http://www.silverdoctors.com/cartel-extends-pm-raid-on-monday-asian-open/#more-15090
*Updated: 2nd wave of attack in progress, silver smashed under $33.70
Friday’s desperate attempts by the cartel to prevent a weekly close about $35 in silver and $1800 in gold were well documented on SD (and even Kitco’s weak attempt to erase the evidence of the massive raid).
This week’s silver COT report revealed that the cartel piled on another 31 million ounces to their net shorts, bringing the commercial net short position in silver to a mind-blowing 289 million ounces.
CARTEL EXTENDS PM RAID ON MONDAY ASIAN OPEN- SILVER SMASHED UNDER $34
*Updated: 2nd wave of attack in progress, silver smashed under $33.70Friday’s desperate attempts by the cartel to prevent a weekly close about $35 in silver and $1800 in gold were well documented on SD (and even Kitco’s weak attempt to erase the evidence of the massive raid).
This week’s silver COT report revealed that the cartel piled on another 31 million ounces to their net shorts, bringing the commercial net short position in silver to a mind-blowing 289 million ounces.
Thus, it should be no surprise to SD readers that the cartel has just initiated another water-fall decline smash in silver.
Silver had been trading in a tight range near $34.50 over the first 2 hours of Globex trading, prior to being sent down another mine shaft to $34.20. The cartel made 3 or 4 attempts to initiate a 2nd wave of selling, and finally triggered the raid as silver again dropped vertically another .30 to $33.90, and a 3rd wave took silver under $33.70:
Silver had been trading in a tight range near $34.50 over the first 2 hours of Globex trading, prior to being sent down another mine shaft to $34.20. The cartel made 3 or 4 attempts to initiate a 2nd wave of selling, and finally triggered the raid as silver again dropped vertically another .30 to $33.90, and a 3rd wave took silver under $33.70:
http://www.brotherjohnf.com/archives/79845
kingworldnews.com / October 7, 2012
Today King World News is reporting on incredibly important developments taking place in the gold and silver markets. Acclaimed commodity trader Dan Norcini told KWN that swap dealers, “… have radically reversed their position (in the silver market).” He also stated, “There is a (massive) battle being raged at that $35 level in silver, just like the $1,800 level in gold. Whichever side blinks first in this is going to experience pain, that’s for sure.”
Norcini has been stunningly accurate in his predictions of the movement of the gold and silver markets. Now the acclaimed trader discusses these incredibly important developments in gold and silver: “What we’ve got going on in these markets right now is a build in open interest, speculative inflows being met with commercial selling and swap dealer selling. It has effectively stalemated the action. What we have now (is a situation) where whichever side blinks first, that’s the side that is going to get hit.”
Dan Norcini continues:
“You’ve got the potential for some selling in both gold and silver, particularly in gold now, as you have the small specs continuing to build what is now an even larger, record long exposure to this gold market. So if this market cannot get moving in a hurry, some of these stale longs are going to decide to take some money off the table.
If you have too many people making that same decision at the same time, you will see some downside action and some sell-stops taken out. That’s what these guys, who are capping the prices at $1,800 (for gold) and $35 in silver, are hoping for. They are trying to force a flush….
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