We speculated yesterday that today would be another "Happy Tuesday" where The Cartel relents and the metals rise as short positions are covered. Looking good so far. Before we get started, though, a holiday treat that the LTs introduced me to last year.
Lastly, I've decided to continue posting my daily prognostications on the price of paper gold and silver. My simple TA is what prompted the start of all this last year and I know it's the primary reason why the site has grown so quickly. However, if you are trading, buying or holding precious metal within the current C/C/C system, you are literally begging to become a victim of it. I read an article yesterday by Kevin Williamson. In it, he likened the MFing Global theft to this: Imagine you are a customer of a bank that went bankrupt. Your only exposure at the bank were the valuables you held in a safe deposit box. At bankruptcy, you would rightly expect your valuables to be returned to you. Instead, creditor banks of the failed institution are allowed access to the safe where they dump the contents of all of the deposit boxes onto a big pile on the floor. Then the creditor banks pick through the pile, claiming for themselves whichever assets they'd like to keep. Only after the "community pile" is picked over are you, the rightful owner, allowed access to whichever assets remain. Banks being banks, you'd be lucky to be left with anything of value.
If you remain trustful of the current system, this is your likely fate. Keep in mind what Jim Willie told us last week: "Leave only the amount of money in the current system that you intend to, or are willing, to lose".
Please read these three items in succession and then decide which is the best course of action to take.
On that happy note, I will take my leave for the morning. Let's see where the action takes us today. I'll be keeping an eye on things and checking in whenever necessary. TF