Tag Archives: The King Report

Gold And Silver Bounce After Blatant Paper Attack

The financial markets are more distorted and perverted than ever; and there is no sign that dynamic will end for the foreseeable future.  – The King Report, June 16, 2015

Today is one of those days when the Fed’s footprints were all over the markets. Yesterday’s negative economic reports – industrial production declined .2% for May and was revised lower for April to -.5% from -.3%;  NY Fed manufacturing survey plunged into contraction and has been declining for five straight months – were followed up by an 11% plunge in housing starts in May.

This is the type of news that should have sent the stock market plunging and the precious metals flying higher.   Instead, the S&P 500 rallied from down over 10 points overnight to its current level of up over 12 points from yesterday’s market close.  Gold and silver were hit twice after Asia’s physical bullion markets closed and the west’s fraudulent paper markets opened – intraday gold and silver – click to enlarge:

AugustGoldIntradaySilver

While the Fed was busying putting in S&P 500 emini orders which would be front-run by the big hedge fund HFT trading algos, the Fed’s agent bullion banks on the Comex – JP Morgan, HSBC and Scotia – were busy dumping a payload of gold and silver contracts onto the Comex floor at 9:11 a.m. NY time. Again, no apparent news or event triggers. Just pure, unadulterated market manipulation.

With the economy quickly contracting beneath the facade of Orwellian media disinformation and with the situation in Europe with Greece growing more perilous by the hour, the Fed is in full combat mode, working frantically to keep the stock market above its 126 day moving average and to keep a heavy lid on the price of gold and silver.

The Fed’s “Maginot Line” – click to enlarge

maginotline

RealMaginotLine

But gold and silver have bounced back, with silver briefly bouncing back to above where it was when the 9:11 Comex bombing was initiated.  In fact, silver once again is holding $16. Moreover, silver continues to carve out a pattern a higher lows:

1yrSilver

For now, both gold and silver continue to defy the endless parade of R.I.P. bearish Wall Street and financial media pundit price forecasts. Meanwhile, despite media pronouncements that Indian and Chinese demand for gold and silver is dying out, India is on track to import a record amount of silver this year and China is on track to import a record amount of gold. Incidentally, India which just released its gold import report for May which showed at 10.5% gain over May 2014 to $2.42 billion, or 60+ tonnes. This is a big number for India for the month of May…