 |
| The Free Daily Ride For Silver Holders Courtesy Blythe |
Blythe and friends showed up twice yesterday, with the most blatant occurrence taking place around 3pm. Silver was shrugging off general stock market weakness, and holding near $38, when it was taken on a Power Tower ride to under $36.50 in practically 5 seconds!
Silver then consolidated and regained a good portion of these losses throughout the overnight Asian session, until it was smashed again just after 6am eastern during LBMA market hours.
Gold received the same treatment around 3pm yesterday afternoon, after climbing from $1530 to $1550 throughout the session on euro debt solvency fears (new Greek downgrade, etc), the cartel sent gold down the same mine shaft almost all the way back to $1535.
What does the reappearance of Blythe and the cartel mean for gold and silver? For those who have been paying attention, this classic manipulative action has been missing for the past couple of weeks, especially in the silver market. Why? The series of 5 coordinated margin hikes in early May that took silver from nearly $50 down to the low $30's removed all weak hands and speculators from the market. Essentially no weak hands remained that would go running to mommy and puke their positions during a cartel takedown.
The fact that the classic manipulation is back, along with yesterday's COMEX warehouse data which revealed that COMEX registered inventories are now below 30 million ounces, indicates that the silver market is back on track again, the cartel is shi**ing their pants again, and are being forced to resort to their old tricks to try to contain silver.
With July silver delivery on the horizon, expect such tactics to only escalate from here as the cartel is backed further and further into a corner.
