PPT slamming PM prices again
clouisejewelers
Posts: 329 ✭✭
I know there are many here who don't believe the price of silver and gold are manipulated down, but I do. How do you explain that spot silver is only in the low 12's but silver eagles are selling for $20 and upon ebay?
The only things that went up yesterday were gold and Campbell's soup. It's a banker's worst nightmare, they have to do whatever they can to beat down the prices of hard assets and prop up their paper assets.
The only things that went up yesterday were gold and Campbell's soup. It's a banker's worst nightmare, they have to do whatever they can to beat down the prices of hard assets and prop up their paper assets.
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Kitco's headlines from yesterday to today are just classic:
Monday: buyers flock to gold for safety......shortages everywhere.
Tuesday: buyers flee from gold....so much around you could trip over it.
roadrunner
My icon IS my coin. It is a gem 1949 FBL Franklin.
Knowledge is the enemy of fear
I knew it would happen.
<< <i>Its either the PPT, or the fact that in Europe it takes the coordinated efforts of several countries to bail out a bank. Yup, that Euro currency sure does instill confidence.
isn't the Euro the most "fiat" of any fiat currency?
i still don't get how the USD will drop to the basement and NOT take the Euro with it, i can see both but not the USD only
but what i really wanna know is why the Aussie dollar gained almost 90% yesterday......or am i confused?.... the AUD/USD Ex
Australian Dollar Heads for Record Quarterly Loss Against U.S.
Knowledge is the enemy of fear
Where were they yesterday - do they take Mondays off?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Pretty Poor Timing?
I knew it would happen.
The Working Group on Financial Markets (also, President's Working Group on Financial Markets, the Working Group, and colloquially the Plunge Protection Team) was created by Executive Order 12631,[1] signed on March 18, 1988 by United States President Ronald Reagan.
The Group was established explicitly in response to events in the financial markets surrounding October 19, 1987 ("Black Monday") to give recommendations for legislative and private sector solutions for "enhancing the integrity, efficiency, orderliness, and competitiveness of [United States] financial markets and maintaining investor confidence".[1]
As established by Executive Order 12631, the Working Group consists of:
The Secretary of the Treasury, or his designee (as Chairman of the Working Group);
The Chairman of the Board of Governors of the Federal Reserve System, or his designee;
The Chairman of the Securities and Exchange Commission, or his designee; and
The Chairman of the Commodity Futures Trading Commission, or her designee.
"Plunge Protection Team" was originally the headline for an article in The Washington Post on February 23, 1997,[2] and has since become a colloquial term used by some mainstream publications to refer to the Working Group.[3][4] Initially, the term was used to express the opinion that the Working Group was being used to prop up the markets during downturns.[5][6] Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul and writers Kevin Phillips (who claims “no personal firsthand knowledge” and is “not interested in becoming a conspiracy investigator”) [7] and John Crudele,[8] have charged the Working Group with going beyond their legal mandate. Claims about the Working Group generally include that it is an orchestrated mechanism that attempts to manipulate U.S. stock markets in the event of a market crash by using government funds to buy stocks, or other instruments such as stock index futures—acts which are forbidden by law. However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures. [9]
Former Federal Reserve Board member Robert Heller, in the Wall Street Journal, opined that "Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole."
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
///////////////////////
I guess an argument can be made that the WG had a material
interest in making sure there was a tanking on Monday.
The plan to sell a bailout to benefit criminals required a bit of pain
to be visible in the headlines.
Smart folks bought into the tumble and made a BUNCH of money today.
Where were they yesterday - do they take Mondays off?
As Storm888 said, they were giving congress reason to approve the bill by letting stocks tank. Now that things have steadied out somewhat, plenty of time to go about the nation's daily business of shorting gold on the Comex between 10-11 am each day.
As far as the manipulation aspect, simply check the record for NY am prices of gold over the past 7 years. The price in NY (particularly prior to 11 am) falls 1-2% lower on average than anywhere else in the world. Afternoon averages in NY are several % higher than the morning trade. A very odd statistic indeed. That tells me the PPT takes late lunches.
roadrunner
"Where were they yesterday - do they take Mondays off?"
<<As Storm888 said, they were giving congress reason to approve the bill by letting stocks tank.>>
Stocks tanked around 2pm EDT, AFTER word got out that Congress had defeated the bill.
Mark, your UFO theory is plausible, but my theory is that on days that gold rises, it's the work of the anti-PPT in a parallel universe manipulating it up.
This is true. His big fish-in-the-fat is to try'an prop up our worthless currency which by default manipulates the price of my AGEs.
Regards, John
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
What difference does the time of day make? The PPT's lack of market buying (or even selling) at any time of the day could have directly contributed to this. Heck, the PPT can just tell JPM or GS to start selling off and hitting posted stops. It would not surprise me if those guys profited handsomely from the drop and then the rebound. Actually, it would surprise me if they didn't. Every $Billion counts.
roadrunner
If the price of gold in New York is always 1% or 2% lower in the morning than the afternoon, why don't you take advantage of this fact to make a fortune by buying gold in New York in the morning and selling it in the afternoon?
Mark
PS: If you haven't thought of this scheme before, I'll take a mere 10% of what you earn in the first year as my fee for suggesting it.
could that have been in the aftermarket yesterday?
<< <i>What is PPT? >>
They're the guys flying the black helicopters. Reportedly, one of those guys sometimes throws money from said helicopters. Although not a precious metal, wearing hats made from tin foil is rumored to be effective against their evil actions.
My icon IS my coin. It is a gem 1949 FBL Franklin.
<< <i>
<< <i>What is PPT? >>
They're the guys flying the black helicopters. Reportedly, one of those guys sometimes throws money from said helicopters. Although not a precious metal, wearing hats made from tin foil is rumored to be effective against their evil actions.
Wow. Just wow. You might as well say you don't believe in the IRS either. The government has admitted to the existence and purpose of the "Working group" or PPT. What exactly is your agenda for so vehemently denying the existence of something that clearly exists? You must be one of those tinfoil hat wearing "stock bugs". :;
<< <i>
<< <i>
<< <i>What is PPT? >>
They're the guys flying the black helicopters. Reportedly, one of those guys sometimes throws money from said helicopters. Although not a precious metal, wearing hats made from tin foil is rumored to be effective against their evil actions.
Wow. Just wow. You might as well say you don't believe in the IRS either. The government has admitted to the existence and purpose of the "Working group" or PPT. What exactly is your agenda for so vehemently denying the existence of something that clearly exists? You must be one of those tinfoil hat wearing "stock bugs". :; >>
Not denying their existence, just poking a little fun at those of you who ascribe all-encompassing, Godly powers to them. I mean really, sometimes when metals go down, it really ISN'T because of the PPT. And you know what? Sometimes, just sometimes (although not a lot lately
My icon IS my coin. It is a gem 1949 FBL Franklin.
<< <i>just read the latest installment of TB articles and says there is only 2 large comm banks left shorting silver, ready to unwind those positions
could that have been in the aftermarket yesterday? >>
it could be....can you link for me or PM the link
thanks
The only real question is how much and how often are they in there "smoothing" things out. I'd say that since just before BSC, they are essentially in the gold market daily....if not hourly. Whether it's their hired minion bankers doing the dirty work or someone else, it matters little.
roadrunner
Ok, what did she do with it? Has anyone ever bothered to hold her accountable?
On another note, the PPT trying to control the pm markets is alot like a drunken driver with a stuck gas pedal trying to steer while jamming on the brakes.
I knew it would happen.