With Sunday’s Greek vote threatening to extend the current status quo indefinitely in Greece in Europe as Syriza was unable to win a majority in the Greek elections, silver gapped above $29 on Sunday night’s Globex open. As this obviously could not be allowed, it was instantly beaten down to $28.40, and sent as low as $28.21 in early COMEX trading this morning.
Gold received an even more blatant manipulative take-down, opening up $2 before immediately being smashed $20 lower to $1610.
Does anyone think gold and silver would have traded any differently had Syriza won the elections outright and the markets opened in a panic? The cartel would have taken the opportunity to take down the metals in an epic way and claimed it was ‘dollar strength’. [Read more...]
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Gold took a tumble for the first time in 7 sessions in Asia as Antonis Samaras, leader of the Greece’s New Democracy Party (pro-bailout) was victorious. Today, Samaras plans to form a coalition with other parties backing the bailout – meaning that Greece’s future in the euro is secure – for now. Gold’s dip in Asia was thought to be due to profit taking and increased risk appetite after the Greek election. However, this increase in risk appetite has been quite short lived with Spanish and Italian 10 year bonds again coming under pressure resulting in record Spanish yields over 7.13% and Italian 10 year over 6% again. Initial gains in equity markets have subsided and the lessening of risk appetite is seeing gold supported. Greece’s exit from the Eurozone is no longer a short term risk however it remains a real risk as does the risk of financial contagion in the Eurozone due to insolvent banks in Spain, Italy and France. [Read more...]
Somehow we missed the news that The Golden Jackass is now writing for the AP.
The MSM publication has released a piece on the Greece crisis that reads like something out of the latest Hat Trick Letter- essentially depicting a step-by-step analysis on how today’s Greek elections (1st exit poll shows Syriza & the New Democracy in a dead heat) could turn into a full-blown global contagion.
From the AP:
The unthinkable suddenly looks possible.
Bankers, governments and investors are preparing for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.
The worst case envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch reminiscent of the financial crisis in the fall of 2008.
A Greek election on Sunday will determine whether it happens. Syriza, a party opposed to the restrictions placed on Greece in exchange for a bailout from European neighbors, could do well.
If Syriza gains power and rejects the terms of the bailout, Greece could lose its lifeline, default on its debt and decide that it must print its own currency, the drachma, to stay afloat. [Read more...]
Contagion fears and panic appear to have reached France’s shores ahead of Sunday’s Greek vote, as Max Keiser has received a first-hand account that France’s large Banque Postal stopped outgoing bank wires due to ‘technical glitches’, and also stopped cash transactions beginning at 8am Friday!
A global financial collapse and subsequent bank run could occur within minutes-hours once the trigger is detonated- which appears to be a possibility (although likely remote) with this weekend’s rhetoric from numerous Central Bankers stating they will provide whatever liquidity is necessary .
As a precaution, we recommend readers take the time Sunday to ensure they have a minimum of 1-3 months supply of necessities on hand, and as always, protect your financial assets with PHYSICAL gold and silver held in your own possession. [Read more...]
The Daily Show’s Jon Stewart GETS IT.
The Senate Banking Committee quizzes JPMorgan Chase CEO Jamie Dimon on the efficacy of Dodd-Frank and measures he would take to prevent future catastrophic bank losses.
BrotherJohnF discusses The Bernank and Ted Butler’s latest article (Where Ted finally reaches the conclusion that the government has green-lighted JPM’s silver manipulation) in his latest Silver Update: Butler & Bernanke. [Read more...]
Hugo Salinas-Price and Max Keiser’s recent appearance on Greek television attempting to convince Greek leaders to dump the Euro and re-monetize silver to save the Greek’s from economic ruin has now been edited for English.
The highlight of the interview undoubtedly is Max taking a €50 note from his billfold and tearing it up on camera.
Will the Greek’s take Salinas-Price & Keiser’s advice and re-monetize silver? [Read more...]
In his latest interview, David Morgan discusses his keynote speech at the upcoming Asian Metals Conference in Hong Kong: Silver Hyperinflation….The Demise of America. [Read more...]