After the standard post FOMC metals smash that has occurred after 95% of the FOMC statement releases over the past 7 years never materialized yesterday, one had to wonder whether a short squeeze was imminent. 
It appears the short squeeze is on as silver has shot through major resistance at $20 on the COMEX open, and after a quick retest of the level, is again shooting vertically higher with a last of $20.90, a 3 month high!

 

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Silver shoots through $20, and after retesting the level, is moving strongly higher:
*Update: Short squeeze continues as silver slices through $20.50 to the upside:

 

Gold vaulting towards $1300:
*Update: Gold has now broken through significant resistance at $1300 to the upside and is currently trading above the $1300 level

 

It certainly doesn’t hurt when someone buys $1/2 billion in gold futures on the open:

gold
Chart via ZeroHedge:


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  1. Wish in one hand, poop in the other and see which gets full first.
    Central banks world wide have invested $29 trillion into a $60 trillion equities market.   They did that with printed FIAT. When they decide to liquidate, either to collapse whatever system they intend to destroy or they are just morons trying to pump up the equities to diguise the fact that the entire world is in a grand economic depression, or both, they do hold a full half of all the paper stocks in the world
    In additional to that, the Fed is considering imposing to a kill fee for anyone  or any firm that wants to sell treasuries.
    It reminds of a limerick
    A prostitute from Peru
    Filled up her privates with glue
    She said with a grin,
    If they pay to get
    They’ll to get out of there too

    • Oh M a r s h a l l  S w iiii n g …. Come out to playaaayyy.

      ”You can avoid reality, but you cant avoid the consequences of reality”
       

  2. Someone or something brought half a billion dollars of Gold futures this morning.Sooner or later the game finishes,whoever blinks first gets out with something,whoever is left holding the pile of worthless debt when the music stops looses everything.The east get the physical real deal and the west gets the worthless paper debt.I just keep stackin real physical wealth.
    Oh and Argentina is going bust,refusing any help (further unpayable debt) and could well set off the derivatives time bomb.Hope the sun is shining wherever you are,lovely sunny day in Manchester,England. 
     
     

    http://www.zerohedge.com/news/2014-06-19/who-just-bought-half-billion-dollars-gold-futures

    http://www.zerohedge.com/news/2014-06-19/argentine-default-looms-refuses-negotiate-admits-next-bond-payment-impossible

    Half a Billion Dollars on demand when the Banks have no Gold.Is another MF Global due ?

  3. A friend of mine that works for the fed in washington DC told Me that this administration is working on a tax for PM. He said it will set a “base line” of $50.00 dollars and any amount over the 50 dollar base line will be taxed at 35% and You know the states will follow with their taxes as well. So I believe the PM is gonna xplode in value and the Fed. is positioning itself for a new “action packed” tax for Any PM that are sold in the future. This makes Me so Mad and will pretty much destroy My future plans. So if You sell a 1 ounce bar for 100.00 dollars (in the future) the tax will be 35% of $50.00 dollars or $17.50.. We are so screwed. The 50 dollar base line is based on the fact that any silver bought before the new tax might have actually cost the citizen 50.00 so in all fairness they will assume We all paid 50.00 dollars for our silver per ounce. I fear this is coming soon because President Obama has full control of the house and senate. 

    • Done crying?
      Russia already has 18% hard sales tax on gold and silver.
      Scandinavia 25% on silver. German is working towards all silver getting 19%, legal tender still effectively 8% or so due to loopholes.

      Sales tax is not between individuals.
      Sales tax is why, for margin tax reasons, I can sell my silver to a dealer and get 7% over spot. At times 10%.
      Cheapest silver to be had in Europe is in Germany, 5kg Noah’s Ark at spot +14.88%. Yes, spot +$3. No +$0.40 rounds from SD Bullion here. Because those not being legal tender would enjoy 19% of VAT rather than ~8%. Yes, even the +$0.40 SDB promotion would be +$4.42 here at the modest German VAT rate.
      You live in a nirvana of stacking. All the supply, and no taxes. You were stacking taxless at <$19 in 2014. Don't feel wronged. And don't expect too much sympathy from abroad ;-)

