8:56 am (Hawaii) Just when it seemed precious metals were going to sustain solid gains today, the CME mafia swooped in and popped gold and silver on the back of their heads. As Turd Ferguson has scribed many a time, JP Morgan/Comex has a vested interest in keeping Spot Gold below 1550, probably to support the argument to quantitatively ease, i.e. cut the risk of hyperinflation. Something like that.
All the miners that were up big the past few days are taking a major pummeling in the past hour. NGD is down from 10.32 to 10.06. DGP has dropped from 50.31 to 49.65. XG has gone from 12.86 to 12.46. EXK has slipped from 8.88 to 8.68. GLD was 151.52 just 40 minutes ago and fell to 150.56.
The puppet masters came in and did this while the market was idle, watching Bernanke's speech. This is the M.O., of course, sneaking in and baseball-batting everyone on the kneecaps while volume is THIN.
Ugly. This is why I don't mess with the market in this volatile state. There is no sense, no logic, no reason. It's simply manipulation by a bunch of motherfuckers who pull the puppet strings. They keep hitting the market, I'll add a little more physical. No government, no bank, no new world order can control the real price of gold and silver.