…the Titanic battle between the new group of buyers and The Gold Cartel rages on.

…SILVER ALERT: There are 118 open silver contracts in the May contract…we may see cash settlement offers by the end of the day today. Apparently the bottleneck in delivery is with HSBC. This could get interesting and may be why silver is strong relative to gold today… This experience with the Comex reinforces my belief that the reported gold and silver inventory on the Comex is fraudulent and, even more so, that the reported inventory with GLD and SLV are completely fraudulent…Perhaps the time has come when the BIG MONEY is ready to take on The Gold Cartel’s Morgan and HSBC when it comes to silver. It just may be this money feels the cabal is finally vulnerable.

High stakes on a breakout. R Russell excited…"Every major primary bull market that I have studied or lived through ends up with a wildly speculative third phase. This is the phase where the public and the crowd rushes head-long into the market. We saw this last in the years around 2000 when people bought any kind of tech stock. "I don't care what it is, if it's tech, just get me in! … My belief is that we're now nearing the beginning of the third speculative phase of the great gold bull market….If June gold can close above 1003, I believe that will signal the beginning of gold's third speculative phase."

… To all: 10 year Treasury yields are now pushing 3.7% this afternoon. The bond market started to collapse just after auction results … the Treasury is now paying 20%+ higher rates than they were just a month ago.

… The Fed has now spent over $130 billion of printed currency in an attempt to prop up the bond market, and ultimately, artificially create lower mortgage rates to try and stimulate the housing market… this program has achieved utter failure. Once again, the Government has wasted precious resources proving that no Government is powerful enough to re-write the laws of economics. We are probably not too far from the time when the Government will no longer be able to manipulate the precious metals market. Imagine what will happen to the price of gold and silver when that becomes apparent to the world. Got gold?

… The Cartel is using all its artillery and not holding back the longs. There are some very determined and sophisticated buyers in market taking on the Cartel and they are not pushing the market. They are happy to accumulate and are advancing like a tank in first gear. If I was short gold and silver I would be extremely nervous. I would be even more nervous if I didn’t have enough metal to deliver against my shorts! This move is only just getting started.

… Gold mine supply won’t rise much in the years ahead no matter what the price does. The Gold Cartel has overplayed their hand…