Hi Sinbob!

The whole takedown of the metals is part of the justification to come forward with QE3. After lying about the so-called recovery and implying low inflation, not to mention the BS about improving jobs and real estate, there was no way they could just roll out another round of quantitative easing. Instead, they must initiate a temporary market selloff and crush the precious metals to create an atmosphere where there is a demand to extend QE and the backdrop that suggests inflation is under control and therefore all that new money printing will do more harm than good. Its all part of the plan.

Prior to this latest nonsense the manipulation was all about the crooks trying to bail out a huge short overhang. Now that the COT report indicates that most of the spec longs are long gone, there is no need to continue the intervention on the basis of triggering more spec selling. This is all about window dressing for the announcement that QE3 is on the way.

I am not convinced that $80 billion in pension money has been stolen. Think about it. The Fed allowed the printing of a trillion dollars in new money to bail out crooks. In that context $80 billion is a drop in the bucket. Pension funds are still sacred cows and for that kind of looting to happen it would probably trigger riots. They can still print that kind of money out of thin air to fund whatever spending they feel they need. Anyone that thinks the debt ceiling will not be increased needs a history lesson.

All of the filthy tricks that have been rolled out lately will buy a little time and tarnish the credibility of the scumbags in charge of economic policy, but not much else. The bull will prevail and gold and silver will recover in spite of - and because of - the actions of an inept administration and a corrupt financial sector.

cheers!

mike