Gold and silver were greeted with waterfall declines on today’s COMEX open, as surprisingly, gold received the brunt of the cartel’s attack.
Silver was smashed from $33.90 under $33.25, while gold was driven down more than $25 in minutes from $1765 to $1738.
Now that the metal’s upward momentum has stalled after large rallies over the past few weeks, the cartel is throwing everything but the kitchen sink at the futures market to keep silver under $35 and gold under $1780.
An inverse head and shoulders formation has already formed in the wake of the attack on silver:
Gold’s massive waterfall decline:
STACK THE SMACK!!
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another night of the long knives …. i think we will have 3 – 4 concerted raids tonight … they would love to shove gold back to 1720 tonight and silver under 33
max
Gotta admire their tenacity.
I do not admire these thieves for their actions of greed. Their arrogance will soon be their downfall.
Their effectiveness with the raids is dwindling and like New England weather, if you don’t like it just wait a minute!
^ I’m with stupid. If this was indeed a Cartel raid and all they could do was knock 20 bucks off gold and 30 cents off silver then their effectiveness is definitely waning.
Okay Cartel, I’m BEGGING you. Just hold on a little longer…so I can get to my silver source and LOAD UP some more silver!!!!!!
Between 32-33, traders will be buying. At $33 they anounced QE infinity. Just for a frame of reference.
And the CFTC is right onto it already. They’ve arrested 24 suspects and are interrogating Geithner and the President for complicity as we speak.
Chairman Gensler in an off the cuff statement promised swift action and mused openly that “prosecutions will be imminent” and that such “blatant market manipulation is not tolerated in a civilized world”.
Thanks Gary for your courage in taking on the biggest of fries, the government itself and the even bigger sharks, JPM/GS/HSBC/MS et al.
And who said that there was no law and order anymore in this country, and that such blatant manipulation was perpetrated at the highest level and remained therefore unpunished? Shame on you!
Is this serious?
Link? And the tooth fairy is going to leave me 10 oz of gold tonight.
These raids happen before a big up move is coming.
At this point in time I am far beyond caring a rat’s a** about silver and gold manipulation and these smashes that occur in the dark of the night.
I DON’T CARE ANY MORE.
Except as a means for good people to acquire more precious metals, I am beyond caring at this point
This manipulation is unimportant and irrelevant to the overall world situation. If Jim Willie is half right JPM is fatally wounded, Morgan Stanley is slated for the bone yard, the European banks, particularly Spain, will implode even with OMT and all the desperate Draghi/Bernanke mini me actions. Every economy in the world is flowing red ink, showing negative growth and throwing their currencies into the fire to send their FIAT down faster than the next currency, spending like fools to try to save their economies with trillions of soon-to-be worthless currency to keep their banks, central or otherwise, alive for a few more months. And the only thing we, the people, can see is that they are saying ‘to hell with the people, we don’t care about them’
Derivatives , bank runs and bad loans will crush the Euro Banks, blow across the Atlantic in a New York second, and smash our banks too boot. There is not enough money in the world or the Fed to stop this. QE 3 is nothing but a delaying tactic since Bernanke has NO AMMO LEFT. NOTHING!
He is nothing more than a cowardly little drowning man, in way over his head, trying to save himself and his notion of the banking world by climbing on to the shoulders of his rescuers. But there are no rescuers coming to save him. The Titanic is going down by the beam end and rescue boats are not coming.
Once the grand reset or whatever constitutes the complete removal and replacement of this foul stinking corrupt system takes place, gold and silver will be free from bankers death grip and back in the hands of the people.
Don’t lose a minute of sleep about JPM. JPM is about to lose it all with their bad bets on the IR swaps, CDS, derivatives and other manipulative profit centers. All big banks are being destroyed by the complete loss of their profit centers thanks in part to Dodd Frank and mostly due to the power of the people to take matters in their own hands by refusing to deal or trade with these bankster monsters. The swamp is being drained by us, as we refusing to swim in that pond any more.
These criminals will be destroyed, of that you can be sure, right along with the many other major banks who ally themselves with the Mega Banks. This is inevitable and Bernanke knows it. Even the most cursory inspection shows that QE 3 is worthless to anyone but the money center banks.
Rest assured that October is a disasterous month for banks and equity markets. This upcoming month will be no different. The PTB know this and are scared spitless. I can think of 10 things that could occur in October to crash a major bank or banking system.
