Wednesday, October 02, 2013

Gold Smashed Down In Desperation As COMEX Inventory Remains Thin GLD, GDX, MUX, TNR.v

  Now we have the report from Jesse which shows us the reason for the recent run on the Gold. Game of the musical chairs is unfolding in front of our eyes, there is no Gold left for deliveries as China is taking everything availible from the system now. The very existence of Gold bullion banks fractional reserve system is under question now.

Gold Manipulation: With China On A Weeklong National Holiday - Furloughed Government Workers Selling Gold, Silver? GLD, SLV, TNR.v, MUX

"What a timing! Gold is smashed big time again and it is so convenient that China is on a weeklong National Holiday now. It is such a shame that CFTC can not find any signs of Gold & Silver market manipulation. We could not even think that 800,000 furloughed Government employees are such big Gold savers and holders up to this day...and Have to Sell Gold today to cover the delay in paychecks.
  Can we safely assume that US Dollar will dive now below 0.80 and FED is already in the damage control mode? All resources are lined up to defend this line in the sand for US Dollar - below 0.80 it can experience the Waterfall stage. With Government shut down is only an opening to the Debt Ceiling gambit, we can expect more FED moves defying the normal laws of gravity for US Dollar.
  We will keep you posted Who is Selling and Who is buying the cheaper Gold & Silver  this time."

Eric Sprott: "China Bought 60% of Gold Production Last Month, I Am Buying Gold And Silver Stocks Now." MUX, TNR.v

"Price of Gold and Silver will be the main driving forces for all survived companies. Eric has very bold prediction for Gold going to $2400 by next year: "The most important thing in the precious metals business - the price of precious metals. They all go up if the price of Gold will go up. The question is which one will go up 200% or 500%. If the Gold will go up to $2400, I can bet that the Gold miners index goes up 200%. What we are trying to do: where is the one which will go up 1000%."
  This summer we had the capitulation in Gold and Silver stocks with the following turn around and now we are looking to the Eric Sprott and Rick Rule for guidance to run this new Bull. China will play the very important role in this big picture, according to Eric."

Jesse's Cafe American:

'O sir, to willful men,
The injuries that they themselves procure
Must be their schoolmasters.”

William Shakespeare, King Lear

There were 3,215 ounces of gold bullion taken out of the HSBC warehouse.

The JPM warehouse had 7,143 ounces changed from deliverable to eligible. 

Perhaps the price action freed up some bullion from the GLD ETF.  They need it badly. The levels of gold bullion backing up the leveraged COMEX paper claims on gold exchange remain remarkably thin and oversubscribed.

The international monetary regime is changing.  Nothing could be more clear if one listens to what is being said, and sees what is being done. 

The European Central Banks have made their intentions quite clear, and the Asian monetary powers are in full preparation for their plans, whatever they may finally be.

The forces driving this change are powerful and founded in time and nature. We are watching history unfolding.

Today we saw the familiar methods of the past in a blatant pricing exercise that smelled of desperation. They can set the price by force in the markets in the short term, but they cannot produce that which they have taken, or fulfill that which is owed.  

Weighed, and found wanting.

Stand and deliver.

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