PRICE ALERT: Cartel Smashes Gold Below 50-Day On Powell’s First Congressional Love Fest

Watch Powell live right here. Plus, the last five times gold lost the 50-day we went lower for longer, so maybe forget about that rally this week…

Update:

Alert: Gold just lost it’s 50-day moving average:

If the last five times this happened is telling of what’s to come, forget that rally this week.

Brace for more cartel smashing as the cartel just made a major achievement in smashing price below the 50-day.

Dig in, harden defenses and prepare for bombing runs…

*********

Here’s the embed of Powell spewing complete Fedspeak after getting softball questions from congress:

*****

Same crap, different toilet.

Gold & silver are getting hit hard in the pre-market.

No, that’s not Niagara falls, that’s the gold & silver price being prepped in anticipation of all eyes on the new Fed Head Jerome Powell who will be giving his first Humphrey-Hawkins testimony today before the congress.

Here’s a link to C-Span where presumably the testimony will be streamed live.

Don’t expect anything more than preservative full, canned questions of no nutritional value.

Fitting, however, because the answers will be full of Fedspeak, as impossible to decipher as the list of ingredients on the preservative laden canned questions anyways.

Here’s a look at the gold & silver waterfall:

And a look at the volume:

There are several key events taking place today:

So in addition to the typical CoT Report Tuesday Prep-work, at this point, we really need to see how the morning ends up. That’s where most of the danger is.

Also be on the look out for the 11:30 a.m. EST smash (When London markets close).

If I was wishing the charts were screaming more bullish than they actually looked, well, unfortunately, we might just get to see that on the charts.

Just a friendly reminder to those who say precious metals prices are not suppressed, direct from the U.S. Treasury Department (bold for emphasis) itself:

Exchange Stabilization Fund

The Exchange Stabilization Fund (ESF) consists of three types of assets:  U.S. dollars, foreign currencies, and Special Drawing Rights (SDRs), which is an international reserve asset created by the International Monetary Fund.  The financial statement of the ESF can be accessed at “Reports” or “Finances and Operations.”

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.

Translation: They can do whatever they want to do in all markets at any given moment and there’s nothing we can do about it.

Why?

Corrupt politicians have disregarded the U.S. Constitution generally, and specifically, Article 1 Section 8 (weights & measures) and Article 1 Section 10 (make any thing but gold & silver coin a tender).

The fraud and corruption continues unabated and has picked up speed since 1933 (demonetized gold), 1964 (demonetized silver), and 1971 (severed sovereign link to gold/Nixon closes the gold window).

That is what we’re up against.

Our only recourse is to keep staking until the the West is no longer willing to give any cheap gold & silver to China, or Russia, or India, or Kazakhstan, or Turkey, or anywhere smart enough to buy it up at suppressed, unnatural low prices.

Notice the common theme about all those countries scarfing down Western gold: We’re supposed to hate and be at war with many of them.

Hmmm….

Stack accordingly…

– Half Dollar


 

About the Author

U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.

Paul’s free book Gold & Silver 2.0: Tales from the Crypto can be found in the usual places like Amazon, Apple iBooks & Google Play, or online at PaulEberhart.com. Paul’s Twitter is @Paul_Eberhart.

***