Traditional holiday market smashing has not been effective so far in gold and silver. The cartel loves to smash on holidays, so assume they have their rifles pointed at the metals. Looks like their mags are out of bullets for now though, so Let’s hope there is no re-supply drop…

Cartel unable to attack in the overnight trading hours. As most markets are closed for the Labor Day holiday, there is some limited trading in gold and silver today in a short session.

When the markets opened for trading on Sunday evening, gold and silver both gaped-up at the open.

Here is the overnight action in silver:

 

 

And the gap was more pronounced in gold:

 

 

Of course, at a time when the safe havens are surging, digital fiat cryptocurrency replacements have been crashing:

 

 

 

This morning’s action and tonight’s market action in the precious metals will be crucial. If the cartel is unable to attack, we could be staring down $1350 and $18 in short order, but if they are successful, we could have a setback which may take the better part of all week to recover.

Of note, Zero Hedge is hitting hard with the “gold & silver flash crash” headlines. We remind readers that we didn’t jump to any conclusions the last time, so we are not this time either. In fact, the last “flash crash” unleashed upon on us we would consider direct and blatant market manipulation with heavy selling during low volume, which has less and less effect every time, as evidenced when silver recovered all of the “flash crash” in just 14 minutes:

 

 

Zero Hedge likes pushing the word “flash crash” immediately following the words “gold” or “silver”. It’s cool though. “Flash crash” means we get a “flash sale”. Bitcoin and Ethereum? Well, no. There is no “flash” to it. The cryptocurrencies are just “crashing”.

 

 

 

 

 

    • Nothing prettier than a high contrast pic of silver 4 Oz!

      Each coin; in a year, a decade, century or millennium will be recognized as valuable; countless exchanges hence, it could be cut into pieces of eight; shaved or melted into bars again, etc.

      Further, the metal could be fabricated into a thousand possible applications of a useful device or system, or be used to purify one’s drinking supply and protect one’s health.

      The confusion between what is money and what is speculation has never been more pronounced worldwide as it stands today, and yet we can still accumulate a considerable weight even as ordinary folk…

      In all possible scenarios one can contemplate; allocation of some fiat into precious metals makes prudent sense; yet the notion escapes the masses after three generations of Central Bank control… This is unfortunate; but one cannot change what is presently transpiring, only prepare for what is coming next.

    • In case anybody starts cowering from the MSM line that this metal spike is cause of Korea..industrial metals have been on an inflationary, supply destruction tear for half a year

    • I buy Canadian wildlife series, etc. They are quite popular and people pay a little extra for them. I find that Mexican Libertades hold their premium better than ASE.

      Plus they are legal tender in Mexico, being sold and bought by most banks, exchange houses, etc.

       

  1. Crypto currencies are crashing. Sure, all the way down to last week’s levels. haha. , And I “read” this morning in a comment that China has outlawed Bitcoin. Hardly. All the world’s leaders own Bitcoin. China has taken a stand against bad ico’s though, and that’s a good thing. China’s statement very intentionally did not discuss Bitcoin.

    • Some are surely scams while others are trying to carve out a niche in the crypto space. If cryptos are here to stay and i believe they are, many of these ICOs are actually company startups and getting them early could be akin to buying Microsoft, Google, etc. I’m in approx. 8 of these ICOs, started with $4K and it’s currently valued at roughly $18-20K, correction and all. I’ll give you a few that i’m in, Omisego, TenX, Populous, Veritaseum to name a few. Buyer beware.

  2. Excuse me if I don’t indulge in the sort of self-suck that PM pundits tend to engage in at times like these. “Silva to da moon!”…only to be followed by pints with tears floating on the top. We’ll see how it goes.

    Additionally, Cdn $ risen to almost .81 USD so the metals aren’t really doing anything for me.

  3. Time to hold for sure. China is making noises and ACTIONS with gold backed oil. Gold backed yuan. Gold Trade Notes. And, most impressively – gold backed gold. Japan just issued a Bitcoin Bond. No lie. Saudi Arabia dealing in oil for gold and other currencies. No more Petro dollar. Switching to the Pedo Dollar instead according to some accounts.. Our warships are being hacked & disabled remotely by forces unknown, parties unknown. My guess (wrong by default) is that China forces a PM price reset, so Trump announces that he has decided to raise the gold price to $12k. Haha. Wishful thinking. Be a real big pop for silver though.

