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Gold Daily And Silver Weekly Charts - Shenanigans, Confidence Games, and Bailouts

IMG Auteur
Jesse
Le Cafe Americain
Published : June 18th, 2015
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Category : GoldWire

Gold was under early pressure this morning and was pushed lower to the 1176 level for no particular reason. It is in a trading range after all.

What was notable is that silver barely budged, holding stubbornly on to the 16 handle. Sometimes they do hang a lantern on their antics, and silver has an astonishingly large open interest already at The Bucket Shop.

And so as expected, the Fed really did nothing except to update their verbage and gold shot back up again into the capping range they have been maintaining this week.

I provide some thoughts on the Fed's motivations and probable actions here in today's stock market comments.

You may be surprised to hear that Wall Street is whining through their enablers and cronies about more subsidies and handouts. You can read about that here.

Gold is being capped by a Western gold pool that is seeking to prop up their awful policy errors and vainglorious ambitions in managing the world's reserve currency.   Like all pools that run contrary to the primary trend of the markets it will most likely fail.  Forecasting exactly when and how it will fail is a problem, as long as the cheat is profitable, and any consequences are distant and therefore easily ignored.  The forces of paper money are powerful.  That is why it is attractive to those who seek power.

I was saddened to hear that Jimmy Lee, Vice Chairman at JP Morgan, died unexpectedly today at age 62.   My most sincere condolences to his family in their sadness.   I am sure he was a loving father and husband, and he seems like he was a genial colleague.  I have heard him talk, and he was strong on the notion of working hard but 'putting family first.'

One can only wonder what Jimmy might tell us, if he were able to speak to us now.  But then it probably would not matter, because people full of the world 'will not listen even to Moses and the prophets.' Lk 16:31

Eternal rest grant unto him O Lord, and let perpetual light shine upon him.

Have a pleasant evening.
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