Santa Tried To Warn Us

349
Thu, Jul 12, 2012 - 10:12am

As we watch the metals get savagely beaten this morning, I'm reminded of the warning that Santa posted last Friday and again yesterday. The Cartel is trying again to take down paper price. Will they succeed? Maybe...

Here are the two main components of his post. Remember, this was first posted last Friday so when he says "next week", he's talking about now:

"Next week is the war between manipulation of gold by the West, and appetite for buying gold in the East, both from friendlies and enemies. Anyone that does not see today’s gold market as a rig is blind or brain dead. There is a full blown crisis in Western world banking today, right here and now. There is a full blown crisis in sovereign debt of some weaker nations as in a very short while certain government will be out of money. The Eurosnobs hate each other which does not make for a fast reconciliation of a crisis."

"Next week will be the time the cartel tries to break the gold price again. They have failed seven times, and will fail on the 8th. Gold is going to $3500 and above. All the lying and conniving only means the price will go higher. Just as Morgan’s whale could not fight the market, the cartel cannot fight gold as we have a flight away from all fiat currencies."

So, there you go. As you know I, too, have been concerned about a short-duration, Cartel-inspired plunge that would attempt to take out the plethora of sell stops below 1525 and 26. Can they pull this off? You know they want to. Can they? That is the question. Global physical demand remains extraordinarily strong ( https://www.zerohedge.com/news/china-imports-more-gold-hong-kong-five-months-all-uk-combined-gold-holdings) so driving down paper price will only increase the flow out of the LBMA member vaults. We'll justhave to see how this battle plays out.
For today's trip into the archives I offer you this: https://tfmetalsreport.blogspot.com/2010/12/preparing-accordingly.html. Written on 12/19/10, I still look back upon it as one of my favorites. Here's the summary paragraph:

"The end of US hegemony is near and with it, the end of the US dollar as "world reserve currency". This catastrophe and all in entails could have been avoided with responsible leadership and an educated/involved populace. However, selfishly, we in the US decided it was best to pursue a plan where we foolishly thought our recklessness was beneficial. This attitude was best summarized by republocrat and Keynesian legend, John Connally, who, as the coin was dropped in 1973, told the world that "the dollar is our currency but it is your problem". Sadly, we allowed Mr. Connally to be prescient for almost 40 years but the world is about to turn the tables. Soon...very soon...the coin will finally reach the narrow end of the funnel and the bottom will simply drop out. What happens next will not be fun and games."

​OK, that's all for now. I've got a full day of meetings ahead of me but I'll be watching this closely and I'll certainly update the blog if needed. Hang in there and be patient.

TF

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  349 Comments

robov
Jul 12, 2012 - 12:01pm

Gold Rallying Hard

exactly off the lower trend line. The key now is to bust through and hold above the top channel. Time to cover some more of those shorts.

proton777 DayStar
Jul 12, 2012 - 12:01pm

DayStar

DayStar, good point. The leverage component of the physical silver equation didn't occur to me. Thanks for pointing that out.

lostinspace
Jul 12, 2012 - 12:01pm

(No subject)

'We're Gonna See the Price of SILVER With a Zero Behind It' ...$250, $350, $450
proton777
Jul 12, 2012 - 12:02pm

Interesting

It looks like gold is going for a ride today, this time on the coattails of silver. Nice to see Little Brother can do some heavy lifting too.

Kcap
Jul 12, 2012 - 12:03pm

If Sprott is buying his Ag on the COMEX

Then the end of month settle on the long future holders will be very interesting.

That 8MM standing could be the Admiral. I know he usually buys direct but perhaps he noticed it was time to stick the sword straight in through the bears mouth.

July is action packed as I said. You will not see the lows of July again.

Kcap

Eric Original
Jul 12, 2012 - 12:04pm

proforma

I wouldn't touch the Canadian Zinc. But gimme some sweet, sweet EXK, right here, right now.

EO (unrepentant miner lover)

turkeybucket
Jul 12, 2012 - 12:06pm

Rain Barrels

You can get these off of craigslist also, 270 gallons. I paid $40 each, another $30 for fittings/misc. They are incredibly strong and can be stacked (mine are galvanized steel). Sold and setup 3 to neighbors so far. Plastic barrels without support will buldge as I have tried other solutions before settling on these. Never posted a pic before, hope you can see it:

survivalwstyle
Jul 12, 2012 - 12:06pm

hockey stick me Ag

puLLed to goalie, the sproTT right into an empty net. 3rd period, stiLL time left.

TREACHEROUS CRETINS
Jul 12, 2012 - 12:08pm

Trader David R - From Miles Franklin

I agree the gold and silver markets are being manipulated, but it's by the Algo traders. These guys have so much capital behind them, they look at the technical levels in the market and leave their buying orders below the stops and then come in with a HUGE sell sweeps. (sometimes up to 9,000 lots of gold) and the market is not thick enough to absorb that kind of selling size at one time, so then, banks and customer stops are triggered at certain levels and the Algo's buy back their selling above. It's frustrating all of the banks and the traders in the market. I can guarantee you that the banks are not behind this. Many of the banks are laying off marketers and traders, budgets are way behind and there is a real fear in the market by the traders at the banks, as these Algo's are destroying this market.

I agree that gold is going higher, but I think it's going to go lower first. I think we are going to see another move lower in all RISK assets. This economy is coming to a stand still and I feel the same way now as I did in 2008. I think we are heading for a big fall soon in equities and commodities. But gold will outperform all other RISK assets on this move. I think silver is heading back to the $23 level by end of summer.

Strongsidejedi
Jul 12, 2012 - 12:09pm

@mickey

Looks like Santa is right again.

The cartel tried and the cartel lost.

When will they stop lobbing these financial cannon balls?

They're accurate, but I know alot of men who will not be leaving this battle.

Pickett's Charge myth disproven

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