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"We have more credit
exposure than other people, and we think when we
put that credit exposure on, it was actually very good," said Dimon, 56. "We bought some triple-A securities that we think are as good as
gold." … CEO and Chairman of JP Morgan Chase, Jamie Dimon
GO GATA!
Sometimes I feel like Sherlock Holmes, and at other times like Chief Inspector Clouseau on his bad days. Today,
it is the latter. My first instinct yesterday that the bizarre, singular weakness in silver was a signal by The Gold
Cartel that gold would be under pressure in the very near future(Just
what Andrew Maguire explained to the CFTC more than
two years ago). But then, with the late action and strength in the shares, I went the other way … that the share strength was the real signal for the day
and that The Gold Cartel changed
their very short term game plan. Yes, I know, sometimes there are better things to do during a day, but this is part of what I do …
and while wasting time here and there, it has helped me figure out the
gold and silver markets
for over a decade. But, not today
… at least as far as what
The Gold Cartel had in mind
all along!
When I woke up this morning and saw gold down more than $10, I
second guessed myself
… that I should
have stuck with what the silver weakness really meant for gold this Tuesday.
That was right on, for about an hour.
But, abracadabra, gold then went
up on the day, with silver more than 25 cents higher, and the shares continuing their surge up. So, just as the signs yesterday were wishy-washy, so was the action early today early
today as to what The Gold
Cartel was really up to.
In the strangest of ways,
both of the anal analyses about yesterday’s
gold/silver/shares activity were on the money to some degree, for a while anyway….
That was written three hours ago. Gold has fallen apart and silver is now
down on the day. Sometimes,
it does not pay to be creative
when dealing with The Gold Cartel. Being an optimist, like I usually am, often
does not pay off. Understanding the cabal’s
historic market
manipulation drill does, as per my
smarter colleagues…
When gold was on its butt early
on, a Café member pro of pros sent me this:
2%...
1%... FLAT... DOWN HARD... ?
Looks like James Mc's "surge control" algorithm is operative again over the past several days (Thursday, Friday,
Monday, Tuesday).
Richard
It was not so fast at
first for "Richard", but he was right on the money by the close.
James Mc has had
this garbage Gold Cartel market manipulation crap nailed for what seems like an eternity…
Cartel
rope-a-dope
Bill,
While
last Thursday's 3% rally was exciting the aftermath is textbook cartel. Other than the slight twist of +3% instead of +2% they turned to their old rope-a-dope routine, which was 3%, (Thursday) 1%,
(Friday) steady (Monday)
and finally down hard. (plan A attack
at 3:00 AM today) Once I saw Friday being capped at 1% I was resigned to the probability of the cartel's tried and true method of quelling excitement. Even when gold briefly escapes the boundaries of 2% and 1% they are
there to isolate, and frustrate fresh longs correctly seeing a breakout. If history repeats there's a 99% probability that there's no way in hell they will
allow any claw-back rally today, and your time will be better
spent going to the gym or
sorting out your sock drawer.
Prior to last Thursday the last time
gold had a gain exceeding
2% (meaningfully) was way back on October 25th of
last year. Prior to that
the last one was September
2nd. That's over 6 months
of gold being imprisoned
in market-rigging daily limits. From December 29, 2011 to February
27th, 2012 gold rallied $268, or +17.5%, without the benefit of a single
day exceeding 2%. Oddly enough (or not) the average weekly gain during that period
was also +2%. Anybody not really understanding cartel behavior would have never guessed gold had been charging higher, which is exactly
what MOPE is all about.
The
worldwide paper money creation is adding
hundreds of dollars, Euros, or whatever
you denominate gold in to
the true price of
gold every month. The fictitious number that appears every time you hit the refresh button on "Kitco gold chart" is a figment of the bankers illusion. At some point a $10,000 POG cannot be achieved
within the constraints of
1% daily gains. If the cartel has any hope of exerting
continued controls on
gold an expanded daily limit of +5% would be highly advisable.
James
Mc
The gold open interest rose 5638 contracts to
435,213, a new recent high
by a good margin. The Gold Cartel is going all out to stomp all over gold for ALL the reasons
presented to you for some time. Same with silver, as its OI went up 979 contracts to 113,893.
Two of my
favorite people out there are Adam Fleming and
James Turk. They are two of the finest men you’ll ever meet and have both been huge GATA supporters for over a decade.
What class acts! Our Gold
Rush 21 conference, with
the price of gold at
$436, was truly legendary and one of the most enjoyable experiences of my life…
Gold Rush 21 photos:
http://www.lemetropolecafe.com/pfv.cfm?pfvID=4805 …
***
Adam Fleming And James Turk On Precious Metals And Mining
http://www.zerohedge.com/users/tyler-durdenSubmitted by Tyler Durden
on 05/22/2012 08:04 -0400
Adam Fleming, Chairman of Wits Gold and Fleming Family
& Partners (yes, related to Ian Fleming of James Bond game),
discusses the gold bull market
with GoldMoney's Chairman
James Turk. Topics include metal price action, the eurozone's debt crisis, and mining in South Africa. Both men think that we are the "in the foothills" of a long precious
metals bull market, and that the gold price is in some ways
cheaper than it was back when
they spoke at GATA's Dawson City conference in 2005, owing to all the quantitative easing
– or more bluntly, money printing – that central banks have engaged in since the financial crisis of 2008.
Adam points out that
gold bull markets usually
result in a 1:1 Dow/Gold ratio, something
that he expects to see happen in the coming years. In other words, it's still
a great time to buy gold.