  4. haven’t seen gold jump over 25 bucks in a long time especially at the open.@golden balls, saw that zh article too.the set-up for the rockets red glare?who knows,but one thing is for sure,something is ready to go down,with all the crap goin on geopolitically,something about to emerge that will side slap the mooks,and hell breaks lose. goin to the grocery store for more popcorn.got to do something with the sixteen pounds of butter i keep downstairs in the chest.seen the pork price this morning on the ticker for lean hogs,almost pooped my pants,and gold up over two bits,i’m no rocket scientist,but a big fart just may pass…

  5. Up, up and away.  From here on, it will be straight up to $200/oz.
    Or maybe not.  You can bet TPTB are polishing their hammer as we speak, and will play ‘Whack-a-Mole’ tomorrow.
    You don’t think they will allow $1,300 Gold & $20.00 Silver going into the weekend, do you?  Today would be a very good day for a trader to sell.

  6. That photograph The Doc posted at the top of this thread is just WRONG!  Is that one of the streetwalkers outside the World Cup stadium?
    For those who made the mistake to look at that photograph, maybe the photo below will help drive the image out of your mind:
     

  7. I like it when all the smiley faces start popping up :) . All stackers have a little more “paper” wealth today than they did yesterday, if they wanted to sell! When 1 oz Ag buys 50 FRN counterfeit every stacker should be in the black. That will bring out a lot of smiles. But, the stacks will take longer to grow :(  and cost more to dump that counterfeit paper!

  8. Don’t forget Blo Pony suggested this would happen then we would see a final low this summer. I’d like that, to make one more purchase for the year :) 4.5% today so far, fun to see.
    JC

    • You could be right Charlie. Buying in the twenties is still a great start or accumulation area. Below mine cost. A steal I say.
      JC

    • Great strategy. How much did you add to your stack when silver fell from 49.82 down to 32.59?
      When it climbed back up to 44.27 and fell to 26.58 how much did you add to your stack?
      At 20.94 an ounce today, stacking the most important dips (in what may or may not be an ongoing bull market) was a  disaster.
      I guess your in it for the long haul though.
      I bet that is what they were saying in 1980 as a twenty year bear market began.
       

  9. looks good.I WILL WAIT TILL TOMORROW BEFORE I GET TOO EXCITED.
    It is not unusual for the BANKSTER scum to followup the next day with a good smashing.IF THE MOVE CONTINUES UP INTO monday this could get real interesting and could begin to look like the inflection point IVE BEEN EXPECTING AND WAITING FOR.

  10. I watched a jsnip 4 web bot update on youtube (5-18-14). Prediction then was stair step increases for silver in June thru mid July. Possibly in July – huge moves up. I really dont know how much faith i put in “web bots” but on track thus far. I also believe Silver will take off at some point extremely quickly making the masses unable to protect themselves with a silver investment, so this prediction fits my thinking. They will recognize too late. Just my guess – fwiw
     

  11. So the barely unprecedented lack of volatility has passed?
    Hopefully cheap silver hasn’t. Guru’s calling for a JUne high and summer low. I hope they are right.

    I have more cash on the sidelines than usually, sold some silver. And didn’t buy back immediately. If I buy now, I made a loss. If I wait, I have a chance to see sub-$20 again. What to do…

  12. Dunno…….I rather like Docs choice of lady above………..but then I like an ample curvy woman.
    *
    Maybe we are so conditioned to expect a reverse or smash down in response to any advances that if one doesn’t arrive soon after a rise we will all fall off our collective perches. Frankly though I do still expect one………….and sort of want one……..to buy more. Anyway “experts” like Bo Polny and Marshall Swing (where do they get these names from) said there’d be a rally followed by a last low. We will see……….got to happen fast for “Vs” 15th July take off date……………
    *
    Or perhaps I’m paying too much attention to “experts”?.
     

  13. I’ll only be thoroughly convinced the ‘game is over’ when we see 100 point up-gaps in gold. Once that starts happening we’ll know the ‘brakes’ are all burned out and there’ll be no more impediments to banknotes flying down the slope.

    • Really? $22.5 and panic sets in?  Silver at $49 an ounce in 2011 and the shorts took it on. Down to $18 so far. The shorts will never stop taking on higher prices….they cant stop. For every long there is a short ……you know that don’t you? If I buy 2000 contracts long tomorrow and there is no trader to take the short side of my trade, you know who has to take it don’t you? You are in a dream world if  you think this will end any differently than it did in 2011. The price may well go to the moon but every one who buys at the top will regret it. Everyone that buys now and fails to sell near the top will regret it as well.

