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Watch the intra-day PM price graphs. Metals are often down (& you can speculate on the reason for this) between 6-8am GMT. I've been watching this for MONTHS & have previously commented that it seems manipulated but wasn't quite big enough to be able to trade it (profitably).

Well, that has now changed. I'm an investor (not a trader), but given that this happens with such regularity, & the volatility involved is now so much greater, last night's drop (which I anticipated) has now persuaded me to give it a go. E.g. sell 1,000 oz last night at £21.10 (not even the top) & buy back this-morning at £20.23 (not even the bottom) & net £650 after costs.

It's Thursday (again).
It's US jobs day (again)
And what do I see around 90 minutes before the jobs numbers are "officially" released?
I see a big reaction in the price of PMs.
AGAIN!
& the CFTC will turn a blind eye.
AGAIN!!!!!

JMAX, I'm actually watching Mr Schiff's latest podcast as I type. I believe he's absolutely right with what's happening. The problem he has had in the past has been his timing; an accusation that is easy to throw at him.

This time? Not so much. It's happening. Right now.

GLA.

Colonel, there has been much anticipation about this move over on ZeroHedge, but they don't seem to have picked up on it actually happening. I believe they (Comex) pulled a similar stunt in 1980 to **** the Hunt Brothers: is that correct?

This won't bother Eric Sprott one bit: I don't believe he's leveraged, whereas the Hunts were, and the coincidence of 20% interest rates were what finished them off. Reminds me of my favourite quote....."This precious metals market is a decades-long game of Musical Chairs....& I never stood up".

I really hope the Comex have engaged in some high-velocity lead podiatry here, but they'll come out swinging. The volatility could be just getting started.

GLA.

Back above £2: good stuff. Now.....can we get back to £3?

Even in the event of a second CV wave, 888 have already proven that their business model is resilient & profitable in a lock-down scenario, so we shouldn't get whacked back to 70p like we did in March.

I still see downside risk, but substantially less here than in just about any other sector.

GLA.

Well, as much as this dip pains me (financially), I've kept some powder dry as I've been expecting a pull-back, so we might yet get the opportunity to BTFD.

With gold having hit $2K+ I'm sitting hanging fire until we see $1,700 again. My belief is that the market is due to **** the bed again (just like in March) & there are a number of potential catalysts for that (US election, CV second wave, or even just economic reality taking hold). When it does, I expect we'll see another sell off in PMs & miners. THAT is the buying opportunity.

If I'm wrong, I'm already heavily invested in PMs & miners, so will be happy to just let it ride from here. What I don't want to do is go all-in to buy a <5% dip, & then see the sector get clubbed like a baby seal. If anything significant is going to happen, I see it happening within the next three months.

GLA (as always).

JMAX, exactly! So how do the Elite "persuade" us to take the "vaccine"? The same way they persuaded us to go to war in Iraq: fear!

Like you said: no-one is going to take a vaccine for CV19, so......get ready for CV20; a far more deadly "mutation" of CV19. These people will force their will upon us if necessary, but they much prefer it when the turkeys vote for Christmas.

You think they called it Covid-19 because it was discovered in 2019? Seems logical: I used to think so, too. But if that's the naming convention, why didn't we call the Avian Flu outbreak of 2003 "Covid-03"? Or the Swine Flu outbreak of 2009 "Covid-09"? No: they called this one "Covid-19" to distinguish it from "Covid-20".

I see Russia have announced they have the world's first CV19 vaccine. Is this the cause of the (PM) sell-off, or were they simply whacked by the short-sellers?

Tried to add but nothing below £1.10, so the price correction isn't as bad as it appears. Well done to those who added at (or under) £1.

Metals got whacked overnight (for no apparent reason from what I can see). 5am GMT isn't exactly big economic news time.

BTFD.

They really whacked the metals overnight!
Looks like everything that was wrong with the world is now right /s

So...gold down 0.3%, silver UP 3%, & what happens to the mining sector??? Yep: down AGAIN!

WTaF???

This is starting to boil my p***. It shouldn't really, given that the sector has had such a good run, but there's been a real disconnect between PM prices & the mining sector over the last week.

Still.....tomorrow is another day. For more of the same (rolls eyes).

Bloggins, that's a good strategy. Employed it myself with GPM when I BTFD at 24p.....the problem is, it ran on to over 70p!

Nice "problem" to have, though :)

Yep: 70p p/oz gain in the last hour.

It paused for breath but seems to be off & running again. What a time to be invested in PMs.

GLA.

Well, I got to the bottom of the rise in the Chesapeake Gold price: Eric Sprott has just taken a 16% stake.

