How much longer can the status stock price be maintained? Given the watershed day today as referenced below,how much longer can the value of the surface and in-ground resources be bridled? This thing is building pressure by the day. We have nearly $billion gold/silver on the surface. And if you read below...silver could be $30 by January!...and gold over $1600. Can you imagine then what just the ore piles alone are worth???...and the desire to own it??

Interview with Jim Sinclair today by King world news.

With the Fed announcement today and the resulting tremendous volatility in gold and silver, King World News interviewed the legendary Jim Sinclair. When asked about the action in gold Sinclair responded, “We had two periods today where the offerings were being made in huge amounts and the bids were running for cover. I mean it’s your standard manipulation. But you can be sure that there is a designed effort to hold the dollar and to oppose gold going to the positive side so that the action of the Federal Reserve will not be analyzed as extreme, even thought it is.”

Jim Sinclair continues:
….
I don’t think QE is good, and I wouldn’t defend the economics of it but I don’t think there was any alternative. The need for the QE basically to infinity and that’s I think what you can call today as a watershed event…

The Fed has kicked the can down the road one more time because there is no other choice. ..

One thing we do know is it’s not dollar positive and that the only insurance out there that would react positively to things we can’t control such as Fed decisions is gold.”

Is it ok to let gold run in a day or two?

“I don’t think you can really control it. I think that gold will run but as of today, whenever the boss speaks, we’ll call him the financial boss, there is always intervention to make the boss look good. It’s never failed, it will always be so, and it is so today.”…


When asked about how his father Bert Seligman and his business partner Jesse Livermore would be trading gold going forward Sinclair responded, “I believe firmly that Bert would have considered it (today) a bottom, and now they (Bert and Jesse) would be looking to pick it up on any dips.”

Well there you have it from one of the greats, gold has bottomed. Assuming Sinclair is correct, for all of you dip buyers, if you blinked you missed it.

Eric King
KingWorldNews.com

JSMINESET.com

Hagens Berman Sobol Shapiro: JP Morgan and HSBC Face RICO Charges in Silver Futures Class Action Lawsuit
Banks alleged to have used naked short-selling to rig market
NEW YORK, Nov. 3, 2010 /PRNewswire/ — JP Morgan Chase & Co. (NYSE: JPM) and HSBC Securities Inc. (NYSE: HBC) face charges of manipulating the market for silver futures and options in violation of federal commodities and racketeering laws, according to a new lawsuit filed Tuesday in the U.S. District Court for the Southern District of New York.
The suit – which alleges violation of the Commodity Exchange Act and the Racketeering Influenced and Corrupt Organizations (RICO) Act – alleges that the two banks colluded to manipulate the market for silver futures starting in the first half of 2008 by amassing huge short positions in silver futures contracts they had no intent to fill, but did so to force silver prices down to their benefit….
"The practice of naked short selling has long been a serious issue on Wall Street," said Steve Berman, co-counsel and managing partner at Hagens Berman. "What we know about the scope and intent of JP Morgan and HSBC's actions in this short-selling scheme dwarfs any other similar attempt to manipulate a commodities market."

Quiet Breakout in Gold Stocks

Quiet, media blackout style, breakout continues into October. These types of breakouts are best for egoless investors. The lack of hype reflects accumulation by the strong hands. Soon the weak hands, also known as retail money, will notice that they are missing the party and will begin to blindly chase strength. That’s when things will get interesting….

Excerpts From MIDAS today

Clearly any major shift from expectations in today’s Fed announcement could derail short term technicals, but that aside the Hui technical picture seems very encouraging, adding weight to my expectations that the Big Move’s dead ahead,Notice how within the last 2 weeks the Hui index fell back to retest it’s breakout level and bounced right back,….

