Thanks as usual for the update PM. Spiny, I understand your reasons for not posting o the idiot BB.

Hopefully, we can get more attendance here and have some objective and reasonable posts. I tend to be a bit too reactive over there since.

I noticed that there was a concerted effort to diss a lot of the JPMs last week, like SFMI. It was really a signal that gold would be attacked as it is today. Those bashers are given their marching orders to turn up the heat on the JPMs of choice since they know what is coming.

PMSeeker, I guess those little comments from Nadler should have told us that the takedown was coming. The guy is so cocky you just know he has the inside scoop on upcoming takedowns. The following was just posted on another board and makes a lot of sense.

Trading Commentary

Bill Cara

April 6, 2009

It’s interesting that the US President has decided to deal with the public through TV comedians like Jay Leno. Meanwhile on the serious TV talk shows on Sunday there was actually a debate on whether the President ought to fire the United Auto Workers president, now that he’s fired the CEO of General Motors and forced the resignations of people he’s named and shamed at AIG.

The last time I saw anything as ugly as this kind of political intervention, where law-abiding Americans lived in fear of politicians, was during the McCarthy Hearings of the 1950’s.
http://en.wikipedia.org/wiki/Joseph_...

But what goes around comes around, as the saying goes.

People like Elizabeth Warren, Bill Black and other patriots are starting to wake up America. A quiet revolution is underway in regards to how the people are going to deal with big government, Humungous Bank & Broker and their clandestine operatives.

It’s like a light bulb went on and the working people can now see they have been little more than managed chattels of the system, and they don’t like it one bit. They are repudiating debt and turning to real assets like gold.

Nowhere more so than in the gold trade, however, has the cartel that has run the country for the past 75 years been up to their shenanigans. These reprobates in the Evil Axis of New York and Washington never allowed an investigation into illegal naked shorting of equities because that’s precisely what they have been doing with gold. They are never, I suspect, going to list the bar numbers or permit independent assay of the metal content of the gold the US Treasury says it owns on behalf of the people.

Pretty soon, the people will demand it.

This morning, despite fiat money being printed in much greater amounts and at by far the fastest rate in US history, with offsetting debt (because that’s how money is created), there are questions being raised as to the sustainability of the gold price. Rather than rally, the picture looks like the price could actually collapse.

Technical analyst Colin Twiggs, for example, today has issued a “Gold Warning”:

Spot gold broke through the band of support at $900 after earlier penetrating the rising trendline — signaling reversal to a down-trend. Expect support at the January low of $800, but the target is primary support at $700.

Interesting that liabilities can literally soar as paper money is flooded into the system, but real assets sink in price, breaking technical support levels. Yet, in the world of physical gold, which is free of debt (but not free of the price fixing), refiners have line-ups of buyers and the buyers can’t fill their orders. So, the contract market, which is controlled by HB&B, is a phony market and technical analysts, whether they like it or not, are forced to accept the data.

As I say, pretty soon the people will demand an audit, and America’s Evil Axis will crumble.

In the case of gold and silver, I don’t accept the data, but I still have to make trading decisions. When the price of gold was ten percent higher recently, I pointed people to support at 880. As I write this blog, June Gold contracts have been sitting for a couple hours at 880. The spot price is also at 880 at this point, but hit 875 a couple hours ago.