Adam is pessimistic about
the eurozone, and thought
plans for European Monetary
Union were delusional, on
account of the differences
in culture and political economy
between different European Union countries. He also
discusses his mining experience in South Africa, and why – contrary to much negative press the country gets – it is actually still
a great place to live and work. He expects companies to increase their mining investments in the Witwatersrand Basin, and thinks that this
region will remain the world's premier gold
mining location. This video
was recorded on May 18
2012 in Jersey, British Channel Islands.
http://www.zerohedge.com/news/adam-fleming-and-j
ames-turk-precious-metals-and-mining
-END-
Behavioral Finance
*… at its finest…
European Central Bank secretly
distributes infinite money
Submitted by cpowell
on 07:15AM ET Tuesday, May 22, 2012. Section: Daily Dispatches
10:10a ET Tuesday, May 22, 2012
Dear
Friend of GATA and Gold:
The Financial Times reports (see below) that
the European Central Bank has secretly
distributed E100 billion to Greek
banks and billions more in secret to other European banks and, in doing so, has gained great "sway over eurozone politicians" -- you know, the people actually elected to run their countries.
Infinite secret money is
infinite secret power, and it's
great that the FT is interested in this aspect of central bank secrecy. Is it too much to hope
that the FT someday will show similar interest in the secrecy imposed by central banks on their interventions in the gold market,
interventions detailed by GATA here?:
http://www.gata.org/taxonomy/term/21CHRIS
POWELL, Secretary/Treasurer
Gold
Anti-Trust Action Committee Inc.
* * *
And then we have…
Secret E100 Billion in Aid Props Up Greek Banks
By Ralph Atkins
Financial
Times, London
Monday,
May 21, 2012
There has been no official announcement. No terms or
conditions have been disclosed. But Greece's banking system is being propped
up by an estimated E100 billion or so of emergency liquidity provided by the country's
central bank -- approved secretly by the European
Central Bank in Frankfurt. If Greece were to leave the eurozone, the immediate cause might be an ECB decision to pull the plug.
Extensive use of "emergency liquidity assistance" (ELA) to help banks in the weakest economies has been one of the less-noticed
features of the eurozone crisis. Separate from normal supplies of liquidity
and meant originally as a
temporary facility for
national authorities to use when
banks hit problems, ELA proved a lifesaver for the financial system Ireland and is
now even more so in Greece. As such, it has given the ECB -- which has ultimate control over the facility
-- considerable power to determine
countries' fates…
http://www.ft.com/intl/cms/s/0/a7087224-a360-11e1-ab98-00144feabdc0.html
-END-
*The yield of
the 10 yr T note rose to the stunning
meager amount of 1.77%.
*DOW up early
for no reason. Gold down for no reason.
PPT and Gold Cartel take a bow.
That was this morning. The DOW and DOG have now
gone negative and falling
fast.
*Perhaps more
Chief Inspector stuff, but yesterday with Facebook in the toilet,
the shares of Apple really
surged??? Today with Facebook still reeling, JPM rose 5%. Will leave
it at that...
No I won't, as the US stock market is sinking and under siege at
the moment. The BF operators, Counterparty
Risk Management Policy Group, and PPT are struggling. The Facebook issue might
be bigger than we think
in terms of the public confidence in the market. As you know, my smeller tells me this JP Morgan issue is a BIG
deal for the market ... and so
is the over hyping of
Facebook.
My bet is the BF operation went too far this time. We shall know if that is the case within weeks.
That was written only 15 minutes ago. The DOW, after being up 50, went down 50 and was in TANK mode, when it mysteriously recovered to end the day in
flat territory, for no apparent reason,
yet AGAIN. I ended my presentation in Las Vegas explaining that all our markets were
manipulated and to watch
for late DOW rallies for
NO APPARENT REASON. Today's market
action had PLANET GATA analysis
written all over it.
THIS IS GOING TO END VERY BADLY, unfortunately. The market manipulators are out of control and gone WAY too far.
WHEN WILL ANYONE OUTSIDE OF THE GATA
CAMP get into the nitty gritty of really how our stock market operates in Amercia? The sickness of the whole deal is beyond comprehension. What we are dealing
with here is Enron, Madoff, and MF Global
TIMES 100 PLUS. WATCH!!!
Both the XAU and HUI were
very firm early and then tanked substantially, despite the strength in the overall market. The XAU lost 1.60 to 150.78 and the HUI sank
4.65 to 405.60.
Gold was
first hit this morning with the standard PLAN A Gold Cartel attack
when they reported for work at 3 AM NY time. Then they went to their PLAN B following a weak PM Fix of $1582.50 ... then to their PLAN C follow-up mauling in the Access
Market, as gold traded as
low as $1566. All of what
we have seen the past two days
was explained to the attendees at the Las Vegas
Money show. I suggested, if they
were interested, to watch how The Gold Cartel operates
… that it was that obvious.
Sure didn’t take
long for GATA’s case against
the cabal forces to become
evident.
Financially, this is still a horror
show, at least if you
have your money in many
of the gold/silver shares.
That is just a fact of life. Yes, a historic move to the upside is coming, so
hanging on is key. However, when? I wish I knew. In January at the Cambridge House in Vancouver the venerable JP Schumacher, who
gave Ferdi Lips' speech at Gold Rush 21 because Ferdi was ill,
said he thought the shares would be dead
until fall … and he is a gold fund manager. That assessment
has been right on the money so far.
With Facebook, JPM, and Europe under siege, we must be prepared
for ANYTHING in the short term.
GATA BE IN IT TO WIN IT!
Bill Murphy is the editor of “Le Metropole Café”, in which he analyses daily
the Gold Market as well as current economic affairs. If you would like to become a Trial
member and take advantage of the "free two week 'get acquainted'
offer", please click here
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