From Ted Butlers desk:
Stunning new evidence of manipulation in silver and gold has just been published by the Office of the Comptroller of the Currency (OCC), a bureau of the U.S. Treasury Department. The OCC, first established in 1863, charters, regulates and supervises all national banks. Their new data proves the manipulation in unambiguous terms. The report also confirms how the U.S. Government, in partnership with JPMorgan Chase, intentionally cheated silver investors worldwide of many billions of dollars during the fourth quarter of 2008, and longer. This was all outside the futures market I normally write about. It was a scam of historic proportions.
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April 3, 2009 Interview with David Morgan.....
ReplyDeletesilberinfo: David, 2008 had a great beginning with silver over $21 but it ended poorly. From a fundamental point of view not much has changed. Why the high volatility?
D. Morgan: From my perspective the market was overbought in March 2008 and in fact I sent a sell signal to all Morgan Report subscribers telling them to take some money off the table. Many did. I did not put out a buy signal until September 2008 but was too early and watched the market go down further. The last buy signal was around the 10th of December 2008, after the metals market had made a clear bottom. We have already taken partial profits on that.
For those who wish to trade, using our signals, we recommend no more than 25% of the portfolio. The rest is held for long-term gains.
There are several reasons for the volatility in silver:
The over leverage used in all assets classes, including the precious metals
Banks short selling of silver in massive quantities
Price movement gets exaggerated due to silver being such a small market
Pan American Silver Corporation (NASDAQ: PAAS and TSX: PAA.) recently announced that they are on schedule to produce 21 million ozs of silver this year which is terrific news for the share holders of this stock. We are still of the opinion that silver will ultimately outperform gold before this bull run in precious metals comes to end.
ReplyDeleteSilver closed higher due to short covering on Tuesday as it consolidates some of Monday's decline but remains below support marked by March's low crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral signalling that sideways to lower prices are possible near-term. Closes above last Wednesday's high crossing would temper the near-term bearish outlook in the market.
ReplyDeleteSilver closed out @ $12.30 today, vs. gold at $884.25. Todays ratio of silver to gold 71.89 to gold, historically 15-20 to one which would put silver at $44.21. Who is controlling the price of silver?
ReplyDelete