    • Oh, I dunno @silversnout

       

      “My guess (wrong by default) is that China forces a PM price reset, so Trump announces that he has decided to raise the gold price to $12k. Haha. Wishful thinking. Be a real big pop for silver though.”

      That guess looks at least as good, if not better, to me than almost all of the rants and raves by the so-called pundits out there on what PMs are likely to do.

      While that would be a great move for most stackers, it would not be a life-changing event for me.  Still, I would settle for the PM manipulations to just END and PMs traded in a free and fair market.  A free market would soon find the correct price for silver and gold and I doubt that it would continue this silly 75:1 ratio that now exists for gold:silver prices.  That’s what free markets do… unless they are fiddled with and beaten into submission.   🙂

       

    • Being from the Real Money Von  Hayek school of realism – not pie in the sky $#!t – he realises that this is a one in a 114 year event which has to correct itself and if you are not on the right side of this event (which we are living through), YOU ARE HISTORY.  

        

      114 Years since the SCAM was foisted upon the world. YES, it was 1913. Mmm I wonder what happened in 1913?  

       

      p.s. sorry for bringing some realism into the Crypto Space, Lol. _JLG. 

    • @ JOHNLGALT

      It’s always worth reading or listening to Egon when with his figures he is guaranteeing that I will be a multi-millionaire this time next week.   Then by that time I will have enough money to buy one Bitcoin (according to Bitcoin fanboys) before it crashes to zero.

      Story of my life oh well….

       

    • @ JOHNLGALT

      As an observation even Egon can’t resist talking about “the price of Gold and Silver”.   He then goes onto talk about the “future price” in USDollars.   It seems even the ‘experts’ have difficulty with the concept of Gold in value terms.   I always look at “the price” in GBP British Pounds because that’s what my income is in.   Sometimes even Euros.    This is not really the value only how we have been brainwashed into thinking about  “the price of Gold”.

      If the USDollar collapsed overnight against major currencies it wouldn’t make Gold anymore valuable in itself only for those using USDollars.

      Here is a site showing Gold or Silver in every fiat currency you can shake a stick at.   You would need to put them all together in one line against Gold to show how the World’s currencies are devaluing against Gold.

      Gold doesn’t “rise” or “fall” in price.   It sits quietly minding its own business.   I suppose it might be possible to value it by dividing the total amount of above ground Gold by the World’s population.   This is where I begin to lose it myself as Im not sure where I’m going with this.  LOL

    • @ JOHNLGALT

      OK Just done a ‘back of a cigarette packet’ rough calculation and it looks as though the average World wage in ONE gram of Gold per day.   So one of gram of Gold could have a value of one persons labour.

      This is where I go into the land of speculation and looking at the tea leaves but I eventually come up with the calculation that the real value expressed in Egon’s “price of Gold” terms is at this moment $4600 per ounce. That is what Gold’s real value now is in ‘price”.

    • “114 Years since the SCAM was foisted upon the world. YES, it was 1913. Mmm I wonder what happened in 1913? ” 

       

       
       As was correctly pointed out to me  – it should have been 104 Years.
       

       

  4. Ta dah moon silver and gold. Not yet, call me at $25 silver and $1,500 gold, I will be stacking all the way to da moon at these low, low prices.

    Dam those Chinese for capital flight escaping through cryptos landing in the US buying hard assets, hu wood have thunk. Hu your mama… stacking the pm shiny till the wife wakes up.

    • Its about time the crypto’s started bleeding over into the shiny metals.  Let’s hope it continues but agree, wake me when we hit a number like $25 silver or $1,500 gold.

      Maybe this turns into a trend that every time a ramp happens in the crypto market a large outflow exits for the metals.  Three or four of these type of rallies and things could get exciting again!

