Silver prices now rising faster than gold
Posted on 26 August 2010 with 3 comments from readers
August is usually a quiet month in the precious metals market but this month is different. Silver has started behaving 100 per cent like a precious metal and not as an industrial commodity, and while stocks and Dr Copper have been falling, silver has been outperforming gold which is also on the up.
What is going on here? This is actually fully consistent with the bullion market rumors about the bank cartel unwinding its silver futures positions in the quietest month of the year.
You would expect gold to be falling a little with stocks under pressure. It is not. And you would expect silver to be selling off even more strongly because it is an industrial commodity as well as a precious metal. But it is not.
Does that mean that the gold price is being set up for a serious spike, and that silver will not only follow but outperform in these fireworks? Without the ability to look under the hood of the silver market – and the suspicion is that the market supply is nothing like what the market supposes – we are still in the dark.
But spot the price breakout. Silver is above $19 this morning. Gold is closing on $1,250. If this trend continues then $1,650 gold by next February could well be accompanied by $30 silver.
3 Comments posted by readers:
Nice commentary, Peter.
Here’s an interesting 2 minute video clip from David Morgan, regarding the price action in silver:
http://www.youtube.com/watch?v=jDkokNj7-Mk
No doubt, something’s going on! But I suspect that only the JPM and HSBC banksters know “for sure.” Over the past two weeks, they’ve covered some of their grotesquely high gold and silver short positions, but only by a small percentage.
Since they always try to hide their tracks, we won’t see their activity in the CFTC’s COT report for this week… we’ll have to wait until the end of next week, when they will be reporting it . . . but by then, it’ll likely be history.
Articles have revealed that gold and silver ETF’s are selling 100x the actual metal in hand. (for each ounce of metal in stock, futures are selling 100 ounces…the classic bankers scheme)
http://www.financialsensearchive.com/editorials/rubino/2007/0410.html
http://www.zerohedge.com/article/former-goldman-commodities-research-analyst-confirms-lmba-otc-gold-market-paper-gold-ponzi
http://www.huffingtonpost.com/nathan-lewis/its-ponzimonium-in-the-go_b_519893.html
http://www.silverbearcafe.com/private/metals.html
http://www.nypost.com/p/news/business/metal_are_in_the_pits_2arTlGNbMK7mb1uJeVHb0O
When, not if, the US economy collapses, those contracts are going to be faced with immediate demands for delivery of the metal.
A that point, gold and silver will skyrocket due to the lack of available metal from ANY source.
But this is all old news, we already know about it but decide to ignore it like the good little people we are.
@OldPhart:
The really, really sad part of this huge gold & silver “PONZI” scheme is that there are a great many “good, little people” (your phrase!) who have mistakenly put their savings into those ETFs (i.e. GLD and SLV) in the false belief that they are “saving for their future”. These folks understand that fiat money is just paper that is depreciating FAST against precious metals.
The Classic Banksters’ Scheme:
Enter the corrupt banksters . . .the good, little people don’t realize that these ETFs are controlled by the very banks (i.e. JPM and HSBC) that have consistently and repeatedly been shorting the silver and gold futures markets for many years!!! The “CUSTODIANs” for these ETFs are:
Silver ETF, SLV: JP Morgan (JPM)
Gold ETF, GLD: HSBC
Enter the CFTC:
Yet the US government and its Commodity Futures Trading Commission (CFTC) sees no manipulation and sees no “Conflicts of Interest” here. My 10 year old grandson sees it, but they don’t . . . and that’s because the government is complicit in the fraudulent actions of these banksters.
The US FED is an Active Participant:
In reality, the US government is more than just complicit . . . the FED (which is technically not a part of the US government) is an active participant in this gold and silver price suppression scheme because they know that precious metals are “telling the truth” about the sad financial state of the USSA . . . and the truth is the FED’s arch enemy.