The banksters are still pulling bids and flooding the market with paper to push the price lower. The more things change, the more they stay the same. And why not? The regulators over at the CFTC are never going to do anything about it. No one sells like this with an interest in making a profit. This is JPM and HSBC and perhaps a few funds following along with the game trying to get investors to sell so they can buy back on the cheap. It is common practice for the crooks to do this before the FMOC results are announced.
Chances are that the Fed’s release will be unkind to the dollar and signal more QE-generated inflation, so the bums want the price of gold to be as low as possible. Don’t fall for this. These are acts of desperation by desperate people. But it won’t work, it doesn’t work. As you can see, after the waterfall drop around 10:30 a.m. the price immediately stabilized and turned up. This happened three days in a row. It’s Ground Hog Day (Bill Murray movie) all over again and again and again.
I spoke too soon. In the thinly-traded after market in Asia, gold was hit with another waterfall drop. The Cartel is trying to get the price as low as possible now, before gold starts to climb – after the Fed’s announcement.
As to be expected, yesterday the Fed announced another round of bond purchases, i.e. QE to infinity. Relax, your gold and silver are exactly the right place to be as our mis-guided Fed is on the easy path of more money…not to stimulate the economy, but to help support the “on life support” too big to fail banks that are for the most part the owners (stock holders) of the Fed.
P.M. Kitco Metals Roundup: Gold Ends Firmer on Bullish Outside Market Forces, Friendly FOMC Outcome – Forbes.com
12/12/2012 @ 2:56PM
The Federal Reserve said Wednesday it decided to end its “Operation Twist” program but extend its long-bond-buying program to the tune of $45 billion a month. This is what many had reckoned the central bank would do. The new plan would expand the Fed’s balance sheet and be ostensibly the printing of greenbacks. The FOMC also said it will begin tying interest rate policy to the U.S. unemployment rate, saying as long as unemployment is above 6.5%, rates will not rise. Some quick math on that matter suggests the Fed will not be raising interest rates for at least three more years. Wednesday’s Federal Reserve developments were bullish for the raw commodity markets. Bernanke at his afternoon press conference revealed nothing new beyond what the earlier press release from the FOMC related.
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