J.S. Kim: Silver probe should extend to gold and silver ETFs
Submitted by cpowell on 04:02PM ET Tuesday, November 2, 2010. Section: Daily Dispatches
7p ET Tuesday, November 2, 2010
Dear Friend of GATA and Gold (and Silver):
J.S. Kim, managing director and founder of the SmartKnowledgeU investment consulting and research firm, takes note of the growing concerns about manipulation of the silver market and is prompted to ask the U.S. Securities and Exchange Commission to investigate the likely fraud in the major gold and silver exchange-traded funds. Kim's commentary is headlined "Can We Leverage Silver Manipulation Revelations to Get the SEC's Mary Shapiro to Investigate the Likely Fraudulent SLV and GLD ETFs?" and you can find it at the Underground Investor here:
http://www.theundergroundinvestor.com/2010/10/now-that-the-cftc-has-decl...

Blatantly fraudulent action in the metals today

…to see the Dollar up a whopping 5 ticks and Gold down $27 with Silver off .88 cents. Could this be any more obvious? Knock the snot out of the metals before an obviously bullish announcement of purposeful Dollar debasement so that they must again for the 100th time in 10+ years "dig themselves out of a hole"…
The Cartel is in the deepest of trouble. Not only are they fighting against the Chinese, Russian, and other central bank buying tide, they are fighting against investors who have found them out and letting the world know about it. The announced lawsuits have surfaced for less than a week now. The investment world has to be asking what is wrong? Why are so many law firms willing to spend hundreds of millions of dollars to sue such deep pockets? Yep, the answer is obvious, HSBC and Morgan are guilty. As this realization spreads, more and more big time investors will realize the prices of gold and silver have been ARTIFICIALLY SUPPRESSED for years and are way undervalued. Let the real GOLD AND SILVER RUSH really begin.
BOTH GOLD AND SILVER ARE GOING TO EXPLODE!


Excerpts from Jim Willie today:

http://news.silverseek.com/SilverSeek/1288914539.php

..The monetary system works gradually to unmask the corrupt precious metals market, and to lay bare the absent bullion at the official metals exchanges. Angry depositors like the Chinese and Arabs have been demanding their bullion for return back home, no longer trusting the London and New York banksters. They have grown fully aware of illicit gold leasing as commonplace. The fraud of the USGovt balance sheets, recording deep storage gold as a ledge item, an utter absurdity, only adds to the motive to unmask the banksters at their own game. The fast rising deadly USGovt deficits has brought cries to prove the collateral for new debt added upon old debt, in an uncontrollable debt episode. The world pursues gold & silver, knowing the USGovt has none, even as it continues to suppress its price with heavy hands. Foreign creditors are angry that the gold & silver they hold has been pushed down in price by illicit USGovt devices.

The consequence is that SILVER possesses a high ALPHA. What lifts the ALPHA is many factors, each powerful. The Silver price will rise much more than price inflation. The Silver price will rise in response to money fleeing corrosive vehicles like the major currencies, whose basis is not gold but rather rapidly growing debt resting upon broken banking and economic foundations. The Silver price will rise as the USTreasury Bond bubble becomes more widely recognized. The Silver price will rise as greater volumes of freshly printed money undermine the USDollar well behind controlled activity. The Silver price will rise more than most analysts anticipate out of the sheer release from corrupted markets that hold down the price after a mountain of silver has been shorted in the market without collateral. THIS IS THE ESSENCE OF ALPHA!! The shorts are being squeezed, in clear fashion since August. The naked short quantity for Silver is well beyond a full year of annual global output from the mining industry. As the markets work toward a freely traded system that seeks a true equilibrium, the Silver price will move past $100 per ounce easily. Laughter now will be followed by sheepish quiet in three years. But first it will surpass the $40 price, maybe as soon as late 2011 or early 2012. The silver ALPHA is big, and that fact will be quite evident very soon, if not already. My forecast is for a $29 to 31 price for Silver by mid-January. Both December and January are strong seasonal months for silver, just like September. Notice how silver is outperforming the commodity group, and shows a BETA over one.