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Chinese Financial Torture

by Andy Hoffman, MilesFranklin.com:

Let’s just start with the blindingly obvious at least to anyone who seeks TRUTH, and avoids PROPAGANDA. As we discussed in great detail, yesterday’s ridiculous $0.60/oz. silver smash – and $11/oz. gold “hit” – were executed solely for the purpose of discouraging COMEX longs from taking PHYSICAL delivery between Tuesday’s March option contract closes and tomorrow’s “first notice day.” The news has never been more PM supportive and PM fundamentals – generally speaking – never stronger. Not to mention, the Cartel’s giant, clumsy footprints were all over the move.

That said, its recent “line in the sand” at $1,330/oz. is proving extremely difficult to breach; and thus, the fact that gold remains above that level – as “Whirlybird Janet” completed her weather-delayed “Humphrey Hawkins” Congressional economic testimony – is an extremely positive development. FYI, I took advantage of yesterday’s paper silver raid to add further to my gold Maple/silver Peregrine Falcon swap; which at the gold/silver ratio of 62:1 – with the added kicker of the Peregrines’ low premiums, and scarcity value.

Read more @ MilesFranklin.com

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