Move along regulators and financial media “journalists” – there’s nothing to see here…other than the obvious. As the open interest, naked short position in silver climbs to an new all-time record and approaches 1 billion ounces of paper silver – most of which is a naked short position – the physical buying markets of the world continue to accumulate massive hoards of gold and silver and the fraudulent paper manipulating world continues to keep the price down for the buyers.
Same story today (click to enlarge):
After yesterday’s take-down of the metals by the Comex criminals, the eastern hemisphere physical gold buyers decided to do more “feeding at the trough.” Gold rose steadily during Mumbai, Hong Kong and Shanghai trading hours.
As soon as Shanghai closes, London opens up and the paper gold bombs start flying. Gold is immediately hit nearly straight down for the first 30 minutes. The market rebounds as the naked shorts contemplate the a.m. LBMA pirce “fix.” Clearly there was an excess of bidders looking for the delivery of physical bars, as the price rose into the 3 – 3:30 a.m. fixing period in order to balance out buyers and sellers (of actual bars). After the fix it was hit again with more paper.
Of course, gold was banged as soon as the Comex floor opened at 8:20 a.m. NY time. This is about a 90% occurrence. Then, about 5 minutes after the GDP 2nd revision report came in as expected, gold was taken off a cliff for another $6.
Any who can’t see the blatant manipulation here is either an idiot or is involved in the corruption. Clearly, the GDP report should be gold “friendly,” as a negative GDP means th economy is contracting and it reduces or eliminates the probability of any interest rate bumps (which we already know to be the case anyway) and it heightens the possibility of QE4.
I don’t know when this corruption will end, but market intervention and systemic corruption always ends with catastrophic consequences. Anyone who is not at least moving all of their paper “wealth” out of system – this includes retirements assets – will live to regret it.