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In the space of two trading days, the world of gold and silver prices was turned on its head. On Friday and Monday, silver plunged to its lowest level of 2021, gold touched its low for the year and the silver/gold price ratio also rose to its most undervalued level for silver of the year. Not that anyone needs reminding, let me first run through the bad and ugly aspects of the price smash before getting into what was good about it. And yes, the bad and the good overlap.
Typically, such outsized moves occur against a backdrop of great volatility in other markets, but not this time – the extreme price declines in gold and silver were largely self-contained and glaringly specific. As such, it becomes easier to see that there was an intentional and deliberate motive to the bombing of gold and silver prices not camouflaged by movements in other markets. It was clear to see that the smashing of gold and silver was quite unique and specific. It’s bad enough when investors suffer sudden large markdowns in their holdings, but much worse is the thought that the losses were deliberately inflicted. That’s what pushes it into the ugly stage.
Not to keep beating a horse long dead, but the two-day price smash was purely a COMEX paper positioning production, designed and executed for the specific purpose of inducing as much non-commercial selling as possible, so that the commercials could buy as many contracts as possible. As a matter of certainty, this will be confirmed in Friday’s new Commitments of Traders (COT) report, which will undoubtedly feature non-commercial selling and commercial buying. Anyone not seeing this simply refuses to see.
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