Good morning to you all. Last night at 11:30 PM EST, I received the following e-mail message from Le Metropole Cafe, which is run by gold pundit Bill Murphy. Along with Chris Powell, Bill Murphy founded The Gold Anti-Trust Action Committee (GATA), which was organized in January 1999 to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
In a nutshell, these guys know what they are talking about and have been right about gold for more than a decade. That doesn’t mean they walk on water and can’t be wrong – but when they speak I make sure to listen – and so should you. This is especially true given the fact gold exploded this morning up $23 to $1,270, which breaks it free of $1,250 resistance.
Here is the message
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MIDAS ALERT!
In my commentary tonight, I reported on the ridiculous raid by JP Morgan Chase on the silver market to nullify the spectacular aspects of the technical close above $20 and a two and one year half high. The JPM bums, and long time Gold Cartel veteran gold GATA antagonists, took the price of silver from $ 20.11 to $19.93 in minutes in late Access Market trading for no reason … based on no outside market activity.
At post time, which is 9:30 CT, silver is $20.15 bid, which means the ALL MIGHTY silver banker tycoons have been stuffed. Even gold is challenging $1250, a key resistance area for the low-lifes of Larry Summers’
Behavioral Financial Program.
The reason for this alert is that I suspect, as a former limit position commodity trader, that the weak hand of the JP Morgan and allies short position, was just called into bluff ? and I THINK, that the JPM camp blinked and is standing a bit naked.
Gold and silver prices are likely to explode from here.
This could be a historic pricing period for precious metals. Those who know what GATA knows, will know why!
I salute Café members who will make fortunes in the years to come.
All the best,
MIDAS
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Regards,
George