The Golden Truth: A Comex Paper Manipulation Price Raid: In A Picture and Reader Comments

Monday, June 28, 2010

A Comex Paper Manipulation Price Raid: In A Picture and Reader Comments

I'm not sure how anyone can look at this chart and not understand or believe that the Government, via the big bullion banks (JPM, HSBC, Scotia, Goldman etc) manipulates the precious metals market. I could show examples of many charts that look just like this from the past 9 years:

(click on chart to enlarge)

Don't take if from me, here's some reader comments (a lot of excellent comments/observations have been added to the comment section):

Anonymous said...B*stards in for another hit. Something strange here, last week was options expiry..is something happening in the near future that we don't know about? Gensler and his staff should be crucified...slowly, leastways some legal action...same with JPM, HSBC, etc Or is this a set up to drag out all the naked shorts, and then stand for delivery? - break the b*stards - maybe?

Hopium said...
I would say the Fed is scared Shit-less to be honest. http://www.zerohedge.com/article/second-gold-price-intervention-hour
The obvious manipulation as come to the fore front. No I am not a Gold bug claiming manipulation it is BLATANTLY OBVIOUS. But as Dave notes use it to your advantage

Joe said...Just saw Gartman on CNBC saying Gold is on the verge of a parabolic move up. It appears CNBC is starting to leak some truth.

What I will add is that the the path of least resistance right now is "up." The physical demand for gold/silver - and the demand for delivery - is starting to take its toll on the attempt by the Fed/Treasury to hold down the price.

11 comments:

anliuMonday, 28 June, 2010
Dave, guess what? The Gart-man just went ultra bullish on gold,
http://www.cnbc.com/id/15840232?video=1532235591&play=1
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EdwardoMonday, 28 June, 2010
That Gartman is super bullish doesn't lend to comfort.
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Dave in DenverMonday, 28 June, 2010
LOL. I can't argue against that Edwardo.
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AnonymousMonday, 28 June, 2010
Never bet against the fed!
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HopiumMonday, 28 June, 2010
Thank you for an Honorable mention on your Blog Dave. Other than Jessee's, The Golden Truth is my favorite spot to share similar interests.

Good things come to those who wait.

Cheers

Hopium
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AnonymousMonday, 28 June, 2010
Looks like the Khordoskvy (with a little help from his friends) had emptied BP like a can of peaches after all.

I always thought that the company had gone bust five years ago in Russia. Looks like it's all coming out now, although the spin we will get is that it was OTC derivatives. Value is never lost or destroyed it merely changes hands and our friends have being doing a Maxwell on BP and it's pension funds.

Jim Sinclair’s Commentary

Headlines today say that BP has taken a significant loss in the failed buybacks of legacy assets.

In English that spin is better understood as "$22 billion in busted OTC derivatives were written down to their true value of ZERO."

Truth is dead in media reporting. The sheeple sleep on.
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Dave NarbyMonday, 28 June, 2010
@ Anon

The Fed can't pump stocks w/o boosting gold as well.
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AnonymousMonday, 28 June, 2010
Yeah, I bought gold on sunday and got nailed monday. But ya know, in the longer term it doesn't matter.
I'm well up on my previous buys, and after a few years I won't even remember this one ...oh so minor setback.

Seriously... gold is breaking out and the corrupt gov supported entities can't stop it.
Everyone out there should be thankful they STILL can obtain gold at a reasonable price
and get rid of their rotting fiat paper in doing so.

Hey, US stock markets are rigged, bonds (especially treasuries) are the next bubble,
real estate is a goner for decades

Seize the day before the stampede to get out of fiat and into REAL money. Gold is the only proven worthwhile store of value still standing.

Ben can't print it up. Rejoice in that.
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AnonymousMonday, 28 June, 2010
I wouldn't trust anything Gartman says. In fact if he says gold is going parabolic soon, I'd run the other way.
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AnonymousTuesday, 29 June, 2010
Maybe the Fed and cartel are hitting PMs preparitory to the anticipated $3/4/5....Trillion QE coming down the road.

I reckon the world has to rapidly find substitute markets/exchanges to trade real physical gold with a semblence of honesty, ie unlevered physical, on a 24/7 basis for international price-setting purposes. Comex and LBMA, (already losing global market share)and whatever other frauds - gld, slv etc would be exposed and avoided.

Then we could let the paper morons play their games without affecting the real world.
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AnonymousTuesday, 29 June, 2010
Dirty tricks to persuade the longs not to stand for delivery?
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Add comment

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.