Its pretty obvious here that the Cartel was not about to let gold breakout to a new all time high with the major markets selling off around the world. Silver was also threatening to break above the downtrend line at $37 and had to be put down. Now that we have the usual 'fishing line' charts painted the fund traders have plowed in on the short side to finish off this rally for now and I guess the next uptrend will have to wait.

I still expect overall that the markets will be allowed to fall hard without the usual PPT support and tape painting. Once there is enough blood flowing in the streets some kind of monetary stimulus program will be announced and welcomed with open arms. Then the bankster ramp job will resume to prop up the markets and project the signal that the problems have all been fixed. Again.

Just another pathetic summer trading day for the PM sector. I will not be watching today. I have my stink bids in place for a handful of juniors and some have already been hit. I am still bidding for more ECU. No need to watch this latest crime scene play out.

cheers!

mike