Hello zerohedge followers,
Don't know who started this web site, but it is first class with what they put out. About a month ago I first appeared here saying my best sources told me gold and silver would explode in August. Well here we go. NEXT I also said that the JP Morgan MASSIVE short silver position, and their anipulation of that market, was going to be exposed. STAY TUNED!!!
August 22 – Gold $1637.40 down $2.50 - Silver $29.55 up 13 cents
THAR SHE BLOWS! . Silver Remains Super EXPLOSIVE!
"Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great." Mark Twain
GO GATA!
It’s 1:20 Dallas time and I am starting this part of the MIDAS from scratch, saving the first sentence only.
After a couple of exciting up days, today was a quiet one, but perhaps just as exciting in a different way as far as silver is concerned.
***
It WAS quiet with silver acting like a "ten" and gold steady . and holding yesterday’s gains when I went off to my "Cheers" hangout, the local Chili’s Restaurant a block away from me to have a quick bite to eat and to say goodbye to a server whom I have known for ten years.
Had CNBC turned on to watch the closing Comex action. All of a sudden, going into the close and beyond, gold dropped $5. Silver followed gold down. What the heck? I then figured I lost this bet I made right before I left with a veteran, savvy Café member.
Want to make a bet?
Good morning Bill,
As of 11:55 AM Chicago time, gold is up $1.40/oz to $1,640/oz and silver is up $0.16/oz to $29.40/oz. GDX is down 0.36 (0.78%) to 46.02. SIL is down 0.25 (1.22%) to 20.31. Where have we seen this scenario before?
I recently picked up my Merlin the magician hat at Wal-Mart. It was very reasonable. Want to make a bet that gold and silver take some type of hit in the near future possibly starting at 1 PM Chicago time? Only Merlin the magician could figure this out.
Paul
I responded to Paul that I thought silver was going to go "ballistic" soon.
But then, just as I was finishing up my lunch, I saw CNBC’s Steve Liesman on the tube talking about the Fed Minutes report. All of "another sudden," gold made an abrupt U-turn and was going straight up. The quiet day, then a disappointing one, turned into a fun one for our camp.
First on the Fed Minutes that has created a gold/silver stampede.
4:01 FOMC Minutes indicate many members say additional accommodation likely warranted unless economy improves
Minutes can be viewed at the link below. 4:01 FOMC Minutes indicate many members say additional accommodation likely warranted unless economy improves
Minutes can be viewed at the attached link
http://www.federalreserve.gov/monetarypolicy/fomcminutes20120801.htm [4]
Jeepers Creepers! Gold and silver are on fire. This is what I had HOURS ago to conclude this commentary.
"As we have discussed the key price points for gold and silver to begin their launches to their all-time highs and beyond were $1630 and $29 respectively. Mission accomplished so far. The next levels to conquer will probably be even more significant. They are $1650 and $30, which have been key levels in the past. Once taken out, the prices of both precious metals should accelerate very quickly."
Gold just blew through $1650 and silver is $30 offered. Yeah baby, here we go!
OK, will put last Access Market closes at the conclusion of this commentary.
Back to the original commentary.
The specs finally showed up in the gold pit on the Comex. The gold open interest rose 12,028 contracts to 398,747, still a low number. There was some minor shortcovering in silver. Its OI went down 600 contracts to 127,776.
Speaking of silver, yesterday my STALKER source reported rumors of two very large silver transactions. Ned Naylor-Leyland, who presented at GATA’s Gold Rush 2011 in London a year ago, reported on the The Keiser Report that there are massive physical strains in the silver market due to two large silver purchases in London in the 5 to 10 million ounce range . and that the LBMA is refusing to deliver them outside of the LBMA system. It should be duly noted that Ned is very sharp and very well connected.
From the man, James Mc, in late
Consecutive limit-ups
High tick Dec. $1,658.80, or +1%. Second consecutive limit up day, cartel style. Funny too this was roughly the +2% figure I circled yesterday. Rare lately for them to need to stop 2 advances in a row.
JMc
So, the dust has cleared. It was our kind of day and one we have all been predicting and expecting. The HUI, after trading like the wimp of wimps, exploded after the Fed thing and finished up 9.85 to 454.44, and has cleared MEGA technical resistance. This is HIGH FIVES stuff. The XAU performed well too, up 3.69 to 168.05.
To conclude, and I know this will elicit some groans from the GATA peanut gallery, but these shots have worked the last two times I put them up. We shall see. With many smiles from me tonight.
The last Kitco quote on gold is $1654.90 and silver is $29.85.
GATA BE IN IT TO WIN IT!
MIDAS