by Andrew Hoffman, Miles Franklin:
Today’s litany of “horrible (PM-bullish) headlines” is as long as ever, and the Cartel is as out of control blatant as at any time in my 13 years following this sector. To wit, three straight “2:15 AM” EST caps to start the week – bringing the tally to 431 of the past 493 trading days; and anyone watching the carbon copy “cap and attack” algorithms of the past two days, amidst the most PM-bullish news imaginable, has to realize this so-called “market” is no longer anything remotely resembling such; particularly when noting that yesterday’s high – at exactly the 10:00 AM “key attack time #1” – was at…drum roll please…$1,199.70/oz, just below the $1,200 “line in the sand” level the Cartel has manically defended for the past two years.
To wit, we last week witnessed the worst U.S. GDP report in years; followed by yesterday’s biggest ever trade deficit explosion; today’s hideous Eurozone PMI and retail sales data (which the MSM comically dressed up as “mixed signals”); the IMF claiming it’s time for Greek debt to be written off; and even falling stocks and inexorably surging interest rates and oil prices, amidst the horrific economic data. And yet, and yet…TPTB continue to fight the “unstoppable tsunami of reality” with all their might – utilizing every illegal, unethical, and amoral method imaginable.
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