With the gold and silver markets attempting to rebound after Friday’s flash crash in the silver market, today James Turk accused the government of orchestrating the flash crash and also discussed the real reason the government arranged the flash crash in the silver market.
The Real Reason For Friday’s Silver Flash Crash
James Turk: “It should be obvious to any thinking individual that Friday’s flash crash in silver was blatant manipulation, Eric. However, the mainstream media is doing a good job of muddling up the picture to confuse people. That outcome is exactly what the manipulators want. This confusion helps cover up their tracks so that they can continue their manipulation by wreaking more havoc on the precious metal market in the future.
I use the word ‘market’ from habit rather than accuracy. I am very mindful of Chris Powell’s insightful admonition that is being proven accurate time and again where he stated:
“We don’t have markets anymore – only interventions.”…
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James Turk continues: “What we need to do Eric, is ask ourselves three key questions about the flash crash that the mainstream media has studiously ignored: First, why don’t the market regulators investigate who sold the silver that crashed the market? Trades are not entered into markets anonymously. Every broker knows who their customer is, and every exchange of course knows who the brokers are. All the regulators need to do is call up the broker who placed the trade that started the flash crash and get the name of their customer, and then take appropriate regulatory action against that person to ensure markets remain orderly in the future.
Regulators Know Governments Are The Manipulators
There is a pretense that markets are regulated, but the reality is that regulators aren’t doing their job because they know that governments are the manipulators. So this absence of regulation leads investors to believe that flash crashes are normal events and that markets are expected to act this way, which of course they are not.
Second, why did this last so-called flash crash happen to occur the moment Tokyo opened? The timing was purposefully chosen. It was all paper. No physical metal traded. The manipulators couldn’t risk starting a flash crash during normal market hours when the physical market is trading because they did not want the risk of having to fill orders from buyers of physical metal during the flash crash. Whenever the manipulators fill orders, the risk is that they reduce their available inventory of physical metal.
The Manipulation Is Designed To Frighten People
This metal is the most important manipulative tool in their arsenal. Any dishoarding by them gives the appearance that the supply of physical metal is unlimited, which of course it is not. In fact, right now both gold and silver are backwardated into their closest delivery month. It is clear evidence that the physical markets are very tight, so the manipulators did not want to get stuck selling any of their physical metal, particularly given how undervalued gold and silver are at these prices. Manipulation is not haphazard. It happens for a reason and is purposefully designed to accomplish an objective, which leads to our third question.
What did the manipulators intend to accomplish with this latest flash crash? In a word, “frighten.” They want investors to think that gold and silver are volatile assets that are better left alone. The manipulators want investors to avoid gold and silver, not own them. Their overall aim is to make investors believe that fiat currency is superior to precious metals and that gold and silver’s 5,000-year history as money is an aberration.
So the manipulators chose to use propaganda. The flash crash was meant to scare people out of their physical metal and hold national currency instead. That effort failed, however, because the backwardation remains, and if anything, is even deeper now. It is going to take higher prices – not lower prices – to get the strong hands holding physical metal to dump their gold and silver and hold fiat currency instead.
All of this relates to one thing, Eric. Either everything I learned in my fifty years of experience in finance is wrong, or the manipulators are ignoring the lesson their predecessors learned the hard way from the collapse of the London Gold Pool in 1968 — market rigging always fails, eventually. We just don’t know when.
All The Manipulators Have Left Is Propaganda
But here is what’s relevant to the short-term. It is the important message being given to us by the manipulators themselves. It is their choice of timing for the flash crash. Repeating the point I made earlier, it happened when there was no physical metal trading. It happened at the Tokyo open for a reason. At these levels of undervaluation for gold and silver, all the manipulators have left in their arsenal is propaganda. All they can do is try to scare investors to part with their physical gold and silver. But at these prices the propaganda doesn’t work because physical metal is in strong hands.
Even the metal owned by the US government – if there is any in Ft Knox – is in strong hands. That’s why they use propaganda for their manipulations instead of opening the vault and selling whatever metal may still be there. If they did, it would get snapped up by China and other central banks in a flash.”
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