Thanks for this Mike - it expresses our feelings of disgust very well.

Hi Bill!

It does appear that we have made the turn for the summer and the lows are in, but the playbook for the Cartel has not changed. There is never any follow through to the upside allowed on a breakout. The data from earlier this week suggests new shorts have been piled on during the strong rise for both gold and silver to take on the specs once again. The cycle of market rigging is just starting over again, as it has all the way through this 10-year bull market. Look at how silver is trading today and how any attempt to rally has been buried in an avalanche of paper. This after putting in a strong base for the last 2 months and achieving a significant break above the downtrend yesterday on high volume.

For anyone that assumes I have been into the sauce a little early today and am reading too much into the trading, one could tell within the first half an hour of trading that a counterattack was coming. The mining stocks surged at the open, and then mysteriously rolled over and plunged WHILE THE METALS WERE STILL AT THE HIGHS FOR THE DAY.

This is yet another example of the standard Cartel playbook: short the hell out of the stocks first and then go to work on the metals. I wonder how much paper metal had to be dumped to calm things down today? How many contracts, representing tens of millions of ounces

that do not exist? Does it matter? The charts will be painted and no real scrutiny is going to investigate and report exactly WTF went on behind the scenes today. The rally has fizzled for now.

Let the media shills come up with an explanation for this latest gang rape. I guess the situation in Europe has been resolved. Or maybe investors that rode the mining stocks down for 2 months feel that a modest rebound is sufficient for profit taking, all at the same time on all the most active stocks, and while the metals were still moving higher. Yeah, right... Years ago I would watch this sort of trading pattern unfold and back then I still trusted the system, and the integrity of our markets. I now know that its all rigged from top to bottom, and no matter what the underlying fundamentals may be, the PM sector will only be allowed to rise in measured steps with every move contested. That is why the price of gold can set new all-time highs on a regular basis but the senior mining stocks are still near the lower end of their range. Who wants to put up with this kind of crap?

And as I write this, JPM has come out with their earnings this morning and its enough to make me puke. There is no way that gold was going to be allowed to run beyond $1600 for the first time in history on the same day that the leader of the gold Cartel is reporting. I have decided I cannot tolerate watching a few analysts in bow ties putting positive spin on the performance of the crime bosses today. Nothing to see here folks. I am going out to enjoy the day while the market riggers do their thing. Today is a day of frustration but I am confident the bottom is in and the Cartel will have to back off as the next phase of the uptrend commences.

Cheers!

MexicoMike