Yes, the cartel is always looking for opportunity to whack G&S, but today's issue is primarily a rush into the USD [flight to safety?] due to Portugal/Spain banking crisis, forced liquidations, and austerity measures......also a downgrade of Irish banks.
We have seen this rodeo before...always temporary. Not all G&S drops are cartel raids....sometimes it is simply money shifts... a rush into USD.
...dont know how much longer G&S will take a short term hit every time there is a Eueopean banking crisis or rise in interest rates, but that has been the pattern thus far, and was the pattern in the 70s initially with rising interest rates.
Many world government's socialist/progressive excesses have resulted in debt "critical mass". That is why most all currencies are circling to get to bottom of toilet. USD gets to float nearer the top for a day or two and has busted above 80.00 to over 80.50.
It is what it is as world economies systematically destroyed via credit/debt excesses to bring in a one world government with very limited middle class. This is NOT a political comment to be construed as "out of bounds". What the elitist family cartels are attempting to do is well beyond nationality political conflicts.
I know MrSoul spends time in Switzerland, so perhaps he has a different perspective on the most recent European banking crisis. I do know that England is beginning to bite the bullet with spending and gov't growth.
Gold fell this AM to $1352 area ...down some $23 at one point and silver fell to $26.43, down well over a dollar. DOW and oil are not collapsing, so perhaps we can get out today with minimal damage by end of trading day. Didnt most of us suspect some cartel crap on this light trading holiday period?
US markets close at 1:00 EDT while canadian markets trade normally....pic
