The cartel has been successful capping gold at $1360, but they have failed at smashing gold below $1300. Here’s an market update from Eric & Dave…
The stock market (per the Dow), after an initial spike up at the open, has sold off continuously today. The sell-off began to accelerate just before 2 p.m. EST on no specific news or event catalysts. So what the heck happened? To begin with, the stock market jumps at the open almost everyday no matter what type of news hits the tape overnight. It’s clear that the Fed’s “unspoken” policy is to support asset prices. But it’s the events developing behind the thick veil of propaganda that is starting to become obvious.
The real economy sucks. The average household is sinking slowly under the weight of debt that grows continuously and will soon become unbearable. The fraud and corruption at all levels of Government and Corporate America has become glaringly blatant. The Federal Government is going to issue well over $1 trillion in new Treasury debt this year – debt that not only will never be repaid but will continue to grow exponentially until the system collapses.
Gold has spiked up in response to the stock market turmoil. Physically deliverable gold is running low in NY and London. The clearest sign of this is persistent backwardation on the LBMA. Eric Dubin and I discuss the ticking time bomb of rising interest rates and what it will take for gold and silver to finally break out and up in our “WTF Just Happened” podcast hosted by Jason Burack’s Wall St For Main St: