The beatings will continue until moral improves…
Gold & silver have been hit every morning for the last six trading days.
Here’s where the morning smashes appear on gold’s chart:
There has been other pressure, but I wanted to direct the attention to the mornings smashes because they’ve been particularly egregious.
Here’s the daily morning smashes on silver’s chart:
Silver’s been hit pretty good this morning, losing its short-term support.
The US government can manipulate any market it wants, at any time, and for any reason.
It’s right there on the US Treasury Department’s website:
The ESF can be used to purchase or sell foreign currencies, to hold U.S. foreign exchange and Special Drawing Rights (SDR) assets, and to provide financing to foreign governments. All operations of the ESF require the explicit authorization of the Secretary of the Treasury (“the Secretary”).
The Secretary is responsible for the formulation and implementation of U.S. international monetary and financial policy, including exchange market intervention policy. The ESF helps the Secretary to carry out these responsibilities. By law, the Secretary has considerable discretion in the use of ESF resources.
The legal basis of the ESF is the Gold Reserve Act of 1934. As amended in the late 1970s, the Act provides in part that “the Department of the Treasury has a stabilization fund …Consistent with the obligations of the Government in the International Monetary Fund (IMF) on orderly exchange arrangements and an orderly system of exchange rates, the Secretary …, with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities.
And they will continue to do this.
Until they can’t.
In the meantime, buying on the smashes will bring the physical gold & silver supply problems sooner than later to the ESF, the Fed, the PPT, and agents of all three, collectively known as the cartel.