A nighttime raid and a new day dawns.
Just a few items today as MrsF has designs on my time. An entire day of Christmas shopping awaits and I plan to take the excursion without my phone and the ability to check the "markets".
Last night's devious attempt to run the sell stops below 1705 succeeded in tilting the charts bearishly this morning. Whatever. I couldn't care less. I do continue, though, to find it amusing that every time we get an unexpected raid for $20 in gold, the same old trolls and naysayers show up. I'm not sure what they're trying to accomplish. First of all, why would I or any of you feel foolish for being bullish in the face of the fundamentals? Additionally, by blasting me as a "cult leader" etc, they seem to think they can discourage me and get me to shut this site down. Uhhhhhhh....let me make this perfectly clear: I ain't going anywhere. The Cartel can raid and manipulate. Their disinfo agents can plant seeds of doubt. Their dupes and shills can lie and deceive. Whatever. It doesn't matter. The facts are what they are and the fundamentals do not lie. Please utilize this time and these distorted, low prices to add to your stack. Physical metal is your only protection against the ongoing destruction of paper money.
Maybe these trolls are frustrated paper traders who get angry when the free chart analysis I offer doesn't work out as planned? Look, I do my best. I not only try to give you an explanation for what has happened but I also try to predict the future. Sometimes it works, sometimes it doesn't but everyone needs to keep these two things in mind:
- Not even Nostradamus could have warned you that at precisely 7:55 EST last evening, some weasel on a trading desk would institute a naked sell order with the intention of blowing out the sell stops.
- I don't even trade anymore. Yes, I have a small handful of long-term options but I have practically begged all of the traders that frequent this site to use Andy Maguire's trading service. Given the unprecedented desperation of the manipulation, you are absolutely crazy if you are attempting to trade the metals without his guidance.
OK, back to the business at hand. Since there is such a dogged determination to keep the metals down, we'd best be aware of the support levels and where price could head if those levels are broken. For now, the lows of last week are holding and that is certainly a good sign. However, as seen last night, The Evil Ones can emerge from the shadows at any time, day or night, to blindly raid price. Please use the charts below as guidelines for dip buying.
Finally I leave you today with the reprint below. I wrote this on Saturday, November 3rd, after the metals had been savagely beaten the day before. Gold was at $1675 and silver was under $31. Like today, many were fearful and the AGAs and trolls were everywhere. The message is simple: Any fight worth winning is going to be challenging and we don't take on this endeavor because it is easy, we take it on because our destiny requires it. Setbacks and frustration come with the territory but we must persevere. Keep the faith. Be strong. Vindication and victory will soon be ours.
Well, you can either give up or carry on with renewed determination. I choose the latter.
These are the times that try men's souls...
Let's see, what do we know for certain?
Quantitative Easing is now a permanent fixture of the financial markets for, without it, the U.S. bond market would collapse and interest rates would reset multiples higher.
- The U.S. federal deficit will continue to be greater than $1T/year, regardless of the outcome of the election.
- Later this month and into December, a "lame duck" session of Congress must come to terms with the looming fiscal cliff and well as an imminent breach of the debt ceiling.
- Further downgrades of the credit rating of the U.S. are likely.
- The European Union, already tattered at the edges, remains on the brink of crisis and dissolution.
- Dollar creditor nations, led by China, are rapidly accumulating gold and silver as they exchange their devaluing fiat reserves for hard assets.
- Dollar hegemony and reserve currency status will, one day in not-too-distant future, come to an end.
I could continue but I think you get the idea. Regardless of the paper machinations of the Comex, physical precious metal remains your best defense against the tumultuous times ahead.
The summer soldier and sunshine patriot will, in this crisis, shrink from the service of Turdville...
I think you know where I stand but where do you stand? Will you now become bitter? Will you be easily swayed by the uninformed and the disinformation agents? Do you have the courage of your convictions to not only find your way but guide others through the darkness?
Yesterday was tough and, worse, unexpected. But don't think for a minute that it was a selloff directed specifically at the precious metals. So understand that there may be more going on here than you think. The situation in Europe is tenuous, at best, and things on the ground in the U.S. aren't much better. For now, the precious metal "baby" is being thrown out with the proverbial "bath water". You should seize this opportunity to add to your stack.
- With all of the selling in gold and silver yesterday, just whom do you think was taking the other side of that trade? Let give you a clue...it wasn't the specs.
- Backwardation, as measured by the difference between the futures "offer" and the spot "bid", has reached a level of such extreme that it makes further significant declines highly unlikely.
- Our friend, Andrew, reports that demand in London yesterday remained "exceptional" and "unprecedented". Though the effects of this physical demand can often by muted on an intraday basis, it nonetheless precludes the bullion banks from exacerbating the moves to the downside.
But he that stands by it now, deserves the love and thanks of man and woman...
I personally promised you a "hot, explosive and historic" summer. It, obviously, did not come to pass and, so far, it has not materialized this autumn. Do not be dismayed. I personally know of several extraordinarily brave and courageous people who are actively working to bring about an end to the blatant manipulation of precious metal price by the Bullion Bank Cartel. With firm reliance upon the protection of Divine providence, I am extremely confident that they will be successful. When they are, not only will the manipulation end but, perhaps, the plundering of Western reserves will slow, as well.
Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph...
So, again, I implore you: Do not lose faith and do not suffer from doubt. The end of The Great Keynesian Experiment is indeed upon us and you must continue to prepare accordingly. Do not be swayed by the day-to-day trading of the Comex nor the incessant noise and disinformation supplied by the financial media. Think for yourself. Study the past and the present, then consider the future. Trust your instincts. Believe in yourself and your ability to lead and inspire. Your family needs you. Your friends need you and Turdville needs you. The future demands leadership at every level and we all have a role to play. I will continue to do my part. Will you?