With Gold and Silver Prices Smashed Again Friday Afternoon, GATA Chairman Bill Murphy’s Mic Was SMOKING…
Doc, Dubin, & the GATA Chairman Break Down the Market Action, Discussing:
- Could the Saudi’s Dump Treasury Bonds This Weekend?
- Friday’s Gold & Silver Price Smash: The Same Thing Over & Over & Over!
- Murphy Believes Gold and Silver Prices May NEVER Go Up Again Until the Cartel BLOWS UP
- The GATA Chairman Explains Why EVERYTHING CHANGED For Gold and Silver
- It’s Going to Happen Out of Nowhere: Cartel WILL BLOW UP, and Silver’s Going to $100!
Eric’s Market Commentary:
All things considered, the trading action doesn’t look terrible.
Silver started to catch a bid towards the end of our show and gold has been in a tight range. The cartel hasn’t been able to do much of anything with gold, today, other than keep a lid on it. Miners, on the other hand – sheesh. That’s partly speculators giving up the ghost and fresh shorting. I’m sure you saw AG (First Majestic) yesterday.
That looked like AG was outright being targeted by the cartel to use AG as a sentiment trigger. The “silver signal” as expressed through silver miners was loud and clear, yesterday…and today.
But again, all things considered, while it doesn’t feel like it, I don’t see today’s moves as proof we’re going down next week. That silver is catching a bid now is an example of those strong hands, picking up the cartel-induced bargain, and the buying is happening at a technical point that one would expect to serve as a trigger for paper traders. Those mega-strong paper longs are visible, in the market, TODAY.
They were VERY visible in the Asian-London-pre-FOMC session, as I was documented. That accumulation pattern was the footprints of pros, and they were taking on the cartel in advance of the FOMC release. That too, is different from typical patterns, previous years. “Our camp” is winning this war.
It just doesn’t feel that way.
Gold bullion sales remained strong across the industry this week.
The US Mint sold 18,000 1 oz Gold Eagles, bringing monthly Gold Eagle sales to 53,000 coins, and year to date sales to 661,000 oz.
Retail silver demand remains steady, picking up Friday as silver dipped back to $19.50. SD Bullion’s 10 oz Silver RCM Bar Flash Sale drained wholesale inventories of the Mint’s flagship silver bar, but outside of that product, wholesale inventories and premiums remained steady throughout the industry.
No changes in wholesale premiums or availability on 90% Junk Silver Coins this week.
Sales of 2016 Silver Eagles reported by the US Mint came in weak again at 305,000 coins this week, bringing September sales to 1,255,000, and year to date Silver Eagles sales to 30,155,500.
The US Mint released the 30th Anniversary 2016 Silver Eagle Proof Friday, with special 30th anniversary text along the rim of the coin, a first for the mint.
The Silver Eagle proofs are expected to sell out quickly due to the unique feature.