Precious metals are down today, especially silver which is usually the most volatile in the PM group. Silver has dropped more than a dollar starting in the early morning hours and sharply just after 8 am when the NYMex came online. Over the years, I've noticed many times, strange things happening in the 3 hours or so when London and New York are both online, starting just before 8 am and ending with London going offline around 11 am.
Sure enough, as London is set to go offline, silver's drop stops, as shown in the graph below provided by Kitco. This does not surprise me but it's a good thing for us silver stackers because these exchanges and their tomfoolery keep providing us with more buying opportunities. This is definitely a buying opportunity.
There is nothing market wise going on that would cause such a sudden tumble except maybe that China is shut down for a week for their Lunar New Year. China though, has been a huge buyer of gold as of late, not silver. India is the big driver for silver. By the end of November, 2022 they'd imported over 8,000 tons of silver and show no signs of stopping. Full year numbers aren't out yet but it looks to set a new record for silver purchases in India.
I see no reason for silver to have dropped so quickly except for one thing, manipulation! Here's a look at gold. You'd think gold would have dropped precipitously as silver did since gold loving China is offline for a week but no. What we see is a tiny drop. In fact, it's a drop in the bucket!
Could it be the U.S. Dollar? It fell below 102 on the USD Index last Friday and presently sits at 101.984 and such a tiny drop is negligible. Usually though, when the dollar drops, gold and silver rise.
Did London smack the price down knowing the USD is headed for further weakness? It's clear from the image above that gold is recovering, just as London goes offline. The LBMA and COMEX are up to their usual tricks and it's getting harder and harder for them to hide their criminal activities.
Just look at silver and gold recovering, seemingly as fast as they were pushed down, just as London shuts down for the day. Too obvious! It's just a matter of time now before they lose control of the paper price and the physical market finally takes over.
Bitcoin HODLers are happy this morning. Bitcoin clipped $23,000 again overnight and presently is at $22,903. Woohoo!
WTI crude oil rose a bit to $82.53 so you might notice a little increase at the pumps. I noticed gas jump 3 cents a liter on the weekend here in Ontario. I'm glad I filled up last week!
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