With the forever insignificant CFTC once again asleep at the switch, the collusive bullion cartel tried to shoot Gold and Silver in the back this morning. If ever there was a blatant example of a market manipulation, this had to be it.
Both Precious metals held support at their shallowest uptrend lines in their current leg higher from their dual break of their bullish Flag Patterns.
The US Dollar remained under pressure this morning as the collusive CRIMEX crooks pulled their bids in the Precious Metals in a feeble attempt to shake as many longs loose from their positions so that the criminals could cover as many shorts as possible at a prices. The sudden move lower in both Precious Metals was completely unwarranted relative to the movements of the US Dollar this morning. It would not be surprising to learn that these crooks laid on a large number of "long" positions on this contrived pullback in Precious Metals prices ahead of the Fed's QE2 babble coming up at 2:15PM est.
This obviously desperate maneuver by the bullion banks all but guarantees that the Fed will not disappoint at this afternoons announcement regarding their plans for QE2.
Enjoy the show!
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