    • Really, the $49 top was about several repeated margin hikes for futures trading on COMEX. 
      It turns out the longs were mostly speculative, and had too little cash reserved to hang on to their contracts when the required deposites increased. They had to sell their long to free cash to hang on to the others, but there were obviously no takers for long in that scenario. When the dust settled and my broker opened its doorsa gain on the Tuesday (long weekend) my longs had already vaporized.
      If you intend to push COMX higher by taking on longs, be sure to have a war chest to support those longs up to 100%. Not just the current 5% or so you might have.
      The shorts who aren’t interested in selling physical do have plenty of cash to hang on to their contracts. Longs are more speculative, and gamble hard with 10-20x more contracts than they have cash for. Longs get burnt by well-timed margin hikes.

    • Well timed margin increases? Your kidding right? Margin increases are a result of extremes in pricing  be they higher or lower.
      They are based on a given days increase or decrease in pricing. It is a protective mechanism that insures proper settlement of accounts (required at each days end) and prevents run away liquidation due to underfunded accounts.

      Also your supposed long positions were not liquidated on a weekend or a holiday. No business is conducted on these days. Your broker could not have done this out of hours nor could they have done it without prior notification. All liquidation of positions require notice to the account holder and all accounts are given some time to make the deposit. 
       

    • @golden1
      Are you worth the trouble of explaining all you misconceptions or preconceptions? 
      Rather than trying to school me on what you think you know or what I meant, you could just ask me to elaborate. I am the elaborating kind normally.
      And compared the 2001 gold and silver prices for me please. The margin hikes more cause silver to crash than the lack of them cause it to rise. Gold was allowed to rallly 4 months longer.
      As long as speculators are allowed in the market, and basically as long as anyone can take part with less than 100% on stand-by (let’s say to be filled back up when it drops to 80%), there will be honest trading and no “need” for intervention.
      The longs I am going to let you guess about. My courtesy to allow you to keep dreaming you do know it all.

    • I thought we had long established that. 
      I see it as a last resort option they have when their friends are in trouble. Many have published articles to such extent.
      Rather than throwing the drowning friend a buey, pull the plug on the bottom of the pool so it empties itself. Either way the water doesn’t manage to drown them which was the prime objective, not just having a pool to not drown in.

    • Duly noted, Thank you Sir.  As for explaining  to me, any misconceptions I  may have concerning COMEX rules…. I’ll pass. I base my information and thoughts directly from the NYMEX rule book. The many published articles you refer to are not based at all on NYMEX rules but rather on hearsay and falsehoods. Care to discuss one of your likely top analysts, Ted Butler? 
       
       

  14. I don’t know, I think you guys have looked behind before you have left the underworld. oh Orpheus!
     
    I will keep my powder dry, I still say we are range bound between $1215 and $1285 for gold. This is temporary, Argentina, Iraq, wars and sovereign debts are always great for gold.
     
    nah, this isn’t anything.

  15. Pope Francis has called on “greedy” bankers to establish a stricter ethics code, and stop getting rich through financial market speculation. He attacked the practice of hedging as ‘intolerable’ equating it to stealing food from the poor.
    “It is increasingly intolerable that financial markets are shaping the destiny of peoples rather than serving their needs, or that the few derive immense wealth from financial speculation while the many are deeply burdened by the consequences,” Pope Francis said at an investors ethics’ seminar at the Vatican on Monday.
    Specifically, the pope denounced the practice of betting on the price of commodities such as corn, meat, and rice, which can drive up food prices and trigger periods of starvation in parts of the worlds.
    “Speculation on food prices is a scandal which seriously compromises access to food on the part of the poorest members of our human family,” he said.
    This Pope called for an end to this “scandal” and said that finance institutions should serve the interests of all mankind, and not just wealthy and privileged individuals.
    Pope Francis has been more vocal than any other Pope on the modern superstructure of wealth, which in his first major published work as a Pope, The Joy of the Gospel, he slammed as a “new tyranny” and called on the rich to share their wealth. In the same speech he equated not sharing wealth with the poor to stealing.

