Wednesday, September 7, 2011

Gold and Silver Raid in Process: The Morgue Attempting to Take Out Wynter Benton Stops?

Live 24 hours silver chart [ Kitco Inc. ]Gold and silver are currently being raided at the unusual time of slightly after midnight EST (typically raids occur ~ 3am EST on the LBMA, and 9:30-11:30 EST on the COMEX).
Gold has been smacked-down from $1880 to $1825 almost within mere ticks.
We warned yesterday to expect the cartel to pull out the big guns in an attempt to paint a double top in gold near $1915.
Think announcing the CHF will be joining the Euro (for all monetary effects and purposes) is a big enough gun?

*Update- could the unusual (timing wise) $50 gold and $1.25 silver take-down have been an attempt to trigger stop losses from the Wynter Benton group?  The following post was placed by Wynter only a few minutes after the raid:

Do not put stop losses on your futures position
If you do The Morgue will take your contracts from you no matter how low you set them. They are desperate and will drop the price $1.20 in a minute or even $5 dollars over 5 minutes just to take your contracts. If you must set a stop limit then we strongly suggest you but physical silver. Because in the futures pit, they will collude to take these (eventual)winning contracts away from you.

*Update 2: We hope you Stacked The Smack fast, as silver has already retraced nearly all of its losses

Live 24 hours gold chart [Kitco Inc.]

Silver was just raided a full $1.25 as well, literally trading from $42 to $40.75 in the same descent as a Cedar Point Power Tower ride.

Live 24 hours silver chart [ Kitco Inc. ]

As BTFD implies a dip or normal market action sell-off, we have decided that from now on we will refer to the buying of silver (and gold) into such extreme manipulated cartel price weakness (smack-downs) as: