PMs are up smartly (I was wrong! No morning smackdown!)

jmski52

As I post, gold is up + $14.70, silver up + $0.24, platinum up +$23.00.

I predict a morning smackdown. In about 2 hours and 20 minutes.

Platinum and Silver won't be affected as much as Gold.

Wolf359

Why will the smackdown happen?

jmski52

Because JP Morgan needs to unload their shorts over a period of time so that they don't take a big hit when liquidating a massive short position.

The Nuts and Bolts of Silver Manipulation on the Comex

The same thing may be happening in gold as well. The article details how shorts are liquidated without driving up the price all at once.

It's an old story, old news.........but I'm thinking that today's action will be a good example. It's why I don't get too excited when gold breaks out of a trading pattern - because the "market" isn't totally a market, although it's still kicking and it still has vigor.

PreTurb

no smackdown yet... Au up $20.80 as I type.

roadrunner

All time high........ready for smackdown??

roadrunner

ProofCollection

Don't forget Palladium... Up $20!

SmallTownCoins

Quote "Because JP Morgan needs to unload their shorts"

Hahahahaha.... sorry, thought that was funny.... :-)

Wolf359

Too strong for much of a smack. I think it will (would) backfire badly.

jmski52

Well, looks like I was wrong. No smackdown today. Enjoy the ride!

CaptHenway

<< <i>As I post, gold is up + $14.70, silver up + $0.24, platinum up +$23.00.

I predict a morning smackdown. In about 2 hours and 20 minutes.

Platinum and Silver won't be affected as much as Gold. >>



$1270.80 at T + 2 hours and 50 minutes...........

jmski52

I am now accepting subscriptions to my Gold Market Timing Newsletter. NOT!

MrOrganic

<< <i>I am now accepting subscriptions to my Gold Market Timing Newsletter. NOT! >>



LOLOL

mrearlygold

See the new post over in GOLD AND SILVER, ECONOMIC NEWS, COINS, 2009 forward

piecesofme

Nice to see you can have a sense of humor about a bad call. You're setting a good example. Dont take this stuff too seriously and dont risk more than you are willing to lose. To me, it's all just glorified gambling. You've got to learn to pick your spots, and even then you could get a beat down.

Bear

To a great degree, PM trading is a rigged game. One must balance the value

of PMs in a world of worthless paper currencies ,against the manipulations of

financial institutions dropping the market with their sale of paper gold so that they

can unload their overall short positions. PMs are undeniably of true value, as a part

of a portfolio, but they are not a sure thing for long periods of time. The big boys play

their games while the working people just stack and pray.Do not overdue it and be

prudent out there. The sharks are circling and they are hungry.

pf70collector

Although gold can be manipulated by the banksters, they can't manipulate the inflation of the dollar, that is to make fiat not lose its value. I still rather hold physical gold or some of the other commodities, than fiat as a form of preservation of assets. The purchasing power of the dollar falls everyday. Though gold really is not that high at $1275-since the dollar has lost its value by 50% in the past 10-15 years_95% since the birth of the Fed Reserve in 1913). The only faith I have for fiat is the necessity for its use as a form of daily exchange for goods, nothing more and when the citizens have no faith in it anymore watch out.

botanist

We can probably safely assume that the precious metals markets like all commodities markets and stock markets and horse races are going to be manipulated to some extent, whenever, wherever and however possible, since there's big money to be made. It's no revelation.

But I have a serious question. If it's true that JP Morgan has shorted enormous amounts of silver, as has been reported in several places, that's a two way street. If JP sold silver short, that means others bought those contracts, others who in aggregate must have great financial strength. Why would they stand by and do little or nothing if they can see JP manipulating things to their advantage while unloading their silver shorts? Why wouldn't they make a major effort to counter? Such as by maybe buying aggressively and demanding delivery?

goingbroke

She loves only GOLD!