For thousands of years Precious Metals (PM) such as Gold (Au) and Silver (Ag) have been utilized as real money for exchange, wealth store, and metric of value. While I am NOT an advocate of one single commodity backing our money (like a gold standard), I do believe that the price trend of PMs are the most important indicators of the value of fiat money, plus the crimes of corrupt banking corporations and governments that manipulate PM prices. The "Canary in the coal mine" is Gold - AuCanary.
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COMEX Silver Firefight and an Exiting Obstacle at the CFTC!!!
The guns are BLAZING at the COMEX in the Silver pits.
The CME Group who owns the COMEX is struggling in the fight of their lives and have increased silver margins for the third time in two weeks!
The COMEX is a Self Regulating Organization (SRO) so they are supposed to be watching over those late night trades in the after hours silver market when the latest smash began. They are desperately trying to help that massive silver short extract itself from their troubled short position.
Both the CME Group and that BIG SHORT are in MASSIVE TROUBLE if...I mean when there is a default on the COMEX Silver contracts. They are cheating as best they can but will lose the battle in silver.
Now the REALLY good news that's circulating is the departure of CFTC Commissioner Michael Dunn at the end of May. I'm not saying Dunn is in bed with the Bad Guys but I'm not so sure he'd even know what that means. He is by far the weak intellectual link on the Commission and being an appointee of Bush you can bet he is told when to stand up, sit down and roll over. Will a newly appointed Democrat cast the third and deciding vote to implement the new rules and bring the hammer down on JP Morgan and Friends?
Time will tell but watch for Senator Feinstein's involvement in choosing his replacement as she has placed both Gensler and Chilton in their seats and one more will give the Good Guys a majority vote.
NOTHING IS MORE IMPORTANT FOR OUR CAMP AT THE MOMENT THAN REPLACING DUNN WITH SOMEONE WHO WILL DO THEIR JOB AT THE CFTC!
So that's where we are and brace yourself because it's going to get VERY UGLY OUT THERE!