Silver Price Update 5-16-12: Twelve Out of Last Thirteen Days Has Silver Gone Down
Anyone heard a good joke lately? I have one:
One Year US Dollar Chart
That’s pretty funny.
Anyone want to see something totally ridiculous? I do:
As has been totally predictable by anyone familiar with the ruling architecture of planet earth, the Shanghai Silver Exchange has been of no help to silver. Can anyone say JPMorgan and HSBC connections? The ruling class cannot let silver shine, because in the total information age it would not take long for a critical mass of investors to catch onto the trade and send the metal to market extinction. The silver would disappear into the hoards of desperate humans doing what they can to protect themselves against the criminally mismanaged economy. Let me restate that: against the managed economy. There is no reason why others should be managing the economy of man. Individuals should be managing their own economic relationships and the power should cease there. But, nope – we have a worldwide neo-soviet paradigm.
Elitists Bill Gates and Warren Buffet own positions in silver but I bet you my entire stack that you won’t hear them talking about. Instead, they lambast it. Just as Bill Murphy of GATA says: When the mainstreamers are bullish, think bearish. When the mainstreamers are bearish, think bullish. I am sure Gates is perfectly hedged as silver has fallen over the past year from its peak of $49.80 via the eugenics and depopulation policies of his Bill Gates Foundation. In thirty years time, by his estimations, there will be nobody around to buy up silver. It will be his monopoly. Wait! That’s not true…Could it be a duopoly?
Coming soon: Gates vs. Sprott
The best example of the SSE not proving bullish the devil’s metal came last night when silver got taken-out-back and beat down in Asia, trading as low as $27.30 overnight before spiking to $28.00 by 12pm in New York. But, the paper shorts were not done just yet, as they managed to bring silver down to $26.80 before SI action brought the price quickly to $27.30 in the early afternoon in NY. And then, back down to the low $27.10-$27.20 range before showing some “strength” at $27.40 and now targeting $28 at $27.60.
I do not believe this has bottomed out. Analysts like David Morgan and Bill Murphy are suggesting that we will not see a bottom until June, but they would just as quick dismiss their own predictions based on the command-and-control dynamic in the markets. The pop today back up near $27.60 is a positive sign usually, but this is no usual market.
Silver is down 12-13 days. 1 for 13 is its current losing streak. This would spell a demotion down to AAA for a baseball player. I foresee that, as silver begins to bottom out over the next two weeks, that we will see more waterfall-esque crashes as we saw today. Expect high volatility before a turn around.
Oh, and should silver drop to its 2009 support levels of $18-$22 I don’t see any reason why we wouldn’t see a double within one to two weeks.