freefallAfter attempting to climb above $22 during overnight trading, silver drifted down throughout the London session, and has been hammered on the COMEX open, down over $1 to $21.01.  
Gold has also been hit hard, down over $20 from overnight highs of $1345.  
With the crisis in Ukraine escalating, the dollar has been catching a safe haven bid, and the Western Central banks have not missed their opportunity to reassert pressure on the paper metals markets. 

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Silver capped yet again at $22, prior to plunging towards $21:

Gold capped just shy of the significant $1350 level, and also sent down the proverbial mine shaft: 

The past 8 days trading reveals just how significant the $22 level in silver and $1350 level in gold is as a strong move through these levels send silver back to resistance at $25-$26, and gold back to test the $1450-$1500 level.

The bullion banks are no doubt acutely aware of this as well, and are throwing out all the stops to cap the metals at $22 and $1350.
With physical demand escalating, we suspect they won’t be able to stave off gold & silver’s recovery for long and will be forced to retreat to higher ground.

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  1. I think the monthly silver dump people are getting wise an are actually joining in on the carnage. A simple easy ride to the bottom an end up in a wheel barrel full of cash. This could be why an how they are getting past the manipulation laws. Everybody is doing it

  2. The smash down in silver was previously foretold by the short positions held by the banks for the last few days. Why silver? Well, the banks have essentially run out of gold and, just like the Fed with QE, they have decided to use a new “tool” to support their system of paper currency. Since gold is not readily available silver is the tool of choice at this stage …. the thought process being if people see silver diving then they will believe gold will soon follow and sell both.  Let’s face it, most people are skittish when it comes to their investments and, with the herd instinct that the bankers can induce, be willingly be led over a cliff much like lemmings. Some will also sell their gold in anticipation of buying it later at a lower price, but will they find it? I don’t think so as the bankers will be grabbing all they can to send east while in the meantime they pocket their bonuses after closing their short positions in silver before yet another planned pump and dump.

    • Actually, I think the smash has more to do with today being option expiry on both gold and silver.  One can set their watch by these guys every month.  If they don’t hit the price on options expiry, then they hit the price on first notice day. 
       
      Central banks and gov’t have way more gold than silver, Wendy.  There are no above ground stockpiles of silver like there are of gold.  For example, the U.S gov’t sold off her silver hoard years ago.  These price smashes by the banking cabal are all done with paper of which there is an infinite supply.

    • @Wendy
      “gold is not readily available”      What would make you think that is true?     There is plenty of gold at $1325 oz.
      “the banks have essentially run out of gold”       LOL, what banks?    If gold investors thought there was a “shortage of gold” or “no gold available” the price would spike higher, why is this such a hard concept to understand?
      http://www.kitco.com/news/video/show/GSA-Investor-Day-2014/558/2014-02-24/Central-Banks-Spend-No-Time-Thinking-About-Gold-Pierre-Lassonde
      Pierre Lassonde is a gold bull who doesn’t buy into the manipulation claims, listen to the interview.
       

    • Hi Dog,
      Yes, I realize that the silver surface stockpiles of silver are limited and most the trading is done in paper. But just like gold in the last few years the East is starting to import silver in increasing amounts and it should start to become scarcer for the industrial users. The Chinese are in a financial war with the West and they are winning (not to mention they get physical assets for their war “expenses” as compared to our typical reconstruction bills). The bankers, I am sure due to their greed, have been unwittingly used while our governments are powerless due to our levels of national indebtedness. I am pretty sure that TPTB in banking are investing a large part their own assets in farm land, factories, etc. that will be of value in our upcoming diminished economy.

    • Zman,
      I hit too close to the truth, huh? Got to try to discredit that or the scheme will fail to early LOL.
      I listened to the video you posted, but the factoid you forgot to mention, and the video points out, is that for every tonne (correction: 100 tonnes … the premise still holds) of gold made available drops the price of gold $30. What happens when that gold enters China or other Eastern vaults and never reappears? At some point the inavailability of gold (or other PMs) becomes obvious and the prices soar. You can only run a scam until you get caught.

    • Wendy…good point about the short position increase being a tip off of today’s smash.  What I can’t figure out is how professional traders keep falling for the same old tricks by the banking cabal and get fleeced on a regular basis. And I agree with your take on China that they get the importance of ‘silver’ from its industrial applications to its monetary role.

    • Wendy … “What happens when that gold enters China or other Eastern vaults and never reappears?”
       
      Well, alright … a woman who thinks for herself when handed a preconception to assume. Welcome to the list, Madam.

    • @Wendy      “is that for every tonne of gold made available drops the price $30″           He was saying that the extra supply (100 tonnes) of gold (from ETF selling) causes a price drop of $30. 
      “What happens when that gold enters China or other Eastern vaults and never reappears?”      Nothing, most gold bought for investment never reappears on the market, so what?
      “At some point the inavailablity of gold (or other PM’s) becomes obvious and the prices soar”      This seems to be every gold bugs dream, but if this claim was so “obvious” to someone like you, why wouldn’t it be “obvious” to the global PM markets?   
      There is never going to be a “inavailablity” of gold or silver, if demand exceeds supply the price moves higher and the market comes into balance.  The market knows about gold going to China and India, the market knows about the availablity of gold and silver, and that’s why gold is at $1330 and silver is at $21 oz.
       

    • Zman,
      There always someone tying to “play” the markets … I assume you are one them.
      You cannot equate price fixing and manipulation to true values even if they are in so-called free markets that we see now. Yes, you can buy these commodities at a discount now but only because of the fears instilled by the manipulators. As in the case of most “deals” the obvious “facts” such as you point out are but misdirections to enable another purpose. If all reserve facts are known and verifiable, which in the case of PMs have been obfuscated, and the markets were truly functioning openly one can argue the facts you try to make … until that time I can only try to protect myself, my family and friends plus hope that the scammers get hosed

    • zman … “most gold bought for investment never reappears on the market, so what?”

      The evidence is that ‘central bank’ gold regularly “reappears on the market’, but when exterior demand exceeds annual mine production AND ‘central bank’ suppression lots barely fill the gap, we get a pretty strong indication that the paper game is in the process of imploding. Even the piddling 5 percent physical settlements you like to tout so often are looking like toast.

      Physical ALWAYS wins over the imaginary.

  3. Many articles have been written over the years illustrating how unusually high degrees of chart volatility presage major breakouts from prior trends. The volatility traces out struggle between intransigent beliefs (or wills) to resolve polar convictions.

    Given that the least reasonable of the two views is always most likely to fail the contest, and knowing PMs have been forcefully made stupid-cheap already, we can expect the impending breakout to resolve in our favor.

    • Metals warehouses fashioned from closed bank buildings with vaults, ought to be organized in every city and town anyway, so trade in metal media (and clearing of silver or gold  liquidated Real Bill credit finance) can become commonplace. It wouldn’t take ‘billionaires’, just a few near-millionaires in each locale (like a gaggle of merchants seeking liberation from financial capture).

      These dozens … hundreds … and eventually thousands of independent centers could report their day’s-end figures to outside private secure websites for compiling publicly available statistics, which should then all stay in agreement as a system of data-confirmation.

      This was the network of private local-regional metals trade bourses that China HAD, before its dictatorial government took over and ‘centralized’ their activity. An act hardly taken to make the system more honest, to be sure.

  4. Hey everyone, our favorite Government Ministry of Propaganda and Disinformation employee shill ZMAN is back!  He must have been spending most of his time on the MT. Gox Bitcoin forums.  Mission accomplished there…

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