Banksters Return From Holiday With Big PM Take-down!

With the summer unofficially over and the bankers and traders returning to their desks Tuesday morning, the paper futures gold and silver markets were greeted with a familiar scene: a massive paper take-down. 

cartel raid

Gold has been treated to an inverted swiss staircase of repeated takedowns which began on the London open, and is trading $20 off of Friday’s levels with a low of $1264, taking out crucial support at $1280 during overnight London trading. 

Support has emerged at $1265, but we would not be surprised at this point to see the banksters attempt to knock gold under $1250 ahead of Friday’s jobs report. 

Silver is down a milder 20 cents, after trading as low as $19.04:

 

With the summer over and gold’s best trading season of the year directly in front of us, we suspect that weakness ahead of Friday’s jobs report may be the best opportunity to own gold for the remainder of 2014.