by Bill Holter, MilesFranklin.com:
“Who” would do this?
Who would sell gold and silver going into this weekend? Who would have such a need to sell silver down 50 cents on the open? The stock market is up right? So silver isn’t down because there is fear that its industrial usage will shrink. They’re not down because Cyprus is “fixed.” They are not down because the dollar is stronger this morning. They are not down because of physical supply as we are in the midst of a record 1st quarter off take of metal. Well, they are down because they are down?
But step back and think about it all for a moment. Lines and protests in Cyprus finally emerged Wednesday afternoon and yesterday. If a deal doesn’t get done in Cyprus they will be forced to leave the EU which means that others will follow the precedent. If a deal does get done, are balances stolen? If the banks do open how bad will be the capital flight? What about depositors in Spain, Italy and Portugal? They know that their banks are ready to blow so flight capital risk exists here which is obviously systemic.
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