On April 26th I posted Time To Buy Gold! and two days later Silver Close To Being A Buy. The prices at the time were $1,159.88 for Gold and $18.09 for Silver. As I writing this Gold is $1.219.80 and Silver is $19.30.
Where do we go from here? We’ve had one development in Silver.
Michael Gray reported in the NY Post that “Federal agents have launched parallel criminal and civil probes of JPMorgan Chase and its trading activity in the precious metals market.
“The probes are centering on whether or not JPMorgan, a top derivatives holder in precious metals, acted improperly to depress the price of silver, sources said.”
I believe that JP Morgan is massively short Silver in order to cap the price for the government and traders around the world will make JP Morgan wish it had never heard of the metal.
Gold reached new highs before and after the plans to rescue Greece and any other Euro bloc country with a trillion dollar bailout. The money is created out of thin air and does nothing to solve the solvency problem. After all, you can’t work your way out of a solvency problem with more debt. You can only delay the inevitable. Gold is moving now up against most currencies.
Full disclosure: I am long GRS, GDXJ and gold coins.
