thing that I’m scared about is the future not the price off the darn Silver but I WILL SURVIVE THAT’S MY ONLY MOTIVE.
    I have other things stacked beside PM’s, Food 1 years supply, Guns, Ammo and other necessary items.
    I also don’t listen to the Guru’s that’s why I’m always happy. I see what’s happening around me and it’s getting worse. BUT I’M PREPARED.

    • Marchas  Now someone is talking common sense.  Thanx for that.  Gold and silver is no get rich quick scheme.  Never was unless you have a gold mine in your back yard.  Gold and silver are prepper goods, similar to spam in my opinion.  We aren’t going to use these items unless we enter some kind of emergency.  What if silver went up 10 bucks today?  Would you sell?  Probably not.  We haven’t entered the collapse yet, no need to sell.  The silver stays so no money is made.  We keep the silver because we need to be prepared for the day that money might not buy spam or pay bills.  If you believe that a fiscal crisis will manifest itself in the next few years you need to hang on to the stack.  The only guru worth listening to on a regular basis is Jim Sinclair.  He says money printing is permanent.  Zero interest rates are almost permanent.  Take the money printing away and we have total disaster.  Increase the interest rates.  Same outcome.  So, we are just waiting for the inevitable black swan to arrive that will take us into the abyss.  It’ll come.  Don’t know when.

  15. Great reading here today.  It is always good to have dissenters on board; I would be hesitant to call some of the commenters here trolls, as their arguments follow logic rather than smearing others, as Jake did.  But let’s draw the line at coming down on Doc for joining the silver-sellers; his business enables all of us to have this forum here and will hopefully eventually permit him to give up his day-job & commute.
    I first came to Silverdoctors by following a link from Queenbee’s blog ( ).  But Queenbee is into technical Analysis & paper-trading as well as Phyzz, and she was unfairly slammed as a troll here by Jake and others.  After that she left SD and never came back, and deleted her blog’s link to SD.  That is too bad.
    As for myself, I am just an ordinary working stiff who tries to provide for himself and his family.  Although I stack AND trade a little Phyzz, I do not believe in putting all my eggs in one basket and also am:
    – Pre-paying my kid’s college tuition in order to not be saddled with paying tuition when I hit retirement age
    – Renting out a barn for horse-boarding
    – Setting up a manufactured home on my property – as a rental
    – Growing a garden & selling produce in the warmer months
    – Buying, restoring, refinishing, and reselling furniture
    – Participating in my employer’s 401K (just enough to receive the maximum matching employer contribution)
    But of course it is easy to just generalize and lump all of us fans of Silver into one whacked-out bunch, isn’t it?

    • You just described quite a few of us. I do what I can given the limits of my disability. Try to prepare best I can for what I know is coming. The fed can’t keep printing without hyperinflation rearing its ugly head one of these days (some say we are on the verge of it already).

    • Indeed it is, Mammoth.  Have to say that I very much admire your approach to handling an uncertain future.  It looks like a genuine winner to me.  But then, what do I know?  I’m just another idiot who stacks silver.   😉

    • @Mammoth…  thanks for the vote of confidence, Bro.  I appreciate that but may have been responding to the negative Nancys out there, picking up their tone… whatever.
      Diversification is one of only 2 things that actually favor the small investor.  Not over the large investor but over the small investor not being diversified when certain economic sectors fall while others tread water or move higher.  The other one is dollar cost averaging.  DCA works with stocks and it also works with PMs, providing the discipline needed for regular buying as well as a good average cost per share or ounce.  🙂

  16. ive said it many times before and ill say it again … silver is not a get rich scheme when silver explodes its because the shit has hit the fan … all silver will do is preserve your wealth … when a loaf of bread is worth $30 siver will still get you 20 loaves an ounce the monetry cost is immaterial  silver is a non perishable commodity which will hold relative value when currency collapses.
    if you want to preserve wealth in a world thats crashing … commodities and  land and guns …..

  17. “Gold fell a further 2% to a 4 and a 1/2 month low today after minutes from the U.S. FOMC meeting highlighted increasing concerns over its highly stimulative monetary policy, sending stock markets tumbling and boosting the dollar.”
    Unlike much (all?) of the financial media, I took the time to read the entire 25 pages of the full Dec, and the Sept minutes to see for myself (and to compare the two). The section in question was simply a reference to “some comments” from “some” of the well over 30 support staff that participate in the two day meetings (the grunts and no names are referenced). These staffers are not on the committee, they do not get a vote, and I am sure their influence is marginal at best.
    These same anonymous staffers had objections to the very principle of QE in the Sept minutes yet not a world about it in the press, yet it gets blown up (CNBC overdid it so much equities started to tank and the cavalry was sent out right away to “clarify”…lol) in the same meeting the committee desides to double the amount of QE… hmmmmm!!!
    And, isn’t it interesting how all the media had the headline as soon as the minutes were released, yet there was no reference to it in the in the official Fed Statement (the summary that the media usually limits itself to)… clearly an orchestrated effort to provide cover for yet another PM raid… just as the Fed begins to double the size of QE3… hmmmm!!
    Looks a little desperate to me… sloppy at best.
    Link to the full minutes if anyone is interested…

    • Nice little report you just gave there SRV. Very interesting but I’ll need to read your link another day as I’m just about ready to take to the covers. Just had a long day. Lol

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