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With the release of the Fed minutes creating havoc in key markets, today King World News interviewed Peter Schiff, CEO of Europacific Capital. Schiff told KWN the knee-jerk reaction in markets which took place as a result of the release of the Fed minutes is off base. He said the Fed is going to come in with QE3 and noted the Fed even stated in their own minutes they stand ready to come in with more QE if the economy needs it. Here is what Schiff had to say: “People that are assuming it (QE) is off the table based on these minutes are wrong. I would really fade this trade. I don’t see why gold would be getting crushed based on these minutes. I looked at the minutes and yes, the Fed didn’t come right out and say QE3 is coming. They are not going to do that. They are never going to do that.”
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On the heels of the release of the Fed minutes, today legendary trader and investor Jim Sinclair told King World News the release of the Fed minutes and subsequent market reaction in gold was orchestrated. Sinclair also said this is government manipulation against the tide of the bull market and it will be overrun. Here is what Sinclair had to say about what transpired today in the gold market: “The tactic is always the same. The gold banks enter the COMEX and offer more gold for sale at the market than has been mined in the last five years. Immediately, the locals (pit traders) try to run in front and hit any bids they happen to have on their book or are out there in order to get the price down.”
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On the now infamous Ron Paul/ Bernanke silver raid of February 29th, we documented how 225 million ounces of silver were dumped on the market over a span of only 30 minutes, smashing silver $4 from $37.62 to $33.68.
In a sign of the diminishing returns of paper market manipulation, on the heels of today's Fed minutes disappointment, beginning at 2pm EST, over 127,000 contracts, or 637.535 MILLION OUNCES OF PAPER SILVER were dumped on the market in only 1 hour, resulting in a massive silver decline of.... $0.65.
You read that correctly.
Nearly 80% of ENTIRE ANNUAL WORLD MINING SUPPLY was dumped on the market (during the thinly traded Globex session), over a single hour, and all the cartel could muster was a lousy .65 decline in the paper price of silver!
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Gold clears 1550 and now it's time for silver to clear 30. That would cause some fireworks...
The FOMC meeting announcement is at 12:30 ET, FOMC forecasts at 2 pm, Ben's press conference at 2:15 pm.
Get your popcorn ready. If the FED disappoints, pms will get slaughtered...
Serious frontrunning in gold and silver
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