They're sitting on 18M oz of gold & 500M oz of silver. Do the maths at the current prices. They have AISCs of <$500 p/oz & their market cap is just $400M. If gold rises just $100, that adds more than 4x their current market cap to the value of their reserves.

Eyes wide open now :O

The whole sector is down. The metals have been up every day this week. Even with the £1.30 p/oz fall in the price of silver overnight, it's still up on 24 hours ago, yet the sector has been falling for the last few days.

PM analyst Jeff Clark suggests that, if a pull-back is due, it is the miners that lead the metals lower. Now I can't comment on that either way, but we'll know if he's right within the next week. Regardless of that, it does seem that the market thinks that the recent rises are unsustainable & that's why mining shares a trending lower. If PMs can build support at this level, then I would expect mining stocks to play catch-up.

On a related note, the US must imminently announce new stimulus (read "borrowing") for August or they face swift economic collapse. The former should be immediately positive for PMs, whilst I suspect the latter would see a March-style sell-off & subsequent rally in PMs on a safe-haven bid.

Trump is backed into a corner. Three months from an election, the withdrawal of the PPP scheme would seal his fate. No sitting president is going to get re-elected by withdrawing public handouts right before an election.

At a guess (& it IS a guess), I would suggest stimulus continues in August & September, but they will "pull it" (a la Building 7) in October or November & everything goes to ****. Biden in the White House would kill the market & the subsequent socialist policies (not that we don't have them already) would take the leash off PMs.

Remember: a re-set is coming. The IMF, the World Bank & the World Economic Forum talk openly about it. The WEF (yes: the same WEF behind Event 201) even state that "The pandemic represents a rare but narrow window of opportunity to reflect, re-imagine & re-set our world". Somebody please hang these sick, satanic ****s.

Market re-opened at 11pm & we hit £22.45 silver before 11:30. WTaF is going on??? It's pulled-back to £22.20 just now but it's fascinating to watch. Particularly when it's going up :)

I'm frightened to go to bed! With this kind of volatility we could wake up to £19 silver or £24 silver! This has been a truly staggering week (thus far). Surely the monkey hammers will come out on Friday. Surely...?

Market re-opened at 11pm & it just took off like a rocket: already up to £22.40.

"Physical gold buying is collapsing in many parts of the world". Name one.

Your comments about the paper market are accurate, but let us not forget that we have seen a significant divergence between physical & paper prices since March. Three years ago I could buy a gold Britannia for £15 over spot: today that premium is more than £70. A certain Eric Sprott seems prepared to go toe-to-toe with the COMEX. I fear he will go the same way as the Hunt Brothers, although he seems to be approaching it without leverage: that will make him harder to de-rail. We should all wish him well if he can break the decades-long manipulation, but I don't fancy his chances.

I expect a pullback in the PM prices.....a big one. But the new ATH for gold will not start with a $2xxx. Or even a $3xxx. I'm aware that lots of people pluck prices out of the air, so let me state the rationale for my belief that gold is going to £4,000 p/oz & silver to £135 p/oz. And yes: that's GBPs & not USDs.

In the run-up to the last financial crisis to the gold price peak (2006 - 2011) gold rose 450%. Since 2013 until May last year, gold traded in a fairly tight trading range, & was clearly capped at $1,350 p/oz, having bounced off that ceiling a half-dozen times. Let's take a VERY conservative $1,000 as a base line & multiply it by 550% (which is a rise of 450%) & you get $5,500 p/oz gold. Adjust for exchange rates (again, VERY conservatively) & you can comfortably get £4,000 p/oz gold. At the same time, the GSR collapsed to around 1:30. Apply that same ratio to your new gold price & you get silver around £135 p/oz.

Can I guarantee that will happen? No: of course not, & there are plenty of people far better qualified to comment than I am, who have projections both higher & lower than that, but it's hardly an "out there" projection when we already have precedent for (percentage) moves of this scale. TBH, I'm surprised to see the GSR collapsing so quickly. I thought we'd need the StHTF before we saw a significant contraction in the GSR, so whilst it's great for silver, I feel a little uneasy that I didn't foresee it at this stage of the market.

Whilst surging precious metal prices make for an exciting (& profitable) ride, we should all remember that safe haven assets rise for a reason. We have seen really quite astonishing rises (particularly in silver) over the last 4 weeks or so. Something wicked this way comes, & I fear it is bigger & more significant than "just" a second wave of the Elite's bio-weapon.

Whilst £4,000 p/oz gold might make us all very wealthy, we must all ask ourselves just how bad a state must the world be in to justify it, & would we want to live in it (assuming we can survive it)?

GLA.