       

  5. Chinese leader Xi Jinping delivered a landmark speech within the scope of the BRICS business forum, in which he challenged the dominance of the West in global economy. Judging from his speech, China intends to build a new global chain of values with partners by re-balancing economic globalisation.
    According to Xi Jinping, Western powers have been ruling the world order for too long, but this page has been turned and it is developing countries that come to the forefront. The growth rate of developed economies this year will make up 2% and 1.9% next year, a report from the July IMF World Economic Outlook said. Similar indicators for emerging markets and developing countries make up 4.6% and 4.8% respectively. As we can see, the latter will be developing twice as fast – this trend has been observed for several consecutive years and many approach it as a normal phenomenon.

    In September 2006, Foreign Ministers of China, Russia, India and Brazil held their first meeting on the sidelines of the meeting of the UN General Assembly and launched official cooperation of BRICS countries. For ten years, interaction between them has been deepening further and further, and it is BRICS members that make an important contribution to stimulating the growth of the world economy, improving global management and promoting the democratisation of international relations.


    The combined economy of five BRICS countries has grown by 179%, and the share in world economy has exceeded 50%. It took the countries only ten years to become one of the strongest drivers of world economy. More importantly, Xi Jinping noted, the above-mentioned figures designate considerable improvement in the lives of billions of residents of countries outside the Western world. The progress of emerging markets and developing countries in the modern world are impressive against the background of “chaos” and “retreat” of Western countries.

    The Chinese leader asks how BRICS members can handle the new historical reality, let development embrace broader territories and increase the participation of countries with emerging markets in global governance. He offers an answer to this question, which may seem a surprising one to many.

    According to Xi Jinping, BRICS countries should promote the “BRICS plus” format. In Xiamen, a dialogue between emerging markets and developing countries is to be held, when leaders of Egypt, Guinea, Mexico, Tajikistan and Thailand

    • China has warned that Donald Trump’s threat to cut off trade with countries that deal with Pyongyang would be “unacceptable” and “unfair” to Beijing. It also stressed that Beijing cannot be the sole player in resolving the North Korean crisis.

      “What is definitely unacceptable to us is that on the one hand we work so hard to peacefully resolve this issue and on the other hand our interests are subject to sanctions and jeopardized,” Foreign Ministry spokesperson Geng Shuang said during a Monday news briefing, as quoted by AP. “This is unfair.”

  6. I agree with the author. I used to find Zero Hedge informative, but now I always just see stuff I already read on other sites already. And I don’t like how ZH has jumped on the Bernie Madoff-like crypto bandwagon, and is anti-commodity.

  7. As far as the Fed and Comex is concerned, this NK tension is the preferred, last resort pretext for PMs to go up.  Then the narrative for gold’s price increase can be explained away as; ‘Not because the economy is on its last legs.  Not because the US government is dysfunctional.  Above all, not because the integrity of the US dollar is in question.  No, this is all North Korea’s fault and so the US will be forced to do something about it.’

    After things die down, the new normal is a higher gold price.

    • Agreed @SilverMachine

       

      Yes, it does have that, “We’re just looking for an excuse to explain that which is financially uncomfortable and obvious” look to it.  We all know that the US$ has lost a bit over 97% of its purchasing power since 1913, thanks to the inflation that is built into printed-out-of-thin-air-at-interest fiat currency.  One really should ask just how long that can go on before the currency is not only worth less but worthless.

      As to a new normal of higher PM prices, we can only hope that will be the case and not the current approach of “The beatings will continue until morale improves”.

      Speaking of such things, our local newspaper (news?) had an article in it a few days ago about the stock market being up because of the US jobs report.  That report claimed 150k new jobs for the month of August.  Are these people naive or just incredibly stupid?  It has been shown that 250k new jobs are needed each and every month just to keep up with the growing US population, so 150k new jobs is 100k jobs short of breaking even… yet the retarded investors, if any other than the Fed and the US Gov, driving the market higher don’t seem to be aware of the real meaning of it.  Sigh…

       

  8. It’s even worse imo. They are tearing down all our monuments to erase our cultural heritage of revolution, to erase our collective memory as a nation – revolution as a path to a better nation. Sorry George Washington statues…. you gotta go….you were a slave owner and that is annoying people….

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