The Daily Bell released an interview with legendary commodities investor Jim Rogers this week, and asked Rogers specifically regarding his thoughts on silver and whether the metal was manipulated.
Rogers responded that while he personally owns silver and believes silver is going to go much higher, he doesn’t buy into the theory that silver is being manipulated, stating that he is skeptical and that ‘by now, somebody would have told us‘.

Yesterday Australia reported its gold exports to China are up 900% in 2012.  Gold imports by India are expected to rise to 200 tons in Q4.
While the West continues to dump it’s phyzz, the East continues to STACK THE SMACK & bring it home by the truckload.

Gold imports by India, the world’s largest buyer, are set to climb for the first time in six quarters as a decline in domestic bullion prices stokes jewelry and investment demand ahead of major festivals.

Gold and silver are both spiking early in COMEX trading after hitting lows of $32.20 and $1732 in the overnight London session.  Silver has bounced off it’s 50 day moving average overnight, a sign the current correction may be completed.

Thursday afternoon’s access market smash and the early Friday rally have painted a large cup on silver’s daily chart.   More importantly, silver is back above $32.50, targeting $32.75.  Silver needs to continue its rally and close back above $33.

The spike could be related to market rumors this morning of a massive silver delivery request from the COMEX Friday.

EU leaders committed to establishing a euro-area bank supervisor by year-end, leaving the door open for supplying direct aid to Spanish banks. The EU must now agree on the structure that makes the ECB (European Central Bank) the main supervisor by January 1st.  This new system was created to break the link between banks and governments at the root of the zone’s financial crisis and will roll out in the next year and expect to cover all 6,000 eurozone banks by January 2014. “Our goal is banking supervision that’s worthy of the name, because we want to create something that’s better than what we currently have,” Merkel told reporters. Germany and France argued contentiously about the timing.  Berlin has insisted the supervisor be effective before the ESM can begin cash injections into Spanish banks, those transactions are not foreseeable to occur until the latter half of the year, around the time of Germany’s national elections. Angela Merkel said it would take more than a few months before the supervisor was fully effective and direct bank recapitalisation could be considered. However, the agreement appeared to upset German finance minister Wolfgang Schaeuble’s efforts to delay and limit the scope of European banking supervision. Germany has been averse to see its politically sensitive Savings and Cooperative banks come under outside supervision. It rejects any joint deposit guarantee under which wealthier countries might have to underwrite banks in poorer states.

The paper dump on gold and silver continues early in Friday’s Asian session, as the cartel attempts to extend today’s Globex sell-off.  The in-progress raid has stalled once again at $32.60 in silver, and just above $1735 in gold.

Look for the cartel to throw everything at the market in an attempt to force silver below $32.50, triggering stops, and forcing silver down towards it’s 50 DMA.

From SD Contributor  Ted Butler

What Now For the Price of Silver? by Israel Freidman

Many years ago, when the price of silver was $4 to $5, Mr. Ted Butler and I wrote many articles in which we predicted that silver would be a great investment for the long term. Now that prices are 7 to 8 times higher, we can say that we were right. More importantly, the reason we were so bullish on silver had to do with supply and demand and nothing to do with inflation or the value of the dollar. I still feel that way. The only thing that has changed is the price and not the reality of supply and demand. Silver demand still is on a course to overwhelm silver supply and when that occurs in any commodity, look for higher prices.

We must first consider the state of the world today and into the future. The world population has just hit the 7 billion person mark, up from 6 billion twelve years ago. The world adds 75 million new souls each year. In addition to the greater numbers of new potential consumers, there is also a move to increased standards of living in places like India and China. Overall improvements in longevity mean that we have more people living and consuming longer than ever before. At the same time, the raw materials necessary for everyone to live better are getting harder and more expensive to produce. Will we have enough raw materials to sustain the march towards higher living standards? I say yes, but at what cost? Those necessary raw materials will not come to us cheaply. Therefore, it would seem wise to set aside and hold those raw materials which are destined to climb sharply in price.

