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 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.
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.


  1. Dave, guess what? The Gart-man just went ultra bullish on gold,

  2. That Gartman is super bullish doesn't lend to comfort.

  3. LOL. I can't argue against that Edwardo.

  4. Never bet against the fed!

  5. 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.



  6. 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.

  7. @ Anon

    The Fed can't pump stocks w/o boosting gold as well.

  8. 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.

  9. I wouldn't trust anything Gartman says. In fact if he says gold is going parabolic soon, I'd run the other way.

  10. 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.

  11. Dirty tricks to persuade the longs not to stand for delivery?