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James Mc
It turned out to be an intriguing day. Silver quietly kept going higher and gold seemed to follow. It was no great shakes, but impressive considering crude oil set back more than $3.
With The Gold Cartel wanting to take the precious metals prices down, three disparate events have muddied their waters in less than 48 hours…
- The oil attack in Saudi Arabia.
- The Justice Department calling JPM a criminal enterprise and calling them out as a conspiracy to manipulate the metals markets.
- The repo story today, worth this special focus:
*Overnight repo rates surged to as high as 8.5% while the Fed’s benchmark funds rate traded at 2.25%, the top end of the range that the central bank targets.
The Fed responded Tuesday with a repurchase operation that ultimately involved $53 billion worth of securities.
*”The issue that worries me more is when financial rates spike like this, unpredictable events start to come up … random things that tend to precipitate financial crises,” said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott.
***
The water pot is percolating with bubbles of energy that could send The Gold Cartel into an unanticipated retreat, with one event after another going against them.
As the day played out silver kept on creeping up in most peculiar fashion, closing on its highs of the day above $18. Gold closed well also.
Perhaps it is wishful thinking, but it just may be the JPM scandal revealed yesterday, which is mostly about silver, is affecting the shorts behind the scenes, encouraging some silver shorts to run for the hills before more “S” hits the fan. Today’s upside performance by silver was most unusual considering the history of the way it trades. It is conceivable the Bloomberg story was so horrifying to the JPM gang that some are getting out of their short positions while it is still polite to do so. There is no telling what the silver price can do in the short term if that line of thinking is percolating with JPM and their crooked colleagues.
It is conceivable the Bloomberg story was so horrifying to the JPM gang that some are getting out of their short positions while it is still polite to do so.
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