Gold Cartel ‘Thoroughly defeated on Friday’: Raid ‘met with a huge demand for physical’

Image by posterize / freedigitalphotos.net (1)

Harvey Organ: On Thursday afternoon I sent an email to Bart Chilton warning him that a raid was imminent in both silver and gold.  Gold was up $32.00 and silver was up a huge 90 cents on Thursday, yet all of the major gold/silver equities like Barrick, Agnico Eagle, Newmont, Eldorado etc were down in price for the day. This is a sure sign that our bankers decided to coordinate activities with respect to a raid on our precious metals the following day. And that is exactly what the crooks did. The bankers were well aware of the huge rise in OI again in silver, reaching 3 year highs and they knew that they had to try and eliminate as many silver leaves from the silver tree as possible. On Friday, they tried. However physical demand was extremely strong in London and the “long” forces were ready as they knew the drill. The bankers were thoroughly defeated on Friday as they used up their valuable ammunition by supplying the necessary short paper and the bankers retreated to higher ground. Further visible evidence of their dismay came in the access market in silver and gold after the comex closed:

gold advanced another 90 cents:  $1670.70
silver advanced another 21 cents:  $30.82

(…)The bankers already knew this figure Thursday night when the raid was orchestrated to commence starting immediately in Thursday’s access market, through the European trading session and then onto Wall Street. There was only one problem for the bankers:  they were met with a huge demand for physical and paper contracts which nullified the raid. The August silver contract mysteriously saw its OI rise by 24 contracts,( from 80 to 104) despite only 1 notice filed on Thursday.  We thus gained an additional 23 or  115,000 oz of silver standing. We are now exactly one week away from first day notice which will occur on Friday August 31.2012. In this month of September we had the OI fall by 3186 contracts from 32420 down to 29,234.  All of these guys rolled into December as they continue the play the paper game. The estimated volume at the silver comex was quite good coming in at 59,923. The confirmed volume on Thursday was a real humdinger coming in at 94,470.  The bankers must have been busy and they were joined by our high frequency traders but their attempts to quell demand failed. (2) – emphasis added

Related Information:

Commodity Futures Trading Commission

CFTC Commissioner Bart Chilton / Source CFTC / Wikimedia (3)

The U.S. Commodity Futures Trading Commission (CFTC) is an independent agency of the United States government that regulates futures and option markets.

The Commodity Exchange Act (CEA), 7 U.S.C. § 1 et seq., prohibits fraudulent conduct in the trading of futures contracts. In 1974, Congress amended the Act to create a more comprehensive regulatory framework for the trading of futures contracts and created the Commodity Futures Trading Commission, replacing the Commodity Exchange Authority. The stated mission of the CFTC is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets.

Criticism

Since 1991 the CFTC has given secret exemptions from hedging regulations to 19 major banks and market participants, allowing them to accumulate essentially unlimited positions. [10] These exemptions were originally given in secret, coming to light only as the 2008 financial crisis unfolded and Congress requested information on market participants. A trader or bank granted an exemption as a bona-fide hedger can affect the price of a commodity without being either its producer or consumer. (4)

Related articles:

Harvey Organ: 
“This is the big story of the day first reported late last night.The Republican party will consider adopting the gold standard and also audit the Fed.  Governor Romney has now stated publicly that Bernanke must go even though his insiders initially stated that Bernanke will stay.  The platform calls for a commission which will link the price of gold to the dollar. In other words,  paper money can not be expanded unless they have a like amount of gold in its vaults. Since the USA is the reserve currency of the world, it would need to control just about all of the gold ever mined to back all of USA currency floating around the globe.

Then, this assumes that that the USA still have its gold.  I strongly feel that they have leased out the majority of their gold as did other European nations like England, Holland, Belgium etc.  With gold in private hands, this would necessitate either confiscation or an offer of some kind to return private gold back into the banks of public authorities.   Again, this would be difficult.” (2)

If the Republicans really wanted a gold standard, we would have one.  The fact is neither party wants any currency … Stranger than fiction perhaps but the FT is reporting that the gold standard has returned … of a return to gold. Interestingly, the Republican platform in 1980 referred to “restoration of a dependable …Story – Tyler Durden – 08/23/2012
– that they are including a proposal to return to the gold standard. Big news. Ironic… given that it was a Republican president (Richard Nixon) who abolished the gold standard in the 1970s. Regardless, it’s nice … Let’s look at some numbers. Remember, a gold standard is a monetary system in which …Story – Tyler Durden – 08/24/2012

(1) The publishing of this image does not imply that the author endorse this article.

(2)  http://harveyorgan.blogspot.ca – August 25, 2012

(3) This work is in the public domain in the United States because it is a work prepared by an officer or employee of the United States Government as part of that person’s official duties under the terms of Title 17, Chapter 1, Section 105 of the US Code.

(4) http://en.wikipedia.org/wiki/Cftc

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