The shanghai exhange announced margin hikes today in both gold and silver for sept 9. The cartel is panicking again with gold back on their $2000 doorstep and silver waiting to attack $50 at any moment.
Prepare accordingly. Trade smart.
Trade smart?out of paper and into phyzz.
Thanks, I was wondering why gold was getting smashed in the middle of the night.
Another smack down to come on the comex to 1750?
Well, including the Turd's latest post (with which I completely agree), I think the following points can be made:
1)Shanghai, and by extension China, no matter what rumors may circulate, is firmly on the side of the EE (or the rest of the EE anyway). Technically their lying economic numbers depend entirely on their worthless trading activity with the euro-commies and the US-commies, and so their standing and their jobs depend on them playing along so that their exports don't crash.
2)The SNB minister (whoever that is, I don't follow fiats that close), in order to save their banks from having to report rightfully bankrupt EUR based loans (for another day) is hammering the CHF into the ground. While everyone calls "safety on sale!" the reality is that they've signed a death sentence on the CHF and the swiss economy.
3)In order to allow this latest act of fraud to float, they needed to beat down the PMs to prevent a mass flight from CHF and EURs, and they still need to keep it under $2000 to keep the whole system from crashing down.
Overall I agree with Turd (and haven't I said this already?) that the smackdown isn't over yet. I'd say our next contender in the gong show will be the CME, who has been utterly silent since monday's shanghai move.
Personally, I covered all my PM shorts today (at a small profit) and won't be bothering with them again, but I wouldn't want to be holding any longs (unless those longs are physical bought at historical prices) over the next few days either. At any rate, gold bounced back today and will be threatening the klepto-fraud-status-quo-tocracy again soon enough. Plus, they've got every populist "investor guru" spamming about double tops in gold now, and if it were to come back for a triple top it would be particularly embarrassing for them.