this is from bill murphy's commentary today. once in a while it's ok to gloat:

Now, this is our kind of day and it is about time. Yesterday was one of the most ridiculously orchestrated market manipulations in the history of markets. And, you know what, nobody outside of the GATA camp called the spade a spade and told it like it was … coming up with one nonsensical pundit comment after another why gold and silver were mauled in the early going. It is beyond pathetic, beyond negligent as far as the press and investment community are concerned.

What fun though. The GATA camp analysis was right on the money in that a significant number of the big investment and trader folks know what GATA knows and WERE waiting for The Gold Cartel to do the obvious so they could pick up cheap gold and silver. As a limit position futures trader in a former life, I have been waiting for this to occur for a very long time. The Gold Cartel’s antics are just too obvious. Trading is about making money and The Gold Cartel has gone to their well too many times, while they are fighting a tide that is too treacherous for them. They have been found out. The lawsuits against them say it all.

Man, did The Gold Cartel get their butts kicked today. Gold and silver opened higher and then soared. At one point it appeared the bums were going to invoke their ever present 2% Rule, but that only lasted about an hour as both precious metals made new highs for the day three hours into the Comex trading period. All attempts to enforce the 2% Rule did not even come close to succeeding.

The gold open interest only fell 4564 contracts yesterday to 613,817 and the silver open interest ROSE 504 contracts to 163,713. The liquidation was zilch in gold for such a massive drop in price. And the fact that the silver open interest went up confirms the notion that The Gold Cartel attacked and got caught … and today their positions were buried. Yep, The Gold Cartel and the JP Morgan/HSBC gang are in big trouble. How in the heck are those bullies of old going to cover their massive short positions?