There has been heavy “selling” in gold and silver today. Here’s an update…
Gold was hit in the pre-market and has been falling ever since:
Because, you know, somebody just had to sell $1,376,804,000 worth of gold 24 minutes before the markets even officially opened:
Initially all they managed with that massive dump was a $6 move in price. But the pressure has continued.
That’s one way to tell it’s price suppression/market manipulation: Nobody would go in and dump all of that gold onto the market before it even officially opens, for any price it can get.
Think about it this way: I wouldn’t sell my car to the first person who just gave me whatever for it, but this is what happens with gold and silver on the regular to blow through the stops (the point where traders don’t want to lose any more money) and force the specs to sell.
Silver has been chipped away at all morning:
Though the frequency and severity seem to be picking up speed.
Here’s another way of knowing it’s market manipulation (as in good old ESF and Fed precious metals price suppression):
The dollar has gone nowhere in over five days.
Yet gold and silver just have to be dumped.
Here’s the most recent gold-to-silver ratio:
It takes nearly 79 ounces of silver to buy just one single ounce of gold (which means that comparatively speaking, silver is a great buy compared to gold).
Here’s Investopedia on the historical ratio:
Historically, the gold-silver ratio has only evidenced substantial fluctuation since just before the beginning of the 20th century. For hundreds of years prior to that time, the ratio, often set by governments for purposes of monetary stability, was fairly steady, ranging between 12:1 and 15:1. The Roman Empire officially set the ratio at 12:1, and the U.S. government fixed the ratio at 15:1 with the Mint Act of 1792.
Keith Neumeyer, CEO of First Majestic Silver Corp says that miners are pulling silver out of the ground at a ratio of 9:1.
And the price of oil has been rising since this summer, meaning that the costs to mine silver are going up.
– 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.