Back Into CHAOS
Quite a day; as the Cartel attempted to attack PMs yet again as Bernanke spoke on Capital Hill. Last year’s “Humphrey-Hawkins” Senate testimony served as Cartel “cover” for its now infamous “LEAP DAY VIOLATON” attack; when it smashed gold by $100/oz, supposedly on “fears” of an end of QE.
This time around, the blood was already sucked from the stone; yielding a rapid turnaround from the Cartel’s initial $10/oz hit job, to a $20/oz gain. All signs point to the END of the recent, vicious Cartel “operative”; and even Jim Sinclair, who has NEVER made a short-term call in my eleven years in the sector, has said it will end “long before” his March 27th birthday.
Now that Italy has sent Europe back into CHAOS; with the U.S. “fiscal cliff” sequester just three days away, and the “debt ceiling delay” just three months away; it’s very likely REALITY will return to the PM markets.
Andrew C. ("Ranting Andy") Hoffman, CFA
Miles Franklin Ltd.