After trading in a tight range near $34.60 throughout the Monday Asian session, silver was promptly raided to $34 on the LBMA open at 3:00am EST. Over the next 6 hours silver slowly clawed back its losses, climbing back as high as $34.87 before it was time for the cartel's boyz in NY to do their thing, raiding silver again on the COMEX open, this time below $34 all the way down to $33.78. That hasn't lasted long as silver is responding like a beach ball submerged under water on any attempt to push it under $34.
Gold was treated to the exact same action, after trading between $1710 and $1715 throughout the Asian session, gold was immediately hammered below $1700 on the LBMA open to $1695. After retracing 100% of its losses back to $1710, gold was again hammered on the COMEX open back below $1695.
At this point, the battle for $1700 and $34 is so critical to the cartel that they care little how obvious the manipulation is. As we noted last week, the 10am smash last Wednesday that saw 225 million ounces of paper silver sold in 30 minutes as well as 3 million ounces of paper gold was so blatant that even market participants who have adamantly denied manipulation in gold and silver were questioning the trading action.
As the cartel is backed further and further into the corner, expect their actions to become more and more desperate as 20 years of gold and silver manipulation begin to near their final end.
Until then, today is Just Another Manipulated Monday.