    • Jorge  Bergoglio is the first Jesuit to be elected  Pope, He knows to well what the NWO is planning,  and is being set up as the hero of the people,  this being the order of things ! 
       
      This quote from a Jesuit meeting in Cheri, Italy in 1825, gives us an  insight of these  Jesuits’ and their allegiants to their order, and their disdain of the  Word of GOD:


      “Then the Bible, that serpent which with head erect and eyes flashing, threatens us (the Jesuits) with its venom while it trails along the ground, shall be changed into a rod as soon as we (the Jesuits) are able to seize it…for three centuries past this cruel asp has left us no repose. You well know with what folds it entwines us and with what fangs it gnaws us.”

    • ~~good&evil~~:<“Then the Bible … shall be changed into a rod … for three centuries past this cruel asp has left us no repose.

       
      Sounds like they were pretty peeved they no longer had a monopoly on ‘interpretation’ of the Bible as means to control Peoples’ minds and emotions after cheap paper, printing and general literacy evaporated the franchise. Churches and their ‘priests’ had had a ‘lock’ on that enterprise for millennia. Losing it must have been a damned bitter pill to have to suffer swallowing.

    • It is of interest { as rumour would have it} that a  major  stockholder of the Fed are banks controlled by the Jesuit papacy via the military order of the Knights of Malta, and when one  studies masonic alchemy  symbolisms of the mystery religions , one is left with a clear picture that Vatican city, The City of London and Washington DC are cut from the very same cloth, and that all roads lead back to Babylon.  
       
       
       
       
       
       

    • Judgment being a consuming by the Spirit of Truth of that which is not the Christ already within you, for this proses is the very same as coming to the knowledge of Truth/self,  understanding the opening of the heavens comes from within, seeing that righteousness is to be ONE with GOD where you already are, or as Jesus said in a word,
      I AM
       
      “Because He [God] hath appointed a day, in which He will judge the world in RIGHTEOUSNESS” Acts 17:31
       
      “He shall judge the world with RIGHTEOUSNESS” Psalms 96:13
       
      ” … Shall not the Judge of all the earth do right?”  Genesis 18:25
       
      Coment

      Both “judge” and “right” in this verse are from the same Hebrew word shaphat. The proper translation is: “The Judge of the entire earth, will He not execute Judgment?”  To “judge” is to “do right.”
       
      With my soul I have desired You in the night, Yes, by my spirit within me I will seek You early; For when Your judgments are in the earth, The inhabitants of the world will learn righteousness. Isaiah 26:9
       
       
       
       
       

  16. XCSkater  I enjoy your posts.
    My comment to your statement regarding the potential that Obozo might impose a windfall wealth tax on the ‘profits’  or capital gains in precious metals compels me to respond. With due respect to your notes about the tax situation across the pond, I disagree with your contentions regarding taxes on precious metals. Whether tax is placed on purchase or sale, it is an evil tax and attack on real money.
    First of all, there is already a 28% gains tax against American gold bullion if one cares to report that sale and its ‘profits’
    If one holds precious metals for less than one year there is potentially an ordinary income tax on the sale at state and federal level.
    Non US Mint bullion also has capital gains and ordinary income potential   
    A large stack sold at a profit could easily see 25-45% gains tax at the state and federal level

    We do not have a VAT tax (Yet)but as far as I am concerned at VAT tax is the demon spawn of government tax policies out of control  How much taxation will you stand for before you, the people of the Euro-zone, explode in tax revolution?.
    The notion that these wretched vultures in our government would impose a windfall tax on precious metals is just one more nail in the coffin of the Republic. I have heard it said we should be more like Europe in our tax policies. That is gov-speak for turning over 75-100% of our income to the government slave masters.
    It’s bad enough that since the Federal Reserva Bank was founded and the IRS was created to steal the wealth from the American people to pay their foreign masters (the same European masters that rule over you), we have been turned into a nation of tax slaves.
     The decrease in the value of precious metals can be laid 100% at the door of the federal giverment via price manipulation.
     The increase in the price of precious metals is 100% laid at the door of the inflationary FIAT printing monetary policies of the Federal Government, exactly as happened in 1970-1980.
    If any person is unwise enough to report the sale of precious metals or allow themselves to be discovered by the Fed in their sale of PMs, that person is foolish beyond belief.  That makes about as much sense as a slave telling his master that he found a $10 gold coin laying in the dirt as is told to give it to his master or suffer a whipping for his impudence. How does that lash feel on YOUR back?

