The cartel has just flashed smashed gold and silver on the NFP release, with silver dropping down a vertical mine-shaft to $34.15, and gold down $20 to $1770.
In an unbelievable turn of events and what likely has just induced a collective myocardial infarction among the cartel, rather than triggering long liquidation and a massive sell-off, the $1 cartel raid has been met with MASSIVE BUYING as virtually the entire move has been retraced with silver back above $34.90!!
*Epic cartel fail as silver has retraced the entire flash-smash in under 30 minutes, trading back to $35!!
Silver’s flash smash:
Gold’s raid to $1770:
Looks like the cartel is getting desperate to prevent a weekly close above $1800 and $35. Almost makes one nostalgic for the Andrew Maguire days when a 3% raid on the NFP release was like clockwork.
This morning’s action makes it clear that A MASSIVE BULL RALLY appears imminent.
Got PHYZZ??
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
Smashy smashy!
Gold and silver are bouncing back nicely.
Take another look. At 10:30 EST BOTH silver and gold look extremely sick – like they could puke.
Unfortunately, I think they will continue with a follow-on raid in the dreaded Asian/Sunday open session.. That seems to be protocol when they are desperate.
Who can we send emails to to get closest to the scum responsible for this? I want to send some extreme abuse
CTFC emails are usually at the the end of the COT reports…
The manipulation has reached utterly pathetic levels
I agree.. Dollar down, Eur/Usd Up, Equities Up, but gold and silver down? not in a free market..
They are using new High Frequency Trading Algos…As usual, the corruption is reaching a new level.
“myocardial infarction” what a riot Doc! Yes, I agree, they don’t know whether to shoot or go blonde at this point. Their level of affect on this market is yesterday’s news. Too many buyers just champing at the bit and waiting for these dips. The “dips” who are trying to drive this down are running out of bullets. Whatever you do, do NOT resuscitate!
Hi ho $ilver!
The only thing that sucks about these raids is that they don’t last long enough
I like it that they don’t last long. This just means that their shenanigans are become ever less effective.
Well, I like it when the raids last long enough because it allow us to buy silver very low and help us build our stacks very cheaply. Silver’s price raids are opportunities and you should be thankful for that. I miss the good old times when silver was at 27$ per ounce!
Only point and effect I see here is stopping out some derivatives. I have been there, suffered that…
What I wonder, WHO are the ones putting in so many purchase orders to let a sell-off like that make a full bounce? That must be substantial volume sitting all ready and paid for? Just friends of the (short)sellers, or actual buyers looking for silver at sale prices?
Are they buying long out contracts, or short term? All the basic stuff on futures contacts is so hard to get good for-dummies info on…
I agree… “who?” It could even be the banksters themselves. In this fashion they give us a false sense of security. Then when THEY decide they just take the bottom out and kill us.
Is this a possible scenario?
Down with the Banksters
I just pictured Jamie Dimon crapping his pants.
There is something that has definitely changes in the silver market. The manipulation seems to cannot be sustained. That is potentially a strong sign that silver is gaining strength and its true value may have begun to manifest itself regardless of the manipulation.
Could this be a sign of the beginning of institutional buying?
Now a days gold is backed by tungsten. I checked tungsten price as well and thats also down.
LOL!
Andy…now that is funny.
Hahaha that’s true! Maybe it’s actually true or it’s just a coincidence!
Dumping 100 million ounces in minutes only to see the price quickly rebound could in no way indicate individual buying. The average buyer who is a storer of wealth would not be buying more than 100 ounces at a time. It would take 1 million buyers at this rate.
How many small buyers are sitting back and waiting for these now? I took advantage and got 5 oz. Sure it is small but it all adds up. Plus I am sure a lot of commercials are wise to this and wait in the wings.
They should do what the Iranian gov did to the currency manipulating people this week (http://www.zerohedge.com/news/2012-10-04/iran-arrests-gang-16-currency-manipulators) . the gang of 16 should be the Fed board members!. or what the Chinas do to bankers who do fraud.. that is why the gold/silver is moving from the west to east, only honest people love gold/silver..
Ed:
ohh yeah does any one know how much volume is used for this raid
At 8:30 on the nose 2,470 contracts changed hands in one minute. 12,350,000 oz. The price was pulled down 34.89 to 34.22 but the bar shows a long tail, so the damage was limited to a drop to 34.43 . The long player was Johnny-on-the-spot and bought the dip apparently via an algo of his own. This looks like a big hedge fund or the Iranians or something. Things aren’t going well down town this morning.
The day is still young, it ain’t over til the ticker stops for the weekend.
Damon to Blythe,look what you got me into you stupid bitch,if i go down you’re going down with me!
@the-doc I have a question for you. I’ve seen this before, but today I have your chart from this morning in this post to go back to. Why does the Kitco graph change its history during the day. Up until an hour ago, the Kitco Site chart showed the drop to 34.40ish you have in this post. Now that drop is gone and it shows it only dropped to 34.70 ??? I took a screen shot, but can’t post it.
That’s because Kitco erased silver’s loses when it was at 34.40$ per ounce and they have only shown the 34.70$ per ounce price. I think that The Doc made an article about it recently.
3 weeks in a row! They are keeping Silver under $35 and Gold under $1,800 for Fridays close. I suspect this will continue until 11/6/12 Election Day.
This might get away from them before elections. Raids are just turning into big buy the dip fests and they are to predictable at this point.
Like I though so, even if silver went to 34$ per ounce, it went back to 35$ and then it’s stable at 34.50$ per ounce. That’s why I think that silver’s price will stay at 34.50$ per ounce for a long time. These raids are getting useless since they are less powerful than they were six months ago.