As Safe As Gold Eric Sprott & Sasha Solunac

What are phrases that connote safety? Two that come to mind are: “Like money in the bank” or “As safe as houses”. Given events of the past year, these two phrases no longer seem to hit the mark, do they? These days, the one word that signifies safety is “gold”, being far safer than both cash and houses. It therefore stands to reason that a more accurate phraseology would be “Like gold in the safe!” or “As safe as gold!” Yes, the barbarous relic is back… and with a vengeance.

As our readers may have already surmised, we like gold around here, and evidence suggests the world is beginning to like it more and more

The tiny double bottom that occurred shortly after the close of Comex trading on Wednesday afternoon may have been the low in gold for this move. Both were ever so slightly below $900. From there, gold rose gradually until about an hour after the London a.m. gold fix on Thursday morning. Then it declined gently until shortly after the London p.m. fix was in. From there, away it went…until a not-for-profit seller showed up in after-hours Globex trading in New York and capped the little price spike that occurred at 3:30 p.m. New York time.

Silver’s antics were the same as gold’s, although the price action was more exaggerated. Silver began to rise once the London a.m. gold fix was in…then declined until shortly after the London p.m. fix…and then, it too, was off to the

Almost from the moment that trading began in the Far East on Monday morning, there was someone there to sell the gold and silver market down. This pressure really began to accelerate to the down side at one of the usual times of day…2:00 a.m. New York time…which is early Monday evening in Sydney, late afternoon in Hong Kong…and first thing in the morning (7:00 a.m.) in London.

Then, the moment the Comex opened for business, the bullion bank(s) pulled their bids and both metals sank like stones…particularly silver. For style points in silver, I give da boyz a 9.5/10. Any bets that it was mostly JP Morgan (NYSE:JPM)? After that pounding, the metals did nothing for the rest of the day. The shares got creamed.

Ted Butler had this to say about it yesterday…”While I certainly didn’t expect it, explaining Monday’s sell-off is pretty easy. It was a dealer-engineered drop

Almost from the moment that trading began in the Far East on Monday morning, there was someone there to sell the gold and silver market down. This pressure really began to accelerate to the down side at one of the usual times of day…2:00 a.m. New York time…which is early Monday evening in Sydney, late afternoon in Hong Kong…and first thing in the morning (7:00 a.m.) in London.

Then, the moment the Comex opened for business, the bullion bank(s) pulled their bids and both metals sank like stones…particularly silver. For style points in silver, I give da boyz a 9.5/10. Any bets that it was mostly JP Morgan (NYSE:JPM)? After that pounding, the metals did nothing for the rest of the day. The shares got creamed.

Ted Butler had this to say about it yesterday…”While I certainly didn’t expect it, explaining Monday’s sell-off is pretty easy. It was a dealer-engineered drop