This probably not my last word on the subject but I will shout “I told you so’ once the end game is fully engaged and we see gold and silver take their rightful place in OUR hands.
Well said AGXIIK!!
Just stack it boys, these raids mean nothing.
Thanks paper pushers!!
Our Country highjacked by ‘Bankers and crooked politicans and we all are along for the Ride, like kids in the rear seat afraid to do anything going 100 mph.
No balls No Babies
Bravo AGX..Last night before bed here in Hawaii. Silver was $34.00 an ounce at this war approximately 10:00pm..Wake up to the raid.. Oh well more to purchase..
Good rant AGXIIK and all true!
There seemed to be a similar waterfall decline on the NY opening on a number of stocks that I have on my iphone list today–AAPL, JPM, FB. The FB chart looks a lot like PSLV. Could be liquidation to cover margin calls?
Trader Dan did note recently that net commercial shorts had quadrupled from 12000 to app. 50000 since silver bottomed around $26.00 so no surprise here with the attacks flushing out the small speculators. I guess unlimited QE3 should provide a floor for the price but as AGXIIK said who gives a crap. Either the banksters print and cause people to flock to the metals to preserve their purchasing power or they do nothing and the entire system goes down. This would cause a massive panic as people frantically search for physical (not paper) precious metals which would be “like a herd of elephants trying to pass through the eye of a needle” (a Jeff Nielson quote).
Maybe the banksters are quaking in their boots and trying to reduce their shorts before the new position limits coming in on 12th October or window dressing before the end of the quarter. Who knows. Who cares. Just take advantage of it.
Hi all, have been a lurker for weeks now but signed up today to reply on this raid. Ive been stacking silver for over a year now. This raid today was incredible and shows the power of the buyers out there now. It was actually a triple raid if you look at the 5 minute chart. The initial raid, then it recovered, was smashed again, recovered, smashed again and recovered. Its a big triple v on the 5 min chart, and silver is now again positive 0.25% on the day in gbp. Amazing. Im wondering what will happen both before position limits come in on oct 12 and what will happen after.
Back @ $44
EDIT: Yes, I meant $34. Sorry if I made someone shit their pants with excitement.
Were the metals smashed because of…
Sept. 26 Comex October miNY gold futures last trading day
Sept. 26 Comex September silver futures last trading day
Sept. 27 Comex October gold options expiry
Sept. 28 Comex September gold futures last trading day
Sept. 28 Comex October E-mini gold futures last trading day
?
I think you mean $34
Seems silver has more strength than gold at the moment.
TPTB make this too easy. Just keep smacking down the price day before payday. CHA-CHING - 10 more ounces stacked for less.
If you just check what the spot price was at NY closing it finished up 25 cents. It is down 13 cent on the world spot as I post this. I remember that before the Internet I use to get quotes from the Wall Street Journal the next morning after the market closed the night before. I was not one of the rich ones that had access to ticker tapes for real time prices. Now with the Internet anyone can see what is going on within a short time of it happening. Since I am not a trader, I just buy and hold, I don’t need to know what the price is for silver every minute of the day. I definitely don’t care what the numbers say on any chart. It comes down to the bottom line and what it takes to get there I have no control so it matters not. Predictions that I hear all the time, like silver needs to break above 34.8938293839 dollars or it might fall to 32.9383747 could not be more useless. Anyone can read whatever they like into a stupid chart, it really has no meaning other than an historical record of what occurred, nothing to do with what is going to happen. As far a using charts to make sense of what occurred, good luck, there are too many variables for anyone to do anything other than take a good guess. The dollar goes up, most commodities go down, that is normal when being priced in dollar terms. I have always heard that the price of gold and silver stay the same and the currency it is priced in is what changes. If you look at it from that perspective then gold and silver value is doing pretty good. Silver could be doing better, or gold could be doing worse, shown by the gold/silver ratio, so if anything is truly being manipulated on a ongoing basis then it is the ratio. What is going to truly change the game is silver’s supply and demand, as it does for all commodities.
Well we are back over $34.00 an ounce this afternoon on the Asian Markets. What did they sale over 32 million ounces of paper silver in the last five working days? Silver bounced right back over $34 and headed for $35. Max Kieser stated approximately 28 weeks until the collapse of the dollar. April 2013..That is not that far away. Prepare
Well now, gold went up even higher and silver gained more than gold in percentage gains. The cartel is losing power but I kinda miss their raid since they were able to let me buy a lot of gold and silver very cheaply.