Technical analyst Jack Chan shows why Friday’s COT data was so shocking and what it means for gold:
What we do not see in the latest numbers are the silver Specs picking up more shorts as price descends and that has been their trait for the last year+. They are depressed. Severely depressed.
The precise scenario exists right now for both silver and gold Commercials to totally obliterate the Speculators, once and for all.
“Precious Metals DEPRESSION IS the goal of the bullion banks and their minions heading into 2015 so all precious metals investors everywhere will lose their confidence in the metals and other hard assets, invest in paper stocks, then be raped when the world wide economic collapse takes place in the Fall time-frame of 2015.”
There were other “analysts” saying there would be Gold $2000 by the end of 2014. Are they still writing? Some said Gold was blasting off in June 2015. Does anyone still read those guys?
The 800 pound Gorilla in the room is STILL World Champion and has not even broken a sweat in all his bouts yet – The Gold Producer Merchant! Still King of paper naked shorts…
I want to make one thing perfectly clear. We ARE NOT going to see Greece explode today and cause financial Armageddon and a bond and derivative worldwide economic collapse either today, tomorrow, this week, or next week. Greece is not going to be THE JIG that causes the dollar’s collapse.
Forget about being thirsty for physical metal my friends, drown yourselves in it while it is so DIRT CHEAP with 95%+ of every cash dollar you can muster…
The Commercials in both metals know the storm is coming…
Are you ready for the storm? Have you converted 95% of all your paper to physical gold and silver or another hard asset?
Chaos is coming…
Anarchy is coming…
Those who wait until the last minute will find themselves without a plan.
Get out of the system while you still can.
The Large Specs are believers the bottom is not anywhere close to being in plain sight but the Commercials are going to play puppet master from above and below to get them there and avoid them covering for large profits on the way down to close to September.
What happens in the near future?
I think we get a price rise followed by more price depression.
The Large Specs are betting on more depression and the Commercials will give it to them… but not too quickly.
In silver, I’ve never seen a higher Cartel gross short number. EVER.
Not in 2010. Not in 2011. Not in 2013. Last Tuesday. At $17.05. For the week, The Criminals added 18,595 new naked shorts. That’s about 93,000,000 ounces or 2900 mts!
Below is a graph (Comex June gold contract) of this morning’s attack on the price of gold and silver, which occurred shortly after 2 a.m. EST, when Asian physical markets begin to retire for evening and the London fraudulent paper market opens:
Last week I sent notes to The Doc and others indicating reversals in price direction that indicated to me the bullion banks and their minions were about to rip into spot price. That was Friday after seeing a 30 minute 7,615 contract dump, which I call a reversal where massive positions are filtered to change the puppet strings on price, from above and below.
Those Commercials are in total control. Period.
The Commercials played the long game longer than the Speculators and played the short game almost 10 times shorter than those Specs. They are masters at their deceptions.
The second 30 minute bar of this massive short covering raid now has over 7,000 contracts traded in it and it looks like Niagara Falls.
Who could have foreseen such a massive attack on metal price?
They did not need to trip Speculator gold shorts but they need the mix to be just right in silver so they could crash it.
Since that crash they have built silver back up and I believe they are getting ready to use silver to crash gold again.
As gold follows silver, gold will reach new lows.
Did you know Blythe Masters is back?
Indeed, and she is conjuring up ruthless demons in crypto currency!
Mark my words, one day a certain crypto currency will completely control buying and selling in all marketplaces:
My solution to the coming global economic collapse is to convert ALL YOUR PAPER MONEY and any you can get your hands on any way you can, into physical silver and gold before September at ANY PRICE.
The reality is that these hard assets will be used to build the basis foundation of the coming one world currency, after the global economic crash in September and the ensuing world wide chaos it causes when currencies fail, trade fails, and people do not have food.
Get ready NOW!
It looks like Austria has another potential bank problem with respect to the failure of Hypo bank.
It is Pfandbriefbank and this is another black swan that can cause dominoes to fall….
Today we had some short covering in the silver COMEX with the silver OI falling by 2175 contracts. Gold OI again rises by close to 6000 contracts. Both gold and silver rose nicely today but silver was the standout.
Our bankers are having real trouble in silver. It seems that they are going to destroy the specs in gold but they are not having their way in silver.
The big news is the continual removal of gold from the COMEX. From the start of the month 12 tonnes of gold has been removed from the customer side.
The COT report shows the commercials buying gold (and covering shortfalls) in massive quantities. It’s net short position is only 54,000 contracts. It looks like the specs are going to be buried.
Are we about to see new lows for gold and TPTB drive PMs through the floor before the Great Financial Collapse?
How Low Could Gold Go???