    Free men and women neither disclose their precious metal sales or purchases nor do they pay taxes on them.
    There are some of us who still believe that privacy is the most important aspect of our lives and of our precious metals.
    Ignoring the heavy taxation hand of government is our primary duty.  
    Then there are slaves who obey their masters in  every aspect of their lives.
     That obeisance also includes their private commerce.
    It saddens me no end to report that those who live in the FIAT-DEBT-TAX paradigm of this modern world, a world filled with dictatorial goverment and their minions, are tax slaves.
    Our slavery might be gauged by the percentage and number of taxes we pay. It might be a comfortable slavery but we are slaves nonetheless.
    But know this, XC Skater, so long as you and I pay taxes, we are embedded 100% into the tax slavery paradigm of this modern world which, to me, looks increasingly like it’s devolving into a ancient world where every single person except the elites, oligarchs and tyrant are slaves.
    There are probably many differences between you and us but there is another difference that is undeniable.
    We, the people, have hundreds of millions of guns that will be called into action come the tax revolution in this country.

    • AGXIIK … “Free men and women neither disclose their precious metal sales or purchases nor do they pay taxes on them.”
       
      “Rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add within the limits of the law (meaning statute, not common-law), because law is often but the tyrant’s will, and always so when it violates the rights of the individual.” — Thomas Jefferson

      It’s rather fascinating that Common Law defines non-convertible banknotes as instruments of cheat, or theft by deception. So, it’s our civic duty to defeat their effects. viz …

      “Common-law cheat: the obtaining of money or property by means of a false token, symbol, or device; this being the definition of a cheat or “cheating” at common law.” State v Wilson, 72 Minn. 522, 75 N.W. 715; State v Renick, 33 Or. 584, 56 Pac. 275, 44 L.R.A. 266, 72 Am. St. Rep. 758; Black’s L.D., 2nd Ed., pg. 277 (1910)

      “That which is permitted only at a loss, is not permitted to be done.” Co. Litt. 127.

      “No commerce should be in illicit goods.” 3 Kent, Com. 262, n.

      An evil custom is to be abolished.” Co. Litt. 141.

  17. PS   Does anyone else feel that when the government extracts and extorts any tax from you it’s almost like a whip landing on your back?
     Or have we fallen so far as free people what the lash simply falls unfelt on the thick scar tissue growing on our heads and backs?

    • AGXIIK … “have we fallen so far as free people what the lash simply falls unfelt”

      We have forgot how to be masters over our hired officers and agents and so they’ve ‘turned the table’. By learning how to invoke our courts at the public venue courthouses, we re-empower ourselves. The Baristocracy have commandeered these venues to hold their Civil Law sessions, where we are scripted to play roles as ‘defendants’ fated to the ‘endings’ written into the ‘performance’.

      In our common-law courts, on the other hand, we ‘write the law’ of the case and define the rules as sovereigns. The ‘ending’ there is rather as the Jury Verdict decides, taking both our law and the facts into equal regard.

      “… at the Revolution, the sovereignty devolved on the people; and they are truly the sovereigns of the country, but they are sovereigns without subjects…with none to govern but themselves …” [CHISHOLM v. GEORGIA (US) 2 Dall 419, 454, 1 L Ed 440, 455 @DALL (1793) pp471-472.]
       
      “The very meaning of ‘sovereignty’ is that the decree of the sovereign makes law.” [American Banana Co. v. United Fruit Co., 29 S.Ct. 511, 513, 213 U.S. 347, 53 L.Ed. 826, 19 Ann.Cas. 1047.]

      “COURT. The person and suit of the sovereign; the place where the sovereign sojourns with his regal retinue, wherever that may be.” [Black's L.D., 5th Ed., pg. 318.]

  18. Short squeeze? The price increase on thursday was a direct result of buying on the COMEX, over 1800 contracts added that day. An increase in open interest while prices rise equates to buyers entering the market. Shorts liquidating positions would result in open interest falling not rising. 
     

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