The best raw material to hold in my opinion is silver.

The number of Americans on food stamps has hit a new all-time record of 47 million.  As our friend Eric Sprott first stated, The recovery truly has no clothes.
QE will continue to infinity, as MOPE and the illusion of recovery is failing, and the day of reckoning is not far off.  Massive rioting and social unrest already occurring in Europe is coming to a neighborhood near you.

By SD Contributor SRSrocco:

In just 10 years (since 2002), Norway’s oil production has fallen from 3.25 million barrels a day to below 1.25 million barrels a day presentlyThis turns out to be a whopping 61% decline in a mere decade.  It is a crying shame that the so-called POWERS THAT BE, have not allowed all that ABIOTIC OIL, to flow back into this field to replenish it.  It is really amazing how much power the CABAL has in controlling the oil markets < (insert sarcasm here).

Once the world realizes that the GREAT SHALE ENERGY PARADIGM is another DELUSION, we will start to see what a real decline of global oil production will look like.

When there’s peak oil… there’s going to be peak GOLD & SILVER.

In his latest update, former Bear Stearns trader Greg Mannarino discusses that while the falling US dollar is currently boosting stock prices (but not gold and silver, imagine that), this won’t last for long, and a MASSIVE collapse of the stock market lies ahead.

Full update below:

Endlessmountain uses long term charts to demonstrate cartel manipulation of the silver market via massive upward moves in silver during Globex off hours trading throughout the duration of the secular silver bull market.
Examining silver’s off-hours chart Going back to 2004, silver is up 7.2 fold during Globex trading, while it is DOWN 20% FOR THE OTHER 22 HOURS OF DAILY TRADING!!

MUST WATCH!!!!

While Congress argues over labeling China a currency manipulator, China is busy continuing to massively increase their physical gold and silver reserves. The Australian reports that Aussie gold exports to China have soared a mind-blowing 900% over the first 8 months of 2012 to $4.1 billion as Chinese buyers are hoarding the precious metal.

For the 2nd time this week silver has been smashed under $33 on the COMEX open.  The first major wave of paper dumping began around 6am EST, with silver falling from $33.20 to $32.96.  Silver then consolidated over $33 until the COMEX open, when it was treated to another waterfall vertical decline to $32.63.

Once again the $32.60 level has held as support for now, as massive buying again emerged just north of the crucial $32.50 support.

The World Gold Council issued a summary on gold’s price performance in various currencies during the third quarter.  The report looks at influences that monetary policies and central bank actions have on gold. Gold’s 11.1% USD/oz return in 3Q was in response to central bank stimulus measures. Volatility decreased and generally correlated with other assets. Central banks announced a continuation of their unconventional monetary policy programmes in Q3 which mainly are used to lower borrowing costs and supporting financial markets.Financial assets have responded to central bank policy announcements, but gold’s reaction has been the strongest. There is a consensus that these policies drive investment into gold purely due to inflation-risk impact. The World Gold Council believes that there are not one but four principal factors that provide further support to the investment case for gold: Inflation risk, Medium-term tail-risk from imbalances, Currency debasement and uncertainty, and Low real rates and emerging market real rate differentials.

Our friend TF of TFMetalsreport.com has noticed an incredible correlation to the current desperate MOPE/SPIN capping of gold and silver in the wake of the QE3 announcement with the first months after QE2 was announced in November of 2010.   After the metals were aggressively capped for 2 months by the cartel after QE2, gold and silver went on a tear over the next 7 months, gaining 47% and 87% respectively.

TF believes a similar MASSIVE RALLY IN GOLD AND SILVER IS IMMINENT, likely taking gold to a minimum of $2,572 and silver above $60 by May of 2013.

Use the current MOPE capping of the metals as your gift to acquire gold and silver at massive discounts prior to their imminent explosion!

