I'd like to think I speak for everyone reading today...
Gold and Silver were savaged by the CRIMEX criminals today ahead of tomorrows jobs report in one of the most obvious "thefts in broad daylight" ever witnessed.
There was not a single fundamental reason for today's BS, and probably even less of a technical reason. Oooo, the Dollar was up on Euro weakness again. Or, Ooooo the Dollar was up on "signs of a recovery in the jobs market".
Let me make one comment on the jobs market. There is not a single piece of government contrived economic data that is released monthly that is more blatantly manipulated, misleading and purely false than the Non-farm Payrolls report.
We as a nation have been lead to believe that there is "new jobs growth" occurring right before our eyes for the past three months. To that I can only say, "BULLSHIT!"
Over half the jobs "gained" reported every month are conjured up out of thin air, like money is created at the Fed, by the BLS birth/death model. These pathetic TEMPORARY census jobs are allowed to be used to skew the report to the upside, even though these jobs will have ZERO benefit to an economic recovery...should there ever be one. To prove my point, please consider this story in the New York Post last week:
Two more Census workers blow the whistle
By John Crudele
You know the old saying: "Everyone loves a charade." Well, it seems that the Census Bureau may be playing games.
Last week, one of the millions of workers hired by Census 2010 to parade around the country counting Americans blew the whistle on some statistical tricks.
The worker, Naomi Cohn, told The Post that she was hired and fired a number of times by Census. Each time she was hired back, it seems, Census was able to report the creation of a new job to the Labor Department.
Below, I have a couple more readers who worked for Census 2010 and have tales to tell.
But first, this much we know.
Each month Census gives Labor a figure on the number of workers it has hired. That figure goes into the closely followed monthly employment report Labor provides. For the past two months the hiring by Census has made up a good portion of the new jobs.
Labor doesn't check the Census hiring figure or whether the jobs are actually new or recycled. It considers a new job to have been created if someone is hired to work at least one hour a month.
One hour! A month! So, if a worker is terminated after only one hour and another is hired in her place, then a second new job can apparently be reported to Labor . (I've been unable to get Census to explain this to me.)
You gotta love government accounting...
Be that as it may, this "air pocket" in the Precious Metals is absolutely absurd. I have made the case in my last two posts that the CRIMEX goons and their pals at the bullion banks are in a world of hurt when it comes to meeting contracted demand for Gold and Silver. In Silver alone, every once of bullion they have in the CRIMEX warehouse to cover delivery demands is now spoken for. Yet these goons, as the CFTC turns a blind eye, continue to write contracts for which there is absolutely NO bullion to back them up.
46 MILLION ounces from March and May are now standing, and WAITING, for delivery. The CRIMEX warehouse ONLY has 52 MILLION ounces in their vaults. There are over 120,000 contracts in open interest in Silver as of today. At 5000 ounce each, this would be over 6 MILLION ounces of Silver. 46 + 6 = 52 MILLION ounces of Silver are now spoken for. How can these CRIMEX goons even be allowed to continue to make a market in Silver? SILVER SHOULD BE HALFWAY TO $100 under these supply/demand numbers. Instead the price drops?
We know the Gold story. 77% of the CRIMEX warehouse holdings have been demanded for delivery this month. How can these criminals continue to be allowed to sell more Gold they do not own? PEOPLE! This is the crime of the century! Justice? The American government knows no justice when it will unveil the TRUTH about their complete bankruptcy of not only our country's wealth, but of its morals as well.
Be right, and sit tight. If you are sitting on cash, look to buy this gift from these fools. The past 10 years are proof that the efforts of these criminals and the bullion banks to suppress the price of Gold has been, and will continue to be, a complete FAILURE.
Why Gold and Silver?
May 24, 2010 — http://www.goldsilverdvd.com
Gold and silver are being suppressed by a cabal of banks in order to uphold the charade of a strong US dollar. This manipulation is unsustainable and is coming to an end. Prepare for a scramble to own physical gold & silver as the wheels come off this gross deception. The free market always wins.