STEVE MNUCHIN: FED To Buy ETF’S Beginning Today (Spoiler Alert: They Won’t Be Buying GLD & SLV, But Will Still Be Naked Shorting Gold & Silver)

Non-stop market intervention, manipulation and rigging at its finest, finally firing on all cylinders…

(by Half Dollar) If Trump’s negative interest rate praise and having his cake and eating it too crude oil analysis wan’t enough to stomach for one day, I apologize in advance for being the bearer of bad news, yet again.

From the US Treasury (bold added for emphasis)

May 12, 2020

WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the start of certain Secondary Market Corporate Credit Facility purchases:

“Since announcing the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF) on March 23, we have seen a dramatic improvement in liquidity and credit market function. Today, the Federal Reserve Bank of New York will begin purchasing shares of eligible U.S.-listed exchange-traded funds in the secondary market through the SMCCF, and eligible corporate bonds shortly thereafter. Once operational, the PMCCF will provide loan and bond financing to U.S. companies with investment grade debt ratings as of March 22, 2020. The SMCCF and PMCCF are supported by a $75 billion equity investment using funds appropriated to the Department of the Treasury under the CARES Act, $37.5 billion of which was transmitted yesterday to the special purpose vehicle established in connection with the SMCCF and PMCCF. Together, they will provide up to $750 billion in liquidity and help ensure large employers have access to the credit they need to maintain their business operations and payroll through this challenging period.”

Just don’t get to thinking they’ll be buyin’ up shares of GLD & SLV.

They hate gold investors more than anything in the entire world, and they hate silver investors even more.

But I digress.

I haven’t seen much denying from the gold & silver manipulation deniers lately, now that market rigging is the modus operandi du jour, fully embraced by the pathetic mainstream.

Nonetheless, here’s an interview we had last Fall with former Assistant Secretary of the Treasury Paul Craig Roberts, in which we discussed, among other things, market manipulation and intervention:

Including the naked shorting of gold.

Thanks for your consideration.