Federal agents Wednesday afternoon apprehended a man attempting to detonate a 1,000 lb bomb in front of the New York Federal Reserve Building. Reports indicate the man is Quazi Mohammad Rezwanul Ahsan Nafis, a Bangladeshi citizen who has been in the US since January.

According to the report, the suspect drove a van he believed to be loaded with explosives from Long Island to Lower Manhattan. He then placed the van near the Federal Reserve and was then arrested by the FBI and NYPD. The suspect, whom sources said is from the Jamaica Queens section of New York City, is currently in custody in New York. Sources say he was acting alone.

Reports indicate that neither Germany, Italy, or Mexico’s gold plated tungsten reserves were harmed in the plot.

The entire incident was summed up best by an SD reader: Once again the FBI foils an FBI plot to blow something up with fake explosives provided by the FBI.

Last Friday we updated readers of an astonishing 3.6 million ounce REGISTERED silver withdrawal from Brink’s COMEX vaults.
The physical silver drain continued Tuesday, as a massive 1.2 million additional REGISTERED ounces were withdrawn– again from Brink’s vaults!!

This brings the total to nearly 5 million ounces of REGISTERED silver withdrawn from a SINGLE COMEX DEPOSITORY in the span of 3 days!   This is approximately 25% of Brink’s entire REGISTERED inventory, and 12% of the entire COMEX REGISTERED SILVER INVENTORY!!!

In typical fashion, Jon Nadler (top bullion specialist for Kitco) has decided to add more BEARISH RHETHORIC on the precious metals.  In his Oct 15, 2012 IN THE LEAD column, Nadler thought it was time to bring in a so-called VETERAN MARKET MAVEN to describe the future forecast for silver:

The most recent Value View Gold Report written by veteran  market maven Ned Schmidt notes that Silver has risen in  parabolic fashion, to the top of [its] trading range. It has stalled, and moved  through that parabolic. The only reasonable expectation from the chart is that  it should now trade down to the bottom of the trading range. The forecasts of  an imminent upward explosion in the price of Silver simply cannot be supported  by either the fundamentals or the charts.”

Here we can see that one of my favorite analysts (sarcasm added) has been included in Jon Nadler’s commentary.  Of course, Nadler hardly ever includes analysts that might paint a BULLISH forecast for the precious metals.  I am simply amazed that anyone still reads anything that Mr. Nadler has to say.  It that vein, it is no surprise that KITCO has received its 4th bankruptcy extension… as the Doc posted here yesterday….LOL

Greg Mannarino says “open-ended” QE by the Fed is “the big print that is signaling “the currency is dying. The debt based economic model is over . . . and a new system is coming.” Mannarino is a financial analyst who advises, “Bet against bonds which is debt, and bet against currency which is debt, and you will come out of this good.” Mannarino says the dollar calamity that is unfolding is the biggest financial event ever. He goes on to say, “We have never witnessed anything like this in the history of the world.”  Mannarino states investors must become their own central bank by acquiring PHYSICAL GOLD AND SILVER NOW!!!
Join Greg Hunter as he goes One-on-One with Greg Mannarino.

By Stewart Thomson

Market prices move mainly on perception. For stock markets, money printing is becoming perceived as the “engine of growth”.  Silver can do very well when institutional money managers operate on the perception that stock markets are healthy, growth is stable, and money printing is good. It doesn’t matter what the economic reality is; it’s their perceptions that determine their liquidity flows.  Commodity traders might call the price action around the $35 area a double top pattern, but it’s pretty small.

I’d like to draw your attention to the current position of the Stochastics (14,7,7 series) indicator. The red line is already reaching oversold status, near the 20 area.  From the lows near $26.25, silver rallied more than 30%, to the $35 area. Since then, it has only declined by about 8%.  Silver may not be able to outperform gold in this crisis, but it can still do very well in the current environment of institutional perception.   I expect MACD to turn up very soon, and the silver price to move